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1. Accounting provides information to: managers.government.investors. All of the above. 2. Which is an advantage of a sole proprietorship form of business? There is limited personal risk. The business can continue indefinitely. The owner makes all the decisions. All of the above. 3. If total assets are $35,000 and total liabilities are $8,000, Capital must equal: 12000 27000 8000 20000 4. Revenue, expenses, and withdrawals are subdivisions of: assets.liabilities.owner's equity. All of the above. 5. A formal account that has columns for date, explanation, post reference, debit, and credit is called the: T account.standard account form.ledger. chart of accounts. 6. An account that would be decreased by a credit is: cash.fees earned.capital.accounts payable 7. The time period for which a statement of owner's equity is prepared is a(n): calendar year.accounting period. fiscal period.accounting cycle. 8. Financial statements that are prepared for a period shorter than a year are called: accounting period statements.fiscal year statements.interim statements.journal statements. 9. How are explanations distinguished in the journal? They are underlined.They are in bold print.They are indented below the credit entries.They are written at the margin, in line with the debit entries. 10. Prepaid Rent is considered to be a(n): liability. asset. contra-asset. revenue.
your company is thinking about acquiring another corporation.you have two choicesu2014the cost of each choice is
EZ Tech's sales in 2010 were $1,050,000, 80% of which were on credit. Collections on account during the year were $670,000. The company wrote off $4,000 of uncollectible accounts during the year.
side kicks has year-end account balances of sales 808900 interest revenue 13500 cost of goods sold 556200 operating
At the beginning of the current year, Willow Company adopts a pension plan and awards retroactive benefits to its employees.
Identify and explain 5 characteristics that may increase the possibility that financial statement fraud will occur in a company. Use examples to explain the company characteristics.
the josetti partnership has total partners equity of 558000 which is made up of dopke capital 392000 and hughes capital
Gate Corporation acquired all of Way Corp's assets in a Type C reorganization on August 7, 2010. On the date of acquisition, Way Corp. had an unused net capital loss of $80,000. Gate Corp. had a net capital gain (computed without regard to any cap..
the johnson company began operations on january 1st when its owners invested 60000. the following information was
In this module, you were introduced to the income statement and profitability ratios. In this assignment, you will use this information to create an income statement and then analyze it for profitability.
Describe the maturity matching principle. What are the risks of not matching maturities? How would you characterize a firm that ignores the principle? Can you think of situations in which it would be advisable for an otherwise prudent firm to dev..
(1) Name the accounts impacted and how using the format account name/debit or credit/dollar amount and (2) explain how the Accounting Equation is impacted.
american fabrics has budgeted overhead costs of 990000. it has allocated overhead on a plantwide basis to its two
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