did the company earn a satisfactory income?

how does the company's profitability compare to other companies?

do we need to borrow in the near future

what does it cost us to manufacture each unit produced?

which product should we emphasize?

do we need to borrow in the near future?

what does it cost us to manufacture each unit produced?

which product should we emphasize?

did the company earn a satisfactory income?

how does the company's profitability compare to other companies?

the cost principle states that:

assets should be recorded at their cost.

assets should be initially recorded at cost and adjusted when the fair value changes.

activities of an entity are to be kept separate and distinct from its owner.

only transaction data capable of being expressed in terms of money be included in the accounting records.

the three types of business entities are:

proprietorships, partnerships, and corporations.

proprietorships, small businesses, and partnerships.

proprietorships, partnerships, and large businesses.

financial, manufacturing, and service companies.

Which of the following events is not recorded in the accounting records?

Equipment is purchased on account

A cash investment is made into the business

The company pays a cash dividend

Performing services on account will have the following effects on the components of the basic accounting equation:

increase assets and increase equity.

increase assets and decrease equity.

increase assets and increase liabilities.

increase liabilities and increase equity.

Payment of an account payable affects the components of the accounting equation in the following way:

decreases assets and decreases liabilities

decreases equity and decreases liabilities

increases assets and decreases liabilities

decreases assets and increases equity

Which of the following statements is false?

An income statement presents the revenues, expenses, changes in equity, and resulting net income or net loss for a specific period of time

A statement of financial position reports the assets, liabilities, and equity at a specific date

A retained earnings statement summarizes the changes in retained earnings for a specific period of time

On the last day of the period, Jim Otto Company buys a $900 machine on credit. This transaction will affect the:

statement of financial position only

income statement and retained earnings statement only

income statement, retained earnings statement, and statement of financial position

The financial statement that reports assets, liabilities, and equity is the

statement of financial position

poa 01

Authored by Annette Malfoy

Mathematics

University

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MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is not a step in the accounting process?

Identification

Verification

Recording

Communication

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following statements about users of accounting information is incorrect?

Management is an internal user.

Taxing authorities are external users.

Present creditors are external users.

Regulatory authorities are internal users.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

customers

external user

internal user

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

labor unions

external user

internal user

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

marketing manager

external user

internal user

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

production supervisor

external user

internal user

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

securities regulator

external user

internal use

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poa 01

Which of the following is not a step in the accounting process?

Which of the following statements about users of accounting information is incorrect?

customers

labor unions

marketing manager

production supervisor

securities regulator

store manager

suppliers

taxing agency

Access all questions and much more by creating a free account

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Popular Resources on Wayground

Discover more resources for Mathematics