True/False 1. ____ Determining when to recognize revenue can be difficult for accountants. 2. ____ Only...
True/False
1. ____ Determining when to recognize revenue can be difficult for accountants.
2. ____ Only permanent accounts are closed at the end of the financial statement cycle.
3. ____ Revenue may not be recorded until cash is collected.
4. ____ Some changes to accounts occur because of the passage of time.
5. ____ Accountants do not have to exercise much judgment because there are so many rules to follow.
6. ____ Assets, liabilities and owners’ equity accounts will start each financial statement cycle with the same balance they had at the end of the previous cycle.
7. ____ The word “accrue” means “to grow.”
8. ____ Companies have some discretion in how and when they record accruals.
9. ____ The purpose of adjusting entries is to bring the balance in temporary accounts to zero at the end of the reporting cycle.
10. ____ Only one trial balance is prepared during a financial statement cycle.
Homework Answers
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True/False
1. ____ Determining when to recognize revenue can be difficult
for accountants.
2. ____ Only...
1. Which accounts do we close? And why do we close them? (hint: pay attention to...
1. Which accounts do we close? And why do we close them? (hint: pay attention to every word in the choices given) A) We close the temporary accounts only (revenue, expenses, dividends, and Income Summary) because we want to zero them out after we prepare the financial statements to have them start from zero the following period B) We close the temporary accounts only (revenue, expenses, dividends, Income Summary, and Retained Earnings) because we want to zero them out after...
II. True/False Questions (2 points each, 20points) 1. Accounting is a system that collects and processes...
II. True/False Questions (2 points each, 20points) 1. Accounting is a system that collects and processes financial information about an organization and reports that information to decision makers. 2. In accounting and reporting for a business entity, the accounting and reporting for the business must be kept separate from other economic affairs of its owners. 3. The accounting period in which service revenue is recognized (i.e., revenue for services rendered) is generally the period in which the cash is collected....
True or False 32) A transaction that causes an increase in an asset may also cause...
True or False
32) A transaction that causes an increase in an asset may also cause a decrease in another asset, an increase in a liability, or an increase in owners' equity. 33) Window dressing occurs when management attempts to make a company look financially stronger than it actually is. 34) The sale of additional shares of capital stock will cause retained earnings to increase 35) Every business transaction is recorded by a debit to a balance sheet account and...
you can pick any account that would be found an in average companys chart of accounts....
you
can pick any account that would be found an in average companys
chart of accounts.
Locked after Sunday, February 23, 2020 11:55 PM MST. ACCOUNT INFORMATION: Information can be found in Chs 1 - 4 Discussion Board This assignment is worth up to 20 points. Pick any account that would be found in an average company's chart of accounts. DO NOT USE CASH OR AN ACCOUNT SOMEONE ALREADY POSTED! Answer the following questions about this account: 1. What category...
Can you plese help me with my review sorry for posong so many attachments but this...
Can you plese help me with my review sorry for posong so many
attachments but this is my last answer. Thank you
Factors that shape an accounting information system include the a nature of the business. b. size of the firm. c. volume of data to be handled. d. All of these answer choices are correct. LO Bloom KDificuity Easy Min: 2, AACSB: None, AICPA BB None, AICPA FC Raporting AICPA PC None M Management, IFRS: None W The process...
can someone please explain the illustration 16-1 and illustration 16-1A to me. I have to understand...
can someone please explain the illustration 16-1 and
illustration 16-1A to me. I have to understand this before the exam
tomorrow.
(I provided extra info if u need it)
TEMPORARY DIFFERENCES LO16-1 Describe the tybes of temporary differences that cause deferred tax liabilities and determine the amounts needed to record periodic income taxes. The differences in the rules for computing taxable income and those for financial reporting often cause amounts to be included in taxable income in a year...
Question 22: While your accountant is working with an “accountant's copy” of your file, you can...
Question 22: While your accountant is working with an “accountant's copy” of your file, you can still: Answer: O edit and delete accounts O reconcile accounts c. O add, edit, and delete transactions dated on or before the dividing date D. O None of these options Question 23: It's a good idea to set the dividing date about week(s) after the last day of whichever fiscal period you need. Answer: A. 01 B. 02 C. 03 104 Question 24: Match...
Question 1 For a firm to recognize revenue, it must 1 point Have delivered something to...
