Multiple Choice

2) Which Puntatal ch ristie GAAP requires that information is reasonably understood by its wwers? Role Indendo samarality d) Reliability e) None of the choices listed The ofisternal controls is to provide reasonable suce reparding the achievement a) reliability of financial reporting b) effectiveness and efficiency of operations c) compliance with applicable laws and regulators all of the choices e) None of the choices listed 23) One of the role of a professional at would be: towe information prepared by the bookkeeper to provide appropriate continentments in accordance with GAAP b) to prepare income statements only on a month to month basis c) to do the bank reconciliations only d) to only prepare payroll each month for the bookkeeper e) None of the choices listed 25) In 2011. Company Y has received a prepayment of $2,000 for the wrvice to be done in 2012. Ia 2012. Company Y herdered the service for a t of $1.500 but failed to record any signiry What happens to Copy Y's income in 2017? a) Net Income would be overstated by $1,500. b) Net income would be overstated by $500 c) Net income would be understated by $500. d) Net income would be understated by $1.500 e) None of the choices listed 27) Uneamed revenue is classified as a) revenue (b) a bility c) an expense d) ant e) None of the choices listed 28) Jewry 1, a company received The membership is in effect and membership of $300 fre . By how with con s e for the next equity have changed by March a) 550 b) 500 c) 50 d) 5150 e) None of the choice isted 29) Reve n tion results c) an increase in equity e) Noes of the choice isted 30) Which of the flowing is the correcta Increase prepar ed de entry to record of month of expired prepaid insurance? c) Increase prepa r e ce expense scree p end decrease prepaid insurance e) None of the choice isted 3) When preparat is recognized as m e , which of the following is true? Prepaid rende r expone income intement increases and equity increases b) Cash dea d y decreases Preparat d e rest expense on the balance sheet increases and equity decreases 4) Preparat de rest expense on the income alement increases and equity decreases c) None of the choices listed 2) Which Puntatal ch ristie GAAP requires that information is reasonably understood by its wwers? Role Indendo samarality d) Reliability e) None of the choices listed The ofisternal controls is to provide reasonable suce reparding the achievement a) reliability of financial reporting b) effectiveness and efficiency of operations c) compliance with applicable laws and regulators all of the choices e) None of the choices listed 23) One of the role of a professional at would be: towe information prepared by the bookkeeper to provide appropriate continentments in accordance with GAAP b) to prepare income statements only on a month to month basis c) to do the bank reconciliations only d) to only prepare payroll each month for the bookkeeper e) None of the choices listed 25) In 2011. Company Y has received a prepayment of $2,000 for the wrvice to be done in 2012. Ia 2012. Company Y herdered the service for a t of $1.500 but failed to record any signiry What happens to Copy Y's income in 2017? a) Net Income would be overstated by $1,500. b) Net income would be overstated by $500 c) Net income would be understated by $500. d) Net income would be understated by $1.500 e) None of the choices listed 27) Uneamed revenue is classified as a) revenue (b) a bility c) an expense d) ant e) None of the choices listed 28) Jewry 1, a company received The membership is in effect and membership of $300 fre . By how with con s e for the next equity have changed by March a) 550 b) 500 c) 50 d) 5150 e) None of the choice isted 29) Reve n tion results c) an increase in equity e) Noes of the choice isted 30) Which of the flowing is the correcta Increase prepar ed de entry to record of month of expired prepaid insurance? c) Increase prepa r e ce expense scree p end decrease prepaid insurance e) None of the choice isted 3) When preparat is recognized as m e , which of the following is true? Prepaid rende r expone income intement increases and equity increases b) Cash dea d y decreases Preparat d e rest expense on the balance sheet increases and equity decreases 4) Preparat de rest expense on the income alement increases and equity decreases c) None of the choices listed