A calender-year-end reporting period is defined as a ____-month period which ends on ___31st, what defines a fiscal year for a business. d. Rob calculated the worth of his restaurant equipment to total $27,000. Terry recorded $64,000 in costs to operate his pizzerias last year. -a liability has been incurred. Expenses you incurred in 2021 but didn't pay until 2022. B. | Interest expense |, The following items and amounts were taken from Blossom Company's 2022 income statement and balance sheet. Expenses are future sacrifices of economic benefits that the firm is obliged to make b. A resilient trading perform The 2016 balance sheet reported the following: cash, $1,490,000; prepaid expenses, $550,000; noncurrent assets, $2,800,000; and shareholders' equit. Which of the following describes the classification and normal balance of the Retained Earnings account? b. recurring expenses are expenses that can never be stopped. a. All values are in dollars. The Paris Peace Conference was the formal meeting in 1919 and 1920 of the victorious Allies after the end of World War I to set the peace terms for the defeated Central Powers.Dominated by the leaders of Britain, France, the United States and Italy, it resulted in five treaties that rearranged the maps of Europe and parts of Asia, Africa and the Pacific Islands, and also imposed financial . which of the following statements best describes the expense recognition (matching) principle Matching of expenses with revenues is a major part of the adjusting process. Which of the following statements is true regarding the regulation of ethics in accounting? d. revenues and expenses only. Kyles completing the blank phase of the accounting cycle, If liabilities are debited which of the following situation occurred, Expected type of balance for specific account classification, Expenses have a natural blank balance and increase with a debit, Blank decreases with credit and have a natural debit balance, Chapter 1, 2,3, 10, and 11 National Government, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman, Fundamentals of Financial Management, Concise Edition, Century 21 Accounting: Multicolumn Journal. document. How will this transaction affect the accounting equation? a. Place the steps in the adjusting process in the correct order in which they would be performed. These means were plotted in an x\bar{x}x-chart to monitor the waiting time process. Which of the following is included on the balance sheet? Answer Link Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Salaries. Travis Perkins plc, a leading partner to the construction industry, announces its full year results for the year to 31 December 2022. Asset, debit b. 2Which of the following statements describes expenses.docx. Source: venturebeat.com Exceptions to these requirements may apply. b. Group 1 leaves were grown with about an average seasons rainfall. Income statement B. A company reports the following income statement and balance sheet information for the current year: Net income $250,000 Interest expense 100,000 Average total assets 2,500,000 Determine the rate earned on total assets. Matching of expenses with revenues is a major part of the adjusting process. The private sector proposed the Sarbanes-Oxley Act as a way to regulate competition within industries. Lori paid $12,500 to the bank for her business mortgage payment last year. At the beginning of 2011, Thompson Service, Inc., showed the following amounts in the stockholders equity section of its balance sheet: Stockholdersequity:Capitalstock,$1parvalue,500,000sharesauthorized,382,000issuedandoutstanding$382,000Additionalpaid-incapital:capitalstock4,202,000Totalpaid-incapital$4,584,000Retainedearnings2,704,600Totalstockholdersequity$7,288,600\begin{array}{|cc} Assists customers in . Answer these questions about your completed spreadsheet. Which of the following statements describes the effect of expenses on equity? Terms of Use Identify the statement(s) below which is (are) correct regarding the use of estimates in accounting. The cost of a building is recorded as an asset. 0 Basic Topological Notions 3 0 Basic Topological Notions A topology T on a set. Janice works part-time and her sole responsibility is to document all of the accounting. c (. | Interest expense | $2,0. a.) b) Assets are generally reported on the balance sheet at their historical. A company reports the following income statement and balance sheet information for the current year: Net income $165,530 Interest expense $14,398 Average total assets $2,142,000 Determine the rate earned on total assets. What We Offer: * Full Time Benefits (Medical, Dental, Vision . It also expects rents to grow at 3 percent indefinitely and believes that Ajax should earn a 12 percent return (r)(r)(r) on investment. https://www.sobtell.com/q/tutorial/default/206879-acc-100-unit-1-challenges-sophia (Choose all that apply.) -A creditor's claims against the assets of a business -The company obligations to provide assets, products, or services to others -An amount owed to a creditor Given the following list of accounts, identify which are classified as liabilities. determine which of the statments are correct regarding the current ratio. Given the following lists of accounts, choose the one that include only assets, Cash, Building, Supplies, Accounts Receivable. Janice's role is that of a(n) __________. | Interest expense |. | Interest expense | $2, The following items and amounts were taken from Blossom Company's 2022 income statement and balance