Homework Answers
Correct answer is D. allocating the cost of the depreciable asset to the periods in which it gives service.
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QUESTION 40 Depreciation, from an accounting viewpoint, can best be thought of as: a. accounting for...
Ch. 1 1. Financial assets: a. are legal documents b. give their owners claims to past...
Ch. 1 1. Financial assets: a. are legal documents b. give their owners claims to past cash flows c. include stocks and bonds d. Both a & c e. All of the above 2. The principal legal difference between a stockholder and a bondholder is a. the stockholder receives interest and the bondholder receives dividends b. only the bondholder can attend annual meetings c. the bondholder has an ownership interest and the shareholder is a lender d. the shareholder has...
Question 12 5 pts The essence of depreciation used in accounting is best reflected by which...
Question 12 5 pts The essence of depreciation used in accounting is best reflected by which of the following below? OC. A method of allocating asset cost to an expense account in a manner which closely matches the physical deterioration of the tangible asset involved. O d. An accounting concept that allocates the portion of an asset used up during the year to the contra asset account for the purpose of properly recording the fair market value of tangible assets....
QUESTION 9 What is depreciation? The textbook states that "Depreciation is the accounting process of allocating...
QUESTION 9 What is depreciation? The textbook states that "Depreciation is the accounting process of allocating the cost of tangible assets to expense in a systematic and rational manner to those periods expected to benefit from the use of the asset." Where is this guidance found in the Codification? QUESTION 10 How much impairment should be recognized for PP8E? The textbook states that impairment loss is the amount by which the carrying amount of the asset exceeds the fair value...
Depreciation is an outflow of cash from the use of a plant asset. O measures the...
Depreciation is an outflow of cash from the use of a plant asset. O measures the decline in market value of an asset. O measures physical deterioration of an asset. O is the process of allocating to expense the cost of a plant asset. QUESTION 5 Having different employees order product, bill customers, receive payments, record them and reconcile the bank statement, will diminish internal control. O only be advisable if the employees have more than 5 years of experience....
Use the following information for questions 21 through 24. On January 2, 2018, Indian River Groves began construction of...
Use the following information for questions 21 through 24. On January 2, 2018, Indian River Groves began construction of a new citrus processing plant. The automated plant was finished and ready for use on September 30, 2019. Expenditures for the construction were as follows: January 2, 2018 £200,000 September 1, 2018 600,000 December 31, 2018 600,000 March 31, 2019 600,000 September 30, 2019 400,000 Indian River Groves borrowed £1,100,000 on a construction loan at 12% interest on January 2, 2018....
TI - MULTIPLE CHOICE (Worth 6 points each Please a pencil to record your question. she...
TI - MULTIPLE CHOICE (Worth 6 points each Please a pencil to record your question. she best an CHOICE (Worth 6 points each, for a total 90 points) cord your answer on a Anderson Datalink scantron tomm. Choose the Der who pays cash for an out o vable is referred to as a. 1. The buyer who pays cash for A. Payor B. Pledgor C. Factor D. Payce E. Pledge 2. The accounting principle that requires finan about the operations...
Question 2 (30%) Matching the following statement with the BEST accounting term: Description (1) A detailed...
Question 2 (30%) Matching the following statement with the BEST accounting term: Description (1) A detailed inventory record is maintained, recording each purchase and sale during the accounting period. (2) Systematic allocation of the cost of an asset to expense during the period of its useful life. (3) An increase in equity resulting from profitable operation. 4) A liability account used to record the obligation to provide future services when cash has been received before revenues have been earned. Term...
ANSWER TRUE OR FALSE: 15-The entry to increase the balance in petty cash from $50 to...
ANSWER TRUE OR FALSE: 15-The entry to increase the balance in petty cash from $50 to $75 would include a credit to Petty Cash of $25. 16-.outstanding checks are checks that the company has written and distributed, yet the bank paid and o deducted from the customer's bank account during the month. 17-A bank reconciliation explains any differences between the balance of a checking account on the depositor's records and the balance reported on the bank statement. 18-A company borrowed...
BACHELOR OF COMMERCE YEAR 1 - ACADEMIC AND ASSESSMENT CALENDAR - DISTANCE [100] 10.2.3 ACCOUNTING 1:...
