can you give me the answer and explain why?also can you explain
why E is incorrect. thx
Homework Answers
Answer
- Option ‘E’ is incorrect because it says that ‘number’ of
accounts debited must be equal to number of accounts
credited.
This is not the case. However, ‘amount’ of total debits MUST equals total credits. - Correct Answer for this statement of double entry system is
Option ‘B’
To accurately reflect a company’s financial position, the two sides of the accounting equation must always stay in balance. - Under double entry system, after every transaction ,the accounting equation ALWAYS stays in balance.
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can you give me the answer and explain why?also can you explain
why E is incorrect....
can you give me the answer and explain why?also can you explain why A is incorrect....
can you give me the answer and explain why?also can you explain
why A is incorrect. thx
24. A Company recorded the following cash transactions for the year: Paid $90,000 for salaries. Paid $40,000 to purchase office equipment. Paid $10,000 for utilities. Paid $4,000 in dividends. Collected $140,000 from customers. Recorded $3,000 in depreciation expense. What was the net cash provided by operating activities? $37,000. $0. ($3,000). $50,000. None of the choices are correct.
can you give me the answer and explain why?also can you explain why A is incorrect....
can you give me the answer and explain why?also can you explain
why A is incorrect. thx
27. What statement(s) is/are correct concerning the Income Statement? The net income reported on the Income Statement usually equals the same net amount of operating cash flow for the period if the company uses the accrual basis of accounting The Income Statement must be prepared first in order to include the net income for the period when updating the retained earnings account at...
can you give me the answer and explain why?also can you explain why C is incorrect....
can you give me the answer and explain why?also can you explain
why C is incorrect. thx
26. | A corporation purchases land for $200,000 by paying a down payment of $20,000 and by signing a note payable for the remainder of the purchase price. Which of the following statements correctly shows the effect of this transaction on the accounting equation? Assets will increase by $200,000; liabilities will increase by $180,000 and stockholders' equity will increase by $20,000. Assets will...
can you give me the answer and explain why?also can you explain why B is incorrect....
can you give me the answer and explain why?also can you explain
why B is incorrect. thx
21. Which of the following is an attribute of the corporate form of business ownership? Unlimited liability. Higher tax rates. Limited resources. Difficulty in transferring ownership. None of the choices are correct.
In addition to requiring that the accounting equation remain in balance, the double entry system also...
In addition to requiring that the accounting equation remain in balance, the double entry system also requires that: Multiple Choice for any transadion, both sides of the accounting equation are affeded. O the total dollar amount of debits must equal the total dollar amount of credits O the number of asset accounts must equal the number of liability and stockholders' equity accounts. for any transaction, only two accounts are affected. fo
Practice Exam Save Help Save & E Smit In addition to requiring that the accounting equation...
Practice Exam Save Help Save & E Smit In addition to requiring that the accounting equation remain in balance, the double-entry system also requires that 27 Multiple Choice 2.5 pois SOR for any transaction, both sides of the accounting equation are affected for any transaction, only two accounts are affected the number of asset accounts must equal the number of liability and stockholder's equity accounts the total dollar amount of debit must equal the total dollar amount of credits <...
Alpaca Company presented the following unadjusted trial balance. As you can see, the trial balance is...
Alpaca Company presented the following unadjusted trial balance. As you can see, the trial balance is not balanced since the former accountant made several errors. ALPACA CORPORATION TRIAL BALANCE JAN 31, 2020 DEBIT CREDIT Cash $ 10,000 Accounts Receivable 80,000 Equipment 120,000 Accounts Payable $ 48,000 Wages Payable 0 Capital, Moose 123,200 Service Revenues 86,000 Wages Expense 16,200 Rent Expense 14,000 Insurance Expense 12,000 Utilities Expense 3,000 TOTAL $ 255,200 $ 257,200 After reviewing the financial records, you found the...
Can you answer that for me and explain why? 17. A. The principal of revenue recognition...
