1. The balance sheet lists which of the following? a. revenues, expenses, gains, and losses b....
1. The balance sheet lists which of the following?
a. revenues, expenses, gains, and losses
b. assets, liabilities, and owners’ equity
c. revenues, expenses, gains, and distributions to owners
d. assets, liabilities, and investments by owners
2. Exchanges of assets for assets have what effect on equity?
a. There is no relationship between assets and equity
b. increase equity
c. may have no impact on equity
d. decrease equity
3. Identify the correct components of the income statement.
a. revenues, losses, expenses, and gains
b. assets, liabilities, and owner’s equity
c. assets, liabilities, and dividends
d. revenues, expenses, investments by owners, distributions to owners
4. Which of these statements is not one of the financial statements?
a. statement of owner investments
b. balance sheet
c. statement of cash flows
d. income statement
Homework Answers
1. The balance sheet lists which of the following?
Answer: b. assets, liabilities, and owners’ equity
.
.2. Exchanges of assets for assets have what effect on equity?
Answer: c. may have no impact on equity
.
.
3. Identify the correct components of the income statement.
Answer: a. revenues, losses, expenses, and gains
.
.
4. Which of these statements is not one of the financial statements?
Answer: a. statement of owner investments
Add Answer to:
1. The balance sheet lists which of the following?
a. revenues, expenses, gains, and losses
b....
wer. Each question is worth 3 points. 1. Which of the following is an ingredient of...
wer. Each question is worth 3 points. 1. Which of the following is an ingredient of relevance? a. Completeness b. Materiality c. Neutrality d. Free from error e. Periodicity 2. Allowing firms to estimate rather than physically count inventory at interim (quarterly) periods is an example of a trade-off between a. neutrality and consistency. b. faithful representation and comparability. c. verifiability and faithful representation. d. timeliness and verifiability. 3. One of the elements of financial statements is comprehensive income. As...
The statement of cash flows reports: A. Assets, liabilities, and equity. B. Revenues, gains, expenses, and...
The statement of cash flows reports: A. Assets, liabilities, and equity. B. Revenues, gains, expenses, and losses. C. Cash inflows and cash outflows for an accounting period. D. Equity, net income, and dividends. E. Changes in equity.
1.Which of the following is not a principle financial statement? a. Group of answer choices b....
1.Which of the following is not a principle financial statement? a. Group of answer choices b. Income Statement c. Statement of Resources Owned d. Statement of Owner’s Equity e. Statement of Cash Flows f. Balance Sheet 2. Transactions affecting owner's equity include: a. owner's investments and payment of liabilities b. owner's investments and owner's withdrawals, revenues, and expenses c. owner's investments, revenues, expenses, and collection of accounts receivable d. owner's withdrawals, revenues, expenses, and purchase of supplies on account 3....
Gains and losses are shown in which of the following statements? Select one: a statement of...
Gains and losses are shown in which of the following statements? Select one: a statement of stockholder's equity b. Income statement c. Statement of cash flow d. Balance sheet
ACCOUNTING 1. Adjusting entries: A. Affect only income statement accounts. B. Affect only balance sheet accounts....
ACCOUNTING 1. Adjusting entries: A. Affect only income statement accounts. B. Affect only balance sheet accounts. C. Affect both income statement and balance sheet accounts D. Affect only cash flow statements. 2. The principle that requires expenses to be reported in the same period as the revenues that were earned as a result of those expenses is the: A. Recognition principle. B. Cost principle. C. Cash basis of accounting D. Matching principle. 3. A company made no adjusting entry for...
The major elements of the income statement are Select one: a revenues, expenses, gains, and losses....
The major elements of the income statement are Select one: a revenues, expenses, gains, and losses. b. operating section, nonoperating section, discontinued operations, extraordinary items, and cumulative effect. C. revenues, irregular items, and general expenses. d. revenue, cost of goods sold selling expenses, and general expense. age
Realized gains and losses on investments available-for-sale are reported Select one: O a. on the balance...
Realized gains and losses on investments available-for-sale are reported Select one: O a. on the balance sheet as part of shareholders' equity. O b. on the income statement. o c. as a contra asset. O d. as a current asset.
1.What are the four basic assumptions underlying GAAP? 2.Briefly define the financial accounting elements: (1) assets,...
