Question 110 pts
What items should be matched according to the matching principle? |
Group of answer choices
Debits with credits
Assets with liabilities
Expenses with revenues
Accruals with prepaids
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Question 210 pts
When is revenue recorded under the cash-basis system of accounting? |
Group of answer choices
When cash is received
When revenue is earned
When cash is received only if related expenses have been incurred
In the period the related expenses are paid
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Question 310 pts
Sales Revenue......
Group of answer choices
Arise from delivering products in the ordinary course of business.
Arise from providing services in the ordinary course of business.
Dividends earned from investing in other companies.
Amounts earned by renting out company property.
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Question 410 pts
Service Revenue.......
Group of answer choices
Arise from delivering products in the ordinary course of business.
Arise from providing services in the ordinary course of business.
Amounts earned on savings and loans to others.
Dividends earned from investing in other companies.
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Question 510 pts
Time period assumption refers to breaking the long life of a company into shorter periods to measure the financial position of the company in a timely manner.
Group of answer choices
True
False
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Question 610 pts
Supplies expense is the cost of supplies used during the period.
Group of answer choices
True
False
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Question 710 pts
Utilities expense is the cost of power, heat, light, internet, and telephone for the period.
Group of answer choices
True
False
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Question 810 pts
Revenue in the Income Statement represents the Cash in the Balance Sheet
Group of answer choices
True
False
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Question 910 pts
Net profit margin equals net income divided revenue.
Group of answer choices
True
False
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Question 1010 pts
The net income statement provides the main measure of a company's operating performance. The key thing to look for is whether net income is positive.
Group of answer choices
True
False
Answer-1- The correct option is-c-Expenses with revenues
2-The correct option is-a-When cash is received
3-The correct option is-a-Arise from delivering products in the ordinary course of business
4-The correct option is-b-Arise from providing services in the ordinary course of business.
5-The correct option is-a-True
6-The correct option is-a-True
7-The correct option is-a-True
8-The correct option is-b-False
9-The correct option is-a-True
10-The correct option is-a-True
Question 110 pts What items should be matched according to the matching principle? Group of...
A loss on the sale of machinery in the ordinary course of business should be presented in the cash flow statement as: Group of answer choices a deduction from net income when using the indirect method. an addition to net income when using the indirect method. cash flow from investing activities when using the direct method.
Financial managers are interested in accelerating both cash inflows and cash disbursements. Group of answer choices True False Flag this Question Question 21 pts Which of the following types of accounts can be both a provider for precautionary and compensating balance requirement funds? Group of answer choices Indirect cost account Minimum demand deposit Maximum demand deposit Reimbursement account Flag this Question Question 31 pts Treasury bills are popular money market instruments even though they do not offer which of the...
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Financial managers are interested in accelerating both cash inflows and cash disbursements. Group of answer choices True False Flag this Question Question 21 pts Which of the following types of accounts can be both a provider for precautionary and compensating balance requirement funds? Group of answer choices Indirect cost account Minimum demand deposit Maximum demand deposit Reimbursement account Flag this Question Question 31 pts Treasury bills are popular money market instruments even though they do not offer which of the...
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1.)External users are those within an organization who use financial information to make day-to-day decision. Group of answer choices True False 2)The four basic financial statements are Income Statement, Statement of Owner's Equity, Balance Sheet and the Chart of Accounts. Group of answer choices True False 3)Generally Accepted Accounting Principles (GAAP) are accounting principles, assumptions, concepts (the rules) that guide the preparation and presentation of financial statements. Group of answer choices True False 4)In double-entry bookkeeping, at least four accounts...
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Questions 1-15 are based on the following information:Five individuals, A, B, C, D, and E, formed X Co. After making the following transfers to X Co., they own 100% of X Co:A$40,000 cash and $15,000 worth of servicesBProperty:FMV $50,000BASIS $50,000MORTGAGE $30,000CProperty:FMV $80,000BASIS $20,000MORTGAGE $30,000DProperty:FMV $26,000BASIS $56,000EProperty:FMV $73,000 (capital asset)BASIS $30,000MORTGAGE $3,000 (Depreciation recapture potential of $7,000)In return, they receive the following from X Co:A$55,000 StockB$15,000 Stock + $5,000 CashC$42,000 Stock...