User Account

All Pages

Payable requires payment of the amount borrowed plus

Assignment Help Accounting Basics
Reference no: EM13927095

1. Question : The role of accounting in business is best defined as
Student Answer: an information system that provides reports to stakeholders about the economic activities and condition of a business.
a method of forecasting the future profitability of a company.
the policies, procedures, and strategies used in a business.
transaction analysis.

2. Question : The following are examples of internal stakeholders EXCEPT:
Student Answer: managers.
creditors.
employees.
All of these are internal stakeholders.

3. Question : More than 70% of businesses are organized as what type of business?
Student Answer: Community Not-for-profit
Corporation
General Partnership
Sole proprietorship

4. Question : Which of the following are business stakeholders?
Student Answer: Stockholders
Suppliers
Customers
All of these

5. Question : A note payable requires payment of the amount borrowed plus
Student Answer: interest.
cash.
accounts payable.
investments.

6. Question : Which of the following would NOT be an example of a merchandising business?
Student Answer: General Motors Company
A local grocery store
Books-a-Million
Dunkin Donuts

7. Question : What is the main objective of most business organizations?
Student Answer: To provide a public service
To maximize profits
To provide a benefit to society
To manufacture a quality product

8. Question : An example of a nominal account would be
Student Answer: Allowance for Doubtful Accounts.
Notes Payable.
Prepaid Expense.
Cost of Goods Sold.

9. Question : Which of the following is not presented in an income statement?
Student Answer: Revenues
Expenses
Net income
Dividends

10. Question : The basic financial statements are listed below:
(1) Balance sheet
(2) Statement of retained earnings
(3) Income statement
(4) Statement of cash flows
In which of the following sequences does the accountant ordinarily prepare the statements?
Student Answer: 1, 4, 3, 2
2, 1, 3, 4
3, 2, 1, 4
3, 2, 4, 1

11. Question : The allowance for doubtful accounts is an example of a(n)
Student Answer: expense account.
contra account.
adjunct account.
control account.

Reference no: EM13927095

Questions Cloud

Determine the annual financing cost of borrowing : Determine the annual financing cost of borrowing each of the following amounts under the credit agreement $1 million and $4 million.
Emerged in the early modern age : This word describes the new spirit of questioning that emerged in the early modern age.
Create a logic model that depicts your organization : Create a logic model that depicts your organization and what you, as a leader, would do to address the issues, Identify the skills and resources a leader would need to bring about the proposed changes in your model in an ethical way
Assignment on economic policy recommendation : Select an economic problem mentioned in the textbook as the topic for a policy recommendation. Write a six to eight (6-8) page paper modeled as a policy recommendation in which you:
Payable requires payment of the amount borrowed plus : A note payable requires payment of the amount borrowed plus
Determine the annual financing cost to titusville : Titusville has $2 million in receivables that can be pledged as collateral. The average collection period is 45 days. Determine the annual financing cost to Titusville of this receivables-backed loan.
Paper analyzing different approaches : 1) Write a paper analyzing different approaches that might be used by Keynesian theorists and 2) monetary theorists to promote long-run macroeconomic stability.
Roman tendency-conquering other people : The Roman tendency in conquering other people was to preserve, not to destroy
Theoretical perspective section for envisioned dissertation : Based on your research interest, write a Theoretical Perspective section for your envisioned dissertation research. Theoretical frameworks provide a basis for the study; examples include social and psychological theories, organizational theories, ..

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd