answer with true or false

Q: _2. An existing line of credit that a consumer can use at a store is called an acquisition account.

A: an existing line of credit that a consumer can use at a store is not called an acquisition account

Q: P-F:6-28A Accounting for inventory using the perpetual inventory system-FIFO, LIFO, and…

A: Inventory valuation refers to the various methods through which the unsold stock remaining in the…

Q: The cash account balance of FDNACCT came from the following: From clients for service rendered,…

A: A cash account shows the cash inflows and cash outflows of the business. in Cash account we consider…

Q: Required information [The following information applies to the questions displayed below.] Sammy's…

A: The company cab declare dividend in the form. Of cash or stock dividend. The dividend is declared…

Q: Required information The Foundational 15 (Algo) [LO3-1, LO3-2, LO3-3, LO3-4] [The following…

A: Manufacturing costManufacturing cost is the total or sum of all the costs incurred in the…

Q: A corporation is a business owned by its stockholders.

A: Company or Corporate: Company is an acceptable type of business organization or legal structure for…

Q: What is the answer question (A ) only??

A: Lets understand the basics. Management calculates the cash collection and cash payment for the…

Q: True or False:

A: Explanations: 1. Total capital of the firm depends upon the types of capital a firm has issued.…

Q: 1. All partnerships have general partners. 2. Each partner generally has the authority to enter into…

A: Since you have posted multiple questions, we will provide the solution only to the first five…

Q: revaluation or restatement of assets and liabilitie:

A: Equity is calculated by deducting total liabilities from total assets. It can be more clearly…

Q: 3. The measurement basis most commonly adopted by entities in preparing their financial statements…

A: Measurement basis: This implies to the basis that is used for recording and valuing the company's…

Q: 34. Dissolution is always followed by liquidation. . 0 The amount of asset revaluation when a new…

A: partnership  between partners to share profit and loss and contribute capital in the aggred ratio .…

Q: _6. The unpaid-balance method computes finance charges based on the portion of the account balance…

A: Given statement is false.   Explanation- The unpaid-balance method computes finance charges based on…

Q: An effective process of capital allocation promotes productivity and provides an efficient market…

A: Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…

Q: State whether the following statement is true or false. "Accounting relies on inexact or approximate…

A: Financial Statements are the outcomes of accounting concepts and conventions combined with…

Q: _7. The average daily balance method – new purchases included means that the company adds any new…

A: The average daily balance method computes the interest costs by considering the purchases, the…

Q: A traditional income statement focuses on distinguishing product costs and period costs, while a…

A: The income statement is prepared to record the revenues and expenses of the current period and…

Q: Faith D. Nakpil opened an accounting services business. She purchased office supplies worth P35,000.…

A: Expenses - Expense is the amount spend by the organization for the purpose of gaining some benefit.…

Q: 4. Financial Management, this area focuses on the decisions made by businesses and individuals as…

A: Required: To state TRUE or FALSE

Q: Cote Import has several bond issues outstanding, each making semiannual interest payments. The bonds…

A: Using excel RATE function

Q: Which of the following statements appropriately describes attributes of perpetual and periodic…

A: Inventory is the goods which company is having to sale or which is also known as goods available for…

Q: (a) Both depreciation and interest on borrowed money are by default in then-current form and thus,…

A: "Since you have posted multiple questions with multiple sub parts, we will provide the solution…

Q: 6. From a borrower's perspective, interest if the fee paid on an amount of money, whether loaned or…

A: The questions are related to True or False. This is due to interest and fees, which is what a lender…

Q: (a) What are the current yield on a three-year bond whose face value is $1000 with a coupon rate of…

A: Bonds are the financial instruments that are the debt instruments of a company and are used for…

Q: rue or Fals

A: As per the Honor code of Bartleby we are bound to given the answer of first question only, Please…

Q: 5. Manufacturing costs that cannot be classified as direct materials or direct labor are classified…

A: Overhead means the cost incurred indirect in factory for the production of goods. Manufacturing…

Q: Which of the following are substantive tests?

A: For identifying whether the following are substantive tests or not we need to first identify what is…

Q: - 3. Consider the balance sheet of Wilkes Industries as shown below. Because Wilkes has $800,000 of…

A: Answer:- Asset refers to the resource that a company owns or controls to use in production to…

Q: TB TF Qu. 09-28 (Static) The amount of Federal Insurance Contributions Act (FICA) tax. The amount of…

A: Federal Insurance Contributions Act (FICA) is enacted to fund the Social Security and Medicare…

Q: Accounts Receivable 48,000 Accrued Service Income 14,000 Prepaid Expenses 21,000 Advances to…

A: Assets are of two types current assets and noncurrent assets. The current asset will be having a…

Q: 7. The total assets of the partnership will increase upon admission of a new partner by purchase of…

A: Since multiple questions have been posted, as per the guidelines only the first question will be…

Q: true or false questions

A: Adjusting entries are prepared at the end of the year to accrue the revenues and expenses accrued…

Q: Summer acquired 70% of the ordinary shares of Winter for €200,000 on 31 December 20X3 when the net…

A: Formula: Goodwill = Purchase price - book value

Q: Indicate whether the statement is true or false. 1. A credit card can be used to purchase items on…

A: Credit card can be used to purchase items on credit only

Q: 7. If a person receives a share in the profits of a business, he is a prima facie presumed to be a…

A: SOLUTION-   THE RECEIPT BY A PERSON OF A SHARE OF PROFITS OF A BUSINESS IS PRIME FACIE EVIDENCE THAT…

Q: Available-for-Sale Securities are reported on the balance sheet at cost.

A: Held for sale securities are current assets.These are likely to be sold within 1 year.Held for sale…

Q: Fiscal year: It must be 12 months and cover all four seasons of the year. O true False

A: The fiscal year is one year that refers to one year period which is used for preparing financial…

Q: Answer question 2, is it true or false

A: Banker's acceptances refers to that instrument in finance in which the payment is guaranteed by a…

Q: Under clean-surplus accounting, a statement of common shareholders' equity has no income other than…

A: According to the clean surplus accounting idea or concept, equity-related profits and losses should…

Q: If a firm's tangible assets are measured at their fair (intrinsic) value, one must forecast that…

A: Fair (Intrinsic) value: When the price of tangible assets such as buildings, machinery, etc. is…

Q: True or False.

A: Hi student Since there are multiple subparts, we will answer only first three subparts