Accounting, its method and users primarily focused on: - meaning, function and subject of accountancy and...
Accounting, its method and users primarily focused on:
- meaning, function and subject of accountancy and users of accounting data,
- general principles of accountancy, balance principle and method of double entry accounting
- an account as a basic record keeping tool, books of accounts, accounting records
- accounting documents and their place in accountancy
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Correct answer is option - - general principles of accountancy, balance principle and method of double entry accounting
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Accounting, its method and users primarily focused on:
- meaning, function and subject of accountancy and...
Managerial accounting is primarily focused on Select one: O A. following generally accepted accounting principles. B....
Managerial accounting is primarily focused onSelect one:A. following generally accepted accounting principles.B. providing internal special-purpose information and reports.C. providing information for internal and external users.D. providing general purpose financial statements.Which of the following phrases is most descriptive of financial accounting?Select one:A. Subject to cost-benefit analysisB. Future-orientedC. Follows GAAPD. May measure time or customer satisfactionWhich of the following phrases is primarily relevant to managerial accounting as opposed to financial accounting?Select one:A. Helping managers make decisionsB. Summarizing information about past eventsC. Calculating...
1.)External users are those within an organization who use financial information to make day-to-day decision. Group...
1.)External users are those within an organization who use financial information to make day-to-day decision. Group of answer choices True False 2)The four basic financial statements are Income Statement, Statement of Owner's Equity, Balance Sheet and the Chart of Accounts. Group of answer choices True False 3)Generally Accepted Accounting Principles (GAAP) are accounting principles, assumptions, concepts (the rules) that guide the preparation and presentation of financial statements. Group of answer choices True False 4)In double-entry bookkeeping, at least four accounts...
LOL What is the difference between cash basis accounting and accrual basis accounting a) Which method...
LOL What is the difference between cash basis accounting and accrual basis accounting a) Which method records transactions only when cash is received? b) Which method records transaction when it occurs, regardless of when the cash is paid? L02. What concepts and principles apply to accrual basis accounting a) Match the concept (by number) to the correct terminology. 1. Time period concept 2. Revenue recognition principle 3. Matching Principle 4. Fiscal year __An accounting time period that may not coincide...
Dexter Company applies the direct write-off method in accounting for uncollectible accounts March 11 Dexter deter...
Dexter Company applies the direct write-off method in accounting for uncollectible accounts March 11 Dexter determines that it cannot collect 59,200 of its accounts receivable from its customer Leer Company. 29 Leer Company unexpectedly pays its account in full to Dexter Company. Dexter records its recovery of this bad debt. Prepare journal entries to record the above selected transactions of Dexter. View transaction list Journal entry worksheet 2 3 Record write off of Leer Company account. Note: Enter debits before...
Dexter Company applies the direct write-off method in accounting for uncollectible accounts. March 11 Dexter determines...
Dexter Company applies the direct write-off method in accounting for uncollectible accounts. March 11 Dexter determines that it cannot collect $8,600 of its accounts receivable from its customer Leer Company. 29 Leer Company unexpectedly pays its account in full to Dexter Company. Dexter records its recovery of this bad debt. Prepare journal entries to record the above selected transactions of Dexter View transaction list Journal entry worksheet < 1 2 3 Record write off of Leer Company account. Note: Enter...
Dexter Company applies the direct write-off method in accounting for uncollectible accounts. March 11 Dexter determines...
Dexter Company applies the direct write-off method in accounting for uncollectible accounts. March 11 Dexter determines that it cannot collect $9,800 of its accounts receivable from its customer Leer Company. 29 Leer Company unexpectedly pays its account in full to Dexter Company. Dexter records its recovery of this bad debt Prepare journal entries to record the above selected transactions of Dexter. View transaction list Journal entry worksheet 1 2 3 Record write off of Leer Company account Note: Enter debits...
QUESTION1 4poins Save Anwer Accounting is an information and measurement system that identifies r...
QUESTION1 4poins Save Anwer Accounting is an information and measurement system that identifies records, and communicates relevant, reliable, and comparable information about an organization's business activities O True O Fase QUESTION 2 4 points Save Answer We use the accounting equation to identify what a company owns and owes. The accounting equation is: O Assets Liabilities + Equity O Assets Liabilities- Equity O Assets Liabilities+ Revenues Equity Liabilitis Revenues QUESTION 3 4 points Save Answer are beliefs that distinguish right...
6. Which of the following presents key aspects of the process of accounting in the correct...
6. Which of the following presents key aspects of the process of accounting in the correct chronological order? a. Totaling, auditing, and budgeting b. Budgeting, recording, and communicating c. Recording, totaling, and auditing d. Identifying, recording, and communicating 7. The process of transferring transaction effects into the appropriate accounts is referred to as a. closing. b. joumalizing. C. recording. d. posting 8. The following describes the process of identifying the economic events of an organization a. Keeping a chronological diary...
