Can I please get some accounting help?
Question by Gorgola M: Can I please get some accounting help?
I only need help in the following questions. I have already answered the rest of the test. Any help would be greatly appreciated.
4. Including all relevant data a reader needs to understand the financial condition and performance of a business refers to which concept? (Points: 4)
a.Adequate disclosure concept
b.Going concern concept
c.Objectivity concept
d.Business entity concept
7. A to Z Corporation engaged in the following transaction “Paid a $ 10,000 cash dividend.” On the Statement of Cash Flows, the transaction would be classified as (Points: 4)
a.Cash Flows from Operating Activities.
b.Cash Flows from Investing Activities.
c.Cash Flows from Financing Activities.
d.Noncash transaction.
8. Receiving cash for fees earned affects which financial statement elements? (Points: 4)
a.Assets only
b.Stockholders’ equity only
c.Assets and stockholders’ equity
d.Assets and liabilities
12. ABN Company sold goods, receiving $ 10,000 in cash and $ 25,000 on credit. How much revenue should it record under the accrual basis of accounting? (Points: 4)
a.$ 10,000
b.$ 25,000
c.$ 35,000
d.None at this time
23. Merchandise inventory is reported on the balance sheet in the section entitled (Points: 4)
a.current assets.
b.fixed assets.
c.current liabilities.
d.stockholders’ equity.
25. Book value is defined as (Points: 4)
a.current market value less residual value.
b.cost less residual value.
c.current market value less accumulated depreciation.
d.cost less accumulated depreciation.
26. If a fixed asset with an original cost of $ 18,000 and accumulated depreciation of $ 12,000 is sold for $ 15,000, the company must (Points: 4)
a.recognize a loss on the income statement under other expenses.
b.recognize a loss on the income statement under operating expenses.
c.recognize a gain on the income statement under other revenues.
d.Gains and losses are not to be recognized upon the sell of fixed assets.
Best answer:
Answer by Dr. Sujok
8=C, 12=D 23=A 25=D 26=C
Know better? Leave your own answer in the comments!