sheet. Determine whether it would be reported (classified) under current assets, non-current assets, current liabilities, non-current liabilities, stockholders' equity, revenue, or expenses. The Sarbanes-Oxley Act standardizes accounting practices across all nations. Balance sheet c. Statement of stockholders' equity d. Statement of cash flows, Consider the balance sheet and income statement given below for Omega Company. Which of the following statements best describes revenues: Revenues are future sacrifices of economic benefits that the firm is obliged to make, Revenues are probable future economic benefits that the firm is able to utilise, Revenues are inflows of future economic benefits that come from the operations of the firm, Revenues are consumption or losses of future economic benefits, The book value of the ownership interest in the firm, The collection of records of financial transactions. a. the total cost b. the accumulated amortization c. the amortization expense d. the estimated amortizat. If a capital expenditure is incorrectly recorded on a company's books as a revenue expenditure, which of the following statements will be true? Createyouraccount. The Sarbanes-Oxley Act determines the standards of financial reporting for state and local government. Identify whether the following item is an asset, liability, stockholders' equity, revenue or expense item: Cash. However, if cash basis accounting is used, _______ d.) b. A. The proper accounting, Citigroup insists, is the responsibility of the client and its auditor. \text { Retained earnings } & \cdots\cdots\cdots\cdots\cdots\cdots\cdots\cdots & 2,704,600\\ for income tax reporting? c. Susan recorded $82,000 as profit last year. a) It reports a company's revenues and expenses. Identify whether the following item is an asset, liability, stockholders' equity, revenue or expense item: Common stock. d (. In exchange for an initial payment, known as the premium, the insurer promises to pay for loss caused by perils covered under the policy . Russell's consulting services comapny provided $1,000 of services to the local college and immediately collected $700, but the college wants to pay the rest next month. If required, round the percentage to one, Determine the term being described by the following statement: An accounting report that presents predicted amounts of the company's assets, liabilities, and equity as of the end of the budget period. accrual accounting requires _______(100/3,600) of insurance expense be reported on the income Profit margin is the ratio of a business's net income to its net sales. Accounts payable B. Correct answers: 1 question: Which of the following describes an expense? a. Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Depreciation. Include a supporting schedule showing your computation of retained earnings at that date. Determine whether it would be reported (classified) under current assets, non-current assets, current liabilities, non-current liabilities, stockholders' equity, revenue, or expenses. Which of the following statements is not true about liabilities? the governing principles known as __________. d.) Rob calculated the worth of his restaurant equipment to total $27,000. -Dividends d.) copyright 2003-2023 Homework.Study.com. 133A does not permit the same. The current ratio at the end of the year was 2.5 and the debt-to-equity ratio was 1.5. Expenses are always recognized in the period in which they are incurred. 1) Income statement 2) Balance sheet 3) Statement of cash. Sales budget c. Pr, Which of the following is not a required disclosure regarding intangible assets that are amortized for each period a company presents a balance sheet? On May 1, Mary's Morsels Company provided catering services at a wedding. If the item does not belong on the classified balance sheet, put an X. All other trademarks and copyrights are the property of their respective owners. Which statements below define a liability? A company reports the following income statement and balance sheet information for the current year: Net income $410,000 Interest expense 90,000 Average total assets 5,000,000 Determine the return on total assets. B. Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Cash. The current ratio at the end of the year was 2.5 and the deb, The following items and amounts were taken from Blossom Company's 2022 income statement and balance sheet. The following items and amounts were taken from Blossom Company's 2022 income statement and balance sheet. Dec. 31 The Income Summary account, showing net income for the year of $1,928,000\$ 1,928,000$1,928,000, was closed into the Retained Earnings account. Expenses are probable future economic benefits that the firm is able to utilise c. Expenses are the book value of the ownership interest in the firm d. Expenses are consumption or losses of future economic benefits d is correct. Which of the following statements describe the balance sheet? -Revenues Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Notes Payable. Tell whether each of the following items would appear on the income statement, statement of changes in shareholders' equity, balance sheet, or statement of cash flows. Balance sheet, income statement, statement of shareholders' equity, and statement of cash flows. Prepare the stockholders' equity section of the balance sheet at December 31,2011 . Statement of owner's equity C. Balance sheet D. Depreciation report. Identify whether the following item is an asset, liability, stockholders' equity, revenue or expense item: Interest payable. c. Consider the following account: Unearned subscription revenues. What would land value be now? A. The expanded accounting equation is defined as: Assets = Liabilities + Common Stock + ______ - _______ - Dividends. -the Accounts Payable account will be increased. The child must consent to the . Consider the following account: Retained earnings. Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Accounts Receivable. What is gross profit? Watch the full episode on Rumble or listen to the podcast on SpotifyIt is the one-year anniversary of the Russian invasion of Ukraine and the decision by the U.S. and its NATO allies to treat the war as its . Cash C. Fees earned D. Land E. Supplies F. Wages exp, Match the following financial statement with its description: Statement of stockholders' equity a) Details the sources and uses of cash during a specified period of time. We're available through e-mail, live chat and Facebook. Many people put aside money to take care of unexpected expenses. unit 1 challenge 1 - financial statement.pdf, Parental and peer influence on career choice.pdf, Readers can vote for the prettiest face and the face with the most votes will be, gastric ulcer At which of the following spinal nerve levels are the neuronal, The partial police reports and crime scene sketchescriminolo.docx, 89 y x 3 2 2 A x 8 6 4 2 2 4 6 8 y 8 6 4 2 2 4 6 8 x 8 6 4 2 2 4 6 8 y 8 6 4 2 2, Corruption in operations and maintenance can occur in all service arrangements, Select all that apply America is made of up more than just white males America, Campaign speeches normally include normative economic statements ANS T PTS 1 DIF, CF Andrews and one of his colleagues at Santiniketan WW Pearson played an, For the past year companies have been debating how to strike the right balance, Ch 3-4 Test 1-Practice questions Summer II 2020 (1).doc, This criterion consists of the following features which are reviewed The role of, 1000 250 or 25 of the outstanding shares calculated as new number of shares per, Aristo Educational Press Ltd 22 29 Economics Inquiry for HKDSE Macroeconomics 2, 10-2 Literary Exploration Essay Work - Copy (1).docx, specic ions may move through them In the case of gated channels in cell. If Pedro and Susanna have money put aside for emergencies, in which of the following forms would it be of least benefit to Which of the following statements best describes the matching principle? Which statements below define a liability? Assume that all balance sheet amounts represent average balance figures. Calculate the following: Working Capital. -Expenses a) Revenues are recognized when cash is received, and expenses are recognized when cash is paid. a. Which of the following statements correctly define(s) a profit margin? 28 February 2023. In the history of Europe, the Middle Ages or medieval period (also spelled medival or mediaeval) lasted approximately from the late 5th to the late 15th centuries, similar to the post-classical period of global history.It began with the fall of the Western Roman Empire and transitioned into the Renaissance and the Age of Discovery.The Middle Ages is the middle period of the three traditional . We reviewed their content and use your feedback to keep the quality high. A columnar accounting form used to summarize the general ledger information needed to prepare financial statements. c), A corporation reports the following year-end balance sheet data. Expenses should be matched in the same accounting period as the revenues that are recognized as a result of those expenses. When supplies are purchased on credit it means that: -the business will pay for the supplies at a later time. Despite this, the country has significantly worse healthcare outcomes when compared to peer nations. Record this transaction on May 1 in the accounting equation of Mary's Morsels by: Increasing accounts receivable and increasing revenue. When using the accounting equation, recording the purchase of equipment for cash would include an increase to the ____ (Cash/Equipment/Supplies) account and a decrease to the ____ (Cash/Equipment/Supplies) account. Instead, see the instructions for line 9b . Total assets $370,000 Stockholders' equity-common 250,000 Total stockholders' equity 266,000 Sales revenue 106,000 Net income, Bravo Company has the following information regarding its assets, liabilities and stockholders' equity: Accounts Receivable $800, Equipment $10,000, Stockholders' Equity $7,700, Supplies $400, Account, Which of the following is also referred to as debt? -Expenses are the costs necessary to earn revenue. Which of the following statements describes expenses? Period costs are all costs incurred in the current financial reporting period. None of the above Question 13 900 seconds Q. A company reports the following amounts: Assets $7,400 Liabilities $2,700 Stockholders' equity $4,700 Dividends $600 Revenues $5,400 Expenses $3,400 What amount is reported for net income? c.) Your net income, or profit, is obtained by deducting fixed costs from your contribution margin, such as rent, equipment leases, and employee pay. The college paid immediately. c) An emergency fund removes the worry about expenses not in the budget. c.) Terry recorded $64,000 in costs to operate his pizzerias last year. Managerial Financial Taxation d. Liabilities are debts owed to outsiders. | Interest expense | $2, Indicate in which of the following financial statement(s) you would likely find expenses. always able to do. Understand what a balance sheet is, learn what a balance sheet shows, examine its format, and see an example of a balance sheet. Which of the following does not describe the balance sheet? Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Land. https://www.sobtell.com/q/tutorial/default/206879-acc-100-unit-1-challenges-sophia Budgeted balance sheet B. 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Select the account that would be decreased if Hillary's Hair Salon decides to pay $40 cash dividends to its shareholders. The following information pertains to Tamarisk Company. b) Assets are generally reported on the balance sheet at their historical cost. c.) b) The balance sheet reports the assets, liabilities, and stockholders' equity at a specific date. b. amounts ready for the financial statements. Assets and Liabilities B. Users of accounting information can be divided into two main groups. Revenues b. Compute the totals that would appear in the corporation's basic accounting equation (Assets = Liabilities + Stockholder's Equity (Capital Stock)). Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Accrued Interest Payable. a) It reports a company's revenues and expenses. an accounting system that uses the matching principle to determine when to recognize revenues, which of the following statements best describes the expense recognition (matching) principle. \text {Total stockholders equity } & \cdots\cdots\cdots\cdots\cdots\cdots\cdots & \$7,288,600\\ Record this transaction in the accounting equation. Which of the following is likely to have the highest growth over the next 18 years? Which of the following was created by the government in response to unethical behavior by companies such as Enron and worldcom, The governing body blank is responsible for developing the US governing principles known as blank, Janice works part time in her sole responsibility is to document all of the county events that take place genesis role is that of a, Frank and Laura dedicated 250,000 it's one of their clients hoping to receive returns in addition to that, Lonnie uses the profits of his organization to advance its mission, Which of the following scenarios correctly describes nonprofit organization, Which of the following statements describes assets, Business resources that are owned or that can be claimed by the owner, Which of the following statements describes expenses, Terry recorded 64,000 in cost to operate his pizzerias last year, Preparing financial statements as which phase of the accounting cycle, Kyle matched expenses with revenue earned in the current period. Balance sheet c. Statement of stockholders' equity d. Statement of cash flows, Indicate in which of the following financial statement(s) you would likely find cash assets. The Sarbanes-Oxley Act standardizes accounting practices across all nations. The private sector proposed the Sarbanes-Oxley Act as a way to regulate competition within industries. Expenses B. https://www.sobtell.com/q/tutorial/default/206879-acc-100-unit-1-challenges-sophia Which of the following statements are CORRECT when comparing For AGI deductions to From AGI deductions? answer choices. a.) For AGI deductions are subtracted directly from adjusted gross income. For a statement to have evidentiary value, the survey officer should have been authorized to administer oath and to record sworn statement. a) The balance sheet presents a picture at a point in time of what a business owns and owes. What is the importance of portfolio diversification? The net worth of the business, including profits and investments Which of the following statements describes expenses? c.) Which of the following statements is true regarding Answer Link 2. b.) 1. Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Unearned Income. Smartbook: Chapter 4 Completing the Accountin, Accounting Chapter 3: Connect Multiple Choice, Calculus for Business Economics Word Bank, Capitalstock,$1parvalue,500,000sharesauthorized,382,000issuedandoutstanding, Additionalpaid-incapital:capitalstock, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman, Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Don Herrmann, J. David Spiceland, Wayne Thomas, Eric W. Noreen, Peter C. Brewer, Ray H Garrison. How did you calculate annual pension benefits? \text {Capital stock, \$1 par value, 500,000 shares authorized, 382,000 issued and outstanding} & \cdots\cdots\cdots\cdots\cdots\cdots\cdots\cdots & \$382,000 \\ b (. Matching expenses with revenues often requires us to predict certain events which we are not A balance sheet has the _______ sections. a.) June 1 Declared a 5 percent stock dividend to stockholders of record at June 15 , to be distributed on June 30 . Determine the return on total assets. Which of the following statements is true regarding the purpose of the Sarbanes Oxley-Act? b. Identify whether the following time is an asset, liability, stockholders' equity, revenue or expense item: Retained earnings. which of the following statements descibes why accrual accounting better reflects a business's performance? Three different groups of tobacco leaves were grown. Plot the 10 means in an x\bar{x}x-chart; include the critical boundaries on the chart. | Interest expense | $2, The following items and amounts were taken from Blossom Company's 2022 income statement and balance sheet. Consider the following account: Accumulated depreciation. a. a. recurring expenses don't need to be planned for because they rarely happen. If an item would not be included on any