";s:4:"text";s:12029:"b. Which of the following statements about accounting concepts and the characteristics of financial information is correct? The CVP graph assumes that volume is the only factor affecting total cost. C) The amount reported to stockholders at the end of the period for this account is $3,300. Accounting profit equals the firm's revenues minus all of its costs, implicit and explicit. D) All of the other answers provide a correct statement. C. Accounting profit is typically larger than economic profit. As such, its checked of quality and originality. C) Trade offs are necessary in accounting. A. FIFO B. Any patent that is reported on the balance sheet should be amortized over a period no longer than the patent’s remaining legal life. Custom Solutions: Research papers crafted from scratch: we provide solutions that translate to excellent grades and consequently, a higher GPA. D) Historical cost information is useful for pricing the value of a company's shares. A) the primary difference between eva and accounting net income is that when net income is calculated, a deduction is made to account for the cost of common equity, whereas eva represents net income before deducting the cost of the equity capital the firm uses. Depreciation is provided as a charge against profits. Thanks. Which of the following is not a current liability? The revenue recognition principle requires. With regard to the CVP graph, which of the following statements is not correct? B. Which of the following cost flow assumptions is used for inventory when an entity builds townhouses? Which of the following statements is CORRECT? a. Which of the following statements is correct regarding a review engagement of a nonpublic company's financial statements performed in accordance with the Statements on Standards for Accounting and Review Services (SSARS)? Which of the following statements is correct?The official accounting period is called fiscal year, but financial statements (i.e. A. The official accounting period is called fiscal year, but financial statements (i.e. 1. When a note payable is exchanged for property, goods, or services, the stated interest rate is presumed to be fair unless a. no interes... Accounting for costs of incentive programs for frequent customer purchases involves: A. Which of the following statements is correct concerning the accrual basis of accounting? C) The amount reported to stockholders at the end of the period for this account is $3,300. Promises of future payment by the buyer are called accounts receivable. revenue to be recorded only after the business has satisfied its performance obligation. Which of the following is NOT a characteristic of a corporation? The CVP graph assumes that selling prices do not change. Which one of the following statements concerning accounting reports is correct? IF YOU THINK THAT ABOVE POSTED MCQ IS WRONG. b. Learn Accounting. Accounting distortions are those things that cause deviations in accounting information from the underlying economics. a) Market value is the figure selected by the organizers of the corporation to be assigned to each share of stock for accounting purposes. Question 1: Which of the following statements concerning accrual accounting is correct? One … The correct option is A. 1.Which of the following statements is CORRECT? As such, we are available throughout to handle all task and serve our clients. An organization is automatically exempt from tax merely by meeting the statutory requirements for exemptions. Regarding T-accounts, which of the following statements is correct? Economic profit equals the firm's revenues minus its explicit costs. Which of the following is not a characteristic of job costing? Correct Answer: The standard statements focus on accounting income for the entire corporation, not cash flows, and the two can be quite different during any given accounting period. Custom and Pocket Friendly Prices: Our pricing structure is designed to reflect the best academic services while considering the aspect of fairness and Students welfare. The cost of the products sold is not an expense. B. Which of the following statements is correct with respect to Fiduciary Funds? Balance sheet c. Statement of cash flows d. Both a. and b. above e. a., b., and c. above Answer: _____ 2. B. A) The account could be a liability account. When the premium offer expi... A debt instrument with no ready market is exchanged for property whose fair market value is currently indeterminable. B . B. arise often through application of (correct) accounting principles. The only aspects of a business enterprise of concern to management are financial position and financial performance. A)The primary difference between EVA and accounting net income is that when net income is calculated, a deduction is made to account for the cost of common equity, whereas EVA represents net income before deducting the cost of the equity capital the firm uses. PLEASE COMMENT BELOW WITH CORRECT ANSWER AND ITS DETAIL EXPLANATION. What is the Return on Sales (Net profit / Sales) of the company?5%6.25%8%13.3%1point16. A. Which of the following statements is (are) correct regarding the definition of a liability? Professional Writers and Top class Tutors: How can information technology lead to beneficial changes within the workplace? Multiple Choice . a. 1) Which of the following statements is correct about financial information? D) All of the other answers provide a correct statement. An accountant must establish an understanding with the client in an engagement letter. Principles of Accounting, Accounting Equation, Analyzing & Classifying Transaction, Journal, Ledger, Banking Transactions, Cash book and Bank Reconciliation Statement, Bill of Exchange, Capital & Revenue, Rectification of Errors, Final Accounts, Adjustments. Prior statements should be restated for changes in accounting estimates. Which of the following accounting equation is correct? 