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Assuring that external transaction amounts remain unchanged False True Real accounts remain open as long as the asset, liability or equity items recorded in the

  1. Assuring that external transaction amounts remain unchanged
  2. False
  3. True
  4. Real accounts remain open as long as the asset, liability or equity items recorded in the accounts continue in existence
  5. Closing entries
  6. FIFO
  7. The percent of sales method
  8. Market Value
  9. Reflected in current and future years financial statement, not in prior statements
  10. Are revenues
These are the answers I got on my accounting homework, but when I received the score it said I got some wrong (but I cannot see what I did) can you tell me what I missed ?
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16. Adjusting entries made at the end of an accounting period accomplish all of the following except: a Updating liability and asset accounts to their proper balances. signing revenues to the periods in which they are eamed. c Assigning expenses to the periods in which they are incurred. d.Assuring that financial statements reflect the revenues earned and the expenses e.Assuring that external transaction amounts remain unchanged. 17. Accounts that appear in the balance sheet are often called temporary nominal) TIF 18 Permanent accounts carry their balances into the next accounting period. 19. Which of the following statements is incorrect? bTemporary accounts carry a zero balance at the beginning ofeach accounting The Income Summary account is a temporary account. d.Real accounts remain open as as the asset, liability, or equity items recorded in the accounts continue in existence. The closing process applies only to temporary accounts. Journal entries recorded at the end ofeach accounting period to prepare the expense, and accounts for the upcoming period to update the owner's capital account for the events of the just finished are c Final entries. work sheet entries. INSAT STD English (USA) 21 During a period ofsteadily rising costs, inventory valuation method yields the highest reported Det income the that is: a.Specific identification method. b..Average c Weighted-average method. d,FIFO The allowance method based on theideathatagiven percent of a company's credit sales for the period is uncollectible a The percent ofsales method. b The percent of accounts receivable method. c The aging of accounts receivable method Direct write-offmethod Factoring method. 23 The relevant factors in computing depreciation donor include: b Salvage value. A change in an accounting estimate is: Reflected in past financial statements ofpast .Reflected in future financial also requires modification flected in eument and future years'financial statements, morin prior Not allowed under current accounting rules. Considered an emor in the financial statement received in advance from customers for future products or services allowed under GAAP an outlayofeash in the funure

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