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The accrual basis of accounting means_______________________. sales are recorded as cash is received to accumulate over time, based on a natural observable increase gather together like transactions for more efficient entry to the accouitng system none of the answers listed defines the meaning of accrual accounting
Question 2. 2. Under accrual basis accounting revenue is not recognized until _________________. Cash is received A customer purchase order is received A customer agrees to a price and they shake hands with the sales person The product is sold and delivered to the end customer.
Question 3. 3. The matching principle states ______________________________. expenses associated with revenue creation should be recorded in the same period as the revenue expenses that recur should be recorded in a systematic manner expenses that have not related to any future period should be expensed in the current period all of these answers are correct relating to the matching principle
Question 4. 4. Adjusting entries apply to ___________________________. All of these entries Prepaids Depreciation Unearned revenue.
Question 5. 5. Depreciation is _________________________________________. The valuation of assets of a business A method to increase an assets book value The transfer of an asset's cost to expense over the expected useful life of the asset The opposite of residual value.
Question 6. 6. Which one of the following is not one of the seven steps in the accounting cycle? ( :) Count the cash Examine source documents Perhaps construct a trial balance Determine and post adjusting entries
whooper plans the following for the upcoming quarter month sales oct - 3000000.00 nov - 3450000.00 dec-4200000.00 the
Consolidated balance sheet.
princess cruise lines has the following service departments concierge valet and maintenance. expense for these
What was the amount of the gain or loss on retirement of the bonds? Prepare the journal entry needed at April 1, 2011 to record retirement of the bonds. Assume that interest and premium discount amortization have been recorded through January 1, 20..
hart manufacturing operates an automated steel fabrication process. for one operation hart has found that 45 of the
The value of an investment can be described as equal to the present value of its future cash flows, discounted at an appropriate interest rate. Why does an investment near its maturity have insignificant risk of change in value because of changes ..
I have performed DuPont analysis on Caterpillar Inc. and its closest competitor, CNH Global.
What is the balance of the Deferred Gross Profit account and show what the Accounts Receivable and Deferred Gross Profit accounts look like.
a company has 3500000 of short-term debt that comes due on march 12th. on february 5th they pay off the 3500000. on
the following information pertains to baxter company for 2013 beginning inventory 90 units 15 units purchased 320
For each of the following, write out the alternative hypothesis, being sure to indicate whether it is one-sided or two-sided. a) Consumer Reports discovered that 20% of a certain computer model had warranty problems over the first three months. ..
Freddy purchased a certificate of deposit for $20,000 on January 1,2010. The certificate's maturity value in two years (December 31,2011) is $22,050. yeilding 5% before-tax interest.
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