Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Accounting Basics Expert

1. Advantage of relating company's bad debt expense to its outstanding accounts receivable is that this approach

a. Provides a reasonably correct statement of receivables in balance sheet.
b. Best relates bad debt expense to the period of sale.
c. Is the only generally accepted method for valuing accounts receivable.
d. Makes estimates of uncollectible accounts unnecessary.

2. Which of the given is capital expenditure?

a. Payment of an account payable
b. Retirement of bonds payable
c. Payment of Federal income taxes
d. None of these

3. If corporation buys a lot and building and subsequently tears down building and uses property as parking lot, proper accounting treatment of cost of building would depend on:

a. Significance of the cost allocated to the building in relation to the combined cost of the lot and building.
b. Length of time for which the building was held prior to its demolition.
c. Contemplated future use of the parking lot.
d. Intention of management for the property when the building was acquired.

4. Which of the given must not be included in present liabilities section of balance sheet?

a. Trade notes payable
b. Short-term zero-interest-bearing notes payable
c. The discount on short-term notes payable
d. All of these are included

5. Which of the given contingencies require not be disclosed in financial statements or the notes thereto?

a. Probable losses not reasonably estimable
b. Environmental liabilities that cannot be reasonably estimated
c. Guarantees of indebtedness of others
d. All of these must be disclosed.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M920584

Have any Question? 


Related Questions in Accounting Basics

1 ahn nguyen a vietnamese joint stock company has net

1. Ahn Nguyen, a Vietnamese Joint Stock Company has net income of 52,000 Vietnamese Dong, () and the following items: Depreciation Expense   16,000 Accounts Receivable Increase                    12,000 Inventory Decreas ...

Problem -a list of transactions appears below indicate

Problem - A list of transactions appears below. Indicate which accounting elements of the business are affected by placing in the respective columns the amount and the + (increasing) - (decrease) sign or NA, if the eleme ...

Question 1which entry would record the payment of a utility

Question 1 Which entry would record the payment of a utility bill? A. Debit Utilities Expense; credit Cash B. Debit Cash; credit Utilities Expense C. Debit Utilities Expense; credit Accounts Payable D. Debit Accounts Rec ...

Current designsas a service to its customers current

CURRENT DESIGNS As a service to its customers, Current Designs repairs damaged kayaks. This is especially valuable to customers that have made a significant investment in the composite kayaks. To price the repair jobs, C ...

Accounting assignmentplease include all calculationswork

Accounting Assignment Please include all calculations/work necessary. Please show references and in-text citing where needed. Please answer all questions in full. No plagiarism. For the eActivity, research one publicly t ...

Individual internal accountants report to managementyou are

Individual Internal Accountants Report to Management You are the internal accountant at a company that is preparing for an upcoming government contract bid. The management in your company is deciding if it is necessary f ...

To understand the accounting equation and its

To understand the accounting equation and its elements QUESTION Mr. "A" starts a new business. Before to start the business operation, he has purchased vehicle Rs. 1,500,000, office premises Rs. 3,000,000, stock of goods ...

Case - ethics and the managergo to page 130 case 3-30

CASE - Ethics and the Manager Go to page 130, Case 3-30, Ethics and the Manager. Let's discuss the questions, make value-added comments, points, and share personal experiences of unethical situations. Cristin Madsen has ...

How do finance and accounting play a role in ethics and

How do finance and accounting play a role in ethics and sustainable positive social change? How might you use accounting or finance to support this role that you described above?

Additional information1 the company during the year paid

Additional Information 1. The Company during the year paid AED 200,000 for security deposit and bank charges of AED 40. 2. The Warehouse reported inventory stock count of AED 286,500. 3. XYZ Company's confirmation ,( Cus ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro

Describe what you learned about the impact of economic

Describe what you learned about the impact of economic, social, and demographic trends affecting the US labor environmen