Dontillia

At the end of the accounting period, when the income statement is created from the revenue and expense accounts in the journal, the income statement reflects only the for the service or product that was actually provided during that period, not the entire...

1 year ago

Sutton Law PLLC collected advance payments of $10,000 from customers during the month of March for future legal services. These advance payments were recorded in unearned revenue. During April, the firm performed $3,500 of legal services related to these...

1 year ago

The accountant for Sam Consulting Company failed to adjust the unearned revenue account for $3,000 of revenue that has now been earned. This means that its liabilities are____ for the period.

1 year ago

A listing of all of a company's account balances would appear on the __________.

1 year ago

In the month of June 2020, Softie Limited Company did a physical count of its supplies inventory. The paperwork has been received in the accounting department, and the physical count figure was compared to the number in the books. The physical count revea...

1 year ago

The accountant for Jones Auto Repair Company forgot to make an adjusting entry to record $5,000 of accrued wages at year-end. This means that its is/are overstated.

1 year ago

During the year, Entrop Company made sales on account (credit sales) of $450,000 and cash sales of $275,000 and received deposits of $50,000 for future orders. How much sales revenue should the company report for the year?

1 year ago

Financial statements are prepared from a(n) __________.

1 year ago

The accountant for Hobson Electrical Repair Company failed to make an adjusting entry to record $5,000 of unpaid salaries for the last 2 weeks of the year. This means that the total are understated.

1 year ago

__________ is/are the expenditures needed to operate the business and are associated with the revenue earned for a specific accounting period.

1 year ago

The statement of cash flows is classified using what sections?

1 year ago

A typical cash flow statement may report why an activity has __________ during a given period.

1 year ago

The cash flow statement shows what items in detail?

1 year ago

Which of the following transactions increase the statement of retained earnings?

1 year ago

A __________ will close its net income into capital accounts at the end of an accounting cycle.

1 year ago

__________ dividends are taken from the retained earnings account.

1 year ago

A balance sheet will include detailed information about which of the following?

1 year ago

____is/are assets that an organization expects to convert to cash within 1 year.

1 year ago

The difference between the selling price of a product and the cost of the product to the seller is called __________.

1 year ago

What account may be found on the income statement?

1 year ago

Net income is defined as __________.

1 year ago

On a multistep income statement, income from continuing operations __________.

1 year ago

What account would appear on the income statement?

1 year ago

Net income is __________.

1 year ago

The financial statement that shows the performance of the company by subtracting expenses and losses from revenues and gains for one accounting period is called the __________.

1 year ago

What is the normal balance for retained earnings?

1 year ago

Which of the following is a feature of internal controls?

1 year ago

Which of the following is a feature of internal controls? Diversity of employees Independent internal verification Sound marketing plan Customer demographic data

1 year ago

Which of the following is one of the purposes of internal controls? To safeguard a company's assets To evaluate markets for the best future value To guarantee that a business makes a profit To determine the kind of demographic for a product

1 year ago

Which of the following is the ruling body that makes most of the country’s accounting rules approved by the Securities and Exchange Commission (SEC)? IASB: International Accounting Standards Board IFRS: International Financial Reporting Standards FASB: Fi...

1 year ago

Which of the following is the agency that prepares the Uniform Certified Public Accountant (CPA) Examination across all states? IASB: International Accounting Standards Board GAAP: Generally Accepted Accounting Principles FASB: Financial Accounting Standa...

1 year ago

At a business, there is no one who reviews the vendor list. According to the fraud triangle, this presents an issue of .

1 year ago

According to the fraud triangle, exists when there is a loophole in the internal control environment.

1 year ago

What statement is true about internal controls? They are iron-clad and will stop all improper transactions. They are used to ensure compliance with laws and regulations. They are not able to safeguard assets. They are not necessary for large businesses.

1 year ago

What is true about internal controls? Internal controls are only necessary for large businesses. One of the major purposes of internal control is to ensure accurate, reliable accounting records. Internal control procedures tend to diminish the importance...

1 year ago

The key points of the Sarbanes–Oxley audit regulate corporate

1 year ago

What might happen to a company that does not comply with the Sarbanes–Oxley Act (SOX)? It has four or five chances to correct it. It can no longer do business in the United States. It must declare bankruptcy. Its chief executive officer and chief financia...

1 year ago

The Sarbanes–Oxley Act (SOX) is designed to do which of the following? Catch bad auditors Catch and control mistakes in the financial reporting Make financial reporting perfect Control executive compensation

1 year ago

According to the Sarbanes–Oxley Act of 2002, who is primarily responsible for establishing and maintaining a system of internal control over a company's financial reporting? Audit committee Internal auditors External auditors Management

1 year ago

Companies may even use accounting techniques to create financial statements that show a positive outlook on a company. This is known as .

1 year ago

Earnings management is usually considered to be when the company is purposefully providing mis-stated or inaccurate financial information.

1 year ago

What is true about corporate scandals in the past? Companies could not profit off of scandals like they do now. Investors and the public profited off of corporate scandals. Scandals were not common in the past. The penalties for problematic accounting beh...

1 year ago

What is true about corporate scandals in the past? Scandals were not common in the past. Companies could not profit off of scandals like they do now. The penalties for problematic accounting behavior were weak or poorly defined. Investors and the public p...

