Accounting Questions
Accounting questions?
I am considering majoring in Accounting in college and have some questions...
1.) Does taking Accounting classes in high school help to prepare you for college?
2.) What is the entry level salary?
3/) How many years of school is it?
4.) Do you need a master's?
5/) What is the schedule like? Do you work 24/7 with no weekends off?
6.) Is it hard to find a job after graduating college?
7.) Is it very very very stressful and difficult that you want to kill yourself?
8.) What's a CPA?...
Robert W:1)A little. One high school accounting class (at most schools) would cover half of your first college accounting class. However, this is incredibly important stuff (debits and credits, the nature of the balance sheet etc.) that some people find quite difficult, so it's probably a good idea to get ... More...
Accounting Questions?
Hi, I am not sure about the answers of following questions, please also give a short explanation.
1. Which of the following accounts probably would need to be adjusted at year-end?
a. Supplies
b. Land
c. Dividends
d. Notes Payable
2. Expenses are incurred:
a. only during the adjustment process.
b. to produce assets.
c. to reduce liabilities.
d. to generate revenue.
3. The adjusting entry to record depreciation of equipment is
a. debit Accumulated Depreciation, Equipment, credit Depreciation E...
lory:1. D supplies, land and notes paayble are adjusted as they are incurred or purchased during the year .
Where as ,the profit for the year has to be calculated before a dividend is declared at year end .
2.....hmmmm
3.depreciation of equpment results in the followin
* equipment account is credited... More...
Accounting Questions?
1.The communication of accounting information is accomplished by
a.Recording
b.Storing
c. Processing
d.Reporting
2.The convention of consistency refers to consistent use of accounting principles
a.among firms
b.among accounting periods
c.throughout the accounting period
d.within industries
3.To obtain a slightly more accurate measure of net income, ABC Inc. has determined it must hire 2 full time accountants. If it decides against the hiring, it has followed the convention of
a.consistency
b....
Serge M:1d - the first three involve the accumulation of the information which is communicated by reporting financial statements.
2b - consistency applies to the consistent use of the same principles from one period to another so that the financial statements of different periods are comparable.
3 - b is n... More...
Accounting Questions?
hello, i've decided i'd probally like to become an accountant since im choosing courses for gr10.
i'd like to know the difference between a Accelerated Accounting program and just the accounting program which are both offered at NAIT which is a school in edmonton where i'd like to go.
also, it says for accounting all you need to apply is Business year-1, which requires applied 30 math and 30-2 english.. but i cannot find if there is different requirments for the accelerated program.
any info...
Amber S:The best thing to do would to call the advising office at the school's college of business and ask there. They should be able to answer your questions quickly or point you in the direction where you can find the answer yourself.
The college I graduated from had 2 different undergraduate accounting... More...
Accounting questions...?
In Accounting what is the different of debit and credit...I get confused..it debit for deposits and is credit for account payables..confuses here..please help.....
boo's mom:Oh, wow. I could write way more than Yahoo will allow. Ok, how's this.
Assets are things you own. Things you own should have a debit balance.
Liabilities are things you owe. Things you owe should have a credit balance.
Equity is the difference of these two. If equity has a credit balance, th... More...
Accounting Questions?
This answer to these questions are E none of the above for all the questions. I don't understand how that is the answer
40. The Xanadu Company buys machinery for $500,000 and gives a promissory note to pay dated 3 years from the purchase date. Interest at 6% and principal are to be repaid at maturity. The amount that Xanadu should capitalize the asset at (debit machinery) is:
a) $418,000 b) $500,000 c) $530,000 d) $448,000 e) none of the above
41. Using the same data for Xanadu, the net ...
mister ed:i am tired of doing homework take your homework to the homework section!!!... More...
Accounting questions?
The following events occurred during an accounting period:
Machinery was purchased for $4,500 cash.
$10,000 was borrowed on a long-term note.
1,000 shares of $5 par value common stock were issued for cash, at par.
Cash dividends of $2,000 were declared and paid.
