ACC 318 Module Four Assignment Template-Violet Bass

general accounting problem please solve it

3 d ut of ious page Registration for GST favours a business because - Select one: it increases revenue as customers pay more for the products and services O it makes the tax reports easier to prepare there are no advantages to registering for GST O it allows a business credits for the GST it pays for business-related expenses

The expected value of an​ accountant's profit and loss analysis is 0. Explain what this means.         Question content area bottom Part 1 Choose the correct answer below.     A. Since the expected value cannot be less than​ 0, an expected value of 0 means that the average money gained is equal to or less than the average money spent.   B. An expected value of 0 means that there was not any money gained or spent.   C. An expected value cannot be equal to 0.   D. An expected value of 0 means that the average money gained is equal to the average money​ spent, representing the​ break-even point.

1 Earnings management is ______________  Select one: a. always fraudulent. b. the process of profit maximization. c. manipulating income to meet a targeted earnings level. d. the process of managing a business.

In computing net business income for income tax purposes, which of the following statements is INCORRECT? Question 3Answer a. Income tax paid is not allowed as a business deduction. b. Depreciation is not allowed as a business deduction. c. Capital cost allowance is not allowed as a business deduction. d. An arbitrary reserve is not allowed as a business deduction.

Please answer with reason for all why the option is correct and why the other options are incorrect................ 1. Accounting provides information on A. Cost and income for managers B. Company's tax liability for a particular year c. Financial conditions of an institutions D. All of the above.............. 2. The long term assets that have no physical existence but are rights that have value is known as A.Current assets B.Fixed assets C.Intangible assets D.Investments............. 3.The assets that can be converted into cash within a short period (i.e. 1 year or less) are known as A.Current assets B.Fixed assets c.Intangible assets D.Investment

Problem 2: An accountant must be familiar with the concepts involved in determining earnings of a business entity. The amount of earnings reported for a business entity is dependent on the proper recognition, in general, of revenue and expense for a given time period. In some situations, costs are recognized as expenses at the time of product sale. In other situations, guidelines have been developed for recognizing costs as expenses or losses by other criteria. Instructions: 2.1 Explain the rationale for recognizing costs as expenses at the time of product sale.  2.2 What is the rationale underlying the appropriateness of treating costs as expenses of a period instead of assigning the costs to an asset? Elaborate.  2.3 In what general circumstances would it be appropriate to treat a cost as an asset instead of as an expense? Elaborate.  2.4 Some expenses are assigned to specific accounting periods on the basis of systematic and rational allocation of asset cost. Explain the underlying…

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Question 31 Revenue are considered to have been earned when:     All possibility of return has expired.     The selling company has substantially accomplished what it contracted to perform and collection   from the customer is reasonably expected.     The cash is collected.     Goods have been shipped.

Match each concept with the definition that best describes it. Expense recognition principle (matching [ Choose] principle) [ Choose ] Accounting basis in which companies record transactions that change a company's financial statements in the periods in which the events occur. Accounting basis in which companies record revenue when they receive cash and an expense when they pay out cash. The principle that companies recognize revenue in the accounting period in which the performance obligation is satisfied. Information that accurately depicts what really happened. The principle that companies recognize expense in the period in which they make efforts (consume assets or incur liabilities) to generate revenue. An assumption that accountants can divide the economic life of a business into artificial time periods. Monthly or quarterly accounting time periods. An accounting period that extends from January 1 to December 31. Revenue recognition principle Time period assumption Calendar year…

The question is attached to the image.

The question is attached to the image.

T1.

a. What do the accounting policies say in the annual report (footnotes) regarding the cost of revenue? What are the drivers to the cost of revenue and the trends? b. Are there any trends in sales and marketing expenses or research and development? Are these amounts reasonable for the type of business? c. Compare general and administrative expenses to similar companies. Are they reasonable? d. What is the ratio of net interest income (expense) to income from operations? Is this a safe ratio for the company? Why or why not?

OBIECTIVES:   I. Identify the elements of the SCI and describe each of these items for service business and merchandising business   II. TOPIC: STATEMENT OF COMPREHENSIVE INCOME   III. Direction: A. Write the correct word or words to complete the statement.   1. An example for this is gain or losse on hedging derivatives.   2.An approach used on preparing statement of comprehensive income that shows expense by its nature.   3.An increases in economic benefits during the period in the form of inflows or enhancements of assets or decreases of liabilities that result in increases in equity.   4.This occurs when revenue is less than expenses.   5.lt arises in the course of the ordinary activities of a business and is referred to by a variety of different names including sales, fee, interest, and etc.   6. The difference between an Income Statement and SCI ...   7. The nature of business for a single step statement of comprehensive income   8. The nature of business for a multi-step…

6 and 7  i need answer and its urgent thanks!

Which of the following statements is correct? Mutiple Choice The term single step income statement is sometimes used to describe a classified income statement If a business is to earn a net income, the gross profit on sales must be greater than operating expenses Salaries of office employees would be grouped with the setting expenses in the Operating Expenses section of the income statement Sales less Operating Expenses equals Gross Profit

5. What must happen for goodwill to be recorded as an asset on an accounting balance sheet? Group of answer choices A company has a good reputation A company buys another company for more than the value of the individual assets and liabilities A company has good brands A company does good deed