Homework Answers
ANSWER:COST OF GOOD SOLD IS AN EXPENSES ACCOUNT
It is expenses because materials is being used to produce goods and temporary account too
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Cost of goods sold is: Multiple Choice An expense account. A permanent equity account An asset...
Cost of goods sold is: Multiple Choice An expense account. A permanent equity account. An asset...
Cost of goods sold is: Multiple Choice An expense account. A permanent equity account. An asset account. A revenue account. Auditors primarily express an opinion on the: Multiple Choice Accuracy of financial statements. Quality of a company's management. O Soundness of a company's future. O O Fairness of financial statements. The assumption central to much of GAAP that in the absence of contrary information, a business entity will continue indefinitely is defined as the: Multiple Choice Going concern assumption. Entity...
Pre-Final Quiz Cost of Goods Sold is reported Murple Choice O as an expense on the come state C ) an asset on the b...
Pre-Final Quiz Cost of Goods Sold is reported Murple Choice O as an expense on the come state C ) an asset on the balance sheet. O as a direct reduction of equity on the statement of changes in stockholders equity O as an addition to Sales Revenue on the income statement < Prev 5 of 10 !!! Next > MacBook Air
The trial balance includes which of the following column titles? Multiple Choice asset, liability, owner’s equity...
The trial balance includes which of the following column titles? Multiple Choice asset, liability, owner’s equity debit, credit revenue, expense permanent, temporary
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...
An accounting term to characterize an economic resource of an entity is: Multiple Choice A contra...
An accounting term to characterize an economic resource of an entity is: Multiple Choice A contra asset until used. A liability A revenue. An asset. CPAs obtain a license from: Multiple Choice The AICPA. The federal government. State governments. The SEC. The purpose of closing entries is to transfer: Multiple Choice Assets and liabilities when operations are discontinued. Inventory to cost of goods sold when merchandise is sold. Balances in temporary accounts to a permanent account. Accounts receivable to retained...
In QBO, account numbers are: Multiple Choice used to uniquely identify specific accounts but do not assist in identifying an account type i.e. asset, liability, revenue, expense, and equity. used to o...
In QBO, account numbers are: Multiple Choice used to uniquely identify specific accounts but do not assist in identifying an account type i.e. asset, liability, revenue, expense, and equity. used to only identify an account type and the account name identifies the specific account. used to uniquely identify accounts and help identify an account type. a combination of being randomly assigned and assigned alphabetically buy the user of QBO.
Classify each account type (asset, liability, equity, revenue or expense), and identify which financial statement it...
Classify each account type (asset, liability, equity, revenue or expense), and identify which financial statement it would be reported on: Account Account Type Financial Statement 1. Cost of Goods Sold 2. Inventory 3. Retained Earnings 4. Accounts Payable 5. Land 6. Dividends 7. Service Revenue 8. Prepaid Expense 9. Long Term Debt 10. Common Shares
Product costs are placed in which financial statement account when incurred? Multiple Choice Cost of goods...
Product costs are placed in which financial statement account when incurred? Multiple Choice Cost of goods sold Inventory Selling expense Property, plant, and equipment
Cost of goods completed is the same as: Multiple Choice Cost of Goods Sold. Work in...
Cost of goods completed is the same as: Multiple Choice Cost of Goods Sold. Work in Process Inventory. Cost of Goods Manufactured. Finished Goods Inventory.
Question 2 Classify each account type (asset, liability, equity, revenue or expense), and identify which financial...
Question 2 Classify each account type (asset, liability, equity, revenue or expense), and identify which financial statement it would be reported on: Account Account Type Financial Statement 1. Land 2. 3. 4. 5. 6. Cost of Goods Sold Prepaid Expenses Common Shares Sales Revenue Long Term Debt Accounts Receivable Salary Expense Accounts Payable Dividends 7. 8. 9. 10.
Cost of goods sold is: Multiple Choice An expense account. A permanent equity account. An asset account. A revenue account. Auditors primarily express an opinion on the: Multiple Choice Accuracy of financial statements. Quality of a company's management. O Soundness of a company's future. O O Fairness of financial statements. The assumption central to much of GAAP that in the absence of contrary information, a business entity will continue indefinitely is defined as the: Multiple Choice Going concern assumption. Entity...
Pre-Final Quiz Cost of Goods Sold is reported Murple Choice O as an expense on the come state C ) an asset on the balance sheet. O as a direct reduction of equity on the statement of changes in stockholders equity O as an addition to Sales Revenue on the income statement < Prev 5 of 10 !!! Next > MacBook Air
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...
An accounting term to characterize an economic resource of an entity is: Multiple Choice A contra asset until used. A liability A revenue. An asset. CPAs obtain a license from: Multiple Choice The AICPA. The federal government. State governments. The SEC. The purpose of closing entries is to transfer: Multiple Choice Assets and liabilities when operations are discontinued. Inventory to cost of goods sold when merchandise is sold. Balances in temporary accounts to a permanent account. Accounts receivable to retained...
Product costs are placed in which financial statement account when incurred? Multiple Choice Cost of goods sold Inventory Selling expense Property, plant, and equipment
Question 2 Classify each account type (asset, liability, equity, revenue or expense), and identify which financial statement it would be reported on: Account Account Type Financial Statement 1. Land 2. 3. 4. 5. 6. Cost of Goods Sold Prepaid Expenses Common Shares Sales Revenue Long Term Debt Accounts Receivable Salary Expense Accounts Payable Dividends 7. 8. 9. 10.
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