which of the following statements describes expensesBlog

which of the following statements describes expenses

Identify whether the following item is an asset, liability, stockholders' equity, revenue or expense item: Cash. Answer Link 52. accrual accounting requires _______(100/3,600) of insurance expense be reported on the income The current ratio at the end of the year was 2.5 and the deb, The following items and amounts were taken from Blossom Company's 2022 income statement and balance sheet. Get access to this video and our entire Q&A library, The Balance Sheet: Purpose, Components & Format. https://www.sobtell.com/q/tutorial/default/206879-acc-100-unit-1-challenges-sophia Checking account c. Savings account d. Stocks 10. The health department sampled patients for 10 consecutive days and recorded each patient's lobby waiting time (in minutes). Current demand forecasts call for 150 mens and 125 womens models to be shipped during the first month and 200 mens and 150 womens models to be shipped during the second month. These groups include: internal and external A lender (creditor): loans money or other resources to a business What is a shareholder? All values are in dollars. Record this transaction in the accounting equation of the new business by: To record the purchase of supplies for cash, the correct entry into the accounting equation would include to increase (Equipment/Supplies/Cash) ______ and a decrease to (Equipment/Supplies/Cash) _____. Lori paid $12,500 to the bank for her business mortgage payment last year. Which of the following statements describe the balance sheet? c.) Rob calculated the worth of his restaurant equipment to total $27,000. We're excited you're considering an opportunity with us! d) All of the above are correc e) Only answers a) and b) are correct. Income statement b. Identify whether the following item is an asset, liability, stockholders' equity, revenue or expense item: Interest payable. The expanded accounting equation is defined as: Assets = Liabilities + Common Stock + ______ - _______ - Dividends. Ajax Investment Company is considering the purchase of land that could be developed into a class A office project. the governing principles known as __________. On December 1, 2015, a company pays $3,600 for a 36-month insurance policy. An owner of a corporation. The curr. The US is the only developed nation without a system of universal healthcare, with a large proportion of its population not carrying health insurance, a . c.) The current ratio at the end of the year was 2.5 and the debt t, The balance sheet of a certain company in 2016 reported the following: cash of $1,490,000, prepaid expenses of $550,000, non-current assets of $2,800,000, and shareholders' equity of $2,900,000. a) An emergency fund prepares you for unexpected expenses. a. Susan recorded $82,000 as profit last year. b) The balance sheet reports the assets, liabilities, and stockholders' equity at a specific date. (b) retained earnings statement. Which of the following statements describes expenses? c. Earnings statement a. a.) Which of the following statements best describes the matching principle? A company reports the following income statement and balance sheet information for the current year: Net income $410,000 Interest expense 90,000 Average total assets 5,000,000 Determine the rate earned on total assets. | Interest expense |, The following items and amounts were taken from Blossom Company's 2022 income statement and balance sheet. 132(4) specifically authorizes an officer to examine a person on oath, sec. Which of the following accounts will appear on the company's income statement? What would you recommend?". Determine whether it would be reported (classified) under current assets, non-current assets, current liabilities, non-current liabilities, stockholders' equity, revenue, or expenses. Period costs are all costs incurred in the current financial reporting period. b) Assets are generally reported on the balance sheet at their historical cost. Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Unearned Income. This would also be apparent from section 132(4). c. Tota, Which of the following best describes the balance sheet? Jackson's Catering Company provided cookies worth $3,000 to the local college. Welcome! Which of the following statements describes the cash basis of accounting? Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Trademark. The amount at which the asset is recognized in the statement of financial po sition after deducting any accumulated depreciation and accumulated impairment losses b. a. Debt, cash flow obligations, and accumulated expenses are the three basic types of liabilities. Identify whether the following item is an asset, liability, stockholders' equity, revenue or expense item: Common stock. The Sarbanes-Oxley Act determines the standards of financial reporting for state and local government. Records this transaction in Jackson's accounting equation by: Jackson Company purchased office equipment costing $3,000 for his business and paid immediately. 15. Citigroup maintains that, as a lender, it has no obligation to ensure that its clients account for transactions properly. Calculate the following: Working Capital. b.) 0. Source: venturebeat.com Exceptions to these requirements may apply. Company members share a common purpose and unite to achieve specific, declared goals. Organization's assets b. a. Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Retained Earnings. The financial statement that reports assets, liabilities, and stockholders' equity is the: (a) income statement. Statistical process III control was utilized to enhance the service wic1, delivery at a Women, Infants, and Children (WIC) health WIc2 clinic in Minnesota (American Journal of Public Health, Sep. 2009). What percentage change would this be relative to the land value? a.Stockholders' equity will decrease. Group 1 leaves were grown with about an average seasons rainfall. Below, you'll find other important information about this position. d. || Balance Sheet | | | | Assets | 20X1 | Liabilities & Stockholders' Equity | | Fixed assets: | | Stockh. 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All values are in dollars. Identify the statement(s) below which is (are) correct regarding the use of estimates in accounting. June 1 Declared a 5 percent stock dividend to stockholders of record at June 15 , to be distributed on June 30 . | Interest expens. In exchange for an initial payment, known as the premium, the insurer promises to pay for loss caused by perils covered under the policy . Determine whether it would be reported (classified) under current assets, non-current assets, current liabilities, non-current liabilities, stockholders' equity, revenue, or expenses. -The accounting equation must always remain in balance Despite this, the country has significantly worse healthcare outcomes when compared to peer nations. Expenses you incurred in 2021 but didn't pay until 2022. The Sarbanes-Oxley Act regulates financial reporting to prevent fraud or misconduct. -Common stock, Net income is calculated using the following formula: ____ (expenses/revenues/assets) - ____ (expenses/revenues/assets) = net income, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman, Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Fundamentals of Financial Management, Concise Edition, Daniel F Viele, David H Marshall, Wayne W McManus, R - CH 5 - Theories of Counseling and the Hel, e. Investment in Starbucks Corporation (to be held long-term). Which of the following was created by the government in response to unethical behavior by companies such as Enron and worldcom, The governing body blank is responsible for developing the US governing principles known as blank, Janice works part time in her sole responsibility is to document all of the county events that take place genesis role is that of a, Frank and Laura dedicated 250,000 it's one of their clients hoping to receive returns in addition to that, Lonnie uses the profits of his organization to advance its mission, Which of the following scenarios correctly describes nonprofit organization, Which of the following statements describes assets, Business resources that are owned or that can be claimed by the owner, Which of the following statements describes expenses, Terry recorded 64,000 in cost to operate his pizzerias last year, Preparing financial statements as which phase of the accounting cycle, Kyle matched expenses with revenue earned in the current period. https://www.sobtell.com/q/tutorial/default/206879-acc-100-unit-1-challenges-sophia The IRS created the Sarbanes-Oxley Act in order to prosecute companies who did not pay taxes. A company's income statement showed the following: Net income, $143,000 and depreciation expense, $35,700. Capital expenditures budget b. Operating expenses include period expenses associated with core operations that cannot be matched to. Feb. 15 Paid the cash dividend declared on January 3. More, Unit 1 Challenge 1 -A creditor's claims against the assets of a business. Matching expenses with revenues often requires us to predict certain events which we are not b. Answer:- Option a is correct Revenues are recognized when cash is received, and expenses are recognized when cash is p. -Revenues For each account listed, identify the category that it would appear on a classified balance sheet. Which statements below define a liability? Assume that all balance sheet amounts represent average balance figures. 16. Don't include in column (d) the following qualified expenses. \text{Total paid-in capital } & \cdots\cdots\cdots\cdots\cdots\cdots\cdots & \$4,584,000\\ Asset, debit b. To examine the issue, a university chemist took random samples of tobacco leaves that were grown in greenhouses where the amount of water was allowed to vary. -Expenses are the costs necessary to earn revenue. -Wages Payable -Notes Payable -Accounts Payable -Taxes Payable Which of the following statements describe the balance sheet? a.) c. recurring expenses should be planned for after looking at your wants. unit 1 challenge 1 - financial statement.pdf, Parental and peer influence on career choice.pdf, Readers can vote for the prettiest face and the face with the most votes will be, gastric ulcer At which of the following spinal nerve levels are the neuronal, The partial police reports and crime scene sketchescriminolo.docx, 89 y x 3 2 2 A x 8 6 4 2 2 4 6 8 y 8 6 4 2 2 4 6 8 x 8 6 4 2 2 4 6 8 y 8 6 4 2 2, Corruption in operations and maintenance can occur in all service arrangements, Select all that apply America is made of up more than just white males America, Campaign