An investment in another business was sold for $23,000.
$50,000 in bonds was retired at maturity.
A plant asset with a book value of $4,500 was sold for $4,500.
What were the net cash flows from financing activities?
a. $14...
megawampum:Question 1: B 37,000 decrease. The question is, what are the net cash flows from FINANCING activies. There are 4 of these activities.
Issue long-term note = +10,000
Issue Common Stock = +5,000
Cash Dividends = -2,000
Bonds Retirement = -50,000
Net Cash Flow from Financing Activities = -37,000
Q... More...
Accounting Questions?
At the beginning of the current period, Fassi Corp. had balances in Accounts Receivable of $400,000 and in Allowance for Doubtful Accounts of $22,000 (credit). During the period, it had net credit sales of $910,000 and collections of $941,000. It wrote off accounts receivable of $24,000. However, a $5,000 account written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total $20,000 at the end of the period.
Can your calculate the...
Sandy:Oops, I've a different answer from Answerer 1
Accounts Receivable Account:
Beginning bal 400,000
Credit sales 910,000
Collections (941,000)
Written off (22,000) using allowance a/c to the max
Written off (2,000) balance of 24k, taken to P/L
Ending bal. 345,000
Allowance for Doubtful Accounts:
Begin... More...
Accounting Questions?
Receipts from cash sales of $7,500 were recorded incorrectly as $5,700. What entry is required in the depositor's accounts?
a. debit Cash; credit Accounts Receivable
b. debit Sales; credit Cash
c. debit Accounts Receivable; credit Cash
d. debit Cash; credit Sales
An important characteristic of the voucher system is the requirement that:
a. vouchers be paid immediately after they are prepared
b. a voucher be prepared for each expenditure
c. the face of the voucher show the account dis...
dazed&confused:d, b, b... More...
Accounting Questions?
1. Asset accounts normally have ____ balances.
2. The balance in an accounts receivable is usually a(n) ___ balance.
3. A debit balance in a liability account is called a(n) ___ balance....
lillydagger_233:1. Debit
2. Debit
3. Contra... More...
Accounting questions?
Grayson Barricades fixed costs are $10,000 per year. Its warehouse sells a pallet of barricades with a contribution margin of 20%. How much in sales does Grayson need to break-even per year if barricades are its only product?
Question 19 answers
A. $2,000
B. $8,000
C. $12,500
D. $50,000
Grass, Inc. variable costs are 25% of sales. Its selling price is $95 per unit. If Grass sells one unit more than break even units, how much will profit increase?
Question 21 answers
A. $23.75
B. $32.50
C. $38...
Sandy:Grayson Barricades fixed costs are $10,000 per year. Its warehouse sells a pallet of barricades with a contribution margin of 20%. How much in sales does Grayson need to break-even per year if barricades are its only product?
answer : D. $50,000
Break-even in sales = Fixed costs divided by contribut... More...
Accounting questions?
Ok, i was little bit confused about when u write off equipment
For example:
lets say i bought a machine, for 100$, i would ,debit equipment and credit cash, then after some time the machine got depreciated with no salvage value, so at this point i would write, Accumilated dep. debit this 100 and credit equipment for 100, but how does the expenss register????? i though acum dep. is a contra asset account, not and expense account, or is it?...
just_the_facts_ma'am:Accumulated depreciation is a contra asset account.
When you record depreciation, you debit expense and credit accumulated depreciation. The equipment account is not affected.... More...
Accounting Questions?
For each error situation, state whether the trial balance will not be out of balance, or if it is out of balance, by how much?
1. An account balance of 140 dollars was sent to the wrong side of the trial balance.
2. A payment of 495 dollars to a creditor was recorded as a debit to A/P of 495 and a credit to the bank of 495 dollars.
3. An amount of 50 dollars was debited to supplies, but should have been debited to Equipment....
Yarcofin:1. Out of balance by 280 (double)
2. I don't think this is an error
3. No change in balance... More...
Accounting Questions?