1 year ago

_____ occurs when accountants or managers are not properly recording transactions. _

1 year ago

The management personnel at a vacuum cleaner manufacturing company decided to report earnings from earlier in the year as current earnings, making it look like they were doing better than they actually were. This is an example of

1 year ago

In several states, the licensing board requires each CPA to_____

1 year ago

An effective internal control system helps ensure that __________.

1 year ago

A(n) control is an internal control feature that detects an error or fraudulent act.

1 year ago

What is a type of internal control?

1 year ago

A company uses prenumbered checks for all purchases. This is an example of_______.

1 year ago

A(n) control is an internal control feature that prevents an error or fraud.

1 year ago

Doug John is the owner and operator of John's Janitorial Services. At the end of its accounting period, December 31, John's Janitorial Services has assets of $500,000 and liabilities of $275,000. Using the accounting equation, what is the owner's equity?

1 year ago

Assets are $270,000, and owner's equity is $90,000. Liabilities will be __________.

1 year ago

A(n)______ is something of value that a company or organization owns or a future benefit to the company.

1 year ago

The accounting equation is expressed as __________.

1 year ago

What business transaction would affect the liability account?

1 year ago

What business transaction would affect the liability account? Monthly rent is paid. Supplies are purchased, on account. The owner contributes cash to a business start-up. Customer payments toward accounts receivable are collected.

1 year ago

Faith West has a consulting business. She received $10,000 in cash from a client for services rendered. The effect of this transaction on the accounting equation is a(n) __________. decrease in assets and owner's equity increase in one asset and a decreas...

1 year ago

______ is whatever remains after deducting liabilities from assets.

1 year ago

Joshua Ford paid $1,450 for the monthly office rent. This transaction affects the accounting equation by __________.

1 year ago

Sam's lawn service incurred $500 labor expense and promised to pay the labor agency within 30 days. What account increased?

1 year ago

A(n) is an obligation that a company or organization owes to others.

1 year ago

A(n) normally has a credit balance.

1 year ago

An owner contributes cash to the business. How does this affect the accounting equation?

1 year ago

Kabu Gadgets has provided the following financial elements for the closing entries to the income summary. What is the total amount of the debits from the income statement? Capital stock: $157,623 Office expense:$21,321 Automobiles: $41,350 Auto expense: $...

1 year ago

When recording the entry to recognize the revenue that is earned from a client who will pay when invoiced, the entry should increase __________.

1 year ago

What is true about debits and credits?

1 year ago

What is true about debits and credits? They always increase all accounts. They always decrease all accounts. They can be interchanged and substituted for each other; it does not matter which is used. They are always on opposite sides of the T account.

1 year ago

The company pays its telephone bill for the month. What statement is true? Revenues are decreased with a debit. The owner's equity decreases with a debit. Expenses increase with a debit to “Telephone expense.” Expenses decrease with a credit to “Telephone...

1 year ago

What statement regarding T accounts is true? T accounts are used for assets only. They can include increases and decreases for more than one asset or liability. Debits are on the left, and credits are on the right. T accounts might accommodate transaction...

1 year ago

The company pays its telephone bill for the month. What statement is true? Revenues are decreased with a debit. Expenses decrease with a credit to “Telephone expense.” Expenses increase with a debit to “Telephone expense.” The owner's equity decreases wit...

1 year ago

The of an account is the side of the account that increases the account.

1 year ago

The_________ of an account is the side of the account that increases the account.

1 year ago

A(n)______ normally has a credit balance.

1 year ago

______ has/have a normal debit balance.

1 year ago

What is true about debits and credits? They always increase all accounts. They always decrease all accounts. They can be interchanged and substituted for each other; it does not matter which is used. They are ways that you increase and decrease accounts.

1 year ago

What is one of the main objectives of financial reporting? Market analysis and customer research Analysis of current employee salaries Relevant information about the amount and time of future cash flows Securing funding for future projects

1 year ago

In the second level of the conceptual framework for financial reporting, ______refers to the fact that the information can be confirmed by a third party, such as a vendor or publicly available information.

1 year ago

What is the primary purpose of the Financial Accounting Standards Board (FASB)? Conduct financial investigations of publicly traded companies Audit financial statements Establish and improve the Generally Accepted Accounting Principles (GAAP) within the U...

1 year ago

What is an enhancing quality in the second level of the conceptual framework for financial reporting? Quality Relevance Reliability Consistency

1 year ago

To get from reporting objectives of a standard to implementation, it is important to identify the qualitative characteristics of the information to be included. These qualitative characteristics can be broken down into __________ and enhancing qualities.

1 year ago

What is one of the main objectives of financial reporting? Determining what product to sell Relevant information about the amount and time of future cash flows Securing funding for future projects Analysis of current employee salaries

1 year ago

What is a level of the conceptual framework for financial reporting? Recognition and measurement concepts Final concepts Historical concepts Resources and research objectives Theoretical objectives

1 year ago

What is included in the third level of the conceptual framework? Recognition Relevance Ethics Quality

1 year ago

What would be a cash outflow shown in the financing section?

1 year ago

A cash flow statement is a valuable tool for managing current cash flow, determining sources of cash for future needs, and __________.

1 year ago

The section of a cash flow statement details its activities that produce and use cash in the areas of long-term debt and equity.

1 year ago

What do financing activities tell you? Inflows from borrowing Interests paid on loans Outflows to pay long-term debt Purchases of equipment

1 year ago

What do financing activities tell you?

1 year ago