1. Which of the following statements is correct? A. Assets on the balance sheet include retained earnings. B. Retained earnings include contributed capital. C. The balance sheet equation states that assets equal contributed capital. D. A corporation's net income does not necessarily equal its cash flow from operations. 2. A list of all accounts and the identification number assigned to each account used by a company is called a: A. Source document. B. Journal. C. Trial balance. D. Chart of accounts. E. General Journal. 3. Which financial statement would you utilize to determine whether a company will be able to pay liabilities which are due in 30 days?

1. Which of the following statements is correct? A. Assets on the balance sheet include retained earnings. B. Retained earnings include contributed capital. C. The balance sheet equation states that assets equal contributed capital. D. A corporation's net income does not necessarily equal its cash flow from operations. 2. A list of all accounts and the identification number assigned to each account used by a company is called a: A. Source document. B. Journal. C. Trial balance. D. Chart of accounts. E. General Journal. 3. Which financial statement would you utilize to determine whether a company will be able to pay liabilities which are due in 30 days?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Identify the material loss, which may be re-cycled for production process. Select one: a) Defectives b) Waste
Explain Handling Unequal Service Life Problems in Replacement Analysis?
5. Production units that are severely damaged in manufacturing operations and cannot be corrected with further processing are categorized as________ a. Scrap b. Spoilage c. Damaged d. Waste
What features of the cost accounting system would be expected to prevent the omission ofrecording materials used in production?
?Which of the following costs is not related to a batch-related activity .Compliance costs .a O .Machine setups .b O .Shipping costs .c O „Material handling .d O
Define the term external failure costs.
Abnormal spoilage in a manufacturing process should be charged to Select the correct response: accumulated profit or loss manufacturing overhead applied profit or loss manufacturing overhead control
What is Over-Absorption of Fixed Overhead?
Which of the following is/are not true about Committed costs a. They are costs incurred to maintain a company's facilities. b. They are costs over which the management has little or no discretion. c. Depreciation, Insurance, Taxes etc are examples of committed costs. d. They are also known as Programmed costs.
Describe how the over or under application of overhead should be corrected in the accounting records.
Define under or over applied overhead.
Conversion costs include Direct materials and Overhead costs. TRUE FALSE