Saturday, April 17, 2021

Accounting Basics MCQs | Accountancy Knowledge

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Net Profit of $16,000 Jessica is the co-owner for a local boutique and has recorded the following statements: Service Revenue: $15,000 Cash: $3,000 Accounts Receivable: $6,000 Office Supplies: $2,000 Salaries Payable: $1,000 Wages Expense: $15,000 Rent Expense: $2,000 Using this data, determine the net profit or loss for Jessica's boutique.35. Which of the following statements correctly describes the reporting of cash? a. Cash cannot be combined with cash equivalents.To report the market value of assets, liabilities, and stockholders' equity at a particular point in 22 Which of the following correctly describes the various financial statements? A An income statement covers a period of time. B. The cash flow statement is a financial statement at a specific point in time C. The balance sheet is a financialAmanda Company purchased a computer that cost $10,000. It had an estimated useful life of five years and a residual value of $1,000. The computer was depreciated by the straight-line method and was sold at the end of the third year of use for $5,000 cash. Which of the following statements correctly describes the computer sale?B Request management to adjust the financial statements, verify the adjustment and provide a new audit report C Request management to make disclosure of this event in the financial statements D Request that management adjust for this event in the following year's financial statements as it occurred in year ending 31 October 2015. (2 marks)

Which of the following statements correctly describes the

Determine which of the following statements are correct descriptions of a subsidiary ledger. (Check all that apply.) The balance in the subsidiary ledger will equal the balance of its supported account in the general ledger.The account which the subsidiary ledger supports in the general ledger is called a control account.It is a supportingA) reclassification of a cash amount that is restricted from use in the current operating cycle B) negative cash balance that occurs when a company writes a check in an amount that exceeds the account balance C) short-term liquid investment with original maturity of three months or less D) minimum cash balance required to be maintained by aUnit 1 Challenge 1 Which of the following statements is true regarding the regulation of ethics in accounting? a.) The Sarbanes-Oxley Act determines the standards of financial reporting for state and local government. b.) The private sector proposed the Sarbanes-Oxley Act as a way to regulate competition within industries. c.) The IRS created the Sarbanes-Oxley Act in order to prosecuteWhich of the following statements does not correctly describe an adjustment to net income when determining cash flows from operating activities when using the indirect method? A)A decrease in accounts receivable will be added to net income. B)An increase in inventory will be added to net income.

Solved: 21. Which Of The Following Describes The Primary O

Which of the following statements correctly describes the accounting for bonds that were issued at a premium? A) The interest expense over the life of the bond is less than the cash interest payments. B) The interest expense over the life of the bonds increases as the bonds mature when the effective interest method is used.Engagement letter c. Management letter. b. Audit report d. Financial statements. 4.As used in auditing, which of the following statements best describes "assertions"? a. Assertions are the representations of management as to the reliability of the information system. b. Assertions are the auditor's findings to be communicated in the auditWhich of the following statements correctly describes the reporting of cash a from ACG 2001 at Broward CollegeWhich of the following statements does not correctly describe an issue pertaining to the comparability of the cash flow statement across firms?. Multiple Choice. Companies that aggressively manage their working capital can't easily manage the short-run appearance of their operating cash flows relative to those companies that do not aggressively manage their working capital.Which of the following statements correctly describes the cash receipts and disbursements method of accounting? a. Income is reported as it is earned and expenses are reported as they are incurred. b. The cash receipts method is the most difficult accounting method to understand. c.

(PDF) AT-5901 CPA REVIEW SCHOOL OF THE PHILIPPINES | Drew Paige - Academia.edu

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