Classified balance sheet - Study guides, Class notes & Summaries

To record a long-term asset, you must _____ the general ledger account correct answers Debit The proper accounting treatment of research and development costs to develop a patent is to correct answers expense the cost as incurred A tractor held by a farm equipment company for sale to farmers is classified as a long-term asset. correct answers False Which of the following would not be considered a long-term asset? A. the cost of a new piece of equipment B. a new addition to a build...

Which of the following is NOT true of the Financial Accounting Standards Board (FASB)? - It is a government agency THEY DO: It consists of seven full-time members It seeks consistency for its proposed standards It has no legal power to enforce the standards it sets Generally accepted accounting principles are - Developed by accounting rule makers The initials GAAP stand for - Generally Accepted Accounting Principles The current standard-setting board for accounting in the private sector...

ACG 4101 - Chapter 7 Questions with complete solution To be classified as cash equivalents, investments must have a maturity date no longer than ______ months from the date of __________________. - correct answer 3 ; purchase In what financial statement are cash and cash equivalents reported on? - correct answer balance sheet What are the four characteristics of internal control? - correct answer 1. encourage adherence to company policies/procedures 2. promote operational effici...

Accounting: What costs should be considered when making non-routine decisions? (3) : The price of material, Factory overhead costs, and the price of labor Accounting: Total product/ units produced and sold equals?? : Product Cost per Unit Accounting: What is a general explanation of what the contribution margin is? : The difference between variable costs subtracted from sales Accounting: In a continuous budget plan how many months are generally planned? : 12 months Accounting: Which of t...

Accounting steps. - 1. Prepare 2. Analyze 3. Gather 4. Make decisions 5. Implement 6. Observe. Managerial info is inside or outside the business? - Inside, Internal True or false, managerial accounting uses BOTH managerial and financial accounting? - True. Financial accounting is only outside. Managerial accounting can be inside AND outside. Financial is inside or outside the business? - Outside, External, includes lenders and investors The financial statement includes what 3 documents -...

Which of the following is NOT true of the Financial Accounting Standards Board (FASB)? - It is a government agency THEY DO: It consists of seven full-time members It seeks consistency for its proposed standards It has no legal power to enforce the standards it sets Generally accepted accounting principles are - Developed by accounting rule makers The initials GAAP stand for - Generally Accepted Accounting Principles The current standard-setting board for accounting in the private sector...

BUSINESS MAJOR FIELD TEST QUESTIONS AND ANSWERS GRADED A;(FULL TEST BANK) Accounting: What costs should be considered when making non-routine decisions? (3) The price of material, Factory overhead costs, and the price of labor Accounting: Total product/ units produced and sold equals?? Product Cost per Unit Accounting: What is a general explanation of what the contribution margin is? The difference between variable costs subtracted from sales Accounting: In a continuous budget plan ho...

ACCT 101 FINAL EXAM Questions and Answers Latest Updated 2024/2025 | Graded. The comparison of a company's financial condition and performance to a base amount is known as: A. Financial reporting B. Vertical analysis C. Horizontal ratios D. Investment analysis 3. The three most common tools of financial analysis are: A. Ratio analysis, horizontal analysis, financial reporting B. Horizontal analysis, vertical analysis, ratio analysis C. Trend analysis, financial reporting, ratio analysi...

account - record of increases/decreases in specific account account balance - difference between total debits and credits including any beginning balance accounting - information and measurement system that identifies and records and communicates relevant reliable and comparable information about organizations business activities. Language of business. accounting cycle - steps in preparing financial statements Accounting Equation - Assets=Liabilities+Equity accrual basis accounting - uses...

ACG 4101 Ch. 3 Question and answers verified to pass Describe the purpose of the balance sheet. - correct answer The purpose of the balance sheet, also known as the statement of financial position, is to present the financial position of the company on a particular date. Unlike the income statement, which is a change statement that reports events occurring during a period of time, the balance sheet is a statement that presents an organized array of assets, liabilities, and shareholders' ...