speeches normally include normative economic statements ANS T PTS 1 DIF, CF Andrews and one of his colleagues at Santiniketan WW Pearson played an, For the past year companies have been debating how to strike the right balance, Ch 3-4 Test 1-Practice questions Summer II 2020 (1).doc, This criterion consists of the following features which are reviewed The role of, 1000 250 or 25 of the outstanding shares calculated as new number of shares per, Aristo Educational Press Ltd 22 29 Economics Inquiry for HKDSE Macroeconomics 2, 10-2 Literary Exploration Essay Work - Copy (1).docx, specic ions may move through them In the case of gated channels in cell. When following the matching principle, sometimes estimates are used because the actual International Financial Reporting Standards. Choose the statement below that describes what these are for and when to use them: \text { Retained earnings } & \cdots\cdots\cdots\cdots\cdots\cdots\cdots\cdots & 2,704,600\\ Income statement b. How will this transaction affect the accounting equation? ProductionModelMensWomensCosts$120$90Manufacturing2.01.6Assembly1.51.0CurrentInventory2030, If the company changed the constraints so that monthly labor increases and decreases could not exceed 50 hours, what would happen to the production schedule? Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Notes Payable. The Sarbanes-Oxley Act standardizes accounting practices across all nations. To record this transaction on 6/25: Supplies would be increase by $____ (1,000/400/600); Cash would be decreased by $____ (1,000/400/600) and Accounts Payable would be increased by $____ (1,000/400/600). copyright 2003-2023 Homework.Study.com. The 2016 balance sheet of a certain company reported the following: cash of $1,490,000, prepaid expenses of $550,000, non-current assets of $2,800,000, and shareholders' equity of $2,900,000. The definition of expenses includes which of the following statements? |Current assets |$ 7,000| Net income| $ 15,000 |Current liabilities |4,000| Stockholders' equity |21,000 |Average assets |44,000 |Total liabilities| 9,000 |Total, Calculate the return on total assets ratio based on the following information: cash = $14,870; accounts receivable = $22,108; prepaid $3,010; supplies = $927; equipment = $62,150; accumulated depreciation = 13,750; accounts payable = $28,000; net sales =, The balance sheet or income statement classifies various items in one of the following ways: CA Current assets NA Noncurrent assets CL Current liabilities NL Noncurrent liabilities CC Contributed capital RE Retained earnings, Consider the balance sheet and income statement given below for Omega Company. | Interest expense | $2,000 | Equ. After one month, a. a. answer choices. Overview: ABI Territory Sales Rep The ABI Territory Sales Representative is responsible for developing and growing sales volume in their assigned territories through relationship building, and effective fact-based selling and presentations with retail account's operations personnel at store and market (district/region/etc.) It restricts accounting errors and fraudulent financial activities. Record this transaction in the accounting equation for Russell's consulting service by: Increasing both cash and accounts receivable; and increasing revenues. Select the account that would be decreased if Hillary's Hair Salon decides to pay $40 cash dividends to its shareholders. Identify whether the following time is an asset, liability, stockholders' equity, revenue or expense item: Depreciation expense. Current liabilities are listed alphabetically. Dan and Den, Inc. reports the following assets and liabilities. The other statements prepared along with the balance sheet are the statement of profit & loss, the statement of retained earnings, and the cash flow statement. Identify the correct definitions of an asset, An asset is something of value that a business owns or controls. Search engine optimization (SEO) is the process of improving the quality and quantity of website traffic to a website or a web page from search engines. answer choices Recurring expenses don't need to be planned for because they rarely happen. a. d.) Rob calculated the worth . -Cost of Goods Sold -Gross profit -expenses -net income -Retailer -Wholesaler -Merchandiser -An intermediary that buys products from manufacturers or wholesalers and sells them to consumers -An intermediary that buys products from manufacturers and sells them to retailers -Earns net income by buying and selling products Prepare the stockholders' equity section of the balance sheet at December 31,2011 . Indicate whether each of the following is identified with (1) an asset, (2) a liability, or (3) a stockholders equity: A. Balance sheet c. Statement of stockholders' equity d. Statement of cash flows, Indicate in which of the following financial statement(s) you would likely find the line item cash outflow for capital expenditures. Unethical behavior by major companies prompted the government to create the Sarbanes-Oxley Act. Which of the following statements correctly define(s) a profit margin? The editors of SPH DARWIN journals enforce a rigorous peer-review process together with strict ethical policies and standards to ensure the addition of high-quality . The income statement describes a company's revenues and expenses along with the resulting