10. Which of these is a similarity between financial accounting and managerial accounting? Select one: A. Both report to the same group of accounting users. B. Both report past financial events. C. Both use the same accounting standards of MASB. D. Both provide information for decision making. 11. Which of the followings is NOT a temporary or nominal account? Select one: A. Utility Expense. B. Prepaid Insurance. C. Drawings. D. Depreciation Expense. 12. Which of the following statements related to expenses is CORRECT? Select one: A. Expenses decrease owner's equity and has a credit normal balance. B. Expenses increase owner's equity and has a debit normal balance. C. Expenses decrease owner's equity and has a debit normal balance. D. Expenses increase owner's equity and has a credit normal balance. Just answer the question without explanation. Thanks in advance
10. Which of these is a similarity between financial accounting and managerial accounting? Select one: A. Both report to the same group of accounting users. B. Both report past financial events. C. Both use the same accounting standards of MASB. D. Both provide information for decision making. 11. Which of the followings is NOT a temporary or nominal account? Select one: A. Utility Expense. B. Prepaid Insurance. C. Drawings. D. Depreciation Expense. 12. Which of the following statements related to expenses is CORRECT? Select one: A. Expenses decrease owner's equity and has a credit normal balance. B. Expenses increase owner's equity and has a debit normal balance. C. Expenses decrease owner's equity and has a debit normal balance. D. Expenses increase owner's equity and has a credit normal balance. Just answer the question without explanation. Thanks in advance
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter2: Financial Statements And The Annual Report
Section: Chapter Questions
Problem 2.11E
Related questions
Question
10. Which of these is a similarity between financial accounting and managerial accounting ?
Select one:
A. Both report to the same group of accounting users.
B. Both report past financial events.
C. Both use the same accounting standards of MASB.
D. Both provide information for decision making.
11. Which of the followings is NOT a temporary or nominal account?
Select one:
A.
Utility Expense.
B.
Prepaid Insurance.
C.
Drawings.
D.
Depreciation Expense.
12. Which of the following statements related to expenses is CORRECT?
Select one:
A.
Expenses decrease owner's equity and has a credit normal balance.
B.
Expenses increase owner's equity and has a debit normal balance.
C.
Expenses decrease owner's equity and has a debit normal balance.
D.
Expenses increase owner's equity and has a credit normal balance.
Just answer the question without explanation. Thanks in advance
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