Exam (elaborations)

ACC 212 exam 2 homework 1. on which financial statement would dividends be depicted?: statement of stockholders' equity 2. retained earnings will primarily be depicted on the statement of cash flows- : false 3. (T/F) net income for a specified time

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ACC 212 exam 2 homework 1. on which financial statement would dividends be depicted?: statement of stockholders' equity 2. retained earnings will primarily be depicted on the statement of cash flows- : false 3. (T/F) net income for a specified time period will be identical for both single ste...

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Uploaded on October 7, 2024
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Type Exam (elaborations)
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acc 212 exam 2 homework 1 on which financial stat

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Exam 212
1. on which financial statement would dividends be depictedanswer statement of
stockholders' equity
2. retained earnings will primarily be depicted on the statement of cash flows-
false
3. (T/F) net income for a specified time period will be identical for both single step
and multiple step income statement presentations true
4. which of the following is a physical balance accountanswer both inventory and
buildings w
5. which of the following account balances could occur when a business gets
something before it gives something in returnanswer accounts payable
6. On October 1, 2021 Clark Manufacturing paid a $12,000 insurance premium for
liability coverage. The insurance policy covers the period October 1, 2021 through
September 30, 2022. What amount of this transaction will the company include in
insurance expense on its accrual-basis income statement for the year ended
December 31, 2021answer $3,000
7. What term describes the formal recording of a business event in an enter- prise's
accounting systemanswer recognition
8. On which financial statement would accounts payable primarily be depict-
edanswer balance sheet
9. (T/F) Prepaid expenses will primarily be depicted on the statement of cash flows
false
10. what accounting method allows companies to recognize revenue when they
deliver promised goods or services without regard to the actual timing of the
customer's cash paymentanswer accrual
11. which inventory account could be depicted on a manufacturer's balance sheet
but would not be portrayed on a merchandiser's balance sheetanswer - work-in-
progress, raw materials
12. agreements with balances imply the existence of transactions that in- crease
or decrease account balances. true
13. (T/F) U.S. GAAP allows certain small businesses to use the cash-basis
method of accounting in lieu of more complex accrual accounting. False
14. on which financial statement would sales revenue primarily be depictedanswer-
income statement
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, 15. is an account that summarizes physical goods that will be resold or used
to make something else that will be resold. inventory
16. which of the following account balances could occur when a business gets
something before it gives something in returnanswer long-term debt
17. what is a primary advantage of a classified balance sheetanswer a classified bal-
ance sheet helps users assess a company's ability to satisfy near-term obligations.

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Exam (elaborations)

ACC 212 exam 2 homework 1. on which financial statement would dividends be depicted?: statement of stockholders' equity 2. retained earnings will primarily be depicted on the statement of cash flows- : false 3. (T/F) net income for a specified time

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