Question 1 For a firm to recognize revenue, it must 1 point Have delivered something to the customer have received at least some cash from the customer be earned and realized/realizable either have received cash or have a signed contract 2. Question 2 Your friend Yong has a company making and selling watches with bands that are customized to match university colors. The business started locally, but now has expanded around the world. His strategy is to sell in bulk...
True or False questions for Accounting ACCT-1001 Financial Accounting Part 1 Chapter 2 Analyzing and Recording...
True or False questions for Accounting
ACCT-1001 Financial Accounting Part 1 Chapter 2 Analyzing and Recording Transactions Module #2 - Chapter #2 Assignment 2C-2020 True / False The steps covered in the Accounting Cycle in this module were adjustments, prepare adjusted trial balance and prepare financial statements The account is a detailed record of the increases and decreases in a specific asset, liability or equity item. A ledger is a group of all the accounts used by a business and...
Concept Questions 1. Liquidity True or false: All assets are liquid at some price. Explain. 2....
Concept Questions 1. Liquidity True or false: All assets are liquid at some price. Explain. 2. Accounting and Cash Flows Why might the revenue and cost figures shown on a standard income statement not represent the actual cash inflows and outflows that occurred during a period? CHAPTER 2 Financial Statements and Cash Flow 35 3. Accounting Statement of Cash Flows Looking at the accounting statement of cash flows. what does the bottom-line number mean? How useful is this number for...
II. True/False Questions (2 points each, 20points) 1. Accounting is a system that collects and processes financial information about an organization and reports that information to decision makers. 2. In accounting and reporting for a business entity, the accounting and reporting for the business must be kept separate from other economic affairs of its owners. 3. The accounting period in which service revenue is recognized (i.e., revenue for services rendered) is generally the period in which the cash is collected....
True or False
32) A transaction that causes an increase in an asset may also cause a decrease in another asset, an increase in a liability, or an increase in owners' equity. 33) Window dressing occurs when management attempts to make a company look financially stronger than it actually is. 34) The sale of additional shares of capital stock will cause retained earnings to increase 35) Every business transaction is recorded by a debit to a balance sheet account and...
you
can pick any account that would be found an in average companys
chart of accounts.
Locked after Sunday, February 23, 2020 11:55 PM MST. ACCOUNT INFORMATION: Information can be found in Chs 1 - 4 Discussion Board This assignment is worth up to 20 points. Pick any account that would be found in an average company's chart of accounts. DO NOT USE CASH OR AN ACCOUNT SOMEONE ALREADY POSTED! Answer the following questions about this account: 1. What category...
Can you plese help me with my review sorry for posong so many
attachments but this is my last answer. Thank you
Factors that shape an accounting information system include the a nature of the business. b. size of the firm. c. volume of data to be handled. d. All of these answer choices are correct. LO Bloom KDificuity Easy Min: 2, AACSB: None, AICPA BB None, AICPA FC Raporting AICPA PC None M Management, IFRS: None W The process...
can someone please explain the illustration 16-1 and
illustration 16-1A to me. I have to understand this before the exam
tomorrow.
(I provided extra info if u need it)
TEMPORARY DIFFERENCES LO16-1 Describe the tybes of temporary differences that cause deferred tax liabilities and determine the amounts needed to record periodic income taxes. The differences in the rules for computing taxable income and those for financial reporting often cause amounts to be included in taxable income in a year...
Question 22: While your accountant is working with an “accountant's copy” of your file, you can still: Answer: O edit and delete accounts O reconcile accounts c. O add, edit, and delete transactions dated on or before the dividing date D. O None of these options Question 23: It's a good idea to set the dividing date about week(s) after the last day of whichever fiscal period you need. Answer: A. 01 B. 02 C. 03 104 Question 24: Match...
True or False questions for Accounting
ACCT-1001 Financial Accounting Part 1 Chapter 2 Analyzing and Recording Transactions Module #2 - Chapter #2 Assignment 2C-2020 True / False The steps covered in the Accounting Cycle in this module were adjustments, prepare adjusted trial balance and prepare financial statements The account is a detailed record of the increases and decreases in a specific asset, liability or equity item. A ledger is a group of all the accounts used by a business and...
Concept Questions 1. Liquidity True or false: All assets are liquid at some price. Explain. 2. Accounting and Cash Flows Why might the revenue and cost figures shown on a standard income statement not represent the actual cash inflows and outflows that occurred during a period? CHAPTER 2 Financial Statements and Cash Flow 35 3. Accounting Statement of Cash Flows Looking at the accounting statement of cash flows. what does the bottom-line number mean? How useful is this number for...
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