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The accrual basis of accounting means_______________________. sales are recorded as cash is received to accumulate over time, based on a natural observable increase gather together like transactions for more efficient entry to the accouitng system none of the answers listed defines the meaning of accrual accounting
Question 2. 2. Under accrual basis accounting revenue is not recognized until _________________. Cash is received A customer purchase order is received A customer agrees to a price and they shake hands with the sales person The product is sold and delivered to the end customer.
Question 3. 3. The matching principle states ______________________________. expenses associated with revenue creation should be recorded in the same period as the revenue expenses that recur should be recorded in a systematic manner expenses that have not related to any future period should be expensed in the current period all of these answers are correct relating to the matching principle
Question 4. 4. Adjusting entries apply to ___________________________. All of these entries Prepaids Depreciation Unearned revenue.
Question 5. 5. Depreciation is _________________________________________. The valuation of assets of a business A method to increase an assets book value The transfer of an asset's cost to expense over the expected useful life of the asset The opposite of residual value.
Question 6. 6. Which one of the following is not one of the seven steps in the accounting cycle? ( :) Count the cash Examine source documents Perhaps construct a trial balance Determine and post adjusting entries
assume a pension plans actuarially-computed liabilities are greater than the actuarial value of the assets. how does
Research share-based payment reporting and SPE reporting individually.
Calculate the traditional payback period, IRR, NPV, and PVI (present value index) for the project with the following cash flows. The opportunity cost of capital for the project is 14%.
a company has 6.50 per unit in variable costs and 5.00 per unit in fixed costs at a volume of 50000 units. if the
You recently invested $12,000 of your savings in a security issued by a large company. The security agreement pays you 7 percent per year and has a maturity two years from the day you purchased it.
Interest is paid semiannually on December 1 and June 1 and the bonds mature on December 1, 2014. Menke uses straight-line amortization. Ignoring income taxes, the amount reported in Menke's 2010 income statement from this investment should be?
What is the purpose of closing the books? After closing, what is the amount of owner's equity that will be reported on the balance sheet?
under both u.s and ifrs which one of the following items is reported separately in the income statement net of tax? a.
The accountant of Whitney Houston Shoe Co. has compiled the following information from the company's records as a basis for an income statement for the year ended December 31, 2007- Prepare a multiple-step income statement. Prepare a single-step in..
campground inc. is considering the production and sale of propane lamps. annual fixed costs associated with the project
Suppose you own 80 shares of IBM common stock when the company declares a 4% stock dividend. What will you receive as a result?
Kern Company purchased bonds with a face amount of $400,000 between interest payment dates. Kern purchased the bonds at 102, paid brokerage costs of $6,000, and paid accrued interest for three months of $10,000. The amount to record as the cost of..
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