
INTERMEDIATE ACCT.(LL)-W/WILEYPLUS
17th Edition
ISBN: 9781119598572
Author: Kieso
Publisher: WILEY
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The two main methods of bookkeeping and accounting are 1) the cash method, and 2) the __________ method.
The digits of the account numbers assigned to general ledger accounts often have significance. For example, an account number beginning with a "1" might signify that the account is an asset account, a "6" might signify an operating expense, etc.
True
False
Every transaction will affect how many accounts?
Only One
Only Two
Two Or More
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- In addition to the standard chart of accounts for a specific industry, you will likely want to expand and/or modify the chart of accounts to fit your business. One tool that would be helpful in determining the accounts for your company would be your company's __________ chart.arrow_forwardThe chart of accounts is a listing of the accounts presently having balances in the general ledger. True Falsearrow_forwardAnswer for #2 and #3 cannot be the following:1100012748.14146928250561093509985arrow_forward
- The listing of all of the accounts available for use in a company's accounting system is known as the __________.arrow_forwardUnearned Revenues is what type of account? Asset Liability Stockholders' (Owner's) Equityarrow_forwardFind the person's adjusted gross income using the followining data Income from Jobs Interest Misc. Income Dividend Income Adjustments to Income Adjusted Gross Income $23 comma 250 $326 $2547 $62 $2049 $ enter your response herearrow_forward
- Please see an attachment for details general accounting questionarrow_forward7. Assets are usually reported on the balance sheet at which amount? Cost Current Market Value Expected Selling Pricearrow_forwardUnder the accrual basis of accounting, expenses are reported in the accounting period when which of the following occurs? Cash Is Paid An Expense Matches The Revenues Or Is Used Uparrow_forward
- I need answer financial accounting queenarrow_forwardWhat accounting principle requires using the same accounting methods and principles from one period to another?a) Materiality principleb) Consistency principlec) Matching principled) Revenue recognition principlearrow_forwardThe audited accounts of Lindsay Co. for year-end August 31, 2014 show a profit of $3,115,000 after charging the following: Depreciation 430,000 Rent 175,000Legal fees 1,350,000Audit fees 88,000 Donations 119,000Bad debts 242,000Foreign Travel 395,750Interest payments 62,375 Other Information: a. Legal fees are as follows: Expenses in respect of recovery of debts, $585,000 Expenses related to the increase private share capital, $765,000 b. Lindsay Co. donated $65,500 to UTECH University and $53,500 to HELP, a private charity registered under the Charities Act. c. Bad debts are as follows: • A loan of $76,130 to Derek Stan who failed to repayit. • $63,017, owed by Simplicity Ltd. which was declared bankrupt. • The balance is a percentage of receivables at year end which is deemed to be bad. d. Foreign travel expense included $268,210 for a vacation package for the marketing manager’s and his family plane tickets. The remaining…arrow_forward
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