Flag question: Question 32 What is discontinued operation? Group of answer choices -no longer operable and fall under asset -result of the operation which has been disposed or classified by the entity as held for sale -no longer consider part of balance sheet -consider disposable and need to be calculate as part of retained earnings

Flag question: Question 32 What is discontinued operation? Group of answer choices -no longer operable and fall under asset -result of the operation which has been disposed or classified by the entity as held for sale -no longer consider part of balance sheet -consider disposable and need to be calculate as part of retained earnings

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter3: Analyzing And Recording Transactions

Section: Chapter Questions

Problem 27MC: What is the impact on the accounting equation when a sale occurs? A. both sides increase B. both...

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text __________________is the residual interest in the assets of the entity after deducting all of its liabilities a. Current Assets b. Equity c. Profit d. None of the given options
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Match the correct term with its definition. A. cost principle i. if uncertainty in a potential financial estimate, a company should err on the side of caution and report the most conservative amount B. full disclosure principle ii. also known as the historical cost principle, states that everything the company owns or controls (assets) must be recorded at their value at the date of acquisition C. separate iii. (also referred to as the matching principle) matches expenses with associated revenues in the period in which the revenues were generated. D. monetary iv. business must report any business activities that could affect what is reported on the financial statements E. conservatism v. system of using a monetary unit by which to value the transaction, such as the US dollar. F. revenue vi. period of time in which you performed the service or gave the customer the product is the period in which revenue is recognized. G. expense vii. business may only report activities on financial statements that are specifically related to company operations, not those activities that affect the owner personally.
Question 12 Costs that are capitalized: O Show up as an expense on the income statement without ever being recorded on the balance sheet O None of the possible choices O Will initially be recorded as an asset on the balance sheet O Never exist as part of accrual accounting
The assumption indicates that a company will not be sold or liquidated in the near future. а. economic entity b. materiality C. going concern O d. monetary unit
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Current Attempt in Progress Companies that use GAAP do not have any guidelines as to what should be reported on their balance sheet. often offset assets against liabilities and report net assets and net liabilities on the balance sheet rather than the underlying detailed line items. O generally reported current assets before non-current assets on their balance sheet. O may report all their assets on their balance sheet at fair value.
Kindly answer the following questions.
In pushdown accounting, the acquired company's assets are? a) Kept at book value b) Averaged between book and fair value c) Written off d) Recorded at fair value
QUESTION 18 Which of the following is true of a non -current asset? a. Non -current assets are bought with the intention of resale b. Non -current assets are normally used in the business on a long term basis c. Non -current assets tend to change constantly in amount and composition d. Non -current assets do not belong to the company
Which accounting concepts requires non-current assets to be valued at cost less accumulated depreciation, rather at their enforced saleable value a. Prudence b. Relevance c. Comparability d. Going concern
The present value of expected future earnings of a business in excess of the earnings normally realized in the industry. Recorded when a business entity is purchased at a price in excess of the fair value of its net identifiable assets (excluding goodwill) less liabilities: Which accounting principle requires that interest expense, or any expense for operations during a specific period, be recorded in that period? A. o Materiality principle B. o Going-concern principle C. o matching principle D. o none of the above. How are unearned revenues classified on the balance sheet? A. Current Asset B. Current liability C. Long term liability D. None of the abov What will be the result from failing to record the year-end adjustment for depreciation? A. An overstatement of income, understatement of owners' equity B. An overstatement of income, understatement of assets C. An overstatement of income, overstatement of assets D. An understatement of income,…