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Questions (1,014)

Mary's company received the electric bill for the month and paid by check. What is the effect on the accounting equation?Increas
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Each business transaction must have at least how many entries?Three Two One Five
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What is one of the basic steps in the recording process?Transfer the journal information to the appropriate accounts in the
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2. 19 views
Mary Ann Powers is starting her computer programming business and deposited as an investment $25,000 into the business checking
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2. 34 views
When recording transactions, what is increased by debits and decreased by credits?Liabilities Common stocks Expenses Revenues
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When recording transactions, what is increased by credits and decreased by debits?Assets Expenses Dividends Revenues
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What is one of the five general types of accounts in a company’s chart of accounts?Revenue Projections Loss Principal value
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2. 18 views
What is an example of an entry that records the payment of salaries by a business?Debit salary expense and credit owner’s
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What is an example of an entry that records the payment of salaries by a business?
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Sales do not equal cash inflow because __________.
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A typical cash flow statement may report why an activity has __________ during a given period.
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What is part of a cash flow statement?
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A statement of cash flows reports on a business’s __________.
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What is the purpose of the cash flow statement?
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What do financing activities tell you?
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What do financing activities tell you?Inflows from borrowing Interests paid on loans Outflows to pay long-term debt Purchases of
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2. 21 views
Thesection of a cash flow statement details its activities that produce and use cash in the areas of long-term debt and equity.
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A cash flow statement is a valuable tool for managing current cash flow, determining sources of cash for future needs, and
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What would be a cash outflow shown in the financing section?
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What is included in the third level of the conceptual framework?Recognition Relevance Ethics Quality
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What is a level of the conceptual framework for financial reporting?Recognition and measurement concepts Final concepts
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What is one of the main objectives of financial reporting?Determining what product to sell Relevant information about the amount
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2. 23 views
To get from reporting objectives of a standard to implementation, it is important to identify the qualitative characteristics of
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2. 24 views
What is an enhancing quality in the second level of the conceptual framework for financial reporting?Quality Relevance
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2. 28 views
What is the primary purpose of the Financial Accounting Standards Board (FASB)?Conduct financial investigations of publicly
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In the second level of the conceptual framework for financial reporting, ______refers to the fact that the information can be
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What is one of the main objectives of financial reporting?Market analysis and customer research Analysis of current employee
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What is true about debits and credits?They always increase all accounts. They always decrease all accounts. They can be
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______ has/have a normal debit balance.
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A(n)______normally has a credit balance.
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The_________of an account is the side of the account that increases the account.
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Theof an account is the side of the account that increases the account.
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The company pays its telephone bill for the month. What statement is true?Revenues are decreased with a debit. Expenses decrease
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2. 33 views
What statement regarding T accounts is true?T accounts are used for assets only. They can include increases and decreases for
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2. 34 views
The company pays its telephone bill for the month. What statement is true?Revenues are decreased with a debit. The owner's
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2. 28 views
What is true about debits and credits?They always increase all accounts. They always decrease all accounts. They can be
1. 1 answer
2. 27 views
What is true about debits and credits?
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2. 19 views
When recording the entry to recognize the revenue that is earned from a client who will pay when invoiced, the entry should
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2. 16 views
Kabu Gadgets has provided the following financial elements for the closing entries to the income summary. What is the total
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2. 23 views
An owner contributes cash to the business. How does this affect the accounting equation?
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2. 27 views
A(n)normally has a credit balance.
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is whatever remains after deducting liabilities from assets.
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A(n)is an obligation that a company or organization owes to others.
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Sam's lawn service incurred $500 labor expense and promised to pay the labor agency within 30 days. What account increased?
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2. 21 views
Joshua Ford paid $1,450 for the monthly office rent. This transaction affects the accounting equation by __________.
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2. 19 views
______ is whatever remains after deducting liabilities from assets.
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Faith West has a consulting business. She received $10,000 in cash from a client for services rendered. The effect of this
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2. 34 views
What business transaction would affect the liability account?Monthly rent is paid. Supplies are purchased, on account. The owner
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2. 36 views
What business transaction would affect the liability account?
