Homework Answers
Correct option is: a. Recognize revenues appropriately so as to provide management with the maximum bonus
The judgements made by the accountant should include the Method of measurement, Suitable accounting estimates , whether information to be disclosed in statements and notes or not but revenues are not recognized only from the perspective to give higher bonus to the management
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Which is not a judgment that must be made by accountants in preparing statements? Multiple Choice...
Which of the following statements about managerial accountants is false? Multiple Choice In a number of...
Which of the following statements about managerial accountants is false? Multiple Choice In a number of companies, managerial accountants make significant business decisions and resolve operating problems. Managerial accountants more and more are considered "business partners." Managerial accountants often are part of cross-functional teams. The role of managerial accountants has changed considerably over the past decade. An increasing number of organizations are segregating managerial accountants in separate managerial-accounting departments.
Management accountants must satisfy their users therefore, they should do all the following except Multiple Choice...
Management accountants must satisfy their users therefore, they should do all the following except Multiple Choice o provide specialized information that specific managers can use. 0 O provide them with high quality information 0 focus on preparing information for external financial reporting. Bowly O continuously strive to provide better quality information foster, and at a lower cost 0 < Prex 7 of 20 Next > > x N] 0 W 2 3 4 5 6 7 8 9 0
Which of the following statements is correct with respect to Fiduciary Funds? Multiple Choice Fiduciary funds...
Which of the following statements is correct with respect to Fiduciary Funds? Multiple Choice Fiduciary funds include Pension trust funds, Internal service funds, Private-purpose trust funds, and Investment trust funds. O Custodial funds are fiduciary funds which are used when resources are held by a government in a trustee capacity but no trust agreement is in place. se by a gover Fiduciary funds use the current financial resources measurement focus and accrual accounting Fiduciary funds must be adjusted when preparing...
First, in developing an accounting standard, the accounting standard setters must select the ‘most appropriate’ policy...
First, in developing an accounting standard, the accounting standard setters must select the ‘most appropriate’ policy from a range of alternatives for inclusion in accounting standards. The choice that they make is critical because it virtually determines accounting practice. Second, if there is no accounting standard, or if the standard either implicitly or explicitly allows a choice, the preparers of financial statements must select the most appropriate accounting policy for use in the preparation of financial statements to become creative...
E 1-15 Multiple choice; concept statements, basic assumptions, principles Determine the response that best completes the...
E 1-15 Multiple choice; concept statements, basic assumptions, principles Determine the response that best completes the following statements or questions. 1. The primary objective of financial reporting is to provide information a. About a firm's management team b. Useful to capital providers C. Concerning the changes in financial position resulting from the income- producing efforts of the entity d. About a firm's financing and investing activities 2. Statements of Financial Accounting Concepts issued by the FASB a. Represent GAAP b....
Which of the following statements is correct? Multiple Choice 0 Proprietary funds must prepare a Statement...
Which of the following statements is correct? Multiple Choice 0 Proprietary funds must prepare a Statement of Revenues, Expenses and Changes in Fund Net Position, Statement of Net Position and Statement of Cash Flows. Governmental funds must prepare a Statement of Revenue, Expenditures and Changes in Fund Balance, Statement of Fund Balance and Statement of Cash Flows. RSI is optional. 0 Fiduciary funds must prepare a Statement of Fiduciary Net Assets, Statement of Changes in Fiduciary Net Assets, Statement of...
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) Objectives of financial reporting to external investors and creditors include preparing information about all of the following except: (A) Information used to determine which products to produce. B) Information about economic resources, claims to those resources, and changes in both resources and claims. C) Information that is useful in making investment and credit decisions. D) Information that is useful in assessing the amount, timing,...
P10.8A (LO 2, 4) AP Mega Company, a public company, is preparing its financial statements for...
P10.8A (LO 2, 4) AP Mega Company, a public company, is preparing its financial statements for the year ended December 31, 2021. It is now January 31, 2022, and the following situations are being reviewed to determine the appropriate accounting treatment: Discuss reporting of contingencies and record provisions. 1. Mega Company is being sued for $4 million for a possible malfunction of one of its products. In July 2021, a customer suffered a serious injury while operating the product. The...
