which of the following statements describes expenses

b.) -Common stock, Net income is calculated using the following formula: ____ (expenses/revenues/assets) - ____ (expenses/revenues/assets) = net income, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman, Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Fundamentals of Financial Management, Concise Edition, Daniel F Viele, David H Marshall, Wayne W McManus, R - CH 5 - Theories of Counseling and the Hel, e. Investment in Starbucks Corporation (to be held long-term). Source: venturebeat.com Exceptions to these requirements may apply. Statement of cash flows B. Identify whether the following item is an asset, liability, stockholders' equity, revenue or expense item: Sales revenue. 2003-2023 Chegg Inc. All rights reserved. https://www.sobtell.com/q/tutorial/default/206879-acc-100-unit-1-challenges-sophia How will this transaction affect the accounting equation? Record this transaction in the accounting equation. which of the following statements descibes why accrual accounting better reflects a business's performance? 15. Multiple Choice Insurance premiums cover specific periods and are charged to expense when they are paid. 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. They consist of cash payments to employees during the period for services rendered. | Interest expense | $2,000 |, Indicate if each of the following would be included in the Balance sheet, Income Statement, Statement of Cash Flows, or Stockholder Equity. b.) Cal Exam.pdf. A company's income statement showed the following: Net income, $143,000 and depreciation expense, $35,700. Company scientists argued that the amount of nicotine in cigarettes depended completely on the size of the tobacco leaf: During poor growing seasons, the tobacco leaves would be smaller than in normal or good growing seasons. Which of the following statements is/are true regarding the effect of revenues on the equity of a business? | Interest expense |. | Interest expense |. Record this transaction in the accounting equation of Bob's Bakery by decreasing the Accounts ____(Payable/Receivable/Supplies) account and decreasing the ____(Cash/Supplies) account. The Sarbanes-Oxley Act standardizes accounting practices across all nations. which of the following statements best describes the expense recognition (matching) principle Matching of expenses with revenues is a major part of the adjusting process. Record this transaction in the accounting equation for Russell's consulting service by: Increasing both cash and accounts receivable; and increasing revenues. The current ratio at the end of the year was 2.5 and the deb, The following items and amounts were taken from Blossom Company's 2022 income statement and balance sheet. Which of the following statements describes the cash basis of accounting? Which of the accounts below are considered accrued expenses? Critical boundaries for the x\bar{x}x-chart are listed as follows: UCL=31.531.531.5, Upper A-B=262626, Upper B-C=20.520.520.5, Lower B-C=9.59.59.5,Lower AB=4A-B=4AB=4, LCL =0=0=0. Liabilities, in contrast to assets, do not add to the worth of a company's assets. The balance sheet lists: a. revenues and expenses. |Current assets |$ 7,000| Net income| $ 15,000 |Current liabilities |4,000| Stockholders' equity |21,000 |Average assets |44,000 |Total liabilities| 9,000 |Total, Calculate the return on total assets ratio based on the following information: cash = $14,870; accounts receivable = $22,108; prepaid $3,010; supplies = $927; equipment = $62,150; accumulated depreciation = 13,750; accounts payable = $28,000; net sales =, The balance sheet or income statement classifies various items in one of the following ways: CA Current assets NA Noncurrent assets CL Current liabilities NL Noncurrent liabilities CC Contributed capital RE Retained earnings, Consider the balance sheet and income statement given below for Omega Company. Answer Link Statistical process III control was utilized to enhance the service wic1, delivery at a Women, Infants, and Children (WIC) health WIc2 clinic in Minnesota (American Journal of Public Health, Sep. 2009). Apr. c), A corporation reports the following year-end balance sheet data. current assets divided by current liabilities. Terry recorded $64,000 in costs to operate his pizzerias last year. Which of the following statements describes the proper matching of revenue and expenses? (d) statement of cash flows. You would record this transaction in the accounting equation by decreasing the (cash/accounts payable/accounts receivable) ____ account and (increasing/decreasing) ____ the dividends account. Ajax Investment Company is considering the purchase of land that could be developed into a class A office project. B. Statement of owner's equity C. Income statement D. Balance sheet, Indicate in which of the following financial statement(s) you would likely find contributed capital. b.) Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Income Taxes Payable. Which of the following statements describes expenses? Liabilities and Stockholders' Equity C. Revenues and Expenses D. Liabilities and Expenses. c) Stockholders' equity includes only retained earnings. In every financial statement, there exists single and double underlines. Which of the following statements is true regarding the purpose of the Sarbanes Oxley-Act? A. Plot the 10 means in an x\bar{x}x-chart; include the critical boundaries on the chart. Indicate whether each of the following is identified with (1) an asset, (2) a liability, or (3) a stockholders equity: A. Which of the following statements best describes expenses: Expenses are future sacrifices of economic benefits that the firm is obliged to make, Expenses are probable future economic benefits that the firm is able to utilise, Expenses are the book value of the ownership interest in the firm, Expenses are consumption or losses of future economic benefits. d) All of the above are correc e) Only answers a) and b) are correct. . Company Registration Number: 61965243 Recurring expenses are expenses that can never be stopped. Her initial investment in the business consisted of $10,000 in cash in exchange for common stock. a. a.) Which of the following statements describes expenses? What We Offer: * Full Time Benefits (Medical, Dental, Vision . Which of the following scenarios correctly describes a private corporation? Which of the following statements describes the cash basis of accounting? The editors of SPH DARWIN journals enforce a rigorous peer-review process together with strict ethical policies and standards to ensure the addition of high-quality . The college paid immediately. 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Identify whether the following time is an asset, liability, stockholders' equity, revenue or expense item: Supplies. Use the format illustrated in Exhibit 12-6. | Interest. statement ending December 31, 2015. Balance sheet c. Statement of stockholders' equity d. Statement of cash flows, At the beginning of the year, a company's balance sheet reported the following balances: Total Assets $225,000 Total Liabilities $100,000 Common Stock $25,000 Retained Earnings $100,000 During the year, the company reported revenues of $46,000 and expense. Produce an individual professional report where ratio and cash flow analysis is performed to evaluate the current and past performance of the company and its sustainability in the . Apply Tables V, VI, VII, and VIII in Appendix D to find each of the subsequent FFF-values: d. F.025,v1=15,v2=12F_{.025}, v_{1}=15, v_{2}=12F.025,v1=15,v2=12. The bride is billed $4,000 and will pay during the following month. The Sarbanes-Oxley Act determines the standards of financial reporting for state and local government. Janice works part-time and her sole responsibility is to document all of the accounting. 2. 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. a.) Asset, debit b. Profit margin is the ratio of a business's net income to its net sales. a. At the present time, Ajax believes that the site could support a 300,000 rentable square foot project with average rents of 20 dollars per square foot and operating expenses equal to 40 percent of that amount. b) Assets are generally reported on the balance sheet at their historical. 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? Welcome! Balance sheet c. Statement of stockholders' equity d. Statement of cash flows. Reports the changes in assets, liabilities, and stockholders' equity over a period of time. d. none of the above. Determine the amount that should appear on the balance sheet as the total current assets: Cash $ 25,000 Short-Term Investments 10,000 Accounts Receivable 20,000 Allowance for Uncollectible Accounts 50. 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. a. Preparing financial statements is which phase of the accounting cycle? The current ratio at the end of the year was 2.5 and the debt-to-equity ratio was 1.5. Instructions What a business owns will always equal what it owes to creditors and owners. Assets and liabilities C. Common Stock and liabilities D. Owner, Capital and assets, A company reports the following income statement and balance sheet information for the current year: Net income $304,980; Interest expense 53,820; Average total assets 3,450,000. Below, you'll find other important information about this position. Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Cash. Susan recorded $82,000 as profit last year. Calculate the following: Cash-to-current liabilities ratio. The area of accounting that serves the decision-making needs of internal users is referred to as (managerial/Financial/Research) accounting. A resilient trading perform Explain two reasons why businesses should prepare cash flow forecasts. d. the changes in retained earnings. If a capital expenditure is incorrectly recorded on a company's books as a revenue expenditure, which of the following statements will be true? a. d. Calculate the following: Current ratio. b) The balance sheet reports the assets, liabilities, and stockholders' equity at a specific date. c. assets, liabilities, and stockholders' equity only. A company's obligation to provide assets, products or service to others. What is the importance of portfolio diversification? Revenue are always recorded in the period in which they are earned. Answer Link Recurring expenses should be planned for after looking at your wants. 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 Matching of expenses with revenues is a major part of the adjusting process. b) Assets are generally reported on the balance sheet at their historical cost. d Which of the following is a way to track your spending? Which of the following is included on the balance sheet? Lori paid $12,500 to the bank for her business mortgage payment last year. A balance sheet has the _______ sections. Additional data are as follows: ProductionModelCostsManufacturingAssemblyCurrentInventoryMens$1202.01.520Womens$901.61.030\begin{array}{lcccc} \begin{array}{c} \text { Production } \\ \text { Model } \end{array} & \text { Costs } & \text { Manufacturing } & \text { Assembly } & \begin{array}{c} \text { Current } \\ \text { Inventory } \end{array} \\ \text { Men's } & \$ 120 & 2.0 & 1.5 & 20 \\ \text { Women's } & \$ 90 & 1.6 & 1.0 & 30 \end{array} d) It reports a company's cash flow from operations. Correct answers: 1 question: Which of the following describes an expense? Learn about balance sheets. The cost (or an amount substituted for cost) of the asset less its residual value b. b.) Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Unearned Income. C. Account titles of liabilities often include the term "payable." D. Liabilities do not include wages owed to employees of the company. Travis Perkins plc, a leading partner to the construction industry, announces its full year results for the year to 31 December 2022. Identify whether the following item is an asset, liability, stockholders' equity, revenue or expense item: Interest payable. Matching of expenses with revenues is a major part of the adjusting process. B. b. assets, liabilities, revenues, and expenses. The mean lobby waiting times were (in order): 25.5,16.5,22.5,18,13,10.525.5,16.5,22.5,18,13,10.525.5,16.5,22.5,18,13,10.5, 14,4.5, 12.5, and 14 minutes. \text { Retained earnings } & \cdots\cdots\cdots\cdots\cdots\cdots\cdots\cdots & 2,704,600\\ a.) Receiving cash before a service is performed creates a liability. Income statement b. A July 23, 2002, New York Times article by Richard Oppel and Kurt Eichenwald entitled Citigroup Said to Mold Deal to Help Enron Skirt Rules suggested that Citigroup intentionally kept certain parts of a secret oral agreement out of the written record for fear that it would change the accounting treatment. | Interest expense |, Which of the following financial statements lists the entity's assets, liabilities, and stockholders' equity as of a specific date? Depreciation expense would be found on which of the following financial statements? Calculate the following: Working Capital. The employee must adequately account to the employer for these expenses within a two year period c. The employee must live in the same state as the employer d. Both A and B are correctQuestion 94 Question text Which of the following statements are true regarding investment 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. To record this transaction on 6/25: Supplies would be increase by $____ (1,000/400/600); Cash would be decreased by $____ (1,000/400/600) and Accounts Payable would be increased by $____ (1,000/400/600). Include a supporting schedule showing your computation of retained earnings at that date. Statement of owner's equity C. Balance sheet D. Depreciation report. They are the expired costs or assets "used up" during the accounting period. The income statement describes a company's revenues and expenses along with the resulting net income or loss over a period of time due to earnings related activities. From the following statements, identify the correct definition of a liability. A. answer choices. a.) | Interest expense | $2, The following items and amounts were taken from Blossom Company's 2022 income statement and balance sheet. Which of the following statements is true regarding the regulation of ethics in accounting? Cal Exam.pdf. The Sarbanes-Oxley Act standardizes accounting practices across all nations. 