12. Under the new method of accounting, service revenues are reported on the income statement in...
12. Under the new method of accounting, service revenues are reported on the income statement in the period in which an agreement is made on cash is received the services are performed 13. A sale is made with credit terms that allow the customer to pay in 30 days. Under the accrual method of accounting the account to be credited at the time of the sale is Accounts Receivable Cash Sales 14. When the company receives the money from its...
The City of Southern Pines maintains its books so as to prepare fund accounting statements and...
The City of Southern Pines maintains its books so as to prepare fund accounting statements and records worksheet adjustments in order to prepare government-wide statements. As such, the City's internal service fund, a motor pool fund, is included in the proprietary funds statements. 1. Balance sheet asset accounts include: Cash. $92.000; Investments, $135,400; Due from the General Fund, $16,300; Inventories. $353,000; and Capital Assets (net). $1,042,700. Liability accounts include: Accounts Payable, $54,500; Long-Term Advance from Enterprise Fund. $654.000. 2. The...
LOL What is the difference between cash basis accounting and accrual basis accounting a) Which method records transactions only when cash is received? b) Which method records transaction when it occurs, regardless of when the cash is paid? L02. What concepts and principles apply to accrual basis accounting a) Match the concept (by number) to the correct terminology. 1. Time period concept 2. Revenue recognition principle 3. Matching Principle 4. Fiscal year __An accounting time period that may not coincide...
Dexter Company applies the direct write-off method in accounting for uncollectible accounts March 11 Dexter determines that it cannot collect 59,200 of its accounts receivable from its customer Leer Company. 29 Leer Company unexpectedly pays its account in full to Dexter Company. Dexter records its recovery of this bad debt. Prepare journal entries to record the above selected transactions of Dexter. View transaction list Journal entry worksheet 2 3 Record write off of Leer Company account. Note: Enter debits before...
Dexter Company applies the direct write-off method in accounting for uncollectible accounts. March 11 Dexter determines that it cannot collect $8,600 of its accounts receivable from its customer Leer Company. 29 Leer Company unexpectedly pays its account in full to Dexter Company. Dexter records its recovery of this bad debt. Prepare journal entries to record the above selected transactions of Dexter View transaction list Journal entry worksheet < 1 2 3 Record write off of Leer Company account. Note: Enter...
Dexter Company applies the direct write-off method in accounting for uncollectible accounts. March 11 Dexter determines that it cannot collect $9,800 of its accounts receivable from its customer Leer Company. 29 Leer Company unexpectedly pays its account in full to Dexter Company. Dexter records its recovery of this bad debt Prepare journal entries to record the above selected transactions of Dexter. View transaction list Journal entry worksheet 1 2 3 Record write off of Leer Company account Note: Enter debits...
QUESTION1 4poins Save Anwer Accounting is an information and measurement system that identifies records, and communicates relevant, reliable, and comparable information about an organization's business activities O True O Fase QUESTION 2 4 points Save Answer We use the accounting equation to identify what a company owns and owes. The accounting equation is: O Assets Liabilities + Equity O Assets Liabilities- Equity O Assets Liabilities+ Revenues Equity Liabilitis Revenues QUESTION 3 4 points Save Answer are beliefs that distinguish right...
6. Which of the following presents key aspects of the process of accounting in the correct chronological order? a. Totaling, auditing, and budgeting b. Budgeting, recording, and communicating c. Recording, totaling, and auditing d. Identifying, recording, and communicating 7. The process of transferring transaction effects into the appropriate accounts is referred to as a. closing. b. joumalizing. C. recording. d. posting 8. The following describes the process of identifying the economic events of an organization a. Keeping a chronological diary...
12. Under the new method of accounting, service revenues are reported on the income statement in the period in which an agreement is made on cash is received the services are performed 13. A sale is made with credit terms that allow the customer to pay in 30 days. Under the accrual method of accounting the account to be credited at the time of the sale is Accounts Receivable Cash Sales 14. When the company receives the money from its...
The City of Southern Pines maintains its books so as to prepare fund accounting statements and records worksheet adjustments in order to prepare government-wide statements. As such, the City's internal service fund, a motor pool fund, is included in the proprietary funds statements. 1. Balance sheet asset accounts include: Cash. $92.000; Investments, $135,400; Due from the General Fund, $16,300; Inventories. $353,000; and Capital Assets (net). $1,042,700. Liability accounts include: Accounts Payable, $54,500; Long-Term Advance from Enterprise Fund. $654.000. 2. The...
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