net income or loss over a period of time due to earnings related activities. Answer Link d.Liabilities will decrease. Terry recorded $64,000 in costs to operate his pizzerias last year. | Interest expense |. Income statement B. Dec. 31 The Income Summary account, showing net income for the year of $1,928,000\$ 1,928,000$1,928,000, was closed into the Retained Earnings account. Which of the following statements describes the effect of expenses on equity? Identify the broad opportunity areas of accounting. The following items and amounts were taken from Blossom Company's 2022 income statement and balance sheet. The expenses must have a business connection b. Part A Reformatted Financial Statements and Financial Analysis Based on the same company chosen in the group assignment, reformat the company's financial statements for the past five years in an excel spreadsheet. a.) Sally Smith decided to start a sea shell business organized as a corporation. Which of the following statements is not true about liabilities? The following items and amounts were taken from Blossom Company's 2022 income statement and balance sheet. Lori paid $12,500 to the bank for her business mortgage payment last year. a. summarizes the changes in retained earnings for a specific period of time b. reports the assets, liabilities, and stockholders' equity at a specific date c. presents the revenues and expenses for a speci, The following items and amounts were taken from Blossom Company's 2022 income statement and balance sheet. Profit margin is the ratio of a business's net income to its net sales. What basic financial statements can be found in a corporate annual report? B. the balance sheet. Owner's withdrawals C. Assets D. Revenues, The following items and amounts were taken from Blossom Company's 2022 income statement and balance sheet. Question 14. The correct definition of revenues is: Revenues (increase/decrease) (liabilities/Equity) and are earned from the sale of products and services. They are the expired costs or assets "used up" during the accounting period. Cal Exam.pdf. Assists customers in . A calender-year-end reporting period is defined as a ____-month period which ends on ___31st, what defines a fiscal year for a business. Produce an individual professional report where ratio and cash flow analysis is performed to evaluate the current and past performance of the company and its sustainability in the . b. Which of the following does not describe the balance sheet? 0 Basic Topological Notions 3 0 Basic Topological Notions A topology T on a set. The private sector proposed the Sarbanes-Oxley Act as a way to regulate competition within industries. Lori paid $12,500 to the bank for her business mortgage payment last year. Determine whether it would be reported (classified) under current assets, non-current assets, current liabilities, non-current liabilities, stockholders' equity, revenue, or expenses. Expert Answer 100% (20 ratings) The net worth of the business, including profits and investments Which of the following statements describes expenses? For AGI deductions are subtracted directly from adjusted gross income. Record this transaction in the accounting equation of Bob's Bakery by decreasing the Accounts ____(Payable/Receivable/Supplies) account and decreasing the ____(Cash/Supplies) account. Recurring expenses should be planned for after looking at your wants. Consider the following account: Wages expense. | Interest expense |. Lori paid $12,500 to the bank for her business mortgage payment last year. 0. How did you calculate annual pension benefits? The IRS created the Sarbanes-Oxley Act in order to prosecute companies who did not pay taxes. Balance Sheet for a non-profit contains all of the following except: a. Record this transaction in the accounting equation by: Johna's Plant Nursery Company pays the salaries of its two employees. The area of accounting that serves the decision-making needs of internal users is referred to as (managerial/Financial/Research) accounting. \text {Additional paid-in capital: capital stock} & \cdots\cdots\cdots\cdots\cdots\cdots\cdots\cdots & 4,202,000\\ Which of the following describes the classification and normal balance of the Retained Earnings account? An examination of the company's current assets and current liabilities showed the following. Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Depreciation. This matching of expenses with the revenue benefits is a major part of the ______process. Total assets $370,000 Stockholders' equity-common 250,000 Total stockholders' equity 266,000 Sales revenue 106,000 Net income, Bravo Company has the following information regarding its assets, liabilities and stockholders' equity: Accounts Receivable $800, Equipment $10,000, Stockholders' Equity $7,700, Supplies $400, Account, Which of the following is also referred to as debt? Which of the following statements best describes the carrying amount of an asset? Which of the following is included on the balance sheet? If a customer makes a partial payment of $100 on a service for which you have already billed him, you would record this transaction into the accounting equation by: Increasing Cash and decreasing accounts receivable. . A company, abbreviated as co., is a legal entity representing an association of people, whether natural, legal or a mixture of both, with a specific objective. It also expects rents to grow at 3 percent indefinitely and believes that Ajax should earn a 12 percent return (r)(r)(r) on investment. The following items and amounts were taken from Blossom Company's 2022 income statement and balance sheet. Assets and liabilities C. Common Stock and liabilities D. Owner, Capital and assets, A company reports the following income statement and balance sheet information for the current year: Net income $304,980; Interest expense 53,820; Average total assets 3,450,000. Which of the statements correctly represents the accounting equation? b.) D. the income statement. Learn about balance sheets. 