Is each of the following a asset, liability, or Capital, and state whether it is a debit or credit
a) increase in (Accounts Payable)
b) A broken coffee maker that can't be repaired is thrown out.
c) (owner) invests 2000 dollars cash in the business
d) Obtain a (loan) of 5000 dollars from the bank.
e) (owner) withdraws 450 dollars from the business for personal use....
Sandy:a) increase in (Accounts Payable)
Liability, credit
b) A broken coffee maker that can't be repaired is thrown out
The net book value is written off to expense.
Assets decrease, credit
Capital, debit
c) (owner) invests 2000 dollars cash in the business
Assets increase by $2,000, debit
Capital inc... More...
Accounting Questions?
For each error situation, state whether the trial balance will not be out of balance, or if it is out of balance, by how much?
1. A payment for equipment was recorded as a debit of 395 dollars to equipment and a credit of 359 dollars to the bank.
2. Cash received from a customer was recorded as a debit of 180 dollars to the bank and a credit of 180 dollars to A/P.
3. A credit of 300 dollars to the capital account was recorded twice....
kamo_kid:1) Trial balance does not balance, with debits exceeding credits by 36.
2) There is a error, but strictly speaking the trial balance still balances as there is a Dr and Cr. Correction required:
Dr Accounts Payable 180
Cr Accounts Receivable 180
3) Credits exceed debits by 300, assuming that the D... More...
Accounting Questions???
1. Which financial statement would you analyze to determine if a company distributed any of its profits to its shareholders?
A. Statement of retained earnings B.Balance sheet
C. Neither of these statements D. Both of these statements
2. Which one of the following is an assumption made in the preparation of financial statements?
A. The current market value is assumed to be more relevant than the original cost paid
B. Financial statements are prepared for a specific entity tha...
Sandy:1. Which financial statement would you analyze to determine if a company distributed any of its profits to its shareholders?
A. Statement of retained earnings
2. Which one of the following is an assumption made in the preparation of financial statements?
B. Financial statements are prepared for a ... More...
Accounting Questions?
1. You have set up an ordinary annuity that will pay you $650.00 a month for the next 25 years. You will earn interest at a rate of 5.5% compounded monthly. What amount did you invest to accomplish this goal?
2. If an annuity was set up for semi-annual payments at the end of each period in the amt of $1350, what would be the value of this annuity after 15 1/2 yrs with interest compounded semiannually at a rate of 4%?
3. A company requires the amount of $850,000 in twenty(20) years to retire a bo...
Nobody:1. The present value of an ordinary annuity is PV= P*(1- (1/1+i)^n)/i with PV = present Value, P= Payment amount i = interest and n=number of payments. So for this specific problem, n=300 P=650 and i=.0045833. The answer is 105848.11 (note: since interest is 5.5% compunded monthly, i= .055/12)
... More...
accounting questions ?
Management's assessment of the company's results.
a)Financial statements
B)Not disclosed
C)Notes to the financial statements
d)Auditor's Opinion
e) Management discussion and analysis (MD&A)...
Blake G:E, like i said before my mom is an accountant and she told me....so i hope this helps... More...
Accounting questions?
According to its website (www.smuckers.com), the J.M. Smucker Company was founded in 1897 when the Company's namesake and founder sold his first product -- apple butter -- from the back of a horse-drawn wagon. Today, over a century later, the Company is the market leader in fruit spreads, peanut butter, shortening and oils, ice cream toppings, and health and natural foods beverages in North America under such icon brands as Smucker’s®, Jif® and Crisco®.
The Report on Business in the Globe and ...
Jo:5. d)April 30
they told u jan 31 is the 3rd quarter so add one more quarter.
6. c)$514.1-million U.S.
sales - expenses = profit.
7. c)approximately $31.4-million U.S.
36.1/115 * 100... More...
Accounting Questions?
1. Give reasons why business persons sell on credit when there is a chance that they will not be able to collect the debt.
