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Which of the following procedures involves transferring amounts recorded in the general journal to ledger accounts?
Answer
a.
preparing a trial balance
b.
journalizing
c.
posting
d.
cross-indexing
Question
Which of the following statements about accrual basis accounting is true?
Accrual basis accounting is used only by small hospitality businesses.
Accrual basis accounting is reflected on the statement of cash flows.
Accrual basis accounting generally requires that several adjusting entries be recorded at the end of the accounting period.
Accrual basis accounting allows a business to show greater profits than cash basis accounting.
A meeting planner made a deposit with a hotel to reserve exhibit space and the hotel has hosted the meeting. Now that the meeting has taken place, accountants should make an adjustment:
to record liabilities and expenses not previously recorded.
to record assets and revenues not previously provided.
in which previously recorded liabilities become revenue.
SURVIVORSHIP POLICY The partners may take out a survivorship policy to safeguard against future cashflow problems incase a partner dies or the business is dissolved. E.g. incas
basics
Question: State of the Economy Probability of state occurring IBM Return (%) ATT Return (%)
what is the explanation?
Prove that accounting equation is satisfied in all the following transactions of Mr.X 1. Commenced business with cash - Rs.80,000 2. Pu
The costs that follow were extracted from the accounting records of various different manufacturers: 1. Weekly wages of an equipment maintenance worker 2. Marketing costs
a) A Treasury bond that matures in 10 years has a yield of 6%. A 10-year corporate bond has a yield of 8%. Suppose that the liquidity premium on the corporate bond is 0.4%. What is
Sales= 4,500,000 Min required return= 15% Avg Operating assets= 1,800,00 Residual Income= 90,000 !) Whats the company's return on investments? Please show work so I can see how
inventory ratio of 4 compared to 7.1
USAco is the wholly-owned U.S. subsidiary of ASIAco, a Japanese parent corporation that manufactures automobiles and sells them to USAco for resale in the United States. ASIAco sel
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