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

Assignment- review of accounting ethics papermany

Assignment- Review of Accounting Ethics Paper Many organizations have been in the news over the past few years due to accounting ethical breaches that have affected their customers, employees, or the general public. Sear ...

Incorporation of plummet companyplummet company is created

Incorporation of Plummet Company Plummet Company is created with the following asset contributions. John and Jill are equal owners in this new business venture. Shareholder Assets Basis Fair Market Value John Cash Servic ...

Mcreath corporation is a leading producer of fresh frozen

McReath Corporation is a leading producer of fresh, frozen, and made from concentrate citrus drinks. The firm was founded in 1922 by Charles McReath, an army veteran who settled in Jacksonville, Florida, after World War ...

Governmental accounting1 which of the following statements

GOVERNMENTAL ACCOUNTING 1. Which of the following statements is true about U.S. taxation of foreign subsidiaries? A)The U.S. does not tax income generated on subsidiaries incorporated in foreign countries. B)U.S. multina ...

Write a 700- to 1050-word summary of the teams discussion

Write a 700- to 1,050-word summary of the team's discussion about IFRS versus GAAP, based on your team collaborative discussions. The summary should be structured in a subject-by-subject format. An introduction and a con ...

Assignmentsec 10k link Assignment SEC 10K Link:

Assignment SEC 10K Link: https://www.sec.gov/Archives/edgar/data/908255/000090825516000077/a10k12312015.htm Position: 358 Income Statement: 53 Balance Sheet: 52 Statement of Stockholders Equity: 56 Statement of Cash Flow ...

Accounting paper1each person will write a 3 page paper

Accounting Paper 1. Each person will write a 3 page paper, single spaced, one inch margins, 12 pt font with double space between paragraphs. 2. You will also be required to include the Income Statement, Balance Sheet and ...

Exercise recording receivables and identifying their effect

Exercise: Recording receivables and identifying their effect on financial statements Davos Company performed services on account for $160,000 in 2016. Davos collected $120,000 cash from accounts receivable during 2016, a ...

Question 1based upon the material covered from the readings

Question #1 Based upon the material covered from the readings and/or videos from Week 8, highlight the three most important concepts you learned this week and how each of these concepts will help you in appreciating the ...

Questionson may 5 2006 disney company completed an all

Questions On May 5, 2006, Disney Company completed an all stock acquisition of Pixar, a digital animation studio. Disney believes that the creation of high quality feature animation is a key driver of success across many ...

  • 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