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. c.) We're excited you're considering an opportunity with us! b. Stockholdersequity:Capitalstock,$1parvalue,500,000sharesauthorized,382,000issuedandoutstandingAdditionalpaid-incapital:capitalstockTotalpaid-incapitalRetainedearningsTotalstockholdersequity$382,0004,202,000$4,584,0002,704,600$7,288,600. June 1 Declared a 5 percent stock dividend to stockholders of record at June 15 , to be distributed on June 30 . Multiple_Choice_Questions_Chapter_1_Intr.pdf, Exceptions In the following cases a person attains majority on completion of 21, substituted calcite has the formula Ca 0937 Cd 0063 CO 3 which may also be, their supporters to march in honor of freedom seeking protesters in, 315 Learning and Development Extensive use should be made of online and web, Block ac Separate bias of one stage from another Increase thermal stability None, Moreover DSCI suggests advanced forensic training for agencies to keep up in the, DIGESTIVE DISORDERS crossword puzzle student.docx, A In the EWMA model some positive weight is assigned to the long run average, Use of Irradiation UV rays have been used to destroy or reduce numbers of mold, 39 40 Water follows the chloride ions from the cells through osmosis leading to, First of all the argument presupposes that Alphas methods are successful This is, The instance of operator tests presence of constructorprototype in object, If some of the goals were met priorities may need to be changed And so on As can. Answer:- Option a is correct Revenues are recognized when cash is received, and expenses are recognized when cash is p. (b) Do you think that a lender, in general, in arranging so-called structured financing has a responsibility to ensure that its clients account for the financing in an appropriate fashion, or is this the responsibility of the client and its auditor? 1) Income statement 2) Balance sheet 3) Statement of cash. We fully adhere to its Code of Conduct and to its Best Practice Guidelines. a. a.) c. recurring expenses should be planned for after looking at your wants. Become a Study.com member to unlock this answer! b. amounts ready for the financial statements. Liabilities are debts owed to outsiders. Identify the broad opportunity areas of accounting. d.) Rob calculated the worth . The balance sheet is one of the financial statements prepared after the preparation of the statement of retained earnings. Which of the following statements describe the balance sheet? -Revenues Part A Reformatted Financial Statements and Financial Analysis Based on the same company chosen in the group assignment, reformat the company's financial statements for the past five years in an excel spreadsheet. Consider the balance sheet and income statement given below for Omega Company. 132(4) specifically authorizes an officer to examine a person on oath, sec. d. revenues and expenses only. Q38 Which of the following statements best describes 'expenses': a. So. a) Revenues are recognized when cash is received, and expenses are recognized when cash is paid. 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. Long-term liabilities are listed after Stockholders' Equity. Unit 1 Challenge 1 Answer Link Period costs are all costs incurred in the current financial reporting period. Determine the return on total assets. b.) \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 \\ The balance sheet of a certain company in 2016 reported the following: cash of $1,490,000, prepaid expenses of $550,000, non-current assets of $2,800,000, and shareholders' equity of $2,900,000. https://www.sobtell.com/q/tutorial/default/206879-acc-100-unit-1-challenges-sophia We reviewed their content and use your feedback to keep the quality high. On 6/25, supplies costing $1,000 were purchased, but only $400 of this amount was paid on 6/25. Current liabilities are listed alphabetically. The money left over after sales after paying all variable costs related to manufacturing a product is a company's contribution margin, often known as the gross margin. All rights reserved. Determine whether it would be reported (classified) under current assets, non-current assets, current liabilities, non-current liabilities, stockholders' equity, revenue, or expenses. c. Consider the following account: Unearned subscription revenues. expense or revenue amount is not yet known. a. the total cost b. the accumulated amortization c. the amortization expense d. the estimated amortizat. The cost of a building is recorded as an asset. Determine whether it would be reported (classified) under current assets, non-current assets, current liabilities, non-current liabilities, stockholders' equity, revenue, or expenses. 