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FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Acquisition and retirements Capital lease Goodwill Net income Ownership Property tax Repairs and maintenance Retirement work order Revenue Subsidiary ledger Working papers
Select the necessary words from the list of possibilities to complete the following statements. Statements Ans 1. The plant and equipment budget is designed to control of property items. A company may not actually own property recorded as an asset, instead the company may have rights to the 2. asset under the terms of a A December 30 acquisition of a new plant asset was recorded after year-end rather than prior to year-end. 3. Such an error does not usually result in a significant misstatement of A dollar minimum ordinarily should be established to be used by accounting personnel for distinguishing 4. between capital and expenditures. In the auditors' first examination of a new client that has changed auditors, the beginning balances of property, 5. plant, and equipment accounts may be substantiated by referring to the predecessor auditors'
Transcribed Image Text:Select the necessary words from the list of possibilities to complete the following statements. Statements Ans 1. The plant and equipment budget is designed to control of property items. A company may not actually own property recorded as an asset, instead the company may have rights to the 2. asset under the terms of a A December 30 acquisition of a new plant asset was recorded after year-end rather than prior to year-end. 3. Such an error does not usually result in a significant misstatement of A dollar minimum ordinarily should be established to be used by accounting personnel for distinguishing 4. between capital and expenditures. In the auditors' first examination of a new client that has changed auditors, the beginning balances of property, 5. plant, and equipment accounts may be substantiated by referring to the predecessor auditors'
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