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The accounting equation is expressed as __________.
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A(n)______is something of value that a company or organization owns or a future benefit to the company.
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Assets are $270,000, and owner's equity is $90,000. Liabilities will be __________.
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Doug John is the owner and operator of John's Janitorial Services. At the end of its accounting period, December 31, John's
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2. 33 views
A(n)control is an internal control feature that prevents an error or fraud.
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A company uses prenumbered checks for all purchases. This is an example of_______.
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What is a type of internal control?
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A(n)control is an internal control feature that detects an error or fraudulent act.
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The key points of the Sarbanes–Oxley audit regulate corporate_______.
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An effective internal control system helps ensure that __________.
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The key points of the Sarbanes–Oxley audit regulate corporate __________.
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In several states, the licensing board requires each CPA to_____
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The management personnel at a vacuum cleaner manufacturing company decided to report earnings from earlier in the year as
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_____ occurs when accountants or managers are not properly recording transactions._
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What is true about corporate scandals in the past?Scandals were not common in the past. Companies could not profit off of
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What is true about corporate scandals in the past?Companies could not profit off of scandals like they do now. Investors and the
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Earnings management is usually considered to be________when the company is purposefully providing mis-stated or inaccurate
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Earnings management is usually considered to bewhen the company is purposefully providing mis-stated or inaccurate financial
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2. 20 views
Companies may even use accounting techniques to create financial statements that show a positive outlook on a company. This is
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According to the Sarbanes–Oxley Act of 2002, who is primarily responsible for establishing and maintaining a system of
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The Sarbanes–Oxley Act (SOX) is designed to do which of the following?Catch bad auditors Catch and control mistakes in the
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What might happen to a company that does not comply with the Sarbanes–Oxley Act (SOX)?It has four or five chances to correct
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The key points of the Sarbanes–Oxley audit regulate corporate_____
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2. 27 views
The key points of the Sarbanes–Oxley audit regulate corporate
1. 1 answer
2. 29 views
What is true about internal controls?Internal controls are only necessary for large businesses. One of the major purposes of
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2. 40 views
What statement is true about internal controls?They are iron-clad and will stop all improper transactions. They are used to
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2. 19 views
According to the fraud triangle,exists when there is a loophole in the internal control environment.
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2. 21 views
At a business, there is no one who reviews the vendor list. According to the fraud triangle, this presents an issue of.
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2. 17 views
Which of the following is the agency that prepares the Uniform Certified Public Accountant (CPA) Examination across all states?I
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Which of the following is the ruling body that makes most of the country’s accounting rules approved by the Securities and
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2. 37 views
Which of the following is one of the purposes of internal controls?To safeguard a company's assets To evaluate markets for the
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2. 17 views
Which of the following is a feature of internal controls?Diversity of employees Independent internal verification Sound
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Which of the following is a feature of internal controls?
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2. 15 views
Which of the following transactions decrease the statement of retained earnings?
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What is the normal balance for retained earnings?
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The financial statement that shows the performance of the company by subtracting expenses and losses from revenues and gains for
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Net income is __________.
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What account would appear on the income statement?
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On a multistep income statement, income from continuing operations __________.
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Net income is defined as __________.
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What account may be found on the income statement?
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The difference between the selling price of a product and the cost of the product to the seller is called __________.
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____is/are assets that an organization expects to convert to cash within 1 year.
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A balance sheet will include detailed information about which of the following?
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__________ dividends are taken from the retained earnings account.
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A __________ will close its net income into capital accounts at the end of an accounting cycle.
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Which of the following transactions increase the statement of retained earnings?
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The cash flow statement shows what items in detail?
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A typical cash flow statement may report why an activity has __________ during a given period.
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The statement of cash flows is classified using what sections?
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__________ is/are the expenditures needed to operate the business and are associated with the revenue earned for a specific
1. 1 answer
2. 15 views

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