Answered step by step
Verified Expert Solution
Link Copied!
Question
1 Approved Answer

are these the right answers? if not which one is correct please? Question 5 8 pts The legal authority to set accounting standards lies with

are these the right answers? if not which one is correct please?
image text in transcribed
image text in transcribed
image text in transcribed
Question 5 8 pts The legal authority to set accounting standards lies with the: Accounting Principles Board. American Institute of Certified Public Accountants. Securities and Exchange Commission. Financial Accounting Standards Board, D Question 6 8 pts If accounting information is considered to have faithful representation, then which of the following is true? The information is considered pertinent to or affects decisions. The information follows conservatism principles and is also material The information represents to users what it claims to represent. The information will have predictive value feedback value, and is timely, Question 8 8 pts Consider the following list of accounts: Cash Service Revenue Salaries Expense Accounts Payable Equipment Retained Earnings Utilities Expense Accounts Receivable Common Stock Dividends How many of these accounts have a normal debit balance? O Five Four. Seven. Aspen Six Question 9 8 pts Determine the proper sequence of only the following 4 steps in the accounting cycle. Analyze transactions, Prepare adjusting entries, Prepare closing entries. Prepare financial statements. Journalize transactions, Post from journal to the ledger, Prepare adjusting entries. Prepare closing entries. Prepare adjusted trial balance, Prepare adjusting entries, Prepare closing entries, Prepare post-closing trial balance Prepare unadjusted trial balance. Prepare closing entries, Prepare postclosing trial balance. Prepare financial statements Question 10 8 pts Following are transactions of Gotebo Tanners, Inc., a new company, during the month of January: Issued 10,000 shares of common stock for $15.000 cash. Purchased land for $12,000, signing a note payable for the full amount. Purchased office equipment for $1.200 cash. Received cash of $14,000 for services provided to customers during the month. Paid employees $10,000 for their first month's salaries, How many of these transactions decreased Gotebo's total assets? One Three . Four Two

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_2

Step: 3

blur-text-image_3

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

Financial Accounting Tools For Business Decision Making

Authors: Paul D. Kimmel

3rd Canadian Edition

0470836792, 978-0470836798

More Books

Students explore these related Accounting questions