Net income - wages - utilities (all things straight related to operating a business). Assets and also dividends room investing and financing tasks respectively

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The proprietorship form of business organization: a.) must have at the very least 2 owners in most statesb.) usually receives favorable taxation treatment family member to a corporationc.) combines the records of the business with the personal records the the ownerd.) is classified together a different legal entity
The corporation billed a customer for services performed. The journal entry to document this transaction will: a.) rise assets and also increase liabilitiesb.) have no impact on full assetsc.) diminish liabilities and increase stockholder"s equityd.) rise assets and increase stockholder"s equity
Add up every debits and add up every credits separately, cancel the difference, and also note the side through a confident balance
Which the the complying with would NOT result in unearned revenue:a.) Rent gathered in development from tenantsb.) services performed top top accountc.) sale of season tickets to soccer gamesd.) revenue of two-year magazine subscriptions
If the adjusting entry to adjust the Unearned Revenue account because that earned revenue was no done in ~ the end of the month, the financial statements would have actually the following problems:a.) net income would it is in understated, and also assets would be understatedb.) NI would be understated, and also Liabilities would be overstatedc.) NI would certainly be overstated, and also A would be overstatedd.) NI would be overstated and also L would certainly be understated
When a details account is created off making use of the pin money method, the:a.) net receivables will increaseb.) network receivables will decreasec.) allowance account will increased.) net receivables will stay the same
Debit cash for complete factor - %; debit company Charge cost for %; credit Account receivable for total factor lot (w/o - %)
Purchase price + broker comm + closing expenses + = cost of land (filling and also grading is no included)
The asset Turnover ratio shows:a.) the company"s capability to usage its legacy in rewarding waysb.) the capability to pay all liabilities through all assetsc.) the dollars of net sales generated with every $ of full assetsd.) the capability to borrow cash come finance the purchase of assets
If a bond is offered at a premium, end the life that the bond together the premium is amortized (written off), the moving value the the bond:a.) remains the sameb.) boosts to the challenge valuec.) decreases come the face value
If the contractual (stated) interest rate is 9% and also the sector (effective) interest rate is 7% ~ above the day the bonds space sold, link will market at:a.) confront valueb.) a discountc.) a premium
You room a banker considering a loan to a business. You want the business"s Time attention Earned ratio to be:a.) highb.) low
Convertible binding are:a.) bonds the mature in installmentsb.) binding that have actually a single maturity day for every bonds in the shortcut issuec.) bond that have the right to be converted into common stock at the bondholder"s optiond.) bonds topic to retirement in ~ a stated dollar amount before maturity in ~ the alternative of the issuer
In calculating cash flows from operating activities using the indirect method, a get on the sale of devices is:a.) included to net incomeb.) deducted from network incomec.) ignored because it does not affect cashd.) not reported top top a declare of cash flows
In calculating cash flows from operating activities using the indirect method, a lose on the revenue of equipment will appear as a(n):a.) individually from net incomeb.) addition to network incomec.) addition to cash circulation from investing activitiesd.) no reported top top a statement of cash flows
The cash debt coverage proportion is computed by dividing net cash noted by operating activities by:a.) average existing liabilitiesb.) net salesc.) typical long-term liabilitiesd.) average full liabilities
Which of the adhering to would no be considered a readjust in bookkeeping principle:a.) an altering the estimated percentage used in calculating negative debt expenseb.) changing the perform costing method from FIFO to LIFOc.) an altering the depreciation expense an approach from right line to decreasing balance
Which that the adhering to income statement numbers would most likely be the finest indicator that a company"s future performance:a.) total revenuesb.) income prior to irregular itemsc.) net incomed.) gross profit



Ethical Obligations and Decision-Making in Accounting: Text and also Cases4th EditionRoselyn Morris, Steven Mintz

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