17. Which of the following statements is CORRECT? a. asked Jun 6, 2016 in Business by Kiwi_Kurisu. They deliver the best Essays crafted to meet the clients' expectations and the academic requirements. Which of the following cost flow assumptions is used for inventory when an entity builds townhouses? A) All users require the same kind of information. A liability is a claim by creditors against the assets of a business. The concept of substance over form means that the legal interpretation of a transaction must be reflected in financial statements, regardless of the economic substance. What is the change in liabilities during the year?04003,0007,000 b. A . Beside crafting it from scratch, we use software to check for plagiarism ensuring a 100% original Essay. The cost of customer premium offers should be charged to expense: A debt instrument with no ready market is exchanged for property whose fair market value is currently indeterminable. When a future expense is paid in advance, the payment is normally recorded in a liability account called Prepaid Expense. When a note payable is exchanged for property, goods, or services, the stated interest rate is presumed to be fair unless. The primary difference between EVA and accounting net income is that when net income is calculated, a deduction is made to account for the cost of common equity, whereas EVA represents net income before deducting the cost of the equity capital the firm uses. Which of the following statements is correct? B) During the period, a journal entry was recorded that included a credit to the account for $800. a. If the answers is incorrect or not given, you can answer the above question in the comment box. A Each job is distinguishable from the other jobs B Identical units are... What is a possible danger if politics plays too big a role in accounting standard setting? 5. True or False: The requirement to provide financial accounting information is driven by the need for outside stakeholders (primarily … What is the change in cash during the year?-5,500-3,500-5001,500 a. Which of the following statements is correct? The accrual basis does not consider the revenue recognition principle. Our constant search for top-rated writers ensure that our solutions team is equipped with dynamic and qualified professionals. B. balance sheet and income statement) can be prepared for shorter periods. What is the change in total assets during the year?-1,6003,4004,4008,400. Which of the following items are part of a business's set of financial statements? Which of the following statements is CORRECT? What is the change in inventories during the year?3,0004,0006,00010,000 Reason: Comparability: It means comparing the financial statements of one company with other similar companies. Exempt organizations that are required to file annual information returns must disclose the identity of all substantial contributors, in addition to the amount of contributions received. If the answers is incorrect or not given, you can answer the above question in the comment box. The income statement for a given year is designed to give us an idea of how much the firm earned during that year. Which of the following is not a current liability? 4. The figure below is a depiction of a T-account. Which one of the following statements is correct with regard to exempt organizations? Thanks. Depreciation cannot be provided in case of loss in a financial year B. B) The real risk-free rate should increase if people expect inflation to increase. Fiduciary funds must be adjusted when preparing the government-wide statements. 2. Which of the following statements is not correct? d. A primary goal of database systems is to minimize data redundancy. The focal point of the income statement is the cash account, because that account cannot be manipulated by "accounting tricks." a. A note payable due in 2 years. A) If inflation is expected to increase, then the yield on a 2-year bond should exceed that on a 3year bond. We take pride in the 9 years of combined experience in Academic Service delivery. Which of the following statements is correct about sustainability accounting? What is a possible danger if politics plays too big a role in accounting standard setting? B) Forward looking information is useful for evaluating management stewardship. Related to these modifications, which of the following statements is CORRECT? Which of the following statements is correct? Accounting for costs of incentive programs for frequent customer purchases involves: Which of the following is not a characteristic of job costing? Timely Delivered Tasks: Even the best papers are no good if they are not delivered at the right time. Which of the following statements is correct? a) Cash + Other assets = Capital - Liabilities b) Capital + Liabilities = Assets + Income c) Assets - Liabilities = Capital d) Assets + Capital = Liabilities Accounting Multiple Choice Test: Need Answers for 33 questions, I want to make sure ALL my answers are correct. 6. Depreciation is a charge against profit C. Depreciation is provided in the books only when there is profit D. Depreciation is an appropriation of profit. 1. B) The total equity of a firm is equal to the total assets plus the total liabilities. 1. Accounting distortions: A. can arise as management may deliberately manipulate financial statements. C. Increases and decreases in cash are always recorded in the owner's capital account. B. c. The flat-file model encourages data redundancy. Database systems resolve task data dependency. A. As such, the client has ample time to go through the Essay before submission if need be. 18. A T-account is a summary device with credits posted on the right side of the vertical line. Plagiarism Free Content: We understand that a paper is only as good as its originality. D. Under the accrual-basis accounting, the expenses are recorded when they occur irrespective of there payment. If the answers is incorrect or not given, you can answer the above question in the comment box. ";s:7:"keyword";s:56:"which of the following statements is correct? accounting";s:5:"links";s:1235:"Taylor Red Songs,
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