2. Give a acceptable definition of a balance sheet.
3. In three words, state what information is contained in the heading of a balance sheet....
Tom C:1. without going into a great amount of detail, in general a company that sells product on credit can sell a substantially greater volume of its product than it would be able to if it dealt only in cash sales. Therefore, even though a business that sells on credit may experience some uncollectible... More...
Accounting questions?
Prepare general journal entries for the following transactions of a new business called Pose for Pics.
Aug. 1 Hashim Paris, the owner, invested $7,500 cash and $32,500 of photography equipment in
the business.
1 Paid $3,000 cash for an insurance policy covering the next 24 months.
5 Purchased office supplies for $1,400 cash.
20 Received $2,650 cash in photography fees earned.
31 Paid $875 cash for August utilities....
itaf3can:Dr cash 7500
Dr equipment 32500
Cr Equity 40000
Dr prepaid insurance 3000
Cr cash 3000
Dr Office supplies 1400
Cr Cash 1400
Dr Cash 2650
Cr Revenue 2650
Dr Utilities Expense 875
Cr Cash 875... More...
accounting questions?
10 pts to whoever can answer these
assets=
profit=
equity=
net sales=
gross profit=
Gst exclusive price+GST=
profit+net sales...
Lauren:Assets= Liabilities+Stockholders' Equity
Profit= Income-expenses
Equity= assets-liabilities
Net sales= Sales-returns and allowances
Gross Profit= Net sales-cost of goods sold
GST exclusive - use this link. I'm not familiar with this....
http://en.wikipedia.org/wiki/Goods_and_Services_Tax_(New_Zeala... More...
Accounting Questions?
1. The balance sheet is thought of as being a "snap-shot" of the business. Explain this statement.
2. Assets and liabilities can be thought of as things that can be touched or seen. For example, you can go into the parking lot and touch the automobile, or you can see the signed bank loan at the bank. The equity is not like this. Explain....
R Worth:Read your textbook and answer the questions. Perish the thought that you might actually learn something in school.... More...
accounting questions?
The liabilities of Cochran Company equal one-fifth of the total assets. The owner’s equity is $ 40,000. What is the amount of the liabilities?...
TaxGurl:Assets = liabilities + owner's equity
5A = A + $40,000
4A = 40,000
A = $10,000
Assets = $50,000
Liabilities = $10,000
OE = $40,000... More...
Accounting questions?
in a period of rising prices, the inventory reported in Alpha Company's balance sheet is close to the current cost of the inventory whereas Omega Company's inventory is considerably below its current cost. identity the inventory cost flow method used by each company. which company probably has been reporting the higher gross profit?...
dee y:Alpha is doing FIFO or first-in, first-out method which means the stocks/inventory left were those purchased recently and the old stocks are the ones sold. Omega on the otherhand uses LIFO(last-in, first-out). Their old stocks with prices relatively low than the current prices were the ones retained... More...
Accounting Questions?
The manufacturing operation that would be most likely to use a job-order costing system is:
a. toy manufacturing
b. candy manufacturing
c. crude oil refining
d. shipbuilding
In a job-order cost system, the application of manufacturing overhead usually would be recorded as a debit to:
a. cost of goods sold
b. work in process inventory
c. manufacturing overhead
d. finished goods inventory
In a job order cost system using predetermined manufacturing overhead rates, indirect materials issued into pr...
Scott K:d, a, d, c, c... More...
Accounting Questions?
Does anyone know how to calculate Operating Profit, Net Profit, and Basic Earnings from the annual statement?...
Kathryn:Operating profit (or operating income) is:
Sales
Less: Cost of goods sold
Less: Operating expenses (those expenses that are part of running the business, not unusual expenses)
Net profit (or net income) is:
Operating profit
Plus or (minus): Other income (expense) (interest expense, gain or loss... More...
accounting questions?
a) identify the three activities that pertain to a petty cash, fund, and indicate an internal control principle that is applicable to each activity
B) when are journal entries required in the operation of a petty cash fund?...
kaye:1-establish petty cash fund
2-use of petty cash fund
3-replenish petty cash fund
Journal entries are required each time petty cash is used and at the beginning of each month when the fund is replenished... More...
