True or False. 1. Preparing the statement of changes in owner's equity is part of the step financial statements preparation of the accounting cycle.

3. The main objective of management accounting is _________ a. To record all the business transactions b. To know the amount due from customers and suppliers c. To maintain the accounting records d. To ascertain, analyze and interpret the results of business operations

Which of the following statement is False for Multi-step income statement of a merchandise Business? a. It divides both revenues and expenses into operating and non-operating items b. Users can make comparison with other years of data for the same business and with other business c. It helps in analyzing how well the company is performing d. It separates operating expense into direct and indirect expense.

Plz explain in detail

A prepaid expense is one of the assets which are on a balance sheet that a company or rather a business is paying in advance for the services and goods that they are yet to receive in the future. Prepaid expenses’ value is made over time onto the income statement but is initially recorded as an asset. So as to ensure a record sense of accountability, a company must adjust these expenses so as to ensure that the expenses are recognized within the period that the expenses are incurred within the business period. This expense is placed in the debit column before it expired, however, it has to be moved to the credit column. There are a number of adjustments that most of the companies do make entries to before they prepare their ultimate report on the financial period. Some of these adjustments include; accrued expenses, accrued revenue, depreciation expenses and even deferred revenues. What is your opinion?

1-Accounting software is related to which system of accounting? a. Manual Individual customer records  b. Manual system of accounting c. Computerized accounting d. Any system of accounting 2-A Creditor of the business uses the financial statement for a. Day to day decision making related to the business b. Making the decisions to buy or sell the shares c. Evaluating the risks of granting credit or lending money d. Verifying whether the company complies with tax laws 3-For every debit there will be an equal credit according to a. Dual aspect concept b. Matching concept c. Money measurement concept d. Cost concept 4-Mr. Asif is an accountant.  Purchase of Merchandise on credit for OMR 75000 was entered in Furniture Account for OMR 75000 but he posted Accounts payable entry is correct.  Which of the following rectification entry is correct? a. Debit Accounts payable RO 75000 Credit Furniture RO 75000 b. Debit Purchase RO 75000 Credit Accounts payable account RO…

E4B. Items a-e below are a company's departments. Items f and g are firms with which the company has transactions. a. Requesting department b. Purchasing department c. Receiving department d. Accounting department Use the letter of the department or firm to indicate which one prepares and sends the following business documents: c. Treasurer f. Vendor g. Bank Prepared by Recelved by 1. Bank statement 2. Purchase requisition 3. Purchase order 4. Check authorization 5. Invoice 6. Check 7. Receiving report

Options are: General Accounting principle Revenue recongnition principle Full disclosure principle Buisnmess entity assumption Going concern assumption

The accounting cycle begins with transaction analysis and ends with the preparation of financial statements True False

For each of the following, indicate whether the item would be reported on the balance sheet (B/S),reported on the income statement (I/S), or not shown in the financial statements (Not) and whetherit relates to a service company (SC) or merchandising company (MC).Financial Statement Type of CompanyInventorySales RevenueCost of Goods Available for SaleService Revenue