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 classified as assets and would appear on income statement:

a. True
b. False

3. Which of the given is the 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 timing and amount of future cash dividends to potential investors
c. Primary focus of financial reporting is information about assets of the entity.
d. Financial reporting should provide information about the economic resources of an enterprise, 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. 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

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M921434

Have any Question? 


Related Questions in Accounting Basics

Read the following scenariothomas perdue had built up a

Read the following scenario: Thomas Perdue had built up a successful development company. When he became city commissioner, everyone said it was good to have a businessperson on the commission. They said businesspeople k ...

Question 1 if a cpa firm is being sued for common law fraud

Question 1. If a CPA firm is being sued for common law fraud by a third party based on materially false financial statements, which of the following is the best defense the accountants could assert? A disclaimer containe ...

Sam manuel has been employed on a full-time basis as an

Sam Manuel has been employed on a full-time basis as an electrical engineer for the past three years. Prior to obtaining full-time employment, he was self-employed as an inventor of complex electronic components. During ...

Assignment ifrs and us gaap reportingon january 1 year 1

Assignment: IFRS and U.S. GAAP Reporting On January 1, Year 1, the Hoverman Corporation made amendments to its defined benefit pension plan, resulting in $150,000 of past service costs. The plan has 100 active employees ...

Research has shown that situational pressures and

Research has shown that situational pressures and opportunity are factors that contribute to fraudulent behavior. Required a. Identify two situational pressures in a public company that would increase the likelihood of f ...

Practice questionswhat problems might arise in recording

Practice questions: What problems might arise in recording direct labour costs and how would you attempt to remedy them?

Environmental and sustainability reporting is now a major

Environmental and sustainability reporting is now a major issue around the world. There are even global guidelines for sustainability reporting (the Global Reporting Initiative--GRI). However, there is considerable varia ...

Principles of accountingthis response must be 150-200 words

PRINCIPLES OF ACCOUNTING This response must be 150-200 words long Explain the difference between cash-basis and accrual-basis accounting. Assume you are a business owner of the type of business you would like to own, wha ...

Describe the differences between a profit and loss account

Describe the differences between a profit and loss account and a cash flow statement.

Discussionpart 1please respond the following question no

DISCUSSION PART 1 PLEASE RESPOND THE FOLLOWING QUESTION NO LESS THEN 350 WORDS (ORIGINAL WORK, NO PLAGIARISM, 1 Reference "Financial Statement Analysis" Please respond to the following: • Evaluate at least factors that m ...

  • 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