Accounting questions?
What is the entry to record a rental deposit? How does this change if the first month was rent-free (ie. company signs 5yr lease, pays deposit & first month free)...
kam:DR cash
CR customer deposits
If there is no security deposit then record the short term portion of your lease showing 11 months. The remaining 49 months of the lease to hit a long term portion account.
Each month you need to record the revenue so setup a standard entry reclassing one month of ren... More...
accounting questions?
1.Explain the meaning of entity concept.
2.Suggest ways in which the Net Worth of a business entity might change.
3What types of assets and liabilities would a fashion store be likely to have...
Shereen N:1.The business entity concept provides that the accounting for a business or organization be kept separate from the personal affairs of its owner, or from any other business or organization. This means that the owner of a business should not place any personal assets on the business balance sheet. T... More...
Accounting Questions?
Can somebody please explain,
Determine if there is a different treatment for executory contracts such as executive's compensation, relative to purchase commitments....
:... More...
Some questions regarding accounting.... can someone please help!?
I have an hw assignment due on Thursday and can't find these answers anywhere since hte packet we got has like over 100 pages... can someone please help me with these accounting questions?
1) what is the journal entry made to record accrual for the Insurance Receivable [aggregate entry]?
2) What are 3 major areas that contribute to the determination of accrual the company must make for estimates regarding litigation?
If someone can help me with these, I'd greatly appreciate it. Thanks...
Sandy:1) What's insurance receivable? You mean the premiums or the claims? I assume it's premiums
Dr Insurance premiums receivable xxx
Cr Insurance premium revenue xxx
2) What are 3 major areas that contribute to the determination of accrual the company must make for estimates regarding litigation?
An... More...
Would you answer 2 accounting questions if someone offered you $20 to do it?
http://finance.justanswer.com/questions/165gu-accounting
Did you read the questions?...
Dan:No.... More...
Hi! Is there any helpful website w/c i can browse and which i can also post accounting related questions! thnx
I would like to inquire whether there are any accouting website who is updated in terms of the IFRS and IAS (International Financial Reporting Standards and International Accounting Standards) which i can also post accounting questions in relations with applying those new standards. Thank you very much :-)...
krishbhavara:Try this site
http://www.futureaccountant.com/... More...
please read details - involves accounting questions?
could anybody help me to figure out these two questions it would be greatly appreciated:
93. Cal Farms reported supplies expense of $2,000,000 this year. The supplies account decreased by $200,000 during the year to an ending balance of $400,000. What was the cost of supplies the Cal Farms purchased during the year?
and
94. Dave's Duds reported cost of goods sold for $2,000,000 this year. The inventory account increased by $200,000 during the year to an ending balance of $400,000. What was th...
Sandy:Qn 93
Beginning supplies $600,000
Add purchases ??
Less supplies used up ($2,000,000)
= Ending supplies $400,000
Arranged like this, it's quite easy to see that purchases of supplies were $1,800,000
Qn 94
Beginning inventory $200,000
Add purchases ??
Less COGS ($2,000,000)
= Ending inventory $400,... More...
I need help with some accounting questions?
Here is the question I have:
I am recording two complete accounting cycles. For the one in 2004 it states at the end for the adjusting section, "Recorded $2,100 of accrued salaries at the end of 2004". Then, at the very beginning of 2005 it states "Paid $2,100 cash for the salaries accrued at the end of the previous year."
We have put this on a T chart, and I am not sure where each will go on each year and on each side of the Dr. and Cr.
Thanks for your help. If this doesn't make sense, se...
Kerri E:2004
Salaries Expense DR 2,100
Accrued Salaries CR 2,100
2005
Accrued Salaries DR 2,100
Cash CR 2,100... More...
l want to get a teaching online to be asking him/her some accounting questions. and replying me with some ans.
principal of account. trading and profit and loss. financial statement
calculation of opening capital and other questions...
:... More...
Quickbooks Accounting Questions?
