The details needed to identify whether a firm is using bookkeeping methods similar to those that its rivals would be discovered in the: a.) auditor"s report, b.) balance sheet, c.) management discussion and evaluation section, d.) note to the jae won statements

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The corporation got cash from client to accounts receivable due. The newspaper entry to record this transaction will certainly a.) increase assetts and increase liabilities, b.) have no impact on total assets, c.) to decrease liabilities and increase stockholder"s equity, d.) rise assets and also increase stockholder"s equity
The final step in the recording process is to move the journal info to the a.) trial balance, b.) financial statements, c.) ledger, d.) document cabinets
The corporation sold usual stock. The newspaper entry to record this transaction is a.) debit Cash; credit service Revenue, b.) debit Cash; credit usual Stock, c.) debit Cash; credit transaction Accounts Receivable, d.) debit common Stock; credit Cash
An adjusting entry would not include which of the complying with a.) Cash, b.) account Receivable, c.) residential or commercial property Tax Payable, d.) Unearned Revenue
Adjusting entries can be classified together a.) postponements and also advances, b.) accruals and prepayments, c.) prepayments and also postponements, d.) accruals and also advances
One that the accountancy concepts ~ above which adjustments for prepayments and also accruals are based is a.) matching, b.) cost, c.) monetary unit, d.) economic entity
A credit transaction sale the $900 is made on July 15, state 2/10, net/30, on i beg your pardon a return the $50 is granted top top July 18. What quantity is got as payment in full on July 24? a.) $900, b.) $833, c.) $850, d.) $882
A sales and also return and allowances account is no debited if a client a.) returns defective merchandise, receive a credit transaction for merchandise of inferior quality, c.) uses a note payment incentive, d.) returns goods that are not in accordance through specifications
If a purchaser utilizing a perpetual inventory mechanism pays the transportation prices for to buy goods, climate the a.) merchandise inventory account is increased, b.) merchandise inventory account is not affected, c.) freight-out account is increased, d.) delivery expense account is increased
In durations of rising prices, the inventory method which results in the inventory worth on the balance sheet the is closest come current price is the a.) FIFO method, b.) LIFO method, c.) average expense method
If carriers use different inventory cost flow presumptions when the price of items have no been continuous through the year, then the a.) price of goods sold of the companies will it is in identical, b.) cost of goods purchased throughout the year will certainly be identical, c.) finishing inventory of the carriers will it is in identical, d.) net income of the service providers will it is in identical
Which of the complying with is a disadvantage the the FIFO technique of costing inventory? a.) balance sheet prices (merchandise inventory) are old prices (not existing costs), b.) over there is no clear advantage of FIFO or LIFO, c.) keeping inventory documents is time spend w/ some varieties of inventory, d.) income statement costs (cost of goods sold) room old prices (not present costs)
The term "FOB" denotes a.) totally free on board, b.) freight on board, c.) cost-free only (to) buyer, d.) freight fee on buyer

Fundamental Financial bookkeeping Concepts10th EditionDanita Kelley, Gaile Moe, Gordon M Wardlaw, Jacqueline Berning


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