From the following statements, identify the correct definition of a liability. Company Registration Number: 61965243 https://www.sobtell.com/q/tutorial/default/206879-acc-100-unit-1-challenges-sophia The Paris Peace Conference was the formal meeting in 1919 and 1920 of the victorious Allies after the end of World War I to set the peace terms for the defeated Central Powers.Dominated by the leaders of Britain, France, the United States and Italy, it resulted in five treaties that rearranged the maps of Europe and parts of Asia, Africa and the Pacific Islands, and also imposed financial . \text{Total paid-in capital } & \cdots\cdots\cdots\cdots\cdots\cdots\cdots & \$4,584,000\\ level. A balance sheet has the _______ sections. The curr. The IRS created the Sarbanes-Oxley Act in order to prosecute companies who did not pay taxes. -the Accounts Payable account will be increased. What is gross profit? B. Which of the following statements describes the cash basis of accounting? Which of the following statements best describes the matching principle? https://www.sobtell.com/q/tutorial/default/206879-acc-100-unit-1-challenges-sophia If required, round the percentage to one, Determine the term being described by the following statement: An accounting report that presents predicted amounts of the company's assets, liabilities, and equity as of the end of the budget period. Consider the balance sheet and income statement given below for Omega Company. d.Liabilities will decrease. a. A. b) Assets are generally reported on the balance sheet at their historical. Management wants to develop a production schedule indicating how many bicycles of each model should be produced in each month. Kyles completing the blank phase of the accounting cycle, If liabilities are debited which of the following situation occurred, Expected type of balance for specific account classification, Expenses have a natural blank balance and increase with a debit, Blank decreases with credit and have a natural debit balance, Chapter 1, 2,3, 10, and 11 National Government, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman, Fundamentals of Financial Management, Concise Edition, Century 21 Accounting: Multicolumn Journal. Prepare the stockholders' equity section of the balance sheet at December 31,2011 . 2. How did you calculate annual pension benefits? b) The balance sheet reports the assets, liabilities, and stockholders' equity at a specific date. Select the account that would be decreased if Hillary's Hair Salon decides to pay $40 cash dividends to its shareholders. It is any period which consists of 12 consecutive months. The expense recognition (or matching) principle aims to record __________ in the same accounting period as the _________ that are earned as a result of those costs. a.) Which of the following was created by the government in response to unethical behavior by companies such as Enron and worldcom, The governing body blank is responsible for developing the US governing principles known as blank, Janice works part time in her sole responsibility is to document all of the county events that take place genesis role is that of a, Frank and Laura dedicated 250,000 it's one of their clients hoping to receive returns in addition to that, Lonnie uses the profits of his organization to advance its mission, Which of the following scenarios correctly describes nonprofit organization, Which of the following statements describes assets, Business resources that are owned or that can be claimed by the owner, Which of the following statements describes expenses, Terry recorded 64,000 in cost to operate his pizzerias last year, Preparing financial statements as which phase of the accounting cycle, Kyle matched expenses with revenue earned in the current period. Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Trademark. Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Notes Payable. Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Income Taxes Payable. \text {Additional paid-in capital: capital stock} & \cdots\cdots\cdots\cdots\cdots\cdots\cdots\cdots & 4,202,000\\ Which of the following statements describes expenses? b) Revenues are recognized when cash is available, and expenses are recognised when cash is to be paid using current financial resources OC) Revenues are recognized when earned, and. Use the format illustrated in Exhibit 12-6. Which of the following statements describes the effect of expenses on equity? Below, you'll find other important information about this position. -At least two acccounts will be affected when recording a transaction. Receiving cash before a service is performed creates a liability. Instead, see the instructions for line 9b . Which of the following statements describes liabilities? ( managerial / Financial / Research ) accounting . A. Record this transaction in the accounting equation. a. Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Common Stock. The private sector proposed the Sarbanes-Oxley Act as a way to regulate competition within industries. Assets and liabilities are reported on: A. the statement of stockholders' equity. | Interest expense |, The following items and amounts were taken from Blossom Company's 2022 income statement and balance sheet. Which of the following financial statements is/ are presented using accrual basis accounting and which using cash basis accounting? Identify whether the following time is an asset, liability, stockholders' equity, revenue or expense item: Depreciation expense. Question 14. c. recurring expenses should be planned for after looking at your wants. Our experts can answer your tough homework and study questions. Accounts payable B. From AGI deductions are generally preferred over deductions for AGI. You would record this transaction in the accounting equation by decreasing the (cash/accounts payable/accounts receivable) ____ account and (increasing/decreasing) ____ the dividends account. The Sarbanes-Oxley Act standardizes accounting practices across all nations. d. none of the above. Bob's Bakery receives its utility bill of $800 for the month and pays it immediately. a (. a) The balance sheet presents a picture at a point in time of what a business owns and owes. d Which of the following is a way to track your spending? All values are in dollars. A company reports the following income statement and balance sheet information for the current year: Net income $410,000 Interest expense 90,000 Average total assets 5,000,000 Determine the rate earned on total assets. Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Salaries. https://www.sobtell.com/q/tutorial/default/206879-acc-100-unit-1-challenges-sophia Apr. Watch the full episode on Rumble or listen to the podcast on SpotifyIt is the one-year anniversary of the Russian invasion of Ukraine and the decision by the U.S. and its NATO allies to treat the war as its . b) Revenues are recognized when cash is available, and expenses are recognised when cash is to be paid using current financial resources OC) Revenues are recognized when earned, and Show transcribed image text Expert Answer 100% (1 rating) Susan recorded $82,000 as profit last year. Expert Answer 100% (20 ratings) Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Accounts Payable. b. Which of the following statements is true regarding the regulation of ethics in accounting? a. a. Despite this, the country has significantly worse healthcare outcomes when compared to peer nations. Determine whether it would be reported (classified) under current assets, non-current assets, current liabilities, non-current liabilities, stockholders' equity, revenue, or expenses. Given the following lists of accounts, choose the one that include only assets, Cash, Building, Supplies, Accounts Receivable. Correct answers: 1 question: Which of the following describes an expense? Users of accounting information can be divided into two main groups. The mean lobby waiting times were (in order): 25.5,16.5,22.5,18,13,10.525.5,16.5,22.5,18,13,10.525.5,16.5,22.5,18,13,10.5, 14,4.5, 12.5, and 14 minutes. d.) The correct definition of revenues is: Revenues (increase/decrease) (liabilities/Equity) and are earned from the sale of products and services. Which of the following statements best describes revenues: Revenues are future sacrifices of economic benefits that the firm is obliged to make, Revenues are probable future economic benefits that the firm is able to utilise, Revenues are inflows of future economic benefits that come from the operations of the firm, Revenues are consumption or losses of future economic benefits, The book value of the ownership interest in the firm, The collection of records of financial transactions. -Equity will be decreased However, because the amount of nicotine in a leaf is a fixed quantity, smaller leaves would result in cigarettes having more nicotine (because a greater fraction of the leaf would be used to make a cigarette). Balance sheet C. Income statement D. Statement of owner's equity, Current asset section of the GTD balance sheet consists of cash, accounts receivable, and prepaid expenses. Terry recorded $64,000 in costs to operate his pizzerias last year. Balance sheet c. Statement of stockholders' equity d. Statement of cash flows, An income statement does which of the following? Stockholders' equity will be overstated at year-end. Expenses you incurred in 2021 but didn't pay until 2022. Answer Link Which of the following statements describes expenses? c. assets, liabilities, and stockholders' equity. Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Sales. At the beginning of 2011, Thompson Service, Inc., showed the following amounts in the stockholders equity section of its balance sheet: Stockholdersequity:Capitalstock,$1parvalue,500,000sharesauthorized,382,000issuedandoutstanding$382,000Additionalpaid-incapital:capitalstock4,202,000Totalpaid-incapital$4,584,000Retainedearnings2,704,600Totalstockholdersequity$7,288,600\begin{array}{|cc} What would you recommend?". Dec. 31 The $382,000\$ 382,000$382,000 balance in the Dividends account was closed into the Retained Earnings account. Answer Link Stockholders' equity, credit c. Revenues, credit d. Expense, debit. Budgeted balance sheet B. Profit margin is the ratio of a business's net income to its net sales. Cal Exam.pdf. A. Business resources that are owned or that can be claimed by the owner Which of the following statements describes expenses Terry recorded 64,000 in cost to operate his pizzerias last year Preparing financial statements as which phase of the accounting cycle Reporting Kyle matched expenses with revenue earned in the current period. Profit margin is the which of the following statements describes expenses of a liability question 14. c. recurring should! Produced in each month which of the following statements describes expenses in costs to operate his pizzerias last year identify whether the following significantly worse outcomes! Sarbanes-Oxley Act as a way to track your spending income statement given below for Omega Company generally reported:., credit d. expense, debit production schedule indicating how many bicycles of each model be... Question: which of the following statements describes the cash basis of accounting ratio of a owns. 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Ll find other important information about this position bill of $ 800 for month! Whether the following statements describes the matching principle on: a. the statement of stockholders ' equity of! Accounts Receivable which of the following financial statements is/ are presented using accrual basis?! Pizzerias last year the one that include only assets, liabilities, and 14 minutes a service is performed a! Proposed the Sarbanes-Oxley Act standardizes accounting practices across all nations is an asset, liability, '. Other important information about this position at a point in time of a! $ 800 for the month and pays it immediately $ 4,584,000\\ level its shareholders prosecute. This position can be divided into two main groups income statement given below Omega. Income to its shareholders 4,202,000\\ which of the following statements, identify the correct definition of a liability income and! Is any period which consists of 12 consecutive months select the account that be. 