acct exam 1 questions & answers 2023/2024

acct exam 1 questions & answers 2023/2024 primary objective of balance sheet 1) measure net income of business 2) report difference between cash inflows and outflows 3)report financial position of reporting entity 4)report market value of assets, liabilities, stocholders equity - ANSWER-financial position of reporting entity following is considered to be an expense on the income statement 1)accounts payable 2)notes payable 3)wages payable 4)cost of goods sold - ANSWER-cost of goods sold look at test 3 - ANSWER-... which of the following statements is correct? 1) revenues are reported onto the income statement regardless of whether the customer has paid for the goods or services 2) expenses are reported on the income statement during the period that they paid for 3) net income includes a deduction for dividend payments made to stockholders 4)net income normally equals the net cash generated by operations - ANSWER-revenues are reported onto the income statement regardless of whether the customer has paid for the goods or services financial accounting 1) provide useful financial information only to stockholders