Question

Question 17 A parent company must own how much of the subsidiary's common stock? Not yet answered Marked out of 1.00 P Flag question Select one: a. 0.15 b.0.25 OC. 0.75 O d. 0.5 Question 18 Since accounts receivable are usually collected within two month they are classified as: Not yet answered Marked out of 1.00 Select one: a. a fixed asset P Flag question O b. a cash asset c. a current asset d. a recurring asset Question 19 What is the purpose of cross-indexing? Not yet answered Marked out of 1.00 Select one: O a. To make it easy to find an entry later Flag question b. To provide extra information about an entry c. To make it possible to trace the origin of an entry d . To keep the journal entries organized O

Answer 1

17) A company is treated as subsidary it more than 50% of common stock is held by holding company. Answer is Option d) 18) Accounts receivable which are collected within one vear of they are due are classified as Current Asset Answer is Option c) 19) Cross indexing is useful to trace the origin of the transactions. Answer is Option c) 20) Accrual basis accounting is the business records economic activity in the period it happens Answer is Option b)