Chapter 2 Extra Practice Problems and Solutions

these multiple choice Questions from ACCOUNTING PRINCIPLES 1 Course.I need the final.

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Activity # 7 Application of the concepts of Assets, Liabilities, Owner’s Equity, Revenue, and ExpenseThe following table includes SFP and SCI elements. Put a check mark (√) in the column where each accounts belongs to.Account Asset Liability Owner’s Equity Revenue Expenses1. Interest Receivable2. Professional Fees3. Service Income4. Mr. A, Drawing 5. Doubtful Accounts6. Depreciation Expense7. Accrued Interest Income8. Unearned Interest Income9. Prepaid Interest10. Accumulated Depreciation11. Mortgage payable12. Unused Supplies13. Supplies Inventory14. Supplies on hand15. SSS Premium Expense16. Withholding Taxes Payable17. Repairs and Maintenance 18. Petty cash Fund19. Allowance for Bad Debts20. Cash in bank21. Accounts payable22. Prepaid Insurance23. Unexpired Insurance24. Salaries payable25. Utilities Expens

Your answer:   Chapter 2 2   8   14               B. Answer the following chapter-end question.   Chapter 2 Q. 1. Identify the four financial statements and describe the purpose of each. Your answer:         Q. 6. Explain the difference between current and noncurrent assets and liabilities. Why is this distinction important to stakeholders

Question 7 Information is considered to be if it is of a nature that will influence the financial decisions of the users. Select one: a. neutral b. comparable c. material d. prudent

multiple choice question a.The balance in the profit and loss account is transferred to the:   profit and loss account. capital account. bank account. drawings account.

e 1:E1 OMANTEL Practice (page 4 . ... moodle.nct.edu.om Timely availability of requisite finances objective of comes under financial managment a. Social Objectives b. None c. Research Objectives d. Operational Objectives e. Basic objectives Previous page Next page II

Select the correct combination of similarity between accounting, finance and banking? i. Dealing with money ii. Having objective iii. End users use the services a.i and ii b.i, ii and iii c.Only iii d.i and iii Message @Ab_diii

Question 3.2 There are different users of financial statements and each category of user has a certain desired objective and goal. Identify and briefly discuss the five users of financial information (10 1

Question 28 Under SSARS the hierarchy in terms of the level of service provided and degree of comfort the accountant provides to the user of financial statements is (start with the highest level of service first):   A. Preparation, Review, Compilation of financial statements   B. Review, Compilation, Preparation of Financial Statements   C. Review,Preparation, Compilation of financial statements   D. Compilation, Review, Preparation

< Prev Ne Question 1 View Policies Current Attempt in Progress ns Match the following statements to the appropriate terms. The entire group of accounts maintained by a company. On- Transferring journal entries to ledger accounts. The side which increases an account. A list of all the accounts used by a company. An accounting record of increases and decreases in specific assets, liabilities, and stockholders' equity items. Left side of an account. Evidence that a transaction has taken place. Shows the debit and credit effects of specific transactions. A list of accounts and their balances at a given time. Has a credit normal balance eTextbook and Media Attempts: 0 of 3 used Submit Answ Save for Later II

finalacial accounting please give me the answer of this question thanks

30. MC.03.035 Bright Services pays wages of a part-time employee. The transaction would involve a a. debit to Cash. b. debit to Wages Expense. c. credit to Prepaid Expenses. d. credit to Wages Payable. 31. MC.03.036 Patrick Services paid the office rent for the current month. The transaction would involve a a. credit to Prepaid Rent. b. debit to Rent Expense. c. debit to Cash. d. credit to Rent Payable. 32. MC.03.037 Homer Services pays the monthly rent, $5,000. The transaction would involve a a. debit to Rent Expense. b. credit to Rent Payable. c. debit to Cash. d. debit to Prepaid Rent. 33. MC.03.038 P. Baker deposits $10,000 in a bank account, in the name of his business, to be used to purchase equipment. The journal entry to record the transaction would involve a: a. credit to P. Baker, Capital. b. credit to P. Baker, Drawing. c. credit to Cash. d. credit to Equipment.

34. MC.03.039 The requires that assets be recorded at the actual cost. a. cost principle b. matching principle c. business entity principle d. fair value principle 35. MC.03.040 For a journal entry to be complete, it must contain a. the date. b. a credit entry. c. a debit entry. d. an explanation. e. All of these listed answers are correct. 36. MC.03.041 Which of the following is correct concerning recording journal entries? a. Dollar signs are always recorded in the journal. b. The credit part of the entry is recorded first. c. The credit account is always indented underneath the debit entry. d. The debit part of the entry is recorded last.

‏Find out the missing value assets in an accounting equation if liabilities is OMR 320000 and capital is OMR 119000 Select one : O a . OMR 439000 assets O b . OMR 201000 assets O c . OMR 349000 assets O d . OMR 102000 assets Clear my choice

Comprehension questions 11 and 12 page 58 11. How does accounting information reduce agency problems in relationships between management and debt holders?

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art 1 ancial statements? Try answering th mat I Know. It's okay if you write key Questions: What is the importance of preparing financial statements? Enumeraté the complete set of financial statements Discuss the function of each set/elements of financial statements. and general features of financial sta

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help please answer in text form with proper workings and explanation for each and every part and steps with concept and introduction no AI no copy paste remember answer must be in proper format with all working

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Homework 24.02 Explâin why the income statement can also be called a “profit-and-loss statement.” What exactly does the word balance méan in the title of the balance sheet? -Why do we balance the two halves?

16 What do the following accounting terms and principles mean: Please define and provide an example of how it would be applied. Matching Principle - Historical Cost – Monetary Unit – Accounting Period – Going Concern –

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Financial concepts Match the financial concepts in Column A with the correct meaning in Column B, and the correct description of the concept in Column C. You may use the numbering as indicated without writing the words. Please do not create your own numbering. hu Concepts in Financial Management (Column A) 1. Balance sheet 2. Fixed assets 3. Current assets 4. Liability 5. Short-term funds 6. Capital 7. Income Meaning (Column B) A. Costs that re- main unchanged B. Receipts of sales C. Income exceeds costs D. Cash in the bank E. Overall view on the financia posi- tion of a business F. Purchase of assets G. Current liabilities Description (Column C)

Subject :- Accounting

Quèstion 9 Who are the primary users of general-purpose financial statements? O A. Creditors O B. Investors OC. Government O D. Both creditors and investors