BACHELOR OF COMMERCE YEAR 1 - ACADEMIC AND ASSESSMENT CALENDAR - DISTANCE [100] 10.2.3 ACCOUNTING 1: ASSIGNMENT 2 QUESTION ONE [10] Four alternatives are presented for each of the following questions. Choose the correct alternative for each of the questions/statements. The letter corresponding to your choice must be recorded next to the question number in your solution. Example: Question No. 1.18 Alphabet F 1.1 Financial records are usually maintained using an assumption that the business intends to continue its operations...
d. 66. The objectives of internal control are to a. control the internal organization of the...
d. 66. The objectives of internal control are to a. control the internal organization of the accounting department personnel and equipment b. provide reasonable assurance that assets are safeguarded and used for business purposes, business information is accurate, and laws and regulations are complied with c. prevent fraud, and promote the social interest of the company d. provide control over "internal-use only reports and employee internal conduct 67. A necessary element of internal control is a. database b. systems design...
Ch. 1 1. Financial assets: a. are legal documents b. give their owners claims to past cash flows c. include stocks and bonds d. Both a & c e. All of the above 2. The principal legal difference between a stockholder and a bondholder is a. the stockholder receives interest and the bondholder receives dividends b. only the bondholder can attend annual meetings c. the bondholder has an ownership interest and the shareholder is a lender d. the shareholder has...
Question 12 5 pts The essence of depreciation used in accounting is best reflected by which of the following below? OC. A method of allocating asset cost to an expense account in a manner which closely matches the physical deterioration of the tangible asset involved. O d. An accounting concept that allocates the portion of an asset used up during the year to the contra asset account for the purpose of properly recording the fair market value of tangible assets....
QUESTION 9 What is depreciation? The textbook states that "Depreciation is the accounting process of allocating the cost of tangible assets to expense in a systematic and rational manner to those periods expected to benefit from the use of the asset." Where is this guidance found in the Codification? QUESTION 10 How much impairment should be recognized for PP8E? The textbook states that impairment loss is the amount by which the carrying amount of the asset exceeds the fair value...
Depreciation is an outflow of cash from the use of a plant asset. O measures the decline in market value of an asset. O measures physical deterioration of an asset. O is the process of allocating to expense the cost of a plant asset. QUESTION 5 Having different employees order product, bill customers, receive payments, record them and reconcile the bank statement, will diminish internal control. O only be advisable if the employees have more than 5 years of experience....
TI - MULTIPLE CHOICE (Worth 6 points each Please a pencil to record your question. she best an CHOICE (Worth 6 points each, for a total 90 points) cord your answer on a Anderson Datalink scantron tomm. Choose the Der who pays cash for an out o vable is referred to as a. 1. The buyer who pays cash for A. Payor B. Pledgor C. Factor D. Payce E. Pledge 2. The accounting principle that requires finan about the operations...
Question 2 (30%) Matching the following statement with the BEST accounting term: Description (1) A detailed inventory record is maintained, recording each purchase and sale during the accounting period. (2) Systematic allocation of the cost of an asset to expense during the period of its useful life. (3) An increase in equity resulting from profitable operation. 4) A liability account used to record the obligation to provide future services when cash has been received before revenues have been earned. Term...
BACHELOR OF COMMERCE YEAR 1 - ACADEMIC AND ASSESSMENT CALENDAR - DISTANCE [100] 10.2.3 ACCOUNTING 1: ASSIGNMENT 2 QUESTION ONE [10] Four alternatives are presented for each of the following questions. Choose the correct alternative for each of the questions/statements. The letter corresponding to your choice must be recorded next to the question number in your solution. Example: Question No. 1.18 Alphabet F 1.1 Financial records are usually maintained using an assumption that the business intends to continue its operations...
d. 66. The objectives of internal control are to a. control the internal organization of the accounting department personnel and equipment b. provide reasonable assurance that assets are safeguarded and used for business purposes, business information is accurate, and laws and regulations are complied with c. prevent fraud, and promote the social interest of the company d. provide control over "internal-use only reports and employee internal conduct 67. A necessary element of internal control is a. database b. systems design...
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