Question
1. A DEBIT (DR) is the normal balance for which account listed below? Select one: a. Common shares account b. Fuel Expense Account c. Both
1. A DEBIT (DR) is the normal balance for which account listed below?
Select one:
a. Common shares account
b. Fuel Expense Account
c. Both types of shares, preferred and common
d. Notes payable account
e. Preferred shares account
2. Materiality means that an item's . . .
Select one:
a. value as a tangible capital asset can only be assessed by the rules of Goodwill
b. place on the balance sheet must be under Non-Current Assets
c. value as an intangible asset can only be assessed by the ASPE rules of Goodwill
d. omission or misstatement could influence the decision of users
e. place on the balance sheet must be under Property, Plant and Equipmen
3. Which financial statement is organized by the three main types of activities (i.e. operating, financing, investing)?
Select one:
a. Statement of Changes in Equity
b. Income Statement
c. Statement of Cash Flows
d. Statement of Financing, Investing, and Operating
e. Balance Sheet
4. Materiality means that an item's . . .
Select one:
a. value as a tangible capital asset can only be assessed by the rules of Goodwill
b. place on the balance sheet must be under Non-Current Assets
c. value as an intangible asset can only be assessed by the ASPE rules of Goodwill
d. omission or misstatement could influence the decision of users
e. place on the balance sheet must be under Property, Plant and Equipmen
5. Which financial statement is organized by the three main types of activities (i.e. operating, financing, investing)?
Select one:
a. Statement of Changes in Equity
b. Income Statement
c. Statement of Cash Flows
d. Statement of Financing, Investing, and Operating
e. Balance Sheet
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