Cal farms reported a supplies expense of 2000000 a yearnbsp

Reference no: EM13480031

1.Which of the following was the first private sector entity that set accounting standards in the United States?
a. Accounting Principles Board
b. Committee on Acocounting Procedure
c Financial Accounting Standards Board
d AICPA

2.The enhancing qualitative characteristic of understandability means that information should be understood by
a those who are experts int eh interpretation of financial information
b those who have a reasonable understanding of business and economic activities
c financial analysts
d CPAs

3.XYZ Corporation recieves $100,000 from investors for issuing them shares of its stock. XYZ's journal entry to record this transaction would include a
a debit to investment
b credit to retained earnings
c credit to capital stock
d credit to revenue

4.Cal Farms reported a supplies expense of $2,000,000 a year. The supplies amount decreased by 200,000 during the year to an ending balance of $400,000. What was the cost of supplies Cal Farm purchased during the year?
a 1,600,000
b 1,800,000
c 2,200,000
d 2,400,000

5.permanent accounts would not include
a interest expense
b wage payable
c prepaid rent
d unearned revenues

Reference no: EM13480031

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