58. Profit & Loss account is prepared for a period of one year by following A.Periodicity concept B.Business entity concept c.Accrual concept D.None of the above

Which of the following accounts normally has a debitbalance?a. Unearned Revenueb. Rent Expensec. Retained Earningsd. Sales Revenue

42. A common-size Statement of Comprehensive Income presents accounts expressed as a percentage of net income. 8. The two formats of presenting the SFP will yield different amount of total assets, liabilities and equity. * 16. The two formats of presenting the SCI will yield the same amount of total assets, liabilities and equity. * 6. Permanent accounts are found in the SFP.

Match the statements below with the accounting assumption, characteristic, or principle to which the statement relates. Assumptions/characteristics/principles may be used once, more than once, or not at all. Recorded when the performance obligation is satisfied. a. Revenue recognition principle V The reason for recording accruals and deferrals in adjusting entries. b. Matching principle Valuing assets at amounts originally paid for them. C. Historical cost principle Entity assumed to have a long life d. Going concern assumption Description of significant accounting policies and unusual events. e. Full disclosure principle v Information has predictive and confirmatory value. T. Relevance characteristic 8. Consistency characteristic

69. Claim against assets are represented by A. saved earning B. retained earnings C. maintained earning D. saving account earning

Which formula calculates the return on assets ratio? a. (Net Income + Discontinued Operations)/Average Assets b. Net Income/Average Total Assets c. (Net Income + Income Tax Expense)/Average Assets d. Income from Continuing Operations/Average Assets. Answer this General Accounting MCQ.

The normal ordering of items in the income statement would be best illustrated by which of the following? Group of answer choices A. Income from continuing operations, extraordinary items, cumulative effects, discontinued operations, net income   B. Income from continuing operations, discontinued operations, extraordinary items, cumulative effects, net income   C. Extraordinary items, cumulative effects, income from continuing operations, discontinued operations, net income   D.Discontinued operations, income from continuing operations, extraordinary items, cumulative effects, net income

Revenues and expenses may be transferred to the​ ________ account before their final transfer into the Retained Earnings account.         A. Dividends   B. Income Summary   C. Net Income   D. Assets

Which formula calculates the return on assets ratio? a. (Net Income + Discontinued Operations)/Average Assets b. Net Income/Average Total Assets c. (Net Income + Income Tax Expense)/Average Assets d. Income from Continuing Operations/Average Assets. Answer this financial Accounting MCQ.

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