Homework Answers
Answer
The following statement is false:
" the accounting equation shows how much of your assets belong to the owner, and how much belong to people outside the business".
Note: The accounting equation just shows how much fund has been raised from outsiders and how much fund has been introduced by owners, it doesn't show the bifurcation of application of these funds.
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QUESTION 16 Which of the following statements are false? a. a liability is a debt for...
Rochester Corporation holds cash of $2,000 and owes $31,000 on accounts payable. Rochester has accounts receivable...
Rochester Corporation holds cash of $2,000 and owes $31,000 on accounts payable. Rochester has accounts receivable of $41,000, nventory of $30,000, and land that cost $50,000. How much are Rochester's total assets and liabilities? Total assets O A. $73,000 OB. $123,000 O C. $123,000 O D. $93,000 Liabilities $81,000 $61,000 $31,000 $61,000 Match the following definitions with one of the terms listed here. (Click the icon to view the list of terms.) Complete the responses for a -i in the...
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Question Completion Status: F. Should I buy into this company? QUESTION 27 Match the statements with...
Question Completion Status: F. Should I buy into this company? QUESTION 27 Match the statements with the appropriate terms the statement describes. A. v A revenue not yet recognized; collected in advance for $1,200. A. Unearned Revenue Office supplies paid for and on hand that will be used in the next D. V period. A v Unrecorded interest on a notes payable of $180. B. Accrued Revenue C. Accrued Expense D. Insurance paid in advance. D. Prepaid Expense 8. v...
Answer the questions below: Which one of the following statements correctly applies to a sole proprietorship?...
Answer the questions below:
Which one of the following statements correctly applies to a sole proprietorship? The owner of the business has no personal liability. The ownership can easily be transferred to another individual. The owner enjoys limited liability for the firm's debts. The owner owns all the shares of the corporation. E. The owner is personally liable for all activities and debts of the business. 2. True or False. A corporation that has debt is worth less than a...
Which of the following statements is false? A. The going concern assumption underlies the preparation of...
Which of the following statements is false? A. The going concern assumption underlies the preparation of financial statements. B. If a company is not a going concern, the classification of its assets and liabilities does not matter. C. The going concern assumption states that the business will continue in operation for the foreseeable future. D. The going concern assumption does not create a foundation for the accounting process.
A liability should only be recognised in the financial statements when: Question 9 Not yet answered...
A liability should only be recognised in the financial statements when: Question 9 Not yet answered i reserves have been set aside by the entity. ii. the amount can be measured reliably. Marked out of 1.00 ill, it is probable that the future sacrifice of economic benefits will be required. Flag question Select one: O a. i and is only Ob i and ill only Oc. li and ill only Od. ili and ili O e. None of the options
Question 11 In order to be classified as a long-term liability the debt must: Not yet...
Question 11 In order to be classified as a long-term liability the debt must: Not yet answered Marked out of 1.00 Select one: a. become due/mature more than a year in the future Flag question b. become mature/due within six years c. become mature/due within 6 months O d. become mature/due at the end of the accounting period Question 12 If a company is assumed to continue trading normally for the foreseeable future it is a: Not yet answered Marked...
Which of the following statements are false (check all that apply)? Group of answer choices: A> Debt holders have lim...
Which of the following statements are false (check all that apply)? Group of answer choices: A> Debt holders have limited upside. B> Equity providers limit their downside by securing their investment with assets as collateral. C> Lenders have more involvement in a business in order to protect their capital. D> Debt is less risky to the business because the cost of capital is lower.
15. Which of the following statements is correct? a. All current deferred tax liabilities and assets...
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1. From the lessor's standpoint, which of the following statements regarding leasing is false? a. For...
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Rochester Corporation holds cash of $2,000 and owes $31,000 on accounts payable. Rochester has accounts receivable of $41,000, nventory of $30,000, and land that cost $50,000. How much are Rochester's total assets and liabilities? Total assets O A. $73,000 OB. $123,000 O C. $123,000 O D. $93,000 Liabilities $81,000 $61,000 $31,000 $61,000 Match the following definitions with one of the terms listed here. (Click the icon to view the list of terms.) Complete the responses for a -i in the...
Question Completion Status: F. Should I buy into this company? QUESTION 27 Match the statements with the appropriate terms the statement describes. A. v A revenue not yet recognized; collected in advance for $1,200. A. Unearned Revenue Office supplies paid for and on hand that will be used in the next D. V period. A v Unrecorded interest on a notes payable of $180. B. Accrued Revenue C. Accrued Expense D. Insurance paid in advance. D. Prepaid Expense 8. v...
Answer the questions below:
Which one of the following statements correctly applies to a sole proprietorship? The owner of the business has no personal liability. The ownership can easily be transferred to another individual. The owner enjoys limited liability for the firm's debts. The owner owns all the shares of the corporation. E. The owner is personally liable for all activities and debts of the business. 2. True or False. A corporation that has debt is worth less than a...
A liability should only be recognised in the financial statements when: Question 9 Not yet answered i reserves have been set aside by the entity. ii. the amount can be measured reliably. Marked out of 1.00 ill, it is probable that the future sacrifice of economic benefits will be required. Flag question Select one: O a. i and is only Ob i and ill only Oc. li and ill only Od. ili and ili O e. None of the options
Question 11 In order to be classified as a long-term liability the debt must: Not yet answered Marked out of 1.00 Select one: a. become due/mature more than a year in the future Flag question b. become mature/due within six years c. become mature/due within 6 months O d. become mature/due at the end of the accounting period Question 12 If a company is assumed to continue trading normally for the foreseeable future it is a: Not yet answered Marked...
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