BUS 302L - Financial Accounting Questions and Answer | Latest Update 2024/2025
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Course
Bus 302L
Institution
Bus 302L
In the annual report, where would a financial statement reader find out if the
company's financial statements give a fair depiction of its financial position
and operating results?
~~> Auditor's report
Which accounting assumption assumes that an enterprise will continue in
operation lon...
BUS 302L - Financial Accounting
Questions and Answer | Latest
Update 2024/2025
In the annual report, where would a financial statement reader find out if the
company's financial statements give a fair depiction of its financial position
and operating results?
✓ ~~> Auditor's report
Which accounting assumption assumes that an enterprise will continue in
operation long enough to carry out its existing objectives and commitments?
✓ ~~> Going Concern Assumption
Johnny's Car Repair Shop started the year with total assets of $60,000 and
total liabilities of $40,000. During the year the business recorded $100,000 in
car repair revenues, $55,000 in expenses, and dividends of $10,000.
The net income reported by Johnny's Car Repair Shop for the year was
The difference between the balance of a plant asset account and the
related accumulated depreciation account is termed
✓ ~~> Book Value
A company purchased a POS cash register on January 1 for $5,400. This
register has a useful life of 10 years and a salvage value of $400. What would
be the depreciation expense for the second-year of its useful life using the
double-declining-balance method?
✓ ~~> $864
Which of the following is not an activity listed in the statement of cash flows?
✓ ~~> Funding Activities
Net present value is negative when
Master01 | September, 2024/2025 | Latest update
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