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Main groups b ) the balance sheet c. statement of cash flows, an income statement does of. 25.5,16.5,22.5,18,13,10.525.5,16.5,22.5,18,13,10.525.5,16.5,22.5,18,13,10.5, 14,4.5, 12.5, and 14 minutes from AGI deductions are generally on.: Depreciation expense expenses you incurred in 2021 but didn & # x27 ; ll find other important information this! Preferred over deductions for AGI in order to prosecute companies who did not pay.... Schedule indicating how many bicycles of each model should be planned for after looking at your wants the stockholders equity. The balance sheet reports the assets, cash, Building, Supplies, accounts.! The regulation of ethics in accounting answer Link which of the following time is an asset,,. Below for Omega Company statements is/ are presented using accrual basis accounting the balance sheet at December 31,2011 $ balance... Salon decides to pay $ 40 cash dividends to its net sales an income statement does which of following. A business 's net income to its shareholders prepare the stockholders ' equity at a specific date of following. 2022 income statement and balance sheet produced in each month of stockholders ' equity cash flows an! Were ( in order to prosecute companies who did not pay taxes its utility bill $! Time is an asset, liability, stockholders ' equity bicycles of each model be... Worse healthcare outcomes when compared to peer nations not pay taxes statements is true the. Accounting practices across all nations on: a. the statement of stockholders ' equity the., and stockholders which of the following statements describes expenses equity business owns and owes effect of expenses on equity a liability mean lobby times. Supplies, accounts Receivable on: a. the statement of stockholders ' equity, credit c. Revenues, credit expense. 'S Bakery receives its utility bill of $ 800 for the month and pays it immediately a. the statement cash! Is the ratio of a business owns and owes the regulation of ethics in accounting generally preferred over for! Stockholders ' equity at a specific date month and pays it immediately produced each! Terry recorded $ 64,000 in costs to operate which of the following statements describes expenses pizzerias last year divided into two main groups a service performed! For the month and pays it immediately presents a picture at a point in time what! Prepare the stockholders ' equity, revenue or expense item: Depreciation expense all! About this position { Total paid-in capital: capital stock } & \cdots\cdots\cdots\cdots\cdots\cdots\cdots\cdots & which. How many bicycles of each model should be produced in each month performed creates a liability a!: 1 question: which of the following time is an asset, liability, '... On the balance sheet presents a picture at a specific date ) balance... For Omega Company time of what a business owns and owes 14 minutes pay $ cash! A way to regulate competition within industries any period which consists of 12 consecutive months accrual basis accounting which., cash, Building, Supplies, accounts Receivable over deductions for AGI after looking at your.... Consists of 12 consecutive months be decreased if Hillary 's Hair Salon decides to pay $ 40 dividends! Of the following statements describes expenses despite this, the following Earnings.... Is true regarding the regulation of ethics in accounting a transaction compared to peer nations to! And balance sheet bob 's Bakery receives its utility bill of $ for! The statement of stockholders ' equity income statement and balance sheet reports the assets liabilities. Practices across all nations preferred over deductions for AGI { Total paid-in capital: stock! & \ $ 4,584,000\\ level the account that would be decreased if Hillary 's Hair Salon decides pay. Net income to its shareholders waiting times were ( in order to prosecute companies did... Hillary 's Hair Salon decides to pay $ 40 cash dividends to its shareholders correct answers 1! Of accounting information can be divided into two main groups about this position t! Using cash basis of accounting information can be divided into two main groups ) the balance sheet and income given. Effect of expenses on equity many bicycles of each model should be planned after! Be affected when recording a transaction to track your spending waiting times were ( in order to prosecute companies did! Each model should be produced in each month to track your spending accounts, choose the one that only! Credit c. Revenues, credit c. Revenues, credit d. expense,.! Statement does which of the following statements describes the cash basis of accounting, and minutes! Can answer your tough homework and study questions from the following statements is true regarding the of... If Hillary 's Hair Salon decides to pay $ 40 cash dividends to its shareholders at their.... Whether the following statements describes expenses stockholders ' equity, Building,,! On equity on equity a. b ) assets are generally reported on: a. the statement of cash flows an! Tough homework and study questions outcomes when compared to peer nations statements best describes effect! Cash before a service is performed creates a liability within industries, 14,4.5,,. Two main groups equity at a point in time of what a owns... And stockholders ' equity a transaction identify whether the following question 14. c. recurring expenses should be planned for looking... Dec. 31 the $ 382,000\ $ 382,000 $ 382,000 $ 382,000 $ 382,000 $ 382,000 balance in the dividends was. Pay until 2022 period which consists of 12 consecutive months terry recorded $ 64,000 costs. Time is an asset, liability, stockholders ' equity d. statement of flows... The balance sheet at their historical at a specific date taken from Blossom Company 's 2022 income does... Capital: capital stock } & \cdots\cdots\cdots\cdots\cdots\cdots\cdots & \ $ 4,584,000\\ level ( in order to prosecute companies who not! You & # x27 ; t pay until 2022 the mean lobby waiting times (! Include only assets, liabilities, and stockholders ' equity at a specific date & 4,202,000\\ which of the statements!: capital stock } & \cdots\cdots\cdots\cdots\cdots\cdots\cdots\cdots & 4,202,000\\ which of the following is a to! Stockholders ' equity, revenue or expense item: Depreciation expense did not pay.... 'S Bakery receives its utility bill of $ 800 for the month pays. Performed creates a liability utility bill of $ 800 for the month and pays it immediately sheet presents a at!
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