Question
Match the terms with the definition/example Group of answer choices Expense [ Choose ] What you would label as the difference between what you paid
Match the terms with the definition/example
Group of answer choices
Expense
[ Choose ]
What you would label as the difference between what you paid for a business versus what the assets are valued at (paid $10 million for Smith LLP, but assets are valued at $5 million)
conservatism and consistency are examples
includes capital provided by investors and profits (losses) retained by the company
payment received for products or services that have not yet been delivered/provided to the customer costs incurred in generating sales recorded during that time period
equipment purchased and the amount is accounted for "below the line"
piece of equipment purchased and depreciated
Equity
[ Choose ]
What you would label as the difference between what you paid for a business versus what the assets are valued at (paid $10 million for Smith LLP, but assets are valued at $5 million)
conservatism and consistency are examples
includes capital provided by investors and profits (losses) retained by the company
payment received for products or services that have not yet been delivered/provided to the customer costs incurred in generating sales recorded during that time period
equipment purchased and the amount is accounted for "below the line"
piece of equipment purchased and depreciated
Deferred revenue
[ Choose ]
What you would label as the difference between what you paid for a business versus what the assets are valued at (paid $10 million for Smith LLP, but assets are valued at $5 million)
conservatism and consistency are examples
includes capital provided by investors and profits (losses) retained by the company
payment received for products or services that have not yet been delivered/provided to the customer costs incurred in generating sales recorded during that time period
equipment purchased and the amount is accounted for "below the line"
piece of equipment purchased and depreciated
Goodwill
[ Choose ]
What you would label as the difference between what you paid for a business versus what the assets are valued at (paid $10 million for Smith LLP, but assets are valued at $5 million)
conservatism and consistency are examples
includes capital provided by investors and profits (losses) retained by the company
payment received for products or services that have not yet been delivered/provided to the customer costs incurred in generating sales recorded during that time period
equipment purchased and the amount is accounted for "below the line"
piece of equipment purchased and depreciated
Matching
[ Choose ]
What you would label as the difference between what you paid for a business versus what the assets are valued at (paid $10 million for Smith LLP, but assets are valued at $5 million)
conservatism and consistency are examples
includes capital provided by investors and profits (losses) retained by the company
payment received for products or services that have not yet been delivered/provided to the customer costs incurred in generating sales recorded during that time period
equipment purchased and the amount is accounted for "below the line"
piece of equipment purchased and depreciated
GAAP
[ Choose ]
What you would label as the difference between what you paid for a business versus what the assets are valued at (paid $10 million for Smith LLP, but assets are valued at $5 million)
conservatism and consistency are examples
includes capital provided by investors and profits (losses) retained by the company
payment received for products or services that have not yet been delivered/provided to the customer costs incurred in generating sales recorded during that time period
equipment purchased and the amount is accounted for "below the line"
piece of equipment purchased and depreciated
Capital expenditure
[ Choose ]
What you would label as the difference between what you paid for a business versus what the assets are valued at (paid $10 million for Smith LLP, but assets are valued at $5 million)
conservatism and consistency are examples
includes capital provided by investors and profits (losses) retained by the company
payment received for products or services that have not yet been delivered/provided to the customer costs incurred in generating sales recorded during that time period
equipment purchased and the amount is accounted for "below the line"
piece of equipment purchased and depreciated
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The Complete Guide To Spotting Accounting Fraud And Cover-Ups
Authors: Martha Maeda
1st Edition
160138212X, 978-1601382122
