Financial accounting information

should be prepared differently by each company should be incomplete in order to confuse competitors provides investors guarantees about the future summarizes what has already occurred

Which of these events will NOT be recognized in the financial statements?

A service is performed, but the payment is not collected on the same day.

A copy machine is ordered. It will be delivered in two weeks.

Electricity has been used but has not been paid for.

Supplies are purchased and delivered. They are not paid for; the company will be billed.

Which of the following is likely NOT a type of not-for-profit entity?

community foundation

university

local Cineplex Odeon movie theater

public library

What adjusting journal entry is needed to record depreciation expense for the period?

a debit to Accumulated Depreciation; a credit to Depreciation Expense

a debit to Depreciation Expense; a credit to Cash

a debit to Depreciation Expense; a credit to Accumulated Depreciation

a debit to Accumulated Depreciation; a credit to Cash

When operating in a constrained environment, which products should be produced?

products with the highest contribution margin per unit of the constrained process

products with the highest selling price

products with the lowest allocated joint cost

products with the highest contribution margin per unit

Management accountants help the management of an organization in their planning function through ----

evaluating costs

monitoring anti-theft systems

strategic planning

analyzing profits

Shareholders can best be defined as which of the following?

investors who lend money to a business for a short period of time

investors who purchase an ownership in the business

analysts who rate the financial performance of the business

investors who lend money to a business for a long period of time