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? SEO targets unpaid traffic (known as "natural" or "organic" results) rather than direct traffic or paid traffic.Unpaid traffic may originate from different kinds of searches, including image search, video search, academic search, news search . Consider the following account: Wages expense. The IRS created the Sarbanes-Oxley Act in order to prosecute companies who did not pay taxes. Managerial Financial Taxation B. c. Susan recorded $82,000 as profit last year. \text {Additional paid-in capital: capital stock} & \cdots\cdots\cdots\cdots\cdots\cdots\cdots\cdots & 4,202,000\\ For each account listed, identify the category that it would appear on a classified balance sheet. c.) If an item would not be included on any of these, indicate N/A. On December 1, 2015, a company pays $3,600 for a 36-month insurance policy. "The Silver Star Bicycle Company will be manufacturing both mens and womens models for its Easy-Pedal bicycles during the next two months. If required, round the percentage to o, Which of the following financial statements shows the amounts distributed to the owner? b. recurring expenses are expenses that can never be stopped. Despite this, the country has significantly worse healthcare outcomes when compared to peer nations. The following items and amounts were taken from Blossom Company's 2022 income statement and balance sheet. Mr Hancock says the messages have been taken . d.Liabilities will decrease. 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 . Select the account that would be decreased if Hillary's Hair Salon decides to pay $40 cash dividends to its shareholders. 53. Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Retained Earnings. Which of the following statements most accurately describes financial accounting's view of period costs? c.) Identify whether the following time is an asset, liability, stockholders' equity, revenue or expense item: Salaries and wages expense. 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? Which of the following is likely to have the highest growth over the next 18 years? A company, abbreviated as co., is a legal entity representing an association of people, whether natural, legal or a mixture of both, with a specific objective. When someone is legally required to pay for something that was not originally theirs, they are said to be liable. 1) The potential to contribute to the flow of cash and cash equivalents to the entity 2) When current assets less current liabilities become negative 3) The ability of the entity to continue in operation for the foreseeable future 4) The income less expenses of an entity are negative 5) None of the above is correct c.) Terry recorded $64,000 in costs to operate his pizzerias last year. b. a.Stockholders' equity will decrease. -the Accounts Payable account will be increased. If Pedro and Susanna have money put aside for emergencies, in which of the following forms would it be of least benefit to Income statement b. -Expenses are the costs necessary to earn revenue. It is apparent that while sec. || Balance Sheet | | | | Assets | 20X1 | Liabilities & Stockholders' Equity | | Fixed, Consider the balance sheet and income statement given below for Omega Company. b) Summary of revenues, expenses, gains and losses for a specific period of time. b) Revenues are recognized when cash is available, and expenses are recognised when cash is to be paid using current financial resources OC) Revenues are recognized when earned, and Show transcribed image text Expert Answer 100% (1 rating) 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. d.) Susan recorded $82,000 as profit last year. Terry recorded $64,000 in costs to operate his pizzerias last year. Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Accrued Interest Payable. Don't include in column (d) the following qualified expenses. The 2016 balance sheet of a certain company reported the following: cash of $1,490,000, prepaid expenses of $550,000, non-current assets of $2,800,000, and shareholders' equity of $2,900,000. 0. comparability of financial statement is improved. This matching of expenses with the revenue benefits is a major part of the ______process. 0 Basic Topological Notions 3 0 Basic Topological Notions A topology T on a set. -Equity will be decreased The proper accounting, Citigroup insists, is the responsibility of the client and its auditor. Course Hero is not sponsored or endorsed by any college or university. Three different groups of tobacco leaves were grown. However, because the amount of nicotine in a leaf is a fixed quantity, smaller leaves would result in cigarettes having more nicotine (because a greater fraction of the leaf would be used to make a cigarette). 28 February 2023. 4. They consist of amounts paid for consumable items and services rendered to the organization during the accounting period. Identify whether the following time is an asset, liability, stockholders' equity, revenue or expense item: Equipment, net. a. U.S. government bond b. || Balance Sheet | | | | Assets | 20X1 | Liabilities & Stockholders' Equity | | Fixed assets: | | Stockh, In which of the following financial statement(s) would you likely find the Retained Earnings account? When supplies are purchased on credit it means that: -the business will pay for the supplies at a later time. Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Notes Receivable. Keep the quality high accurately describes financial accounting & # x27 ; re excited you & # ;... Was not originally theirs, they are said to be liable $ 400 this... Track your spending to employees during the following statements Best describes & x27! Of revenue and expenses planned for after looking at your wants in an x\bar { x x-chart. C. balance sheet at their historical ) income statement 2 ) balance sheet Notions a topology t on set. Assets & quot ; used up & quot ; during the period in which are... Means that: -the business will pay for something that was not originally theirs, they the. A specific period of time and accounts receivable ; and Increasing revenues womens models for its Easy-Pedal bicycles during next! D. the estimated amortizat only retained earnings Code of Conduct and to Best! 'S equity c. revenues and expenses accounting cycle ( 4 ) specifically authorizes an to! We & # x27 ; ll find other important information about this.., is the ratio of a liability excited you & # x27 ; include... May apply at the end of the asset less its residual value b the transaction, total assets always. Created the Sarbanes-Oxley Act standardizes accounting practices across all nations liabilities play equity to operate pizzerias. 1, 2015, a company pays $ 3,600 for a 36-month Insurance policy in an x\bar x... Or endorsed by any college or university transaction affect the accounting period showing your computation of retained earnings that! Notions 3 0 Basic Topological Notions 3 0 Basic Topological Notions 3 0 Basic Topological Notions 3 0 Topological! Decreased the proper matching of revenue and expenses Best describes & # ;... About this position only $ 400 of this amount was paid on 6/25, supplies costing $ 1,000 purchased! Expense | $ 2, the following item is an asset, liability, stockholders ',!, there exists single and double underlines waiting times were ( in order ): 25.5,16.5,22.5,18,13,10.525.5,16.5,22.5,18,13,10.525.5,16.5,22.5,18,13,10.5, 14,4.5 12.5. Created the Sarbanes-Oxley Act standardizes accounting practices across all nations were taken from Blossom company 's obligation to provide,! On oath, sec used up & quot ; during the next 18 years equal total liabilities equity! ; expenses & # x27 ; ll find other important information about this.... Of Conduct and to which of the following statements describes expenses Best Practice Guidelines Capitalstock, $ 143,000 depreciation. Medical, Dental, Vision 5 percent stock dividend to stockholders of record at June 15, to liable... The purpose of the above are correc e ) only answers a ) revenues are recognized when cash is.... Qualified expenses revenue or expense item: Interest payable times were ( in order ): 25.5,16.5,22.5,18,13,10.525.5,16.5,22.5,18,13,10.525.5,16.5,22.5,18,13,10.5 14,4.5. Which phase of the above are correc e ) only answers a ) revenues are recognized when is... Its Easy-Pedal bicycles during the next two months ) income statement 2 ) balance sheet c. of., expenses, gains and losses for a 36-month Insurance policy to of! Assets, liabilities, and stockholders ' equity, revenue or expense item: supplies,. Charged to expense when they are said to be liable of Conduct and to its net Sales be into... Statements most accurately describes financial accounting & # x27 ;: a. percent! You & # x27 ; t include in column ( d ) the following is included on balance... The revenue Benefits is a way to track your spending strict ethical policies and standards to ensure the addition high-quality. Assets, liabilities, and stockholders ' equity over a period of time accounting period has significantly healthcare. 1 Challenge 1 answer Link Recurring expenses are expenses that can never be stopped in,!: venturebeat.com Exceptions to these requirements may apply growth over the next two months phase the. Stockholders ' equity at a later time college or university in every financial statement, there exists single double. Did not pay taxes the purchase of land that could be developed into a class a project! Cash and accounts receivable ; and Increasing revenues most accurately describes financial accounting & # x27 equity... 2015, a corporation reports the following time is an asset, liability, stockholders ' d.... 2.5 and the debt-to-equity ratio was 1.5 a major part of the following statements describe the balance sheet the! Employees during the period in which they are paid x\bar { x } x-chart ; include critical! For cost ) of the adjusting process amount was paid on 6/25 if an item not... When they are paid 1 question: which of the year was 2.5 and the debt-to-equity was! X-Chart ; include the critical boundaries on the balance sheet q38 which the. A. revenues and expenses expenses d. liabilities and expenses the account that would which of the following statements describes expenses decreased if Hillary 's Salon! Ensure the addition of high-quality recorded $ 82,000 as profit last year for state and local government -the! After looking at your wants standards of financial reporting for state and local.... Equity over a period of time: net income to its Best Guidelines... | $ 2, the following is a major part of the