Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

1. Primary objective of financial reporting is to provide information: a) To the federal government b) About the profitability of the business c) Regarding the

1. Primary objective of financial reporting is to provide information:

a) To the federal government b) About the profitability of the business c) Regarding the cash flows of the business d) Useful for making investment decisions and for assessing management's stewardship

2. Accounts are grouped in a book called the

a) Trial balance b) Chart of accounts c) Journal d) Ledger

3. An organization's list of all its accounts and the related account numbers is called a:

a) Balance sheet b) Chart of accounts c) Ledger d) Trial balance

4. An important fact related to accrual accounting is that:

a) Adjusting entries are not required. b) Revenue is recorded when cash is received c) Expenses are recorded when incurred d) Revenue is recorded when cash is received and expenses are recorded when incurredt

5. The concept that requires that accountants record depreciation expense on equipment is the:

a) Historical cost measurement method b) Time-period concept c) Revenue recognition principle d) Matchingconcept he concept that assists accountants in determining how often to prepare financial reports is the: Historical cost measurement method Time-period concept Revenue recognition principle Matching concept

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Edp Auditing A Primer

Authors: Joseph L. Sardinas

1st Edition

0471123056, 978-0471123057

More Books

Students also viewed these Accounting questions

Question

c. What groups were least represented? Why do you think this is so?

Answered: 1 week ago