Business and accountancy - Study guides, Class notes & Summaries

WGU C213 Final Exam (verified answers 2022)Order of assets listed on the balance sheet Assets are listed in the order of liquidity. Liquidity is the amount of time it would usually take to covert an asset into cash. Obviously, cash would be listed first, followed by marketable investments (a company can quickly convert a short-term investment into cash). Accounts receivable would be listed next followed by inventory, and long-term investments, fixed assets, and intangibles. Current assets ...

REG 2024 Exam Questions & Answers 100% CORRECT If understatement is due to a simple error or negligence, the IRS has a statute of limitations within which additional taxes can be assessed of - ANSWERS3 years after the later of return due date or return filing date If understatement is due to gross negligence (> 25%), the IRS has a statute of limitations within which additional taxes can be assessed of - ANSWERS6 years after the later of return due date or return filing date If unde...

Financial Accounting & Reporting with correct answers External transactions - What are those transactions economic events involving one entity and another entity? Internal transactions (production and casualty loss) - These are economic events involving the entity only. Measuring - This accounting process involves the accountable economic transactions and events as to Assigning of Peso Amounts Other assets - Advances to employees is under what line item in the balance she...

When choosing an organizational form, entrepreneurs should consider: Ease of creation Owners' liability--maximize gain, limit risk of loss Tax considerations--pass through or entity tax? Ability to raise capital--Private funding or shares? Basic forms of Business Organization Sole proprietorships--> one person owns it Partnerships--> Multiple people own it Corporations--> Ownership to shareholders Franchises--> operated by any of the above Brainpower Read Mo...

ACCT Test 1 CPA Questions And Answers 2024 Which of the following is a conceptual difference between the attestation standards and generally accepted auditing standards? A) The attestation standards provide a framework for the attest function beyond historical financial statements. B)The requirement that the practitioner be independent in mental attitude is omitted from the attestation standards. C) The attestation standards do not permit an attest engagement to be part of a business a...

When choosing an organizational form, entrepreneurs should consider: - Ease of creation Owners' liability--maximize gain, limit risk of loss Tax considerations--pass through or entity tax? Ability to raise capital--Private funding or shares? Basic forms of Business Organization - Sole proprietorships--> one person owns it Partnerships--> Multiple people own it Corporations--> Ownership to shareholders Franchises--> operated by any of the above Corporate companies - can...

NACC103: CONCEPTUAL FRAMEWORK AND ACCOUNTING STANDARDS EXAM WITH VERIFIED ANSWERS For help mail. ACC103: CONCEPTUAL FRAMEWORK AND ACCOUNTING STANDARDS FRAMEWORK OF ACCOUNTING I-ACCOUNTING AND ACCOUNTANCY PROFESSION 1.Which accounting process is the recognition or nonrecognition of business activities as accountable events? (a) identifying (b) measuring (c )communicating (d) summarizing 2. These are events that affect the enterprise and in which other entities participate. Exte...

1. An Organization is a social arrangement which pursues collective goals, which controls its own performance. A. True B. False. correct answer: A 2. Organization is not preoccupied with performance. A. True B. False correct answer: B Organization is preoccupied with performance 3. Organization accumulates and share knowledge. A. True B. False correct answer: A 4. Organization enable people to be more .................................... A. Limited B. Educated C. Producti...

Average 1. During 2020, Aguirre Company sold 500,000 boxes of cake mix under a new sales promotional program. Each box contained one coupon, which entitled the customer to a baking pan upon remittance of P40. The entity paid P50 per pan and P5 for handling and shipping and estimated that 80% of the coupons would be redeemed, even though only 300,000 coupons had been processed during 2020. What amount should be reported as a liability for unredeemed coupons on December 31, 2020? a. 1,000,0...