Chapter4_full_Presentation_of_financial_statements

QUESTION 49 Match the statements below with the accounting assumption, characteristic, or principle to which the statement relates. Assumptions/characteristics/principles may be used once, more than once, or not at all. V Recorded when the performance obligation is satisfied. a. Revenue recognition principle V The reason for recording accruals and deferrals in adjusting entries. b. Matching principle Valuing assets at amounts originally paid for them. C. Historical cost principle d. Entity assumed to have a long life Going concern assumption Description of significant accounting policies and unusual events. e. Full disclosure principle f. Information has predictive and confirmatory value. Relevance characteristic 8. Consistency characteristic

Question 10 of 18 Which of the following increases the reported receivables in the financial statements? Select the correct response: a credit balance in an account payable offsetting a credit balance in an account receivable O adjustment to eliminate a debit balance in account payable a credit balance in an allowance account < Previous

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Use the list of concepts given to match the description of the concept to the concept.

Top-Value Corporation has 242,000 shares of $30 par common stock outstanding. On September 2, Top-Value Corporation declared a 2% stock dividend to be issued November 30 to stockholders of record on October 3. The market price of the stock was $55 per share on September 2. Required: Journalize the entries required on September 2, October 3, and November 30. If no entry is required, simply skip to the next transaction. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.

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JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 2 3 4 5 6 7 8 9 10 11 12 13

Hill Multiple Choice Question 1 of 115 Concepts completed i Consistent with accrual-basis accounting, expenses should be recognized O when cash is paid by the customer O when a binding agreement is signed O in the period when the related revenue is generated Need help? Review these concept resources. Read About the Concept Due In less than 12 hours A 3792

Question 34 Two assertions for which confirmation of accounts receivable balances provide primary evidence are Group of answer choices Completeness and valuation. Valuation and rights and obligations. Rights and obligations and existence. Existence and completeness.

Exercise 5.1 (Static) Accounting Terminology (LO5-1, LO5-2, LO5-3, LO5-4, LO5-5, LO5-6 LO5-7) Listed as follows are nine technical terms: . Liquidity Adequate disclosure Income summary Nominal accounts . After-closing trial balance. . Interim financial statements .Real accounts Closing entries Dividends Each of the following statements may (or may not) describe one of these technical terms. For each statement, indicate the accounting term described, or answer "None" if the statement does not describe any of the items. a. The accounting principle intended to assist users in interpreting financial statements. b. A term used to describe a company's ability to pay its obligations as they come due. c. A term used in reference to accounts that are closed at year-end. d. A term used in reference to accounts that are not closed at year-end. e. A document prepared to assist management in detecting whether any errors occurred in posting the closing entries. f. A policy decision by a corporation…

I CHAPTER 7 | WORKSHEET AND FINANCIAL STATEMENTS . Which of the following are all temporary accounts? liabilities, revenues, and expenses a. b. revenues, expenses, and withdrawals c. revenues, expenses, and capital d. assets, revenues, and withdrawals 10. The income summary account is closed to the: a. cash account b. withdrawals account C. service revenue account d. capital account 11. The balance in the capital account after all closing entries have been posted is: a. equal to net income or loss for the period b. the same as the balance of the account on the worksheet c. always more than the balance of the account on the worksheet d. the balance that will appear on the balance sheet 12. The accounts which appear on a post-closing trial balance are: a. assets, liabilities, withdrawals, and revenues b. revenues, expenses, and capital C. assets, liabilities, and expenses d. assets, liabilities, and capital 13. Revenues, expenses, and withdrawals would not appear on a(n): a. post-closing…

Activity # 7 Application of the concepts of Assets, Liabilities, Owner’s Equity, Revenue, and ExpenseThe following table includes SFP and SCI elements. Put a check mark (√) in the column where each accounts belongs to.Account Asset Liability Owner’s Equity Revenue Expenses1. Interest Receivable2. Professional Fees3. Service Income4. Mr. A, Drawing 5. Doubtful Accounts6. Depreciation Expense7. Accrued Interest Income8. Unearned Interest Income9. Prepaid Interest10. Accumulated Depreciation11. Mortgage payable12. Unused Supplies13. Supplies Inventory14. Supplies on hand15. SSS Premium Expense16. Withholding Taxes Payable17. Repairs and Maintenance 18. Petty cash Fund19. Allowance for Bad Debts20. Cash in bank21. Accounts payable22. Prepaid Insurance23. Unexpired Insurance24. Salaries payable25. Utilities Expens

Question 9 Which one of the following accounts appears on the credit side of a pre-adjustment trial balance? Select one: a. Fixed deposit b. Interest on loan c. Bank overdraft d. Debtors control

Multiple choice pls answer

QUESTION 9 What is the adjusting entry for accrued revenues? O A. Debit: Assets; Credit: Revenues. B. Debit: Revenues; Credit: Assets. C. Debit: Liabilities; Credit: Expenses. D. Debit: Revenues; Credit: Liabilities.

Greg Thomas purchased one-half of lan Hamilton's interest in the Freidman and Hamilton partnership for $35,250. Prior to the investment, land was revalued to a market value of $146,000 from a book value of $88,000. Adam Freidman and lan Hamilton share net income equally. Hamilton had a capital balance of $27,800 prior to these transactions. Required: a. On December 31, provide the journal entry for the revaluation of land.* b. On December 31, provide the journal entry to admit Thomas.*

Solve #35 please

Your answer:   Chapter 2 2   8   14               B. Answer the following chapter-end question.   Chapter 2 Q. 1. Identify the four financial statements and describe the purpose of each. Your answer:         Q. 6. Explain the difference between current and noncurrent assets and liabilities. Why is this distinction important to stakeholders

9 of 40 A journal entry to recognize revenue must include a Odebit to Accounts Payable credit to an expense account credit to Cash credit to a revenue account

ro.14 Defining common receivalles terms Metch the terms with their correct definition. Lear Definitions Terms a. The party to a credit transaction who takes on an obligation/payable. b. The party who receives a receivable and will collect cash in 1. Accounts receivable 2. Other receivables 3. Debtor the future. C. A written promise to pay a specified amount of money at a particular future date. 4. Notes receivable 5. Maturity date d. The date when the note receivable is due. e. A miscellaneous category that includes any other type of receivable where there is a right to receive cash in the future. 6. Creditor f. The right to receive cash in the future from customers for goods sold or for services performed.