Homework Answers
As per separate entity concept, the business and the owner are two separate legal entity and hence the financial transactions and records of the owner and business shall be kept separately.
In this question separate entity concept shall be applicable.
So Option C is answer
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The basis upon which the personal assets of the owner are excluded from the business's balance...
The personal assets of the owner of a company will not appear on the company's balance...
The personal assets of the owner of a company will not appear on the company's balance sheet because of which principle/guideline? Select one: a. Cost b. Economic Entity c. Monetary Unit Which principle/guideline requires a company's balance sheet to report its land at the amount the company paid to acquire the land, even if the land could be sold today at a significantly higher amount? Select one: a. Monetary Unit b. Cost c. Economic Entity Which principle/guideline allows a company...
Mr. Ryan is the owner and chief executive officer of Briarfield Corporation. Mr. Ryan personally owns...
Mr. Ryan is the owner and chief executive officer of Briarfield Corporation. Mr. Ryan personally owns a house, automobiles and investments in various companies. However, his personal assets will not be included among the land, building and investments reported on the financial statements of Briarfield Corporation. This is an application of: Select one: a. Monetary unit assumption b. Neutrality assumption c. The concept of economic entity d. Going concern assumption
Daphne is calculating the total asset turnover ratio of a company. Under which accounting principle would...
Daphne is calculating the total asset turnover ratio of a company. Under which accounting principle would she value the assets of the company at their original cost? A. accrual method of accounting B. historical cost accounting C. business entity concept D. going concern concept
10. On a classified balance sheet, companies usually list current assets a in alphabetical order b...
10. On a classified balance sheet, companies usually list current assets a in alphabetical order b with the largest dollar amounts first. c. in the order in which they are expected to be converted into cash. d. in the order of acquisition 11. These are selected account balances on December 31, 2022 Land $150,000 Land (held for future use) 225,000 Buildings 1,200,000 Inventory 300,000 Equipment 675,000 Furniture 150,000 Accumulated Depreciation 450.000 What is the total amount of property, plant, and...
LOL What is the difference between cash basis accounting and accrual basis accounting a) Which method...
LOL What is the difference between cash basis accounting and accrual basis accounting a) Which method records transactions only when cash is received? b) Which method records transaction when it occurs, regardless of when the cash is paid? L02. What concepts and principles apply to accrual basis accounting a) Match the concept (by number) to the correct terminology. 1. Time period concept 2. Revenue recognition principle 3. Matching Principle 4. Fiscal year __An accounting time period that may not coincide...
15) Accounting is an information and measurement system that does all of the following except: A)...
15) Accounting is an information and measurement system that does all of the following except: A) Identifies business activities. B) Records business activities. C) Communicates business activities. D) Eliminates the need for interpreting financial data. E) Helps people make better decisions. 16) External users of accounting information include all of the following except: A) Shareholders. B) Customers. C) Purchasing managers. D) Government regulators. E) Creditors. 17) A corporation is: A) A business legally separate from its owners. B) Controlled by...
2. Which of the following statements is true of a sole proprietorship? A) A sole proprietorship...
2. Which of the following statements is true of a sole proprietorship? A) A sole proprietorship joins two or more individuals as co-owners. B) The sole proprietor is personally liable for the liabilities of the business. C) A sole proprietorship is taxed separately from the owner. D) A sole proprietorship has to pay business income taxes 3. Ten years ago a company purchased a building for $160,000. At that time, the company felt that the building was worth $185.000. The...
a. Asses Stockholders Equity- L e s c. Assets - Llabilities - Stockholders' Equity d. Assets...
a. Asses Stockholders Equity- L e s c. Assets - Llabilities - Stockholders' Equity d. Assets Stockholders' Equity - Liabilities h derives its value from the rights and privileges provides the owner is worthless because it has no physical substance is converted into a tangible asset during the operating cycle cannot be called on the balance sheet because it lacks physical substance 10. On a classified balance sheet, companies usually list current assets a in alphabetical order with the largest...
The allowance for doubtful accounts, which appears as a deduction from accounts receivable on a balance...
The allowance for doubtful accounts, which appears as a deduction from accounts receivable on a balance sheet and which is based on an estimate of bad debts, is an application of the اختر أحد الخيارات .a. materiality constraint O .b. matching principle o C. revenue recognition principle o .d.consistency characteristico The income statement reveals اختر أحد الخيارات .a. C. net earnings (net income) of a firm at a point in time .b. D. net earnings (net income) of a firm...
Which basis of accounting, cash basis or accrual basis, provides a better economic indicator of how...
Which basis of accounting, cash basis or accrual basis, provides a better economic indicator of how profitable a company is? a. cash basis b. it depends on what industry a company is in c. accrual basis d. cash or accrual are equally good economic indicators 2. What two major sources of a company's financing are reflected on the balance sheet? a. borrowing, owner investment b. public financing, private financing c. venture capital, borrowing d. common stock, preferred stock
10. On a classified balance sheet, companies usually list current assets a in alphabetical order b with the largest dollar amounts first. c. in the order in which they are expected to be converted into cash. d. in the order of acquisition 11. These are selected account balances on December 31, 2022 Land $150,000 Land (held for future use) 225,000 Buildings 1,200,000 Inventory 300,000 Equipment 675,000 Furniture 150,000 Accumulated Depreciation 450.000 What is the total amount of property, plant, and...
LOL What is the difference between cash basis accounting and accrual basis accounting a) Which method records transactions only when cash is received? b) Which method records transaction when it occurs, regardless of when the cash is paid? L02. What concepts and principles apply to accrual basis accounting a) Match the concept (by number) to the correct terminology. 1. Time period concept 2. Revenue recognition principle 3. Matching Principle 4. Fiscal year __An accounting time period that may not coincide...
15) Accounting is an information and measurement system that does all of the following except: A) Identifies business activities. B) Records business activities. C) Communicates business activities. D) Eliminates the need for interpreting financial data. E) Helps people make better decisions. 16) External users of accounting information include all of the following except: A) Shareholders. B) Customers. C) Purchasing managers. D) Government regulators. E) Creditors. 17) A corporation is: A) A business legally separate from its owners. B) Controlled by...
2. Which of the following statements is true of a sole proprietorship? A) A sole proprietorship joins two or more individuals as co-owners. B) The sole proprietor is personally liable for the liabilities of the business. C) A sole proprietorship is taxed separately from the owner. D) A sole proprietorship has to pay business income taxes 3. Ten years ago a company purchased a building for $160,000. At that time, the company felt that the building was worth $185.000. The...
a. Asses Stockholders Equity- L e s c. Assets - Llabilities - Stockholders' Equity d. Assets Stockholders' Equity - Liabilities h derives its value from the rights and privileges provides the owner is worthless because it has no physical substance is converted into a tangible asset during the operating cycle cannot be called on the balance sheet because it lacks physical substance 10. On a classified balance sheet, companies usually list current assets a in alphabetical order with the largest...
The allowance for doubtful accounts, which appears as a deduction from accounts receivable on a balance sheet and which is based on an estimate of bad debts, is an application of the اختر أحد الخيارات .a. materiality constraint O .b. matching principle o C. revenue recognition principle o .d.consistency characteristico The income statement reveals اختر أحد الخيارات .a. C. net earnings (net income) of a firm at a point in time .b. D. net earnings (net income) of a firm...
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