Homework Answers
The underlying assumption that presumes a company will continue indefinitely is: Going concern
- Periodicity: According to this assumption, the financial information of an entity will be reported in designated periods of time. For e.g. annual, monthly, quarterly basis.
- Economic entity: This assumption states that the transactions of a business entity is separate from its owners.
- Monetary unit: This assumption states that the transactions must be measurable in terms of monetary units (i.e. in terms of money value) to be recorded.
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3 The underlying assumption that presumes a company will continue indefinitely is: Multiple Choice Book Print...
I need help with 29-32 Use the following to answer questions 29-32 Match the four underlying...
I need help with 29-32
Use the following to answer questions 29-32 Match the four underlying assumptions of Generally Accepted Accounting Principles with its description. Assumption Economic entity Going concern Description a. In the absence of information to the contrary, it is anticipated that a business entity will continue to operate indefinitely The economic life of a company can be divided into artificial time intervals for financial reporting. A common denominator is needed to measure all business activities d. Economic...
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...
E1-20 Below are the four underlying assumptions of generally accepted accounting principles. Match each business assumption...
E1-20 Below are the four underlying assumptions of generally accepted accounting principles. Match each business assumption with its description. ssumptions Descriptions Economic entitya. A common denominator is needed to measure all 2.BGoing concerrn 3. D Periodicity 4. A Monetary unit business activities. particular economic body. is anticipated that a business entity will continue b. Economic events can be identified with a c. In the absence of information to the contrary, it to operate indefinitely. d. The economic life of a...
What is the going concern assumption? Multiple Choice A) Assumes a company will go out of...
What is the going concern assumption? Multiple Choice A) Assumes a company will go out of business if it can't pay its bills B) Assumes that a company will continue to operate indefinitely C) Assumes that a company will follow proper accounting rules D) Assumes that a company should continue to use the same accounting principles
Which of the following is an assumption underlying standard CVP analysis? Multiple Choice The price of...
Which of the following is an assumption underlying standard CVP analysis? Multiple Choice The price of a product or service is expected to change as volume changes. 0 Fixed expenses will change as volume increases. In multiproduct companies, the sales mix is constant. С C In manufacturing companies, inventories always change. If sales volume increases and all other factors remain constant, then the: Multiple Choice net operating income will decrease. O margin of safety will increase. contribution margin ratio will...
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...
Question 13 6.5 points A Match each phrase from list A with the correct term from...
Question 13 6.5 points A Match each phrase from list A with the correct term from list B by placing the letter designating in the answer Colum Going concern assumption recorded when an expense is incurred but not yet paid Monetary unit assumption Criteria usually satisfied at point of sale Economic entity assumption Indicates the extent of reliance on creditors, rather than owners, in providing resources w Accrued liabilities D is residual interest in the assets of the entity after...
Ang Landheld for future Equipment Future Accumulated Depreciate 450.000 What is the call amount of property,...
Ang Landheld for future Equipment Future Accumulated Depreciate 450.000 What is the call amount of property, plant, and S25000 $1.950 000 $2.700.000 $1,725.000 won the balance 12. Ratios that measure the income or opening cess of com liquidity ratios profitability ratios solvency is d trending ratios for a given period of time se 13. N3 Corporation has assets of $4.200.000common stock of 1.092.000 d claims on this 53.773.000 $1.757.000 C $2.443.000 d $4.627.000 e euro 5.000. What are the cred...
10. On a classified balance sheet, companies usually list current assets a in alphabetical order b...
10. On a classified balance sheet, companies usually list current assets a in alphabetical order b with the largest dollar amounts first. c. in the order in which they are expected to be converted into cash. d. in the order of acquisition 11. These are selected account balances on December 31, 2022 Land $150,000 Land (held for future use) 225,000 Buildings 1,200,000 Inventory 300,000 Equipment 675,000 Furniture 150,000 Accumulated Depreciation 450.000 What is the total amount of property, plant, and...
turner (cst843)- Electric Current This print-out should have 12 questions. Multiple-choice questions may continue on the...
turner (cst843)- Electric Current This print-out should have 12 questions. Multiple-choice questions may continue on the next column or page - find all choices before answering 001 10.0 points An electric air conditioning unit draws 15 amps of direct current from a 111 V direct voltage source, and is used 24 hours a day during 29.1 days in July How much will the electricity cost for the month ifthe local electrical rate is 8.3 cents/kW-hr? Answer in units of $
I need help with 29-32
Use the following to answer questions 29-32 Match the four underlying assumptions of Generally Accepted Accounting Principles with its description. Assumption Economic entity Going concern Description a. In the absence of information to the contrary, it is anticipated that a business entity will continue to operate indefinitely The economic life of a company can be divided into artificial time intervals for financial reporting. A common denominator is needed to measure all business activities d. Economic...
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...
E1-20 Below are the four underlying assumptions of generally accepted accounting principles. Match each business assumption with its description. ssumptions Descriptions Economic entitya. A common denominator is needed to measure all 2.BGoing concerrn 3. D Periodicity 4. A Monetary unit business activities. particular economic body. is anticipated that a business entity will continue b. Economic events can be identified with a c. In the absence of information to the contrary, it to operate indefinitely. d. The economic life of a...
Which of the following is an assumption underlying standard CVP analysis? Multiple Choice The price of a product or service is expected to change as volume changes. 0 Fixed expenses will change as volume increases. In multiproduct companies, the sales mix is constant. С C In manufacturing companies, inventories always change. If sales volume increases and all other factors remain constant, then the: Multiple Choice net operating income will decrease. O margin of safety will increase. contribution margin ratio will...
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...
Question 13 6.5 points A Match each phrase from list A with the correct term from list B by placing the letter designating in the answer Colum Going concern assumption recorded when an expense is incurred but not yet paid Monetary unit assumption Criteria usually satisfied at point of sale Economic entity assumption Indicates the extent of reliance on creditors, rather than owners, in providing resources w Accrued liabilities D is residual interest in the assets of the entity after...
Ang Landheld for future Equipment Future Accumulated Depreciate 450.000 What is the call amount of property, plant, and S25000 $1.950 000 $2.700.000 $1,725.000 won the balance 12. Ratios that measure the income or opening cess of com liquidity ratios profitability ratios solvency is d trending ratios for a given period of time se 13. N3 Corporation has assets of $4.200.000common stock of 1.092.000 d claims on this 53.773.000 $1.757.000 C $2.443.000 d $4.627.000 e euro 5.000. What are the cred...
10. On a classified balance sheet, companies usually list current assets a in alphabetical order b with the largest dollar amounts first. c. in the order in which they are expected to be converted into cash. d. in the order of acquisition 11. These are selected account balances on December 31, 2022 Land $150,000 Land (held for future use) 225,000 Buildings 1,200,000 Inventory 300,000 Equipment 675,000 Furniture 150,000 Accumulated Depreciation 450.000 What is the total amount of property, plant, and...
turner (cst843)- Electric Current This print-out should have 12 questions. Multiple-choice questions may continue on the next column or page - find all choices before answering 001 10.0 points An electric air conditioning unit draws 15 amps of direct current from a 111 V direct voltage source, and is used 24 hours a day during 29.1 days in July How much will the electricity cost for the month ifthe local electrical rate is 8.3 cents/kW-hr? Answer in units of $
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