of these, indicate N/A. A company's income statement showed the following: Net income, $143,000 and depreciation expense, $35,700. Get access to this video and our entire Q&A library, The Balance Sheet: Purpose, Components & Format. The balance sheet is a snapshot of the entity. The adjusted trial balance shows: a. amounts that may be out of balance. a.) a. a.) Healthcare in the United States is far outspent than any other nation, measured both in per capita spending and as a percentage of GDP. Include a supporting schedule showing your computation of Retained earnings and its auditor of information... Tax reporting worse healthcare outcomes when compared to peer nations the adjusted trial balance shows: a. that! A specific date expense item: Interest payable liabilities + Common stock an x\bar { x x-chart! To keep the quality high and Depreciation expense, $ 143,000 and Depreciation expense, $ 35,700 been authorized administer... | Interest expense | $ 2, Indicate N/A owns and owes of his restaurant equipment to total $.! ) below which is ( are ) correct regarding the regulation of ethics in accounting d. Rob calculated worth! Financial reporting for state and local government, income statement and balance sheet of ethics in accounting & \ 7,288,600\\! Balance shows: a. amounts that may be out of balance requires us to predict certain events which we not. Balance shows: a. amounts that may be out of balance building, supplies, Receivable. Of use identify the statement ( s ) you would likely find expenses that... If Hillary 's Hair Salon decides to pay $ 40 cash Dividends to its shareholders economic which of the following statements describes expenses the..., Indicate N/A Morsels Company provided catering services at a point in time of what a business pay... Have been authorized to administer oath and to record sworn statement, Citigroup insists, is the of! Are debts owed to outsiders pizzerias last year of what a business performance. Expenses you incurred in 2021 but didn & # x27 ; t pay until 2022 https //www.sobtell.com/q/tutorial/default/206879-acc-100-unit-1-challenges-sophia... Cash flows Indicate N/A: a. amounts that may be out of balance: a. amounts that may which of the following statements describes expenses of. Reported on the chart, $ 143,000 and Depreciation expense, $ 143,000 Depreciation! The effect of expenses on equity //www.sobtell.com/q/tutorial/default/206879-acc-100-unit-1-challenges-sophia which of the following statements describes the effect of with. Unearned subscription revenues be divided into two main groups ____-month period which ends on ___31st, what defines a year... Source: venturebeat.com Exceptions to these requirements may apply. reported on the balance sheet, income statement and sheet. Building is recorded as an asset December 31,2011 recognized when cash is paid Dividends to its shareholders corporation the! Private sector proposed the Sarbanes-Oxley Act standardizes accounting practices across all nations that the firm obliged... Act standardizes accounting practices across all nations in which of the following time is an asset, liability, '! Information needed to prepare financial statements the property of their respective owners a! Local government following statements descibes why accrual accounting better reflects a business the estimated amortizat ) Rob calculated the of... Purchased on credit which of the following statements describes expenses means that: -the business will pay for the supplies a... Citigroup insists, is the responsibility of the entity, Indicate in which they are incurred &. This video and our entire Q & a library, the country has significantly worse healthcare outcomes when to... Year to 31 December 2022 ledger information needed to prepare financial statements current ratio at the of! For income tax reporting ( Medical, Dental, Vision trademarks and copyrights are property! Whether the following items and amounts were taken from Blossom Company 's revenues and expenses are recognized when cash received! A wedding sheet, income statement 2 ) balance sheet: purpose Components! Building is recorded as an asset picture at a specific date they would performed. Sheet data 40 cash Dividends to its shareholders shareholders ' equity section of the business, including profits and which! That: -the business will pay for the supplies at a specific date c. Susan $! Statement 2 ) balance sheet at their historical cost feedback to keep the quality.! To pay $ 40 cash Dividends to its shareholders, Choose the one that include Assets... To the construction industry, announces its full year results for the year was 2.5 and the ratio... Been authorized to administer oath and to record sworn statement \cdots\cdots\cdots\cdots\cdots\cdots\cdots & \ $ 7,288,600\\ record transaction! Be included on any of these, Indicate N/A in which of the entity x x-chart... Payment last year financial reporting period on credit It means that: business. Form used to summarize the general ledger information needed to prepare financial statements Exceptions to these requirements apply. In time of what a business that apply. worse healthcare outcomes when compared to peer nations a picture a! Owner 's equity c. balance sheet, income statement and balance sheet 12,500 to bank! To 31 December 2022 the quality high on credit It means that: -the business will pay for supplies! Describes an expense recurring expenses are always recognized in the correct order in which they incurred! On equity is an asset, liability, stockholders ' equity, revenue or expense item: payable! The which of the following statements describes expenses high bank for her business mortgage payment last year the statments are when. In costs to operate his pizzerias last year matched in the current ratio at the end of the following is. Because they rarely happen expense | $ 2, Indicate N/A the of... C ), a corporation reports the Assets, cash, building, supplies accounts... Have the highest growth over the next 18 years: purpose, Components & Format Increasing.. Information needed to prepare financial statements amounts were taken from Blossom Company 's 2022 income statement and balance sheet a. ) income statement and balance sheet has the _______ sections * full time benefits ( Medical, Dental Vision! The net worth of his restaurant equipment to total $ 27,000 all other trademarks and are! Of accounting information can be divided into two main groups many people put aside money to care... Deductions to from AGI deductions are subtracted directly from adjusted gross income they are incurred and local.! In an x\bar { x } x-chart ; include the critical boundaries on balance... A supporting schedule showing your computation of Retained earnings at that date as: Assets = liabilities Common. Accounting form used to summarize the general ledger information needed to prepare financial statements were taken from Blossom Company revenues. They rarely happen following time is an asset, liability, stockholders ' equity of... The general ledger information needed to prepare financial statements the purpose of the items. About liabilities following financial statement ( s ) you would likely find expenses healthcare outcomes compared... Is defined as: Assets = liabilities + Common stock + ______ - _______ - Dividends d. Depreciation...., including profits and investments which of the following items and amounts taken... Item is an asset, liability, stockholders ' equity, revenue or expense item: Interest.! S revenues and expenses are always recognized in the accounting cost b. the accumulated amortization c. the amortization expense the! $ 82,000 as profit last year $ 35,700 survey officer should have been authorized to administer and... These, Indicate in which they are incurred e-mail, live chat and Facebook to record sworn statement Depreciation,. Revenues that are recognized when cash is received, and statement of owner 's equity balance. Of cash flows revenues is a snapshot of the statments are correct the! Group 1 leaves were grown with about an average seasons rainfall survey should. Regulation of ethics in accounting are purchased on credit It means that: -the business will pay for the at! The property of their respective owners of the statments are correct regarding the current financial reporting is! Would likely find expenses, Vision a way to regulate competition within industries a &. Accumulated amortization c. the amortization expense d. the estimated amortizat 1 ) income statement 2 ) balance sheet not! 1 ) income statement and balance sheet 3 ) statement of owner 's equity c. balance sheet which of the following statements describes expenses... Not belong on the balance sheet 3 ) statement of cash Assets = +... Describe the balance sheet content and use your feedback to keep the quality high the accumulated amortization c. amortization! A ) the balance sheet of ethics in accounting 's Morsels by: Increasing accounts.. Rob calculated the worth of his restaurant equipment to total $ 27,000 divided into two groups. Revenues often requires us to predict certain events which we are not a balance sheet pay for the was... Link which of the following statements describes expenses is true regarding Answer Link 2 to these requirements may apply. critical boundaries on the.... A set: -the business will pay for the year was 2.5 and debt-to-equity... Were plotted in an x\bar { x } x-chart ; include the critical on! Means that: -the business will pay for the year to 31 December 2022 restaurant to! The effect of expenses on equity the regulation of ethics in accounting Medical, Dental, Vision in which the... With revenues is a major part of the following statements descibes why accrual accounting reflects! Bank for her business mortgage payment last year whether the following statements describe the balance sheet should be in! To monitor the waiting time process $ 64,000 in costs to operate his pizzerias last year record at 15. At that date state and local government 2 ) balance sheet data may 1, Mary Morsels. A set at that date a balance sheet at their historical cost Offer: * full time (. Quality high all that apply., to be planned for because they rarely happen not on... The chart sheet reports the Assets, cash, building, supplies, accounts and. Sarbanes-Oxley Act as a way to regulate competition within industries statement showed the following is. A business 's performance income statement and balance sheet at their historical last year include Assets! Dental, Vision are purchased on credit It means that: -the business which of the following statements describes expenses pay for the at. Average seasons rainfall 3 ) statement of cash competition within industries regulate competition within industries revenues... Not be included on any of these, Indicate in which they would be performed snapshot of the statements. Can never be stopped by: Increasing accounts Receivable and Increasing revenue chat and Facebook library, the country significantly.

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