Homework Answers
| Answer: |
| The asset/liability approach emphasizes, Whether amounts on the balance sheet meet the definitions of assets and liabilities. |
| Since the main objective of Balance sheet is to tally the Assets and Liabilities of a Firm or a Company. So it emphasizes the Assets and Liabilities amounts to meets their definitions. |
| Option (d) is Correct. |
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The asset/liability approach emphasizes: Multiple Choice A close relation between the balance sheet and the statement...
Goodwill: Multiple Choice A. is classified on the balance sheet as a current asset. B. is...
Goodwill: Multiple Choice A. is classified on the balance sheet as a current asset. B. is initially measured as the difference between the consideration given in an acquisition and the fair value of the separately identifiable net assets acquired on the acquisition date. C. is a tangible asset recognized as part of a business combination. D. is not subject to impairment.
On a balance sheet, Accumulated Depreciation-Equipment is reported: Multiple Choice o as a contra-asset on the...
On a balance sheet, Accumulated Depreciation-Equipment is reported: Multiple Choice o as a contra-asset on the Balance Sheet. o as a liability on the Income Statement o as owner's equity on the Balance Sheet. o as an expense on the Income Statement. Proy 1 of 30
What is the primary difference between an asset and an expense? Multiple Choice An expense shows...
What is the primary difference between an asset and an expense? Multiple Choice An expense shows up on the balance sheet, while an asset shows up on the income statement Companies should try to maximize assets, while minimizing expenses. An asset is purchased in cash, while an expense is financed on account. An asset has future value, while an expense is used up in the current period. O Assets are temporary accounts, while expenses are permanent. An asset has a...
Which of the following is a true statement? Multiple Choice Expenses increase owners’ equity and decrease...
Which of the following is a true statement? Multiple Choice Expenses increase owners’ equity and decrease liabilities. Revenue decreases owners’ equity and expenses increase owners’ equity. Revenue increases owners’ equity and expenses decrease owners’ equity. Revenue decreases owners’ equity and increases liabilities. Which of the following statements is not true regarding the adoption of ASC Topic 606 guidance for revenue recognition? Multiple Choice When using the cumulative approach, the prior three years of financial statements need to be restated. Under...
which of the following statements about the unadjusted trial balance is correct Module 1 Exam: Part...
which of the following statements about the unadjusted trial
balance is correct
Module 1 Exam: Part 2 (Multiple Choice) 0 Help Which of the following statements about the unadjusted trial balance is correct? Multiple Choice L Atrial balance its every account name in one column, usually in the order of assets, liabilities, stockholders equity revenues and expenses You can assume that no errors were made in the recording of transactions if total debits equal total credits on the unadjusted the...
1.A balance sheet prepared in accordance with U.S. GAAP typically: Multiple Choice reports common stock at...
1.A balance sheet prepared in accordance with U.S. GAAP typically: Multiple Choice reports common stock at the current market price of the stock. provides critical information for understanding a firm’s capital structure. helps to determine the proper mix of debt and equity financing. provides critical information for understanding a firm’s profitability. 2.In a common-size balance sheet, each balance sheet account is expressed as a percentage of total: Multiple Choice liabilities. assets. shareholders’ equity. assets plus shareholders’ equity. 3.Accrued liabilities represent:...
Multiple Choice Question 171 The following information pertains to Swifty Corporation. Assume that all balance sheet...
Multiple Choice Question 171 The following information pertains to Swifty Corporation. Assume that all balance sheet amounts represent both average and ending balance figures. Assume that all sales were on credit. Assets Cash and short-term investments $ 61200 Accounts receivable (net) 43000 Inventory 47000 Property, plant and equipment 213000 Total Assets $364200 Liabilities and Stockholders’ Equity Current liabilities $ 30000 Long-term liabilities 71000 Stockholders’ equity—common 263200 Total Liabilities and Stockholders’ Equity $364200 Income Statement Sales revenue $82000 Cost of goods...
Multiple-step income statement and balance sheet Instructions Labels and Amount Descriptions Income Statement Retained Earnings Statement...