First we are a company that does contract work for customers. We do contracts with our customers; we invoice the customer for the approval purchase contract order amount once the job is complete. Every contract is the base amount that includes supplies and materials and labor in the cost. I am instructed to set up an asset and A/P liablity account for each customer. Understanding that this is correct, am I to set up customer under "other asset" amd the A/P customer account under "other liabi...
:... More...
Two Accounting Questions?
Which of the following accounts should be closed to Income Summary at the end of the fiscal year?
a. Accumulated Depreciation-Equipment
b. Dividends
c. Sales
- For the above question, I don't think it's either A or B.
After all of the account balances have been extended to the Balance Sheet columns of the work sheet, the totals of the Debit and Credit columns are $377,750 and $387,750, respectively. What is the amount of net income or net loss for the period?
a. $377,750 net income
b. $1...
Eric:I don't fully understand your question so I will go with assumptions....
Question 1
If you are are asking what account should be closed at the end of the fiscal year, then the answer is "c". Reason is that Sales is an Income Statement account and therefore these accounts are always closed and rese... More...
Financial accounting related questions see detail?
a) How does accounting information assist management in measuring efficiency and effectiveness? (10 Numbers)
(b)Do the terms “financial reporting” and “financial statement” mean the same thing? Explain. (10 Numbers)
(c)Why are investments in marketable securities usually recorded as current assets? (10 Numbers)
These questions are of 30 Numbers of my assignment. I need a detailed answer of these questions.
If someone...
carol:I'm a CPA and I know the answers without referring to any books or websites. But what I'll tell you is.....do your own freaking homework!... More...
Audit Accounting- Survey Questions Idea?
how to tell if an accounting audit person does his job effectively or not by asking them questions? and, what kind of program and or procedures does an audit use? thanks!!!
"what kind of program and or procedures does an audit use? " IS ANSWERED.
now i am actually wanted to know if i were to give out a survey to the auditors, what questionaires should i ask in order to know how efficient and effective they are in the matter of confirmation procedures...
DK:Honestly, I prefer auditors that are quick learners with good problem-solving skills. Lower-level auditors have book-knowledge, but each business has their own creative ways of implementing GAAP to suit their needs. A good auditor, to me, is one who can adapt their book knowledge to the company's ... More...
accounting questions help #1!! thanks for the help!!?
1)Which one of the following accounts would NOT be closed at the end of the accounting year?
a)utilities expense, b)sales rev, c)prepaid rent expense, d)wages expense, e)all of the above
2)A post-closing trial balance will show account balances for the
a)real and nominal accounts, b)real accounts only, c)nominal accounts only, d)income statement accounts only, e)none of the above
3)Nominal accounts are
a)temp accounts, b)closed at the end of the accounting period, c)include income statement acc...
Sandy:1) c - prepaid rent a/c wld not be closed off at the end of the yr. It's an asset a/c and stays in the balance sheet.
2) b - only real accounts get carried forward to the next yr
3) e - all of the above
4) a - cost of the truck divided by its useful life of 4yrs, assuming it's put to use... More...
Accounting questions (1st)?
Which answer is you think the best answer.?
Thank you.
1. The accounting concept that supports reporting revenues and related expenses in the same period is called:
a. Revenue recognition concept
b. Accounting period concept
c. Matching concept
d. Adjusting Concept
All adjusting entries:
a. Affect at least one income statement account and one balance sheet account.
b. Affect two different balance sheet accounts.
c. Affect two different income statement accounts.
d. Affect at le...
Allan:a.
c.
a.
(b) or (d)... More...
accounting questions(pls answer if you are sure of it)?
1.The communication of accounting information is accomplished by
a.Recording
b.Storing
c. Processing
d.Reporting
2.The convention of consistency refers to consistent use of accounting principles
a.among firms
b.among accounting periods
c.throughout the accounting period
d.within industries
3.To obtain a slightly more accurate measure of net income, ABC Inc. has determined it must hire 2 full time accountants. If it decides against the hiring, it has followed the convention of
a.consistency
b....
