Which of the following refers to any period of time covering a complete accounting cycle? Select...
Which of the following refers to any period of time covering a complete accounting cycle?
Select one:
a. A time cycle
b. A fiscal period
c. A journal period
d. A matching cycle
Homework Answers
B. Fiscal period
Fiscal is a period of time covering a complete accounting cycle. This period used for accounting and business purposes. It Included the twelve months and For purpose of accounting and budgeting it used by Business entities, Governments etc.
Example: Fiscal Year Jan 1 to Dec 31 or if any determined by Business entities like Quarter wise. Fiscal period different in different countries and also it's set by Business entities or government as they required. Many of Business entities Set the calendar year as Fiscal Year
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Which of the following refers to any period of time covering a
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Select...
1. Which account is closed at the end of an accounting period? Select one: a. Prepaid...
1. Which account is closed at the end of an accounting period? Select one: a. Prepaid Expense b. Sales Discount c. Unearned Revenue d. Retained Earnings 2. At the end of the current year, the Owners' Equity in LaRose Corporation is $188,000. During the year, the assets of the business had decreased by $90,000, and the liabilities had increased by $36,000. Owners' Equity at the beginning of the year must have been: Select one: a. $242,000 b. $314,000 c. $494,000...
Which accounting principle supports reporting revenues in the priod they are earned? Select one: a. accounting...
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Question 29 Not yet answered Points out of 1.00 p Flag question A complete accounting cycle...
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Which of the statements below is (are) correct regarding the accounting cycle?
Which of the statements below is (are) correct regarding the accounting cycle? (Check all that apply.) The accounting cycle takes place anytime the general ledger accounts need adjusting. The cycle contains steps for adjusting and closing accounts. The accounting cycle refers to steps followed by a company to prepare its financial statements. The accounting cycle contains 10 steps. The accounting cycle refers to the steps that occur within a company to approve expenses for payment. The accounting cycle is a series of steps repeated each reporting period.
Correctly complete the following statement. Postponement in the distribution channel refers to: Select one: a. shipping...
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Complete Accounting Cycle Part 1 For the past several years, Steffy Lopez has operated a part-time...
Complete Accounting Cycle
Part 1
For the past several years,
Steffy Lopez has operated a part-time consulting business from his
home. As of July 1, 2018, Steffy decided to move to rented quarters
and to operate the business, which was to be known as Diamond
Consulting, on a full-time basis. Diamond Consulting entered into
the following transactions during July:
Jul.
1
The following assets were
received from Steffy Lopez in exchange for common stock: cash,
$13,500; accounts receivable, $20,800; supplies,...
PE 4-5A Accounting cycle 08.4 From the following list of steps in the accounting cycle, identify...
PE 4-5A Accounting cycle 08.4 From the following list of steps in the accounting cycle, identify what two steps are missing: a. Transactions are analyzed and recorded in the journal. b. An unadjusted trial balance is prepared. c. Adjustment data are assembled and analyzed. d. An optional end-of-period spreadsheet is prepared. e. Adjusting entries are journalized and posted to the ledger. f. An adjusted trial balance is prepared. 8. Closing entries are journalized and posted to the ledger. h. A...
From the following list of steps in the accounting cycle, identify what two steps are missing:
From the following list of steps in the accounting cycle, identify what two steps are missing:a. Transactions are analyzed and recorded in the journal.b. An unadjusted trial balance is prepared.C. Adjustment data are assembled and analyzed.d. An optional end-of-period spreadsheet is prepared.e. Adjusting entries are journalized and posted to the ledger.f. An adjusted trial balance is prepared.g. Closing entries are journalized and posted to the ledger.h. A post-closing trial balance is prepared.Select the steps in the accounting cycle in their...
Which of the following accounting principles is concerned with offsetting revenue with the expenses incurred in...
Which of the following accounting principles is concerned with offsetting revenue with the expenses incurred in producing that revenue? Select one: A. Matching B. Realization principle C. Materiality D. Depreciation
1. The Accounting Cycle - During the period (8pts): Following is a complete list of accounts...
1. The Accounting Cycle - During the period (8pts): Following is a complete list of accounts and account balances that appear in the general ledger as of August 1, 2020 for Flourish and Botts, Co. bookstore. Assume all accounts have their normal debit or credit balance. Account: Amount: Account: Amount: Cash $9,021 Common Stock $84 Accounts Receivable (A/R) $13,992 Additional Paid-In Capital $6,408 Inventory $4,033 Retained Earnings $7,220 Prepaid Rent $200 Sales Revenue $0 Equipment $7,200 Cost of Goods Sold...
Question 29 Not yet answered Points out of 1.00 p Flag question A complete accounting cycle occurs once every Select one: O a. Quarter b. Month C. Week d. Fiscal period Previous page We were unable to transcribe this imageQuestion 33 Not yet answered Points out of 1.00 p Flag question Which statement is true concerning the straight-line method of depreciation? Select one: a. Purchase cost is expensed in the year of acquisition b. Depreciation is taken evenly over the...
Which of the statements below is (are) correct regarding the accounting cycle? (Check all that apply.) The accounting cycle takes place anytime the general ledger accounts need adjusting. The cycle contains steps for adjusting and closing accounts. The accounting cycle refers to steps followed by a company to prepare its financial statements. The accounting cycle contains 10 steps. The accounting cycle refers to the steps that occur within a company to approve expenses for payment. The accounting cycle is a series of steps repeated each reporting period.
Correctly complete the following statement. Postponement in the distribution channel refers to: Select one: a. shipping after a due date. b. delaying of shipments given factors such as weather or labor issues. c. buying in advance of the need in order to achieve reduced purchase prices, namely, forward buying. d. allowing products to be designed for last minute customization, namely, delayed differentiation. e.just-in-time delivery.
Complete Accounting Cycle
Part 1
For the past several years,
Steffy Lopez has operated a part-time consulting business from his
home. As of July 1, 2018, Steffy decided to move to rented quarters
and to operate the business, which was to be known as Diamond
Consulting, on a full-time basis. Diamond Consulting entered into
the following transactions during July:
Jul.
1
The following assets were
received from Steffy Lopez in exchange for common stock: cash,
$13,500; accounts receivable, $20,800; supplies,...
PE 4-5A Accounting cycle 08.4 From the following list of steps in the accounting cycle, identify what two steps are missing: a. Transactions are analyzed and recorded in the journal. b. An unadjusted trial balance is prepared. c. Adjustment data are assembled and analyzed. d. An optional end-of-period spreadsheet is prepared. e. Adjusting entries are journalized and posted to the ledger. f. An adjusted trial balance is prepared. 8. Closing entries are journalized and posted to the ledger. h. A...
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