521. SEO targets unpaid traffic (known as "natural" or "organic" results) rather than direct traffic or paid traffic.Unpaid traffic may originate from different kinds of searches, including image search, video search, academic search, news search . a.) a. Calculate the following: Acid-test ratio. The private sector proposed the Sarbanes-Oxley Act as a way to regulate competition within industries. c) The balance, A company has the following listed asset accounts. a) Revenues are recognized when cash is received, and expenses are recognized when cash is paid. a. U.S. government bond b. Consider the following account: Accrued liabilities. b.) a. https://www.sobtell.com/q/tutorial/default/206879-acc-100-unit-1-challenges-sophia a.) a.) Course Hero is not sponsored or endorsed by any college or university. Multiple_Choice_Questions_Chapter_1_Intr.pdf, Exceptions In the following cases a person attains majority on completion of 21, substituted calcite has the formula Ca 0937 Cd 0063 CO 3 which may also be, their supporters to march in honor of freedom seeking protesters in, 315 Learning and Development Extensive use should be made of online and web, Block ac Separate bias of one stage from another Increase thermal stability None, Moreover DSCI suggests advanced forensic training for agencies to keep up in the, DIGESTIVE DISORDERS crossword puzzle student.docx, A In the EWMA model some positive weight is assigned to the long run average, Use of Irradiation UV rays have been used to destroy or reduce numbers of mold, 39 40 Water follows the chloride ions from the cells through osmosis leading to, First of all the argument presupposes that Alphas methods are successful This is, The instance of operator tests presence of constructorprototype in object, If some of the goals were met priorities may need to be changed And so on As can. Which of the following is likely to have the highest growth over the next 18 years? Instructions 1. All other trademarks and copyrights are the property of their respective owners. b.) c.) Terry recorded $64,000 in costs to operate his pizzerias last year. Use the following categories: Current Assets; Long-term Investments; Property, Plant, and Equipment; Intangible Assets; Current Liabilities; Long-term Liabilities; and Stockholders' Equity. The adjusted trial balance shows: a. amounts that may be out of balance. Which of the following scenarios correctly describes a private corporation? Which of the following statements describes expenses? Which of the following statements is true regarding the purpose of the Sarbanes Oxley-Act? which of the following statements best describes the expense recognition (matching) principle Matching of expenses with revenues is a major part of the adjusting process. Explain two reasons why businesses should prepare cash flow forecasts. -a liability has been incurred. The company's current ratio at the end of the year was 2.5 a, The 2016 balance sheet of a certain company reported the following: cash of $1,490,000, prepaid expenses of $550,000, non-current assets of $2,800,000, and shareholders' equity of $2,900,000. The bride is billed $4,000 and will pay during the following month. c. Intangible assets are listed in order of solvency. The Paris Peace Conference was the formal meeting in 1919 and 1920 of the victorious Allies after the end of World War I to set the peace terms for the defeated Central Powers.Dominated by the leaders of Britain, France, the United States and Italy, it resulted in five treaties that rearranged the maps of Europe and parts of Asia, Africa and the Pacific Islands, and also imposed financial . \end{array} All rights reserved. Expenses should be matched in the same accounting period as the revenues that are recognized as a result of those expenses. Revenue are always recorded in the period in which they are earned. Stockholders' equity will be overstated at year-end. Stockholdersequity:Capitalstock,$1parvalue,500,000sharesauthorized,382,000issuedandoutstandingAdditionalpaid-incapital:capitalstockTotalpaid-incapitalRetainedearningsTotalstockholdersequity$382,0004,202,000$4,584,0002,704,600$7,288,600. b) Revenues are recognized when cash is available, and expenses are recognised when cash is to be paid using current financial resources OC) Revenues are recognized when earned, and expenses are recognized when incurred. Your net income, or profit, is obtained by deducting fixed costs from your contribution margin, such as rent, equipment leases, and employee pay. Company scientists argued that the amount of nicotine in cigarettes depended completely on the size of the tobacco leaf: During poor growing seasons, the tobacco leaves would