Reference no: EM132628320
Question 1: Net present value is negative when
a. the present value of cash inflows is greater than the present value of cash outflows.
b. the present value of cash outflows is greater than the present value of cash inflows.
c. the future value of cash inflows is greater than the present value of cash outflows.
d. the present value of cash outflows is greater than the future value of cash outflows.
e. none of the options listed
Question 2: Which of the following is an example of a deferral?
a. Accruing year-end wages
b. Recognizing revenues earned but not yet recorded
c. Recording prepaid rent
d. Recognizing expenses incurred but not yet recorded
e. None of the options listed
Question 3: A company began the accounting period with $50,000 in owner's capital, ended with $75,000 in owner's capital, and the owner withdrew $30,000 during the period for personal use. What was the company's net income or loss for the period?
a. $55,000 net income
b. $30,000 net loss
c. $5,000 net loss
d. $5,000 net income
e. none of the options listed
Question 4: Deciding whether to record a sale when the order for services is received or when the services are performed is an example of a
a. classification issue.
b. valuation issue.
c. recognition issue.
d. communication issue.
e. none of the options listed
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