Directions: Select the best answer for the following multiple choice questions. 1. Which of the f...
Directions: Select the best answer for the following multiple choice questions. 1. Which of the following is not part of the basic financial statements? a. Governmental funds statement of revenues, expenditures, and changes in fund balances. b. Budgetary comparison schedules - general and special revenue funds. c. Government-wide statements of activities. d. Notes to the financial statements. 2. Which statement is true regarding the "major" funds? a. The general fund is considered major if it is large enough. b. Other...
STUDY PROBLEM 1-15 MULTIPLE CHOICE QUESTIONS ONS urred while earning revenues arned, and reported 1. The...
STUDY PROBLEM 1-15 MULTIPLE CHOICE QUESTIONS ONS urred while earning revenues arned, and reported 1. The principle stating that all expenses incurred while earnin should be identified with the revenues when they are earned for the same time period is the: A. Cost Principle B. Revenue Principle SVP TO C. Expenses Principle 10 mobilo MSTURE D. Matching Principle n E. Timing Principle 2. The distinct The distinction between a current asset and other assets: A. is based on how long...
Management accountants must satisfy their users therefore, they should do all the following except Multiple Choice o provide specialized information that specific managers can use. 0 O provide them with high quality information 0 focus on preparing information for external financial reporting. Bowly O continuously strive to provide better quality information foster, and at a lower cost 0 < Prex 7 of 20 Next > > x N] 0 W 2 3 4 5 6 7 8 9 0
Which of the following statements is correct with respect to Fiduciary Funds? Multiple Choice Fiduciary funds include Pension trust funds, Internal service funds, Private-purpose trust funds, and Investment trust funds. O Custodial funds are fiduciary funds which are used when resources are held by a government in a trustee capacity but no trust agreement is in place. se by a gover Fiduciary funds use the current financial resources measurement focus and accrual accounting Fiduciary funds must be adjusted when preparing...
E 1-15 Multiple choice; concept statements, basic assumptions, principles Determine the response that best completes the following statements or questions. 1. The primary objective of financial reporting is to provide information a. About a firm's management team b. Useful to capital providers C. Concerning the changes in financial position resulting from the income- producing efforts of the entity d. About a firm's financing and investing activities 2. Statements of Financial Accounting Concepts issued by the FASB a. Represent GAAP b....
Which of the following statements is correct? Multiple Choice 0 Proprietary funds must prepare a Statement of Revenues, Expenses and Changes in Fund Net Position, Statement of Net Position and Statement of Cash Flows. Governmental funds must prepare a Statement of Revenue, Expenditures and Changes in Fund Balance, Statement of Fund Balance and Statement of Cash Flows. RSI is optional. 0 Fiduciary funds must prepare a Statement of Fiduciary Net Assets, Statement of Changes in Fiduciary Net Assets, Statement of...
MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1) Objectives of financial reporting to external investors and creditors include preparing information about all of the following except: (A) Information used to determine which products to produce. B) Information about economic resources, claims to those resources, and changes in both resources and claims. C) Information that is useful in making investment and credit decisions. D) Information that is useful in assessing the amount, timing,...
P10.8A (LO 2, 4) AP Mega Company, a public company, is preparing its financial statements for the year ended December 31, 2021. It is now January 31, 2022, and the following situations are being reviewed to determine the appropriate accounting treatment: Discuss reporting of contingencies and record provisions. 1. Mega Company is being sued for $4 million for a possible malfunction of one of its products. In July 2021, a customer suffered a serious injury while operating the product. The...
STUDY PROBLEM 1-15 MULTIPLE CHOICE QUESTIONS ONS urred while earning revenues arned, and reported 1. The principle stating that all expenses incurred while earnin should be identified with the revenues when they are earned for the same time period is the: A. Cost Principle B. Revenue Principle SVP TO C. Expenses Principle 10 mobilo MSTURE D. Matching Principle n E. Timing Principle 2. The distinct The distinction between a current asset and other assets: A. is based on how long...
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