Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Accounting Basics Expert

1. Accounting time period which is one year in length, but doesn't begin on January 1, is referred to as:

a. a fiscal year.
b. an interim period.
c. the time period assumption.
d. a reporting period.

2. Revenue recognition principle dictates that revenue must be recognized in accounting records:

a. when cash is received.
b. when it is earned.
c. at the end of the month.
d. in the period that income taxes are paid.

3. Matching principle matches:

a. customers with businesses.
b. expenses with revenues.
c. assets with liabilities.
d. creditors with businesses.

4. Suppose that there is a net loss for period, debits equal credits in all but which section of worksheet?

a. Income statement columns
b. Adjustments columns
c. Trial balance columns
d. Adjusted trial balance columns

5. The income statement and balance sheet columns of Pine Company's worksheet reflects following totals:

  Income Statement Balance Sheet
  Dr. Cr. Dr. Cr.
Totals $58,000 $48,000 $34,000 $44,000

Net income (or loss) for period is

a. $48,000 income.
b. $10,000 income.
c. $10,000 loss.
d. not determinable.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M921928

Have any Question? 


Related Questions in Accounting Basics

Practice questionsindicate which of the following costs

Practice questions: Indicate which of the following costs that are incurred in a manufacturing company are production costs, selling and distribution costs or administration costs: • Motor vehicles' licences • Depreciati ...

Fbl5030 fundamentals of value creation ion business

FBL5030 Fundamentals of Value Creation ion Business Assignment - Accounting Assignment Requirements- 1.  The following is a list of 10 organisations/companies, one of which will be the subject of your analysis. CODE      ...

Accounting amp the regulatory environmentin the wake of the

Accounting & The Regulatory Environment In the wake of the accounting and finance scandals of the early 2000s, the regulatory environment for businesses changed dramatically to create more accountability and transparency ...

Tim and jill taylor are retiring this year tim has worked

Tim and Jill Taylor are retiring this year! Tim has worked for a utility company since his co-op job in college and has participated in all of the company's retirement savings plans. Jill has worked since their kids were ...

Auditing assurance amp services individual assignment

Auditing Assurance & Services Individual Assignment Research Question - You work in a chartered accounting firm and your partner, Sally Smith, has asked you to do some research and write a report to update her about the ...

Practice questionsin what circumstances would you recommend

Practice questions: In what circumstances would you recommend the use of the machine hour overhead absorption rate?

A strong 1 page paper with references forbased on the

A strong 1 page paper with references for Based on the scenario presented in the Learning Team Instructions, write a 1-page report on your IT Audit and Control Analysis Plan. Draft answers to the following: • Why conduct ...

Case study - the complete accounting cyclerequirement 1

CASE STUDY - THE COMPLETE ACCOUNTING CYCLE REQUIREMENT 1: During its first month of operation, the View Corporation, a construction company which specializes in home remodeling, completed the following transactions: 1-Ja ...

1 proceeds from an issue of debt securities having stock

1) Proceeds from an issue of debt securities having stock warrants should NOT be allocated between debt and equity features when A. the allocation would result in a discount on the debt security B. the warrants issued wi ...

Assignmentyou are an associate in a boutique tax consulting

Assignment You are an associate in a boutique tax consulting firm that specializes in the real estate industry. You have been assigned to work with a client who needs advice on the tax implications of his business holdin ...

  • 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

A cola-dispensing machine is set to dispense 9 ounces of

A cola-dispensing machine is set to dispense 9 ounces of cola per cup, with a standard deviation of 1.0 ounce. The manuf

What is marketingbullwhat is marketing think back to your

What is Marketing? • "What is marketing"? Think back to your impressions before you started this class versus how you

Question -your client david smith runs a small it

QUESTION - Your client, David Smith runs a small IT consulting business specialising in computer software and techno

Inspection of a random sample of 22 aircraft showed that 15

Inspection of a random sample of 22 aircraft showed that 15 needed repairs to fix a wiring problem that might compromise

Effective hrmquestionhow can an effective hrm system help

Effective HRM Question How can an effective HRM system help facilitate the achievement of an organization's strate