the chart lists the accounts and the account numbers that identify their location in the ledger is referred normally as Select one: a. accounts map O b. account list c. chart of accounts O d. accounts manual The economic entity assumption means Select one: a. owners controls the firm b. entity is separate from the owners c. owners and mangers work together O d. managers have major stake in the company success The formal process by which the enterprise reduces all nominal accounts to zero is the definition of Select one: a. closing entries O b. closing account O c. deleting account d. accounts shifting the primary users of the financial statements are Select one: O a. stocks holders O b. creditors and shareholders c. government and local admin O d. potential investors the statement that specifies the firms' assets, liabilities, and equity is: Select one: a. statement of financial position O b. statement of assets and equity c. income statement O d. balance sheet The underlying theme of the conceptual framework is Select one: a. financial soundness b. decision making c. decisions usefulness O d. financial reporting TO EVALUATE THE BUSINESS PROFITABILITY YOU NEED TO HAVE A LOOK OVER Select one: a. STATEMEMENT OF CASH FLOWS O b. STATEMENT OF CHANGES IN OWNERS EQUITY C. STATEMENT OF FINANCIAL POSTION AND INCOME STATEMENT O d. ALL FINANCIAL STATEMENTS UNEARNED REVENUES ARE LOGICALLY CLASSIFIED UNDER Select one: a. CURRENT ASSETS O b. LONG TERM LIABILITIES O c. LONG TERM ASSETS O d. CURRENT LIABILITIES Valuing assets at their liquidation values rather than their cost is INCONSISTENT with the Select one: a. current value principle O b. Historical value measurement O c. Measurement principle Which basic assumption is illustrated when a firm reports financial results on an annual basis? Select one: a. periodicity O b. independence O c. going concern O d. non of the above Which of the following basic assumptions of accounting (used by the International Accounting Standards Board) makes depreciation and amortization policies justifiable and appropriate? Select one: a. periodicity O b. annuity O c. monetary unit O d. money spending The IFRS stands for Financial reporting process Select one: O True O False HAJAYA INCO PAID INSURANCE FOR 3 YEARS FOR JOD 12000 AT JAN THE FIRST OF 2020. THEN THE ADJUSTMENT ENTRY FOR THE YEAR ENDED ON 31/DEC/2021 WILL BE: Select one: O a. DEBIT PREPAID INSURANCE FOR 4000 AND CREDIT CASH FOR THE SAME O b. DEBIT INSURANCE EXPENSE FOR 4000 AND CREDIT BANK FOR THE SAME c. DEBIT INSURANCE EXPENSE FOR 4000 AND CREDIT PREPAID INSURANCE FOR THE SAME O d. DEBIT PREPAID INSURANCE FOR 4000 AND CREDIT ACCOUNT PAYBLE FOR 4000 COSTS SUCH AS material, labor, and overhead are examples of Select one: O a. general costs O b. period cost c. product cost O d. non of the above is correct