Homework Answers
Question 17
The answer is Net income.
Question 18
The answer is Accrual.
Question 19
The answer is Cash.
Question 20
The answer is Service.
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Question 17 4.77 pts If the total of the Income Statement Credit column exceeds the total...
Service Question 21 4.77 pts Many small professional businesses use the modified cash basis for accounting....
Service Question 21 4.77 pts Many small professional businesses use the modified cash basis for accounting. Quiz saved at 6:55pm Submit Quiz
$11,340 Question 2 1 pts In cash basis accounting, for tax purposes: Income is recognized when...
$11,340 Question 2 1 pts In cash basis accounting, for tax purposes: Income is recognized when it is earned regardless of when received and expenses are recognized when they are actually or constructively incurred. Income is generally recognized when it is actually or constructively received and expenses are generally recognized when they are paid. The cash basis is not allowed for businesses reported on Schedule C. Income is recognized when it is actually or constructively received and expenses are recognized...
Requirement 3. State why accrual accounting results in an accurate measurement of income Accrual accounting resuits...
Requirement 3. State why accrual accounting results in an accurate measurement of income Accrual accounting resuits in an accurate measurement of income because it records revenues when earned, regardless of when the cash is recerved and matches the expenses incurred to produce that revenue by recording expenses on the last day of the accounting perio s more complete reports on the last day of the accounting period when cash is received when earned, regardless of when the cash is received,...
2 of 10 (4 complete) i Contract information ccep mot pa forma 1,570,000 Contract price achy any jo 2015 128,...
2 of 10 (4 complete) i Contract information ccep mot pa forma 1,570,000 Contract price achy any jo 2015 128,100 $ 2016 850,000 128,100 978,100 Actual construction costs incurred during the year Construction costs incurred in prior years Cumulative construction costs incurred to date Estimated costs to complete Estimated total costs Progress billings made during the year Cash collections during the year 128,100 $ 512,400 640,500 $ 930,000 $ 785,000 $ 978,100 640,000 785,000 per in Print Done Done Question...
5. Total debits must equal total credits. This is the basis of... a. an income statement....
5. Total debits must equal total credits. This is the basis of... a. an income statement. b. an earnings statement. c. a profit and loss statement. d. double-entry bookkeeping. 6. Which of the following accounts might be included in an adjusting entry? a. Cash b. Buildings c. Insurance Expense d. all of the above 7. Which of the following is an asset? a. Payables b. Unearned Revenue c. Receivables d. Revenue 8. On the accrual basis, revenue is recorded when...
If a business records revenues when earned, regardless of whether cash has been received, and records...
If a business records revenues when earned, regardless of whether cash has been received, and records expenses when they are incurred, the accounting system is a(n) a.modified cash basis of accounting. b.cash basis of accounting. c.revenue basis of accounting. d.accrual basis of accounting.
If a business records revenues when earned, regardless of whether cash has been received, and records...
If a business records revenues when earned, regardless of whether cash has been received, and records expenses when they are incurred, the accounting system is a(n) a.modified cash basis of accounting. b.cash basis of accounting. c.revenue basis of accounting. d.accrual basis of accounting.
Question 1 1.43 pts Which of the following is an example of an administrative expense? Loss...
Question 1 1.43 pts Which of the following is an example of an administrative expense? Loss from disposing of fixed assets Cost of goods sold Office supplies expense Advertising expense Question 2 1.43 pts Which of the following is an example of a selling expense? Advertising expense Rent expense Cost of goods sold Depreciation of land and building James Bonds Company Income Statement For the Year Ended December 31, 2016 Revenues: Sales $300,000 Interest Income 20.000 Total Revenues $320,000 Expenses:...
#9 of 20 Which of the following statements regarding the cash basis of accounting is true?...
#9 of 20 Which of the following statements regarding the cash basis of accounting is true? O a. Expenses are reported in the same period as the revenues to which they relate. O b. The cash basis of accounting is used by most large businesses to provide accurate financial statements for users. O c. Revenues are reported in the period in which cash is received, and expenses are reported when cash is paid out. O d. Revenues are reported in...
Question 110 pts What items should be matched according to the matching principle? Group of...
Question 110 pts What items should be matched according to the matching principle? Group of answer choices Debits with credits Assets with liabilities Expenses with revenues Accruals with prepaids Flag this Question Question 210 pts When is revenue recorded under the cash-basis system of accounting? Group of answer choices When cash is received When revenue is earned When cash is received only if related expenses have been incurred In the period the related expenses are paid Flag this...
Service Question 21 4.77 pts Many small professional businesses use the modified cash basis for accounting. Quiz saved at 6:55pm Submit Quiz
$11,340 Question 2 1 pts In cash basis accounting, for tax purposes: Income is recognized when it is earned regardless of when received and expenses are recognized when they are actually or constructively incurred. Income is generally recognized when it is actually or constructively received and expenses are generally recognized when they are paid. The cash basis is not allowed for businesses reported on Schedule C. Income is recognized when it is actually or constructively received and expenses are recognized...
Requirement 3. State why accrual accounting results in an accurate measurement of income Accrual accounting resuits in an accurate measurement of income because it records revenues when earned, regardless of when the cash is recerved and matches the expenses incurred to produce that revenue by recording expenses on the last day of the accounting perio s more complete reports on the last day of the accounting period when cash is received when earned, regardless of when the cash is received,...
2 of 10 (4 complete) i Contract information ccep mot pa forma 1,570,000 Contract price achy any jo 2015 128,100 $ 2016 850,000 128,100 978,100 Actual construction costs incurred during the year Construction costs incurred in prior years Cumulative construction costs incurred to date Estimated costs to complete Estimated total costs Progress billings made during the year Cash collections during the year 128,100 $ 512,400 640,500 $ 930,000 $ 785,000 $ 978,100 640,000 785,000 per in Print Done Done Question...
5. Total debits must equal total credits. This is the basis of... a. an income statement. b. an earnings statement. c. a profit and loss statement. d. double-entry bookkeeping. 6. Which of the following accounts might be included in an adjusting entry? a. Cash b. Buildings c. Insurance Expense d. all of the above 7. Which of the following is an asset? a. Payables b. Unearned Revenue c. Receivables d. Revenue 8. On the accrual basis, revenue is recorded when...
Question 1 1.43 pts Which of the following is an example of an administrative expense? Loss from disposing of fixed assets Cost of goods sold Office supplies expense Advertising expense Question 2 1.43 pts Which of the following is an example of a selling expense? Advertising expense Rent expense Cost of goods sold Depreciation of land and building James Bonds Company Income Statement For the Year Ended December 31, 2016 Revenues: Sales $300,000 Interest Income 20.000 Total Revenues $320,000 Expenses:...
#9 of 20 Which of the following statements regarding the cash basis of accounting is true? O a. Expenses are reported in the same period as the revenues to which they relate. O b. The cash basis of accounting is used by most large businesses to provide accurate financial statements for users. O c. Revenues are reported in the period in which cash is received, and expenses are reported when cash is paid out. O d. Revenues are reported in...
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