Can you answer that for me and explain why?
17. A. The principal of revenue recognition in accounting refers to: Revenue should be recognized in the period payments are received. The cash basis of accounting. | Revenue is recorded when the company is assured that payment will be received in the future for services rendered. | Revenue is recognized in the period services have been performed. None of the choices are correct. E.
Can you answer that for me and explain why? 14. Adjusting Entries are required: When expenses...
Can you answer that for me and explain why?
14. Adjusting Entries are required: When expenses are paid for in a different period than when the cost is incurred to generate revenue. At the end of the accounting period to adjust to the accrual basis of accounting. | When a cost occurs with the passage of time and it has yet to be recorded in the period. The end of the reporting period to comply with GAAP. All the choices...
Give an example of a real account. Give an example of a nominal account. Why are...
Give an example of a real account. Give an example of a nominal account. Why are balance sheet accounts considered real and permanent? Why are income statement accounts considered nominal and temporary? Which account are dividends closed into? How would the proceeds received from the advance sale of nonrefundable tickets for a theatrical performance be reported in the seller’s financial statements before the performance? A. Revenue for the entire proceeds. B. Revenue to the extent of related costs expended. C....
can you give me the answer and explain why?also can you explain
why A is incorrect. thx
24. A Company recorded the following cash transactions for the year: Paid $90,000 for salaries. Paid $40,000 to purchase office equipment. Paid $10,000 for utilities. Paid $4,000 in dividends. Collected $140,000 from customers. Recorded $3,000 in depreciation expense. What was the net cash provided by operating activities? $37,000. $0. ($3,000). $50,000. None of the choices are correct.
can you give me the answer and explain why?also can you explain
why A is incorrect. thx
27. What statement(s) is/are correct concerning the Income Statement? The net income reported on the Income Statement usually equals the same net amount of operating cash flow for the period if the company uses the accrual basis of accounting The Income Statement must be prepared first in order to include the net income for the period when updating the retained earnings account at...
can you give me the answer and explain why?also can you explain
why C is incorrect. thx
26. | A corporation purchases land for $200,000 by paying a down payment of $20,000 and by signing a note payable for the remainder of the purchase price. Which of the following statements correctly shows the effect of this transaction on the accounting equation? Assets will increase by $200,000; liabilities will increase by $180,000 and stockholders' equity will increase by $20,000. Assets will...
can you give me the answer and explain why?also can you explain
why B is incorrect. thx
21. Which of the following is an attribute of the corporate form of business ownership? Unlimited liability. Higher tax rates. Limited resources. Difficulty in transferring ownership. None of the choices are correct.
In addition to requiring that the accounting equation remain in balance, the double entry system also requires that: Multiple Choice for any transadion, both sides of the accounting equation are affeded. O the total dollar amount of debits must equal the total dollar amount of credits O the number of asset accounts must equal the number of liability and stockholders' equity accounts. for any transaction, only two accounts are affected. fo
Practice Exam Save Help Save & E Smit In addition to requiring that the accounting equation remain in balance, the double-entry system also requires that 27 Multiple Choice 2.5 pois SOR for any transaction, both sides of the accounting equation are affected for any transaction, only two accounts are affected the number of asset accounts must equal the number of liability and stockholder's equity accounts the total dollar amount of debit must equal the total dollar amount of credits <...
Can you answer that for me and explain why?
17. A. The principal of revenue recognition in accounting refers to: Revenue should be recognized in the period payments are received. The cash basis of accounting. | Revenue is recorded when the company is assured that payment will be received in the future for services rendered. | Revenue is recognized in the period services have been performed. None of the choices are correct. E.
Can you answer that for me and explain why?
14. Adjusting Entries are required: When expenses are paid for in a different period than when the cost is incurred to generate revenue. At the end of the accounting period to adjust to the accrual basis of accounting. | When a cost occurs with the passage of time and it has yet to be recorded in the period. The end of the reporting period to comply with GAAP. All the choices...
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