Homework Answers
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| 1 | False. | Because involvement of cash is not necessary for a business transaction. Asset and liabilities must be affected for a business transaction to occur. |
| 2 | False. | Bookkeeping only records and posts journal entries. Accounting is used for preparing financial statements. |
| 3 | False. | A check is a valid evidence of business transaction. |
| 4 | True. | |
| 5 | True. | |
| 6 | True. | |
| 7 | True. | |
| 8 | False. | FASB is an independent non profit organization responsible for establishing accounting and financial reporting standards for companies and non profit organizations in the United States. |
| 9 | True. | |
| 10 | True. |
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Decide whether each of the following statements is true or false. 1. The receipt of cash...
Read each of the following statements carefully and indicate whether each is true or false. 2...
Read each of the following statements carefully and indicate whether each is true or false. 2 1. The Sarbanes-Oxley Act places great emphasis on internal controls and fraud prevention The FASB and the IASB are working toward full convergence of U.S. financial reporting standards and those of the International Accounting Standards Board. 3. Because of the Sarbanes-Oxley Act, it is probable that the FASB/IASB conceptual framework will become less important in developing accounting principles and standards 4. The FASB Standards...
Which of the following statements is true about managerial accounting?
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Indicate whether the following statements describe financial accounting or managerial accounting.
Take me to the textIndicate whether the following statements describe financial accounting or managerial accounting.Largely based on forecasting future sales and cash flows, calculating costs and preparing budgets.is concerned with collecting data of historical nature.Reports are very detailed and provide a wealth of information.Must follow Generally Accepted Accounting Principles (GAAP) or International Financial Reporting Standards (IFRS) set by professional bodies.Primarily prepared for external users such as creditors and stockholders so that they can make sound financial or investment decisions.Does not...
Please indicate whether the following statements are true or false by circling a T or an...
Please indicate whether the following statements are true or false by circling a T or an F 1. Direct and indirect materials may both come from the same source 0 0 2. Factory overhead includes the cost of selling and advertising the product | 0 3. Fixed costs remain constant in total, the average fixed costs becomes progressively smaller as the level of activity increases 0 0 4. Work in process represent goods that have some or all raw materials,...
U per Problem 7 Decide whether each of the following statements is true or false, 1....
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Requirement 1. Indicate whether each of the following statements is true or false. For each false...
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Indicate whether each of the following statements is true (T) or false (F). e. An advantage...
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Please indicate whether the following statements are true or false by circling a T or an...
Please indicate whether the following statements are true or false by circling a T or an F (true or false) 1. Direct and indirect materials may both come from the same source [ ] [ ] 2. Factory overhead includes the cost of selling and advertising the product [ ] [ ] 3. Fixed costs remain constant in total, the average fixed costs becomes progressively smaller as the level of activity increases [ ] [ ] 4....
mework 3: Ch16 Saved Help 12 For each of the following situations, indicate whether you agree...
mework 3: Ch16 Saved Help 12 For each of the following situations, indicate whether you agree or disagree with the financial reporting practice employed and stat the accounting concept that is applied (if you agree) or violated (if you disagree). 76 oints eBook 1. Wagner Corporation adjusted the valuation of all assets and liabilities to reflect changes in the purchasing power of the dollar 2. Spooner Oil Company changed its method of accounting for oil and gas exploration costs from...
Part 1: True or False (1.5 point each, 15 points total) Indicate whether the following statements...
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Read each of the following statements carefully and indicate whether each is true or false. 2 1. The Sarbanes-Oxley Act places great emphasis on internal controls and fraud prevention The FASB and the IASB are working toward full convergence of U.S. financial reporting standards and those of the International Accounting Standards Board. 3. Because of the Sarbanes-Oxley Act, it is probable that the FASB/IASB conceptual framework will become less important in developing accounting principles and standards 4. The FASB Standards...
Take me to the textIndicate whether the following statements describe financial accounting or managerial accounting.Largely based on forecasting future sales and cash flows, calculating costs and preparing budgets.is concerned with collecting data of historical nature.Reports are very detailed and provide a wealth of information.Must follow Generally Accepted Accounting Principles (GAAP) or International Financial Reporting Standards (IFRS) set by professional bodies.Primarily prepared for external users such as creditors and stockholders so that they can make sound financial or investment decisions.Does not...
Please indicate whether the following statements are true or false by circling a T or an F 1. Direct and indirect materials may both come from the same source 0 0 2. Factory overhead includes the cost of selling and advertising the product | 0 3. Fixed costs remain constant in total, the average fixed costs becomes progressively smaller as the level of activity increases 0 0 4. Work in process represent goods that have some or all raw materials,...
U per Problem 7 Decide whether each of the following statements is true or false, 1. Balance sheet accounts are the revenue and expense accounts 2. Land is a depreciable fixed asset in the hospitality industry 1. If a guest tab shows food at $40 and sales tax of $2.40, the amount recorded as a sale will be $42.40 4. If a guest orders a $2,000 banquet and pays $2,000 on the banquet to be scheduled net month, a sale...
Requirement 1. Indicate whether each of the following statements is true or false. For each false statement, explain why it is false. Use Tor F to indicate whether each of the following statements is true or false. Change each false statement into one that is true. 1. A large cash balance is the best evidence of previous profitable operations. 2. Accounts receivable should be classified as a liability. 3. Machinery used in the business should be recorded at replacement cost....
mework 3: Ch16 Saved Help 12 For each of the following situations, indicate whether you agree or disagree with the financial reporting practice employed and stat the accounting concept that is applied (if you agree) or violated (if you disagree). 76 oints eBook 1. Wagner Corporation adjusted the valuation of all assets and liabilities to reflect changes in the purchasing power of the dollar 2. Spooner Oil Company changed its method of accounting for oil and gas exploration costs from...
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