Answered: Financial statements may be prepared…

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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Question

Financial statements may be prepared for which time period?

Select one:

a. Any time period.

b. One year.

c. Less than one year.

d. More than one year.

In comparison with a financial statement prepared in conformity with generally accepted accounting principles, a management accounting report is more likely to:

Select one:

a. Be used by decision makers outside of the business organization.

b. View the entire organization as the reporting entity.

c. Focus upon the operation results of the most recently completed accounting period.

d. Be tailored to the specific needs of an individual decision maker.

The accounting principle that assumes that a company will operate in the foreseeable future is:

Select one:

a. Going concern.

b. Liquidity.

c. Objectivity.

d. Disclosure.

The cash account of Grande Home Improvement Store shows the following: a debit on June 1 for $25,000; a credit on June 5 for $10,000, a debit on June 16 for $14,000, and a credit on June 27 for $8,000. What is the balance in the cash account at the end of June?

Select one:

a. $21,000 debit.

b. $21,000 credit.

c. $18,000 credit.

d. $39,000 debit.

The purchase of equipment on credit is recorded by a:

Select one:

a. Debit to Equipment and a debit to Accounts Payable.

b. Debit to Accounts Payable and a credit to Equipment.

c. Debit to Equipment and a credit to Accounts Payable.

d. Credit to Equipment and a credit to Accounts Payable.

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