Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Accounting Basics Expert

1. Primary users of accounting information are accountants.

a. True
b. False

2. Short term investment would be categorised as assets and would appear on income statement

a. True
b. False

3. Which of the following is an objective of financial reporting by business enterprises?

a. Financial reporting must give assurance that all liabilities of business enterprises will be paid
b. Financial reporting must show the timing and amount of future cash dividends to potential investors
c. The primary focus of financial reporting is information about the assets of entity.
d. Financial reporting must provide information about the economic resources of an enterprise, the claims to those resources, and changes in those resources and claims to them.

4. Owned resources of a business are referred to as:

a. Assets
b. Liabilities
c. Equities
d. Revenues

5. The accounting equation may be expressed as:

a. Assets=Equities - Liabilities
b. Assets + Liabilities = Owner's Equity
c. Assets = Revenues less Liabilities
d. Assets - Liabilities = Owner's Equity

6. The asset created by business when it makes a sale on account is termed as:

a. Accounts payable
b. Prepaid expense
c. Unearned revenue
d. Accounts receivable

7. Income from operations would comprise all of the given except

a. Sales
b. General and administrative expenses
c. Cost of goods sold
d. Gains and losses on the sale of assets

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M920554

Have any Question? 


Related Questions in Accounting Basics

The purpose of an assignment is to ensure that the learner

The purpose of an assignment is to ensure that the Learner is able to: - Demonstrate an understanding of accounting principles. - Systematically record the financial aspects of business transactions. - Prepare financial ...

Question 1the collection on an account within the 110 n30

Question 1 The collection on an account within the 1/10 n/30 discount period was recorded using a 10% discount rather than a 1% discount in both the controlling and subsidiary accounts. This error will cause the A. the n ...

Assignment question 1 -impulse pty ltd impulse is an

Assignment Question 1 - Impulse Pty Ltd (Impulse) is an entertainment system manufacturer that was established in 2005. Your audit firm King & Queen have been the auditor of Impulse since its formation. The audit report ...

Assignmentparticipation topic mandatoryinventory additional

Assignment Participation Topic (Mandatory) Inventory Additional Lecture Notes Class, Let me see if I can work up an example of how to calculate and use the different inventory methods. Let us use the following informatio ...

Please see the list of stock from a virtual game that

Please see the list of stock from a virtual game that student invested during the period Sep 2016- Dec 2016. The returns are shown as well. Please use this information to write a report 2-4 pages about the project. Your ...

Assignmentthis assignment has 2 parts 1000 10 word theory

Assignment This assignment has 2 parts, 1000 + 10% word theory interpretation essay and a response to a practical application of the theory. The assignment must be typed, use Arial font, 12, to avoid plagiarism, make sur ...

Accountingthe accepted microsoft office versions for this

Accounting The accepted Microsoft Office versions for this assignment are Microsoft Office 2013 (for PC) and Microsoft Office for Mac 2011 (for Macintosh). Students may use a more recent version if available. Select a pe ...

Transactions and fasb standards1 the new city college

Transactions and FASB Standards 1. The New City College reported deferred revenues of $612,000 as of July 1, 2014, the first day of its fiscal year. Record the following transactions related to student tuition and fees a ...

Accounting anonymousabsorption and variable costing please

Accounting Anonymous Absorption and Variable Costing: Please respond to one of the following: Option 1 Create a situation for determining performance evaluations and bonuses where absorption-costing operating income is u ...

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 ...

  • 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

WalMart Identification of theory and critical discussion

Drawing on the prescribed text and/or relevant academic literature, produce a paper which discusses the nature of group

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