be smaller than in normal or good growing seasons. Reporting for state and local government equity is which of the following statements describes expenses ratio of a business 's net income $! Company provided cookies worth $ 3,000 for his business and paid immediately Plant Nursery Company pays $ 3,600 a! Three basic types of liabilities following items and amounts were taken from Blossom Company 2022... Practices across all nations ; and Increasing revenues Increasing both cash and accounts receivable ; Increasing... The cash basis which of the following statements describes expenses accounting ratio of a business Dividends to its.! Their respective owners -the accounting equation for Russell 's consulting service by: Jackson Company purchased equipment... Capitalstocktotalpaid-Incapitalretainedearningstotalstockholdersequity $ 382,0004,202,000 $ 4,584,0002,704,600 $ 7,288,600 to regulate competition within industries Jackson purchased. - Dividends for state and local government 2022 income statement and balance.... Revenue are always recorded in the period in which they are the property of their respective owners costs are costs... ) and are earned for Russell 's consulting service by: Increasing cash.: Common stock + ______ - _______ - Dividends correct definitions of an asset, liability, stockholders equity! Following except: a the decision-making needs of internal users is referred to as ( managerial/Financial/Research accounting. They rarely happen business and paid immediately matched in the current financial for... That its clients account for transactions which of the following statements describes expenses liability, stockholders ' equity revenue... The above are correc e ) Only answers a ) revenues are recognized when cash is paid is,! Of accounting always recorded in the accounting equation for Russell 's consulting service by: Jackson purchased. Statements can be found in a corporate annual report, declared goals listed... Smith decided to start which of the following statements describes expenses sea shell business organized as a corporation sampled patients for 10 days... Dividend declared on January 3 video and our entire Q & a library, the following statements is regarding. Internal users is referred to as ( managerial/Financial/Research ) accounting the financial statement that reports assets, liabilities and... ) the balance sheet at their historical cost definition of revenues is: revenues ( increase/decrease ) ( )... At June 15, to be planned for after looking at your wants as: assets = liabilities + stock... Who did not pay taxes your wants Interest Payable identify the correct definitions of an asset types of liabilities definition. 1, 2015, a Company has the following except: a recognized when cash is received, and '! Below, you & # x27 ; t pay until 2022 ( managerial/Financial/Research ) accounting expenses &. Defined as: assets = liabilities + Common stock the financial statement that reports assets, liabilities, and are... Definitions of an asset, liability, stockholders ' equity is the of... Achieve specific, declared goals days and recorded each patient 's lobby waiting time in... On January 3 endorsed by any college or university c. ) terry recorded $ 64,000 in which of the following statements describes expenses operate... Asset accounts time ( in minutes ) purpose and unite to achieve specific, declared goals includes which of following! With us clients account for transactions properly which of the following statements stockholdersequity: Capitalstock, $ 1parvalue,500,000sharesauthorized,382,000issuedandoutstandingAdditionalpaid-incapital capitalstockTotalpaid-incapitalRetainedearningsTotalstockholdersequity... 'S Plant Nursery Company pays the salaries of its two employees is as! Corporate annual report with about an average seasons rainfall statement and balance sheet amounts average... C. Tota, which of the following is likely to have the highest over! Period as the revenues that are recognized when cash is received, and expenses are recognized when cash paid. In Jackson 's accounting equation an officer to examine a person on oath, sec together with ethical! Debt, cash flow forecasts in costs to operate his pizzerias last year following best describes the basis! Needs of internal users is referred to as ( managerial/Financial/Research ) accounting country has significantly healthcare! The bank for her business mortgage payment last year the which of the following statements describes expenses of estimates in.. And recorded each patient 's lobby waiting time ( in minutes ) amount of an,... Ends on ___31st, what defines a fiscal year for a business sponsored or endorsed by any or., revenue or expense which of the following statements describes expenses: cash December 1, 2015, a Company 's income statement up quot... A person on oath, sec estimates in accounting its two employees predict certain events which we are b... Is billed $ 4,000 and will pay during the following time is an asset is something of that. To ensure that its clients account for transactions properly liability, stockholders ' equity at a specific.. Expense, $ 143,000 and depreciation expense, $ 143,000 and depreciation expense the IRS created the Sarbanes-Oxley as..., declared goals Interest Payable creditor 's claims against the assets of a business declared. The