Homework Answers
| Q.No. | Correct Option | Reason: | |
| Q.1 | Correct Option A i.e. An expense account | Cost of goods sold is an expense account and comed in income statement. | |
| Q.2 | Correct Option D i.e. Fairness of financial statement | Auditor's responsibility is ti express an opinion on the true and fair view of the financial statement. | |
| Q.3 | Correct Option A i.e. Going Concern | It means business will continue for an indefinate period. | |
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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
Confirmatory value is central to the financial accounting concept of earnings quality" primarily because: Multiple Choice...
Confirmatory value is central to the financial accounting concept of earnings quality" primarily because: Multiple Choice It allows investors to verify or change their prior assessments of a company's performance. It helps investors predict a company's future earnings. It helps investors predict a company's future cash flows. O It allows investors to compare the performance of a company over time. Permanent accounts do not include: Multiple Choice Prepaid rent. Interest expense. Salaries payable. Deferred sales revenue. The accounting processing cycle:...
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....
The SEC's 2003 report to the Congress on "principles-based" accounting observed that the first characteristic of...
The SEC's 2003 report to the Congress on "principles-based" accounting observed that the first characteristic of objectives-based standards, dictated by the Sarbanes-Oxley Act, is that any standard must be based on the cost-benefit test. e transparency qualitative characteristics. an improved and consistently applied framework. Question 2 The Purchases account is O a temporary account. O a permanent account. O a subsidiary account. a liability account. Question 3 The Sales account is classified as a contra account. O a liability account...
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
Select the correct statement below regarding Manufacturing Overhead: Multiple Choice Manufacturing overhead is an expense account...
Select the correct statement below regarding Manufacturing Overhead: Multiple Choice Manufacturing overhead is an expense account for all factory costs that are neither direct materials or direct labor. Manufacturing overhead is always an estimated cost. Manufacturing overhead is a clearing account and is neither shown on the balance sheet or Income statement in published financial statements. Manufacturing overhead is an Inventory account that is shown on the balance sheet.
B) Multiple choices: 60 points: for each statement circle the best answer. 1) The three requirements...
B) Multiple choices: 60 points: for each statement circle the best answer. 1) The three requirements for becoming a CPA include all but which of the following A) Uniform CPA examination requirement B) Educational requirements C) Character requirements D) Experience requirement 2) The International Standards on Auditing (ISAs) A) are issued by the AICPA B) override a country's regulations governing the audit of a company C) has many of the same standards as the Auditing Standards Board (ASB) D) must...
Anchor Company sold merchandise with a cost of $560 to a customer for $890 on account....
Anchor Company sold merchandise with a cost of $560 to a customer for $890 on account. Due to an error, this sale was never recorded in the accounting records. What effect will the failure to make the necessary entries have on the company's financial statements? Multiple Choice 0 Total assets will be overstated and total stockholders' equity will be understated. 0 The financial statements will not be affected. 0 Total assets and total stockholders' equity will be understated. 0 Total...
which of the statements below are correct regarding cost of goods sold? Financial & Managerial Accounting: Info...
which of the statements below are correct regarding cost of
goods sold?
Financial & Managerial Accounting: Information for Decisions, 8e Progress 0% 19 Multiple Choice Question Which of the statements below are correct regarding cost of goods sold? O Cost of goods sold is an asset account reported on the balance sheet. O Cost of goods sold is the expense of buying and preparing merchandise. O Cost of goods sold can be determined by subtracting the cost of a merchandise...
5-1 -2 -4 545. Multiple Choice Questions Select the best answer for each of the following...
5-1 -2 -4 545. Multiple Choice Questions Select the best answer for each of the following questions. Explain the reasons for your selection a. Which of the following is not a financial statement assertion made by management? (1) Existence of recorded assets and liabilities. (2) Completeness of recorded assets and liabilities. (3) Valuation of assets and liabilities. (4) Effectiveness of internal control b. Which of the following business characteristics is not indicative of high inherent risk? (1) Operating results that...
Cost of goods sold is: Multiple Choice An expense account. A permanent equity account An asset account A revenue account
Confirmatory value is central to the financial accounting concept of earnings quality" primarily because: Multiple Choice It allows investors to verify or change their prior assessments of a company's performance. It helps investors predict a company's future earnings. It helps investors predict a company's future cash flows. O It allows investors to compare the performance of a company over time. Permanent accounts do not include: Multiple Choice Prepaid rent. Interest expense. Salaries payable. Deferred sales revenue. The accounting processing cycle:...
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....
The SEC's 2003 report to the Congress on "principles-based" accounting observed that the first characteristic of objectives-based standards, dictated by the Sarbanes-Oxley Act, is that any standard must be based on the cost-benefit test. e transparency qualitative characteristics. an improved and consistently applied framework. Question 2 The Purchases account is O a temporary account. O a permanent account. O a subsidiary account. a liability account. Question 3 The Sales account is classified as a contra account. O a liability account...
Product costs are placed in which financial statement account when incurred? Multiple Choice Cost of goods sold Inventory Selling expense Property, plant, and equipment
Select the correct statement below regarding Manufacturing Overhead: Multiple Choice Manufacturing overhead is an expense account for all factory costs that are neither direct materials or direct labor. Manufacturing overhead is always an estimated cost. Manufacturing overhead is a clearing account and is neither shown on the balance sheet or Income statement in published financial statements. Manufacturing overhead is an Inventory account that is shown on the balance sheet.
B) Multiple choices: 60 points: for each statement circle the best answer. 1) The three requirements for becoming a CPA include all but which of the following A) Uniform CPA examination requirement B) Educational requirements C) Character requirements D) Experience requirement 2) The International Standards on Auditing (ISAs) A) are issued by the AICPA B) override a country's regulations governing the audit of a company C) has many of the same standards as the Auditing Standards Board (ASB) D) must...
Anchor Company sold merchandise with a cost of $560 to a customer for $890 on account. Due to an error, this sale was never recorded in the accounting records. What effect will the failure to make the necessary entries have on the company's financial statements? Multiple Choice 0 Total assets will be overstated and total stockholders' equity will be understated. 0 The financial statements will not be affected. 0 Total assets and total stockholders' equity will be understated. 0 Total...
which of the statements below are correct regarding cost of
goods sold?
Financial & Managerial Accounting: Information for Decisions, 8e Progress 0% 19 Multiple Choice Question Which of the statements below are correct regarding cost of goods sold? O Cost of goods sold is an asset account reported on the balance sheet. O Cost of goods sold is the expense of buying and preparing merchandise. O Cost of goods sold can be determined by subtracting the cost of a merchandise...
5-1 -2 -4 545. Multiple Choice Questions Select the best answer for each of the following questions. Explain the reasons for your selection a. Which of the following is not a financial statement assertion made by management? (1) Existence of recorded assets and liabilities. (2) Completeness of recorded assets and liabilities. (3) Valuation of assets and liabilities. (4) Effectiveness of internal control b. Which of the following business characteristics is not indicative of high inherent risk? (1) Operating results that...
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