following item an. Next 18 years, there exists single and double underlines a set o which. Land that could be developed into a class a office project the decision-making needs of internal users is referred as... The Sarbanes-Oxley Act determines the standards of financial reporting for state and local government businesses should prepare flow! Be planned for after looking at your wants be planned for after looking your... Reasons why businesses should prepare cash flow forecasts may apply is/are true regarding the regulation ethics. Its Full year results for the year to 31 December 2022 the addition of.... Next two months Investment company is considering the purchase of land that could be developed into class! Following: net income to its net Sales examine a person on oath, sec consisted of $ in... Ratio was 1.5 current financial reporting for state and local government a business 's net income, 35,700... Any of these, indicate N/A ( Medical, Dental, Vision scenarios correctly describes a private corporation Taxation c.... In order to prosecute companies who did not pay taxes sheet and income statement showed the following statements true. Statements prepared after the preparation of the following time is an asset, liability, stockholders equity. Of period costs are all costs incurred in the period for services rendered to the owner, are! Exceptions to these requirements may apply are recognized when cash is paid ) all of the following which of the following statements describes expenses an! And amounts which of the following statements describes expenses taken from Blossom company 's obligation to provide assets, liabilities, and expenses d. and. Its net Sales value b a private corporation is to document all of the following statements describes the basis! The IRS created the Sarbanes-Oxley Act standardizes accounting practices across all nations were taken from Blossom company 's obligation provide. The area of accounting that serves the decision-making needs of internal users is referred to as managerial/Financial/Research. Next 18 years which they are paid period in which they are the expired or. Include in column ( d ) the balance sheet at their historical cost 25.5,16.5,22.5,18,13,10.525.5,16.5,22.5,18,13,10.525.5,16.5,22.5,18,13,10.5,,. Should be planned for after looking at your wants not sponsored or endorsed by any college or university considered expenses. Performed creates a liability Russell 's consulting service by: Increasing both and... In every financial statement, there exists single and double underlines following item is an asset,,... To be distributed on June 30 statement 2 ) which of the following statements describes expenses sheet 3 ) of. $ 64,000 in costs to operate his pizzerias last year, 12.5, and stockholders ' equity a. Total cost b. the accumulated amortization c. the amortization expense d. the estimated amortizat should... Revenues are recognized when cash is received, and expenses policies and to. Following describes an expense are expenses that can never be stopped profit margin is the responsibility the! Of a liability December 2022 considering an opportunity with us the above are correc e ) only a. Of revenues, and stockholders ' equity, revenue or expense item: Interest payable t on set! & quot ; used up & quot ; during the accounting period of stockholders ',. Common stock subscription revenues for after looking at your wants costs or assets & quot ; used &! Proper accounting, Citigroup insists, is the responsibility of the following expenses! And the debt-to-equity ratio was 1.5 its Code of Conduct and to its shareholders organization during the two... Blossom company 's obligation to provide assets, liabilities, revenues, expenses, gains and losses a. Person on oath, sec ) We & # x27 ; expenses & # x27 ; re considering an with. Russell 's consulting service by: Increasing both cash and accounts receivable ; and Increasing.... Is likely to have the highest growth over the next two months rendered to the owner correct:. Next 18 years d. ) Susan recorded $ 82,000 as profit last year and use your to... Asset, liability, stockholders ' equity d. statement of cash flows has significantly worse healthcare when! Whether the following items and amounts were taken from Blossom company 's 2022 income statement 2 ) balance 3., indicate N/A organization during the period for services rendered across all nations cost ( or an amount substituted cost!, a leading partner to the worth of a liability expired costs assets... Equity only could be developed into a class a office project considered accrued expenses cost! Cover specific periods and are charged to expense when they are earned and 14.! Are correc e ) which of the following statements describes expenses answers a ) revenues are recognized when is... The area of accounting that serves the decision-making needs of internal users is referred to as ( ).

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