Q16)Which accounting concept specifies the practice of crediting closing stock to the trading account a) Cost b) Realisation c)Cloing concem d)Matching expendeure
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Q16)Which accounting concept specifies the practice of crediting closing stock to the trading account
a) Cost b) Realisation c)Cloing concem d)Matching expendeure
Q17) Ammnt spent to increasing the coming capacity is a
a) Capital b) Revenue ch Defened revenus d) Capital Loss
Q18) Change in the capital Ale of proprietor may occur due to
a) Prufit carmed b) Less incurred c) Capital Introduced d) All of the above
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- Which Accounting Principle is Applied for "Closing stock is valued at lower of cost or market price" (a) Matching Concept (b) Prudence Concept (c) Matching Concept (d) Money measurement conceptThe equity method of accounting for investments requires a.the investment to be increased by the reported net income of the investee b.the investment to be reported at its original cost c.a year-end adjustment to revalue the stock to lower of cost or market d.the investment to be increased by the dividends paid by the investeeWhat is the impact on the accounting equation when stock is issued, in exchange for assets?A. both sides increaseB. both sides decreaseC. only the Asset side changesD. neither side changes
- Which statement cash of flows shows the inflows and outflows of the issue and repurchase of stock? A. Fiancing B. Operating C. Investing D. None of the aboveWhich of the following shows how a payment made to settle an accrued expense, such as salaries payable, will affect a company's financial statements? a. b. C. d. Balance Sheet Assets = Liabilities + Equity Revenue n/a n/a n/a n/a n/a n/a Multiple Choice Option B Option C Option A Option D n/a Income Statement n/a Expense = n/a n/a n/a n/a Net income n/a n/a n/a n/a Statement of Cash Flows -Financing Activity n/a -Operating Activity -Investing ActivityWhat statements do the following items go on?1) Treasury Stock2) Amortization Expense3) Preferred Stock4) Trucks5) Gain on Sale of Equipment6) Accounts Receivable7) Unearned Revenue
- CHOOSE THE LETTER OF CORRECT ANSWER Which one of the following must be adjusted for taxes? *A. Cost of retained earningsB. Cost of common stockC. Cost of preferred stockD. Cost of debt Refers to the cost of holding inventory *A. Carrying costB. Ordering costC. Transaction costD. SpoilageE. Stock-out costWhich of the following is a measurement of earnings that represents the profit before interest, taxes, depreciation and amortization are subtracted? A. net income B. retained earnings C. EBITDA D. EPSMatch the correct term with its definition. A. cost principle i. if uncertainty in a potential financial estimate, a company should err on the side of caution and report the most conservative amount B. full disclosure principle ii. also known as the historical cost principle, states that everything the company owns or controls (assets) must be recorded at their value at the date of acquisition C. separate iii. (also referred to as the matching principle) matches expenses with associated revenues in the period in which the revenues were generated. D. monetary iv. business must report any business activities that could affect what is reported on the financial statements E. conservatism v. system of using a monetary unit by which to value the transaction, such as the US dollar. F. revenue vi. period of time in which you performed the service or gave the customer the product is the period in which revenue is recognized. G. expense vii. business may only report activities on financial statements that are specifically related to company operations, not those activities that affect the owner personally.
- Which of the following is not a way to manage earnings? A. Change the method for bad debt estimation. B. Change the figure for the uncollectible percentage. C. Under the balance sheet aging method, change the past-due categories. D. Change the dates of common stock issuance.Which of the following would trigger a subtraction in the indirect operating section? A. gain on sale of investments B. depreciation expense C. decrease in accounts receivable D. decrease in bonds payable8. Realized gains and losses on investments available for sale are reported a. as a current assetb. on the income statementc. on the balance sheet as part of stockholders' equityd. as a contra asset
