User Account

All Pages

Which of the statements in financial accounting is incorrect

Assignment Help Accounting Basics
Reference no: EM132784852

Problem 1: Which of the following statements in financial accounting is incorrect?

Select one alternative:

Option 1: The actual position of equity accounts is in credit

Option 2: The actual balance of asset accounts is in debit

Option 3: The actual position of equity accounts is in debit

Option 4: The actual balance of income accounts is in credit

Reference no: EM132784852

Questions Cloud

Explain five stages of team development with examples : She had been assigned to lead a team for a new project in her company. She has asked you to explain a few issues on team development and organizational change.
What is the selling price of the bond : Hank Company issued $5 million of 10-year bonds at a 10% coupon rate to be paid semi-annually. What is the selling price of the bond
Identify at least two preventive that would best mitigate : Identify at least two preventive, detective, and/or corrective controls that would best mitigate the threats? An employee gained access to company's sensitive
What are debt and equity investments and how do they differ : What are debt and equity investments and how do they differ? Why does the degree of influence by investor over investee affect accounting for equity investments
Which of the statements in financial accounting is incorrect : Which of the statements in financial accounting is incorrect? The actual position of equity accounts is in credit. / The actual balance of asset accounts
What are influential tactics that are known : What are influential tactics that are known to be used by leaders? Which tactic would be seen best for change?
What is net present value of increase in contribution margin : Assuming a weighted average cost of capital of 8%, what is the net present value of the increase in contribution margin relating to this investment
How does the given change the way you do business : We looked at networks in general; however, in this discussion we're looking at wireless networks, mostly focusing on mobile networks.
How many kilograms were purchased : The standard cost of the material was P2.00 per kilogram and there was an unfavorable materials price variance of P3,250. How many kilograms were purchased

Reviews

Write a Review

Accounting Basics Questions & Answers

  What is the number of shares outstanding after the split

During the year, the company issued a 5-for -1 stock split. What is the number of shares outstanding after the split

  Hank estimates that 3 of the grape concentrate is wasted 10

hnak itzek manufactures and sells homemade wine and he wants to develop a standard cost per gallon. the following are

  Prepare journal entry to record issuance of the bonds

Cupola Fan Corporation issued 12%, $410,000, 10-year bonds for $394,000 on June 30, 2016. Debt issue costs were $1,600. Interest is paid semiannually on December 31 and June 30. Prepare the journal entry to record the issuance of the bonds, the payme..

  What is the balance in the Investment in Smith account

Smith reports earning $500,000 in net income and declares $410,000 in cash dividends. What is the balance in the Investment in Smith account

  Resulting in new mortgages carrying loan amounts

About 74% of Freddie Mac-owned loans were refinanced in the second quarter of 2005 (USA Today, Lifeline, August 3, 2005), resulting in new mortgages carrying loan amounts at least 5% above the original mortgage balance. The median loan refinanced ..

  Calculate parrish cost of goods manufactured

Parrish's Manufacturing had the following data for the period just ended: Calculate Parrish's cost of goods manufactured

  How can the assignment of overhead costs affect operations

Discussion: Overhead Allocation - How can the assignment of overhead costs affect operations and profit reporting

  Compute the total labor variance

Compute the total labor variance - Compute the labor price and quantity variances and Compute the labor price and quantity variances, assuming the standard Is 3.7 hours of direct labor at $10.95 per hour.

  What is the current ratio

A company has current assets of $500,000, net income of $10,000, current liabilities of 250,000 and equity of $250,000. What is the current ratio?

  How much is charlies current ratio

The note payable balance is due in nine months. How much is Charlie's current ratio? (Round your answer to two decimal places.)

  How will the second distribution be allocated

Current E & P for year 5 is $30,000. How will the second distribution be allocated between current E & P and accumulated E & P

  Record the appropriate journal entry to update sambas books

Record the appropriate journal entry to update Samba's books. Samba corporation operates in an industry with a high collectability issues.

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