Serge M:1d - the first three involve the accumulation of the information which is communicated by reporting financial statements.
2b - consistency applies to the consistent use of the same principles from one period to another so that the financial statements of different periods are comparable.
3 - b is no... More...
Accounting questions -- True or False help!!?
6)Independent CPAs in the public practice of accounting are viewed as employees of their clients
16)An "account" is a standardized format used to accumulate the effects of transactions on each financial statement item
29)In the long run, companies must report positive cash flow from operating activities in order to be successful. A company such as Papa John's that shows positive cash flows from operation over time will be less likely to need to borrow/issue more stock to finance expansion
32)The...
csanda:Well... I am a CPA and a financial analyst.
6 False. Very false. Their independence means they must be, by law, by their engagement letter and by ethics independent of their clients. This is only true on very rare occassions where a public CPA firm is engaged to do specific accounting tasks (e.... More...
Accounting questions! please help!?
1)Assets on the balance sheet are recorded at market value or replacement cost - True or False
2)GAAP are identical in most developed countries - T or F?
3)Accounting measures/reports financial data for profit-making businesses as well as not-for-profit orgs - T or F?
4)Managers who commit accounting fraud may be fined but can't be charged with a crime punishable by jail time - T or F?
5)Using accrual basis of accounting, a company recognizes expenses when they are paid - T or F?
6)Accrual basis...
Breadcrumbs:1) T
2) F
3) T
4) F (Tax Fraud)
5) F (Companies recognize expenses when the correlating revenue is made)
6) T... More...
accounting questions - true or false!! help!?
1)An audit guarantees that the financial statements are free of all misstatements
2)The payment of a liability in cash will decrease owners' equity
3)It is not possible for the left side of the equation to both increase/decrease as a result of the same transaction
4)Debits always increase and credits always decrease the accounts
5)In a journal entry, the debits must equal the credits and at least three accounts are affected by the transaction
6)An example of ongoing operations is revenue earned ...
Serge M:1. False. There is no guarantee. An audit results in expressing an opinion on the fairness of the statements.
2. False. Owners' equity is not affected by such a transaction.
3. False. The equation is A = L + C. An asset can increase while another asset decreases in a transaction that results in a ga... More...
Accounting questions - true or false!! help!?
1)An audit guarantees that the financial statements are free of all misstatements
2)The payment of a liability in cash will decrease owners' equity
3)It is not possible for the left side of the equation to both increase/decrease as a result of the same transaction
4)Debits always increase and credits always decrease the accounts
5)In a journal entry, the debits must equal the credits and at least three accounts are affected by the transaction
6)An example of ongoing operations is revenue earned ...
Sandy:1)An audit guarantees that the financial statements are free of all misstatements - False. The audit report only says whether the a/cs give a true and fair view, not whether they are accurate.
2)The payment of a liability in cash will decrease owners' equity - False. Payment of a liab in cash will ... More...
accounting questions! please help!?
1)Assets on the balance sheet are recorded at market value or replacement cost - True or False
2)GAAP are identical in most developed countries - T or F?
3)Accounting measures/reports financial data for profit-making businesses as well as not-for-profit orgs - T or F?
4)Managers who commit accounting fraud may be fined but can't be charged with a crime punishable by jail time - T or F?
5)Using accrual basis of accounting, a company recognizes expenses when they are paid - T or F?
6)Accrual basis...
Sandy:1) False. Certain property, plant & equipment are still recorded at cost less accd depn. It's just that you have to perform the impairment test and recognise any impairment
2) This one is tricky cos of the word "most". If they had said "all" developed countries the ans wld have been False, but ... More...
[Accounting Questions] please help me to answer the following question?
If company's suppliers delayed to give you receipts, should
company still record expenses?
If so, it is in what accounting principle?
Thanks for ur help!...
Sandy:You record the expense not so much because of any accounting principle but because of contract law. You've paid him, haven't you? It doesn't matter whether he gives you a receipt. He's accepted your money, there was a valid contract, a commercial transaction has taken place, and you should record it... More...