The details needed to determine whether a firm is using bookkeeping methods similar to those the its rivals would be uncovered in the: a.) auditor"s report, b.) balance sheet, c.) management conversation and evaluation section, d.) note to the jae won statements

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The corporation received cash from customers to account receivable due. The journal entry to document this transaction will a.) increase assetts and increase liabilities, b.) have no impact on full assets, c.) diminish liabilities and increase stockholder"s equity, d.) boost assets and increase stockholder"s equity
The last step in the recording procedure is to carry the journal details to the a.) attempt balance, b.) financial statements, c.) ledger, d.) file cabinets
The coporation, group sold usual stock. The newspaper entry to record this transaction is a.) debit Cash; credit company Revenue, b.) debit Cash; credit common Stock, c.) debit Cash; credit transaction Accounts Receivable, d.) debit typical Stock; credit Cash
An adjusting entry would not incorporate which that the adhering to a.) Cash, b.) account Receivable, c.) home Tax Payable, d.) Unearned Revenue
Adjusting entries deserve to be classified as a.) postponements and also advances, b.) accruals and prepayments, c.) prepayments and also postponements, d.) accruals and also advances
One of the accountancy concepts top top which adjustments because that prepayments and accruals are based is a.) matching, b.) cost, c.) financial unit, d.) financial entity
A credit sale that $900 is make on July 15, state 2/10, net/30, on i beg your pardon a return the $50 is granted ~ above July 18. What amount is got as payment in complete on July 24? a.) $900, b.) $833, c.) $850, d.) $882
A sales and also return and allowances account is not debited if a client a.) return defective merchandise, receive a credit transaction for merchandise of inferior quality, c.) utilizes a notice payment incentive, d.) returns products that are not in accordance through specifications
If a purchaser using a perpetual inventory mechanism pays the transportation expenses for purchase goods, then the a.) merchandise list account is increased, b.) merchandise list account is not affected, c.) freight-out account is increased, d.) delivery expense account is increased
In durations of increasing prices, the inventory technique which outcomes in the inventory worth on the balance sheet that is closest come current cost is the a.) FIFO method, b.) LIFO method, c.) average cost method
If suppliers use different inventory expense flow presumptions when the expense of items have no been constant through the year, climate the a.) expense of items sold that the carriers will it is in identical, b.) expense of items purchased throughout the year will certainly be identical, c.) ending inventory the the carriers will be identical, d.) net income of the providers will it is in identical
Which of the complying with is a disadvantage that the FIFO technique of costing inventory? a.) balance sheet prices (merchandise inventory) space old prices (not existing costs), b.) over there is no clear benefit of FIFO or LIFO, c.) keeping inventory documents is time consuming w/ some types of inventory, d.) income statement prices (cost of items sold) room old prices (not existing costs)
The term "FOB" denotes a.) cost-free on board, b.) freight top top board, c.) totally free only (to) buyer, d.) freight fee on buyer

Fundamental Financial bookkeeping Concepts10th EditionDanita Kelley, Gaile Moe, Gordon M Wardlaw, Jacqueline Berning


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