1.What are the four basic assumptions underlying GAAP? 2.Briefly define the financial accounting elements: (1) assets, (2) liabilities, (3) equity, (4) investments by owners, (5) distributions to owners, (6) revenues, (7) expenses, (8) gains, (9) losses, (10) comprehensive income.
Which of the following statements about the balance sheet is most correct? a. The balance sheet...
Which of the following statements about the balance sheet is most correct? a. The balance sheet provides information about the financial position of an organization as of a moment in time. b. The balance sheet provides detailed information about the assets, liabilities, equity, revenues, and expenses of an organization. c. The balance sheet is affected by changes in the net income of the organization. d. Statements a and c are both correct. e. Statements a, b, and c are all...
Turtle Creek Partnership had the following revenues, expenses, gains, losses, and distributions: Sales revenue &
Turtle Creek Partnership had the following revenues, expenses, gains, losses, and distributions: Sales revenue $39,000 Long-term capital gains $2,000 Cost of goods sold ($13,000) Depreciation - MACRS ($5,000) Amortization of organization costs ($1,000) Guaranteed payments to partners for general management ($10,000) Cash distributions to partners ($2,000) Given these items, what is Turtle Creek’s ordinary business income (loss) for the year?
wer. Each question is worth 3 points. 1. Which of the following is an ingredient of relevance? a. Completeness b. Materiality c. Neutrality d. Free from error e. Periodicity 2. Allowing firms to estimate rather than physically count inventory at interim (quarterly) periods is an example of a trade-off between a. neutrality and consistency. b. faithful representation and comparability. c. verifiability and faithful representation. d. timeliness and verifiability. 3. One of the elements of financial statements is comprehensive income. As...
The statement of cash flows reports: A. Assets, liabilities, and equity. B. Revenues, gains, expenses, and losses. C. Cash inflows and cash outflows for an accounting period. D. Equity, net income, and dividends. E. Changes in equity.
Gains and losses are shown in which of the following statements? Select one: a statement of stockholder's equity b. Income statement c. Statement of cash flow d. Balance sheet
ACCOUNTING 1. Adjusting entries: A. Affect only income statement accounts. B. Affect only balance sheet accounts. C. Affect both income statement and balance sheet accounts D. Affect only cash flow statements. 2. The principle that requires expenses to be reported in the same period as the revenues that were earned as a result of those expenses is the: A. Recognition principle. B. Cost principle. C. Cash basis of accounting D. Matching principle. 3. A company made no adjusting entry for...
The major elements of the income statement are Select one: a revenues, expenses, gains, and losses. b. operating section, nonoperating section, discontinued operations, extraordinary items, and cumulative effect. C. revenues, irregular items, and general expenses. d. revenue, cost of goods sold selling expenses, and general expense. age
Realized gains and losses on investments available-for-sale are reported Select one: O a. on the balance sheet as part of shareholders' equity. O b. on the income statement. o c. as a contra asset. O d. as a current asset.
Most questions answered within 3 hours.
-
What is a population?
Select one:
a. All of the individual organisms belonging to the same...
asked 31 seconds from now -
You have a yeast cell culture with a concentration of 5x10^4
cells/ml. If you dilute this...
asked 3 minutes ago -
In which direction the Reaction goes? Show detailed process.
SeO3 + 2ClO2. + 2H3O <---> Se...
asked 17 minutes ago -
Unexposed silver halides are removed from photographic film when
they react with sodium thiosulfate
(Na2S2O3, called...
asked 17 minutes ago -
A 0.3054 gram sample of the mineral chalcopyrite (CuFeS2)
yielded 0.6525 gram BaSO4 precipitate. What is...
asked 17 minutes ago -
An short-seller in Tesla is worried the latest management
earnings forecast is too aggressive and the...
asked 1 hour ago -
Question 3 (1 point)
Fill in the blank. Speed Car Rental company found that the tire...
asked 1 hour ago -
1. A copper wire is 26.61 cm long and weighs 1.265 g. The
density of copper...
asked 41 minutes ago -
Remember that a concept sketch consists of a sketch (or
series of sketches), labels, and complete...
asked 43 minutes ago -
on a newly discovered planet, the period of a pendulum with a
length of 2 m...
asked 45 minutes ago -
Why [M(CN)6] is not organometallic even it has metal
to carbon bond too
asked 52 minutes ago -
mstar electric has a bond issue outstanding that has a 20 year
life, a $1,000 par...
asked 59 minutes ago