Financial Accounting MCQ [4 points]Which of the following is prepared first inthe accounting cycle?a) Balance Sheetb) Income Statementc) Journal Entriesd) Trial Balance

a) Balance SheetThe Balance Sheet must be prepared after the Income Statement and adjusting the…

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Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter3: Analyzing And Recording Transactions

Section: Chapter Questions

Problem 4PB: Identify the financial statement on which each of the following account categories would appear: the...

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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
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.
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.*
Identify the financial statement on which each of the following account categories would appear: the balance sheet (BS), the income statement (IS), or the retained earnings statement (RE). Table 3.21
Identify the financial statement on which each of the following account categories would appear: the balance sheet (BS), the income statement (IS), or the retained earnings statement (RE). Indicate the normal balance (Dr for debit; Cr for credit) for each account category. Table 3.16
33.The focal point of the accounting cycle is the a. financial statements. b. trial balance. c. Adjusted trial balance. d. Worksheet.
give me the accounting cycle the in cime statement and balanace ststement
When recording the chart of accounts, the field you use to classify financial statement accounts is called : Select one A. Account description B. Account type C. Active designation D. Account ID
Rubin Enterprises had the following sales-related transactions on a recent day: a. Billed customer $28,600 on account for services already provided. b. Collected $5,715 in cash for services to be provided in the future. c. The customer complained about aspects of the services provided in Transaction a. To maintain a good relationship with this customer, Rubin granted an allowance of $1,500 off the list price. The customer had not yet paid for the services. d. Rubin provided the services for the customer in Transaction b. Additionally, Rubin granted an allowance of $480 because the services were provided after the promised date. Because the customer had already paid, Rubin paid the $480 allowance in cash. Required: Prepare the necessary journal entry (or entries) for each of these transactions.
1. Explain in detail “The difference between GAAP and IFRS in respect of preparing Balance Sheet and Income Statement". The explanation should convey logical reasoning for the information presented and clarity in conveying the required points. [ minimum 700 words]
1. This deals with the determination of the fairness of the accountin reports and whther they are in accordance with the generally accepted accounting principles a. management accountingb. cost accounting.c. financial accountingd. auditing 2. which of the following journal entries can be eleminated?a. correcting entryb adjusting entryc. opening entryd. closing entry
Which of the following is most associated with financial accounting reports? a.prepared in accordance with GAAP b.can have both objective and subjective information c.can be prepared for the entity or segment d.can be prepared periodically, or as needed

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Financial Accounting MCQ [4 points] Which of the following is prepared first in the accounting cycle? a) Balance Sheet b) Income Statement c) Journal Entries d) Trial Balance