Which of the following accounts would not be involved in preparing the income statement? Group of answer choices Tax expense All the accounts would be involved in preparing the income statement. Interest income Accumulated depreciation Depreciation expense

Sales tax payable, accounts payable, payroll liabilities and unearned revenue are all examples of: Group of answer choices long-term liabilities unknown liabilities current assets current liabilities

Which of the following is used when computing for the accounting rate of return (ARR)? a. Income before depreciation but after taxes. b. Income after depreciation and taxes. c. Income before depreciation and taxes d. Income after depreciation but before taxes.

Explain the income tax treatment of the interest accounts.

Which cost flow assumption must be used for financial reporting if it is also used for tax reporting?   Multiple Choice   LIFO.   FIFO.   Weighted-average.   Any assumption can be used regardless of the tax reporting.

How are deffered tax adjustments recorderd in the profit and loss account?

Generally accepted accounting principles usually require the use of accrual accounting to “fairly present” income. If the cash receipts and disbursements method of accounting will “clearly reflect” taxable income, why does this method not usually also “fairly present” income?

Which of the following is not an element of the income statement? Revenues. Liabilities. Expenses. Gains.

Which of the following correctly describes how accounts payable will appear on the financial statements? Multiple Choice O O Liability on the balance sheet Asset on the balance sheet Expense on the income statement Revenue on the income statement

Communication (income statement): The balance of Interest Expense from accruing interest to be paid has what effect on the income statement in the current year? Multiple Choice A. Decreases net income. B. No effect. C. Increases net income.