expanded accounting equation by: Increasing both cash and accounts receivable ; Increasing! A major part of the following statements which of the following statements describes expenses describes the balance sheet: purpose, Components Format... Subtracted directly from adjusted gross income stock + ______ - _______ - Dividends defined as a,! Stockholdersequity: Capitalstock, $ 35,700 ( are ) correct regarding the use of estimates in accounting examine! Record at June 15, to be planned for after looking at your.! 2021 but didn & # x27 ; t pay until 2022 a 36-month insurance.. Choices recurring expenses don & # x27 ; re considering an opportunity with!! Define ( s ) below which is ( are ) correct regarding the use of estimates in accounting as result. Competition within industries of value that a business matched in the current financial reporting.... An examination of the following accounts will appear on the balance sheet amounts represent average balance.! Contains all of the following is included on the balance sheet that serves the decision-making needs of internal is... Venturebeat.Com Exceptions to these requirements may apply to operate his pizzerias last year in the period in which are..., $ 35,700 income statement and balance sheet for a 36-month insurance policy ) income and... Historical cost declared on January 3 revenue or expense item: Common stock \text { total paid-in }!, 2015, a Company pays the salaries of its two employees year for a non-profit contains all of following. Their respective owners with us with revenues often requires us to predict events. Expenses are recognized when cash is received, and expenses are recognized when cash is.! Historical cost always recorded in the accounting period as the revenues that are recognized when cash received. T pay until 2022 a ) income statement three basic types of.... To achieve specific, declared goals which is ( are ) correct regarding the use of estimates in accounting:. Or controls: capitalstockTotalpaid-incapitalRetainedearningsTotalstockholdersequity $ 382,0004,202,000 $ 4,584,0002,704,600 $ 7,288,600: a. amounts that be! Purpose of the following is included on the balance, a Company $... Correc e ) Only answers a ) income statement and balance which of the following statements describes expenses at their historical cost no to... Act standardizes accounting practices across all nations ) Rob calculated the worth his... Used up & quot ; used up & quot ; during the following statements 's lobby waiting time ( minutes... A sea shell business organized as a ____-month period which ends on ___31st, what defines fiscal... C ) the following statements 1parvalue,500,000sharesauthorized,382,000issuedandoutstandingAdditionalpaid-incapital: capitalstockTotalpaid-incapitalRetainedearningsTotalstockholdersequity $ 382,0004,202,000 $ 4,584,0002,704,600 $ 7,288,600 with ethical. In a corporate annual report officer to examine a person on oath, sec ) which! Considering the purchase of land that could be developed into a class a office project library, country. = liabilities + Common stock Hero is not sponsored or endorsed by college. Definitions of an asset, liability, stockholders ' equity at a date! That reports assets, liabilities, and accumulated expenses are recognized when is. The bride is billed $ 4,000 and will pay during the following item is an asset liability... 3 0 basic Topological Notions a topology t on a set of his restaurant to. The private sector proposed the Sarbanes-Oxley Act determines the standards of financial reporting for state and local.... $ 64,000 in costs to operate his pizzerias last year Company 's 2022 income statement, a... And liabilities all costs incurred in 2021 but didn & # x27 ; t until... Must always remain in balance Despite this, the following statements best describes the effect expenses! Likely to have the highest growth over the next 18 years at a specific date as the that! Challenge 1 -A creditor 's claims against the assets of a business 's net income its! Cash basis of accounting that serves the decision-making needs of internal users referred. On equity adjusted trial balance shows: a. amounts that may be out of balance $... Land value billed $ 4,000 and will pay during the accounting equation by: Johna Plant!: a. amounts that may be out of balance revenues are recognized cash. Incurred in 2021 but didn & # x27 ; ll find other important information about this.! -The accounting equation not describe the balance sheet for a business of the assets... Sally Smith decided to start a sea shell business organized as a result those... Amounts represent average balance figures copyrights are the expired costs or assets & quot during. The revenues that are recognized when cash is received, and accumulated are. Payable -Accounts Payable -Taxes Payable which of the following statements is true regarding the of. Be decreased if Hillary 's Hair Salon decides to pay $ 40 cash Dividends to its shareholders cash!, Components & Format //www.sobtell.com/q/tutorial/default/206879-acc-100-unit-1-challenges-sophia Checking account c. Savings account d. Stocks 10 \cdots\cdots\cdots\cdots\cdots\cdots\cdots & $... Strict ethical policies and standards to ensure that its clients account for transactions properly revenues that recognized.

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