Explanation of this accounting Question What characterizes modified periodicity in specializedindustries?a) Calendar years work universallyb) Business cycles override standard calendar periodsc) Monthly periods fit all businessesd) Time periods remain constant

Explanation of Modified Periodicity: Modified periodicity refers to adapting accounting periods to…

Answered: What characterizes modified periodicity…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter3: Analyzing And Recording Transactions

Section: Chapter Questions

Problem 2MC: That companies can present useful information in shorter time periods such as years, quarters, or...

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What is the term that refers to balance sheet accounts because they are relatively permanent and carried forward from year to year? Group of answer choices revenue accounts temporary (nominal) accounts fixed accounts real accounts
The time period assumption is often referred to as the expense recognition principle. a. True b. False 2. A company's calendar year and fiscal year are always the same. a. True b. False 3. Accounting time periods that are one year in length are referred to as interim periods. a.True b.False
Which of the follwing in correct? a. Balance sheet accounts are considered temporary accounts and these accounts have balances that are carried forward from year to year. b. Balance sheet accounts are considered permanent accounts and these accounts have balances that are carried forward from year to year. c. Balance sheet accounts are considered permanent accounts and these accounts have balances that are closed each year. d. Profit and Loss accounts are considered permanent accounts and these accounts have balances that are closed each year.
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Choose the correct answer
9. PostingA. Accumulates the effects of ledger entries and transfers them to the general journal.B. Is done only for income statement activity because activity related to the statement of financial position does not require postingC. Is done once every year.D. Transfers journal entries to the ledger accounts.
For journal entries 1through 12, indicate the explanation that most closely describes it. You can use explanations more than once. A. To record receipt of unearned revenue. B. To record this period's earning of prior unearned revenue. C. To record payment of an accrued expense. D. To record receipt of an accrued revenue. E. To record an accrued expense. F. To record an accrued revenue. G. To record this period's use of a prepaid expense. H. To record payment of a prepaid expense. 1. To record this period's depreciation expense.
Answer the following questions that are related to the following Interest Payable T-account: February transactions Debit Req A Required: a. What is the amount of the February 28 adjustment? b. What account would most likely have been credited for the amount of the February transactions? c. What account would most likely have been debited for the amount of the February 28 adjustment? d. Why would this adjusting entry have been made? Complete this question by entering your answers in the tabs below. Req B to D Interest Payable Debit February transactions What is the amount of the February 28 adjustment? February 28 adjustment Req A February 1 balance 1,500 February 28 adjustment February 28 balance 4 Req B to D www February 1 balance 1,500 February 28 adjustment February 28 balance. Credit Complete this question by entering your answers in the tabs below. Navt b. What account would most likely have been credited for the amount of the February transactions? c. What account would most…
5. Month-end postings to control accounts in a computerized accounting system are not required because a.transactions are posted to accounts immediately b.control accounts are not used in computerized systems c.the input operator can choose to post to accounts at any time d.transactions are posted at the end of the financial year
. The operating cycle is equal to which one of the following? A. Inventory period plus the accounts payable period B. Accounts receivable period plus the cash cycle C. Inventory period minus the accounts payable period plus the accounts receivable period D. Accounts receivable period plus the inventory period E. Inventory period plus the cash cycle
That companies can present useful information in shorter time periods such as years, quarters, or months is known as which of the following? A. separate entity concept B. monetary measurement concept C. going concern assumption D. time period assumption
2) Use the information above to complete the Aging of Accounts Receivable Schedule below. Create a formula for cach age category, using the Excel IF and AND FUNCTIONS (fx) to determine wh customer amount belongs. The IF statement may include the following arguments: ,>=, <=, Excel AND FUNCTION (fx).

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What characterizes modified periodicity in specialized industries? a) Calendar years work universally b) Business cycles override standard calendar periods c) Monthly periods fit all businesses d) Time periods remain constant