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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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I. True or false: For the following items, identify if the statements are true or false. Choose the letter that represents the correct combination of answers. 1. Statement I - Double-entry bookkeeping involves a debit and a credit for every transaction. Statement II - The recording of the economic events also involves the classifying of such events a. Both Statements are true b. Only Statement I is true c. Only Statement Il is true d. Both Statements are false 2. Statement I - Small businesses, such as sari-sari stores, have little to no use of accounting Statement II- Accounting reports and/or financial statements need not be presented in a standardized way. a. Both Statements are true b. Only Statement I is true c. Only Statement Il is true d. Both Statements are false 3. Statement I- Accounting involves financial information in the recording process. Statement II - There are three principal activities in the accounting process. a. Both Statements are true b. Only Statement I is true…
Revenue is properly recognized: Multiple Choice O O When the customer makes an order. Only if the transaction creates an account receivable. At the end of the accounting period. When goods or services are provided to customers and at the amount expected to be received from the customer. When cash from a sale is received.
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Multiple choice: 1. The steps in the journalazing process include all of the following EXCEPT A. Enter the balance B. Enter the debit C. Enter the date D. Enter the credit 2. The simplest form of journal is one with A. Four columns B. Three columns C. Two columns D. One column
Current Attempt in Progress Expenses are recognized when they are billed by the supplier. O they are paid. the invoice is received. they contribute to the production of revenue.
If the top five accounts listed on a firm’s trial balance all represent asset accounts, then which of the following statements is MOST likely accurate? Select answer from the options below 1.The values for all five accounts will appear in the debit column. 2.All five accounts should instead be listed at the bottom of the trial balance. 3.The values for all five accounts will appear in the credit column. 4.Some of the values for these accounts will appear in the debit column, while others will appear in the credit column.
What is the amount to be collected by the business from customer who receive the product or services with a promise to pay after some time? a. Supplier b. Accounts payable c. Creditor d. Accounts Receivable
Beginning Balance (BB) Ending Balance (EB) Transferred In (TI) Transferred Out (TO) O For Case (B) above, what is the Ending Balance (EB)? DA cau 40 40 40 40 1 D house to hos The firsutine L MATEMATIK LIELAS D - C - D MERCEDE CE Case (A) $ 66,700 63,200 191,000 D KOR T MEKT D ? __ KONTAKTONTENTE Case (B) $ 61,740 ¿ 81,430 78,320 Case (C) ? 15,700 67,100 69,200
Moving to another question will save this response. Question 5 The purchase of good on credit require: O A. Amount of payment O B. Timing of payment O C. Credit terms O D. All the answers are correct Moving to another question will save this response.
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A "balanced transaction" (DR=CR) is a guarantee that a transaction has beer recorded 100% correctly. " O True False