Multiple-step income statement and balance sheet Instructions Labels and Amount Descriptions Income Statement Retained Earnings Statement Balance Sheet Final Question Instructions Cash Accounts receivable Inventory Estimated returns inventory Office supplies Prepaid insurance Office equipment Accumulated depreciation-office equipment Store equipment Accumulated depreciation-store equipment Accounts payable Customer refunds payable Salaries payable Note payable (final payment due 2024) Common stock Retained earnings Dividends Sales Cost of goods sold Sales salaries expense Advertising expense Depreciation expense-store equipment Miscellaneous selling expense Office salaries expense Rent...
Multiple Choice: A) $79 B) $65 C) ($13) D) $43 Alcoser Corporation's most recent balance sheet...
Multiple Choice:
A) $79
B) $65
C) ($13)
D) $43
Alcoser Corporation's most recent balance sheet appears below. Comparative Balance Sheet Ending Beginning Balance Balance $ 45 58 574 218 $497 $ 26 41 75 501 211 $432 Assets: Cash and cash equivalents Accounts receivable Inventory Property, plant, and equipment Less accumulated depreciation Total assets Liabilities and stockholders' equity: Accounts payable Accrued liabilities Income taxes payable Bonds payable Common stock Retained earnings Total liabilities and equity $ 55 234 205...
MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question 1)...
MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question 1) Which of the following statements is TRUE for a proprietorship? 1)_ A) The business records include the proprietor's personal finances. B) For accounting purposes, a proprietorship is separate from the proprietor C) Legally, a proprietorship is separate from the proprietor. D) All statements are correct. 2) Revenues are: A) increases in retained earnings resulting from delivering goods or services to customers B) decreases in...
On a balance sheet, Accumulated Depreciation-Equipment is reported: Multiple Choice o as a contra-asset on the Balance Sheet. o as a liability on the Income Statement o as owner's equity on the Balance Sheet. o as an expense on the Income Statement. Proy 1 of 30
What is the primary difference between an asset and an expense? Multiple Choice An expense shows up on the balance sheet, while an asset shows up on the income statement Companies should try to maximize assets, while minimizing expenses. An asset is purchased in cash, while an expense is financed on account. An asset has future value, while an expense is used up in the current period. O Assets are temporary accounts, while expenses are permanent. An asset has a...
which of the following statements about the unadjusted trial
balance is correct
Module 1 Exam: Part 2 (Multiple Choice) 0 Help Which of the following statements about the unadjusted trial balance is correct? Multiple Choice L Atrial balance its every account name in one column, usually in the order of assets, liabilities, stockholders equity revenues and expenses You can assume that no errors were made in the recording of transactions if total debits equal total credits on the unadjusted the...
Multiple-step income statement and balance sheet Instructions Labels and Amount Descriptions Income Statement Retained Earnings Statement Balance Sheet Final Question Instructions Cash Accounts receivable Inventory Estimated returns inventory Office supplies Prepaid insurance Office equipment Accumulated depreciation-office equipment Store equipment Accumulated depreciation-store equipment Accounts payable Customer refunds payable Salaries payable Note payable (final payment due 2024) Common stock Retained earnings Dividends Sales Cost of goods sold Sales salaries expense Advertising expense Depreciation expense-store equipment Miscellaneous selling expense Office salaries expense Rent...
Multiple Choice:
A) $79
B) $65
C) ($13)
D) $43
Alcoser Corporation's most recent balance sheet appears below. Comparative Balance Sheet Ending Beginning Balance Balance $ 45 58 574 218 $497 $ 26 41 75 501 211 $432 Assets: Cash and cash equivalents Accounts receivable Inventory Property, plant, and equipment Less accumulated depreciation Total assets Liabilities and stockholders' equity: Accounts payable Accrued liabilities Income taxes payable Bonds payable Common stock Retained earnings Total liabilities and equity $ 55 234 205...
MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question 1) Which of the following statements is TRUE for a proprietorship? 1)_ A) The business records include the proprietor's personal finances. B) For accounting purposes, a proprietorship is separate from the proprietor C) Legally, a proprietorship is separate from the proprietor. D) All statements are correct. 2) Revenues are: A) increases in retained earnings resulting from delivering goods or services to customers B) decreases in...
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