q(17+18)This multible choice question from ACCOUNTING PRINCIPLES I.just write for me the final answer. 17A worksheet is a multiple column form that facilitates (make easy) thea. Measurement processO b. Identification of eventsO c. Preparation of financial statementsO d. Analysis process18Setting the US GAAP is the responsibility of:а. АO b. SECO c. US GovernmentO d. FASB

Worksheet is a form which helps us to prepare the trading and profit and loss account and…

Answered: 17 A worksheet is a multiple column…

17 A worksheet is a multiple column form that facilitates (make easy) the a. Measurement process b. Identification of events O c. Preparation of financial statements O d. Analysis process

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter1: Accounting And The Financial Statements

Section: Chapter Questions

Problem 17CE

See similar textbooks

Related questions

Q: Question 2 The accounting process involves the identification, measurement and recording of…

A: The process of accounting involves identification, measurement and recording of financial…

Q: 17. It pertains to the initial recording of transactions that occurred. This includes the date, the…

A: Accounting is a process of identifying, analysing, recording and reporting the financial information…

Q: a. Prepare the journal entries for the above transactions. b. Prepare general ledger by using…

A: Journal Entry It is used to account the financial transaction of the business

Q: (1) Give appropriate information in X1, X2 (2) Make accounting entries for those transactions above…

A: As per our protocol we provide solution to the one question only but as you have asked multiple…

Q: The system which is used for collecting data of accounting transactions, recording, organizing, and…

A: The accounting information system is used to collecting data of accounting transactions, recording,…

Q: DEFINITIONS 1. Open position 2. Transaction exposure report 3. Hedging 4. Transaction

A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…

Q: 3 - What is the list in which all accounts to be used in accounting transactions are systematically…

A: The process/system of recording the financial transaction relating to a business is called…

Q: Which one of the following is used to prepare ledger account? a. Transactions b. Events c. Income…

A: The right answer is option d. Journal is the primary book of accounting which recognizes all…

Q: steps of accounting cycle

A: Meaning of Accounting :- Accounting is an art of identifying, Recording, classifying, Summerizing…

Q: line items of the ledger

A: Option B is wrong because adjusting entries are not the only items in ledger. Option C is wrong…

Q: What is meant by Accounts 2

A: A record of cash got and cash paid out. 2 : a course of action with a bank to hold cash and track…

Q: Q 1. Identify the qualitative characteristics of accounting information. – Explain.

A: Accounting information characteristics are explained below:

Q: A summarized record of all the transactions relating to a particular account is called as a. balance…

A: We know, All the transactions happening are recorded in the Journal as they happen. All of these…

Q: Question 24 The second step in the accounting process is: O A. О В. OC. O D. Preparation of the…

A: Accounting means the process of recording the transaction , posting , summarising , interpreting…

Q: Define accounting equation

A: Financial Accounting: It refers to the process of recording the financial transactions of the…

Q: 1. How many types of Transcation explain each with suitable example? 2. Define Capital Account and…

A: Accounting: It is the process of recording, classifying, summarizing all transactions of a business…

Q: Differentiate general journal from a ledger. 2. Is every transaction posted immediately to the…

A: The process of recording business transactions in the books of accounts for the first time is…

Q: The purpose of the worksheet is to ____________ A. Facilitate the preparation of financial…

A: Accounting worksheet: It is an accounting document that is prepared before the preparation of…

Q: Required steps to complete a worksheet in accounting

A: Introduction Worksheet in accounting: Work sheet is the multiple column sheets which contains…

Q: What do you understand by the term 10 column worksheet in accounting

A: Accounting is the analysis and interpretation of bookkeeping records. It includes not only the…

Q: Under SSARS the hierarchy in terms of the level of service provided and degree of comfort the…

A: SSARS is an acronym which stands for the statements on standards for accounting and review services,…

Q: 1. What process is represented by the symbol F? 2. What accounting record is represented by the…

A: 1.

Q: Basic and Expanded Accounting Equations Supply the missing amount for each case.

A: Capital means the amount that belong to the owner of the business. Any profit will increase the…

Q: A worksheet a. is a journal used to record transactions. b. is a financial statement that reports…

A: Worksheet: A worksheet is a tool that is used while preparing a financial statement. It is a type of…

Q: Indicate whether the definition provided is true or false. (True/False) Accounting can be defined…

Q: 22. A trial balance is made up of a list of debit balances and credit balances. Which of the…

A: >Trial balance is prepared once the process of journal entry recording and ledger posting is…

Q: Q.No.2 Give a detailed Discussion about the ingredients of fundamental accounting equation

A: Accounting refers to the process of recording, summarizing, interpretation the financial information…

Q: 1) Where is the Standard Balance Sheet located in QuickBooks? 2) What is the purpose of a…

A: “Hey, since there are multiple questions posted, we will answer first two questions. If you want…

Q: Exercise 2-2 Identifying and classifying accounts LO C2 Select the item that best completes each of…

A: Accounting refers to a process through which all day-to-day activities or transactions occurred or…

Q: II. Accounting Võüchërs Entries Enter the following transactions in the same company created above.

A: A voucher is a document that is used to authorize the payment of an invoice.

Q: Activity 2 Use the information in the sum following General Ledger acco systems

A: Ledger Account The purpose of preparing the ledger account is to know the actual balance which are…

Q: Question 20 Analyzing the transactions using the accounting equation is the second step in…

A: Accounting means the process of recording the transaction , posting , summarising , interpreting…

Q: An accounting entry that is characterized by having multiple debits and/or multiple credits is…

A: A journal entry has always been utilized to disclose a business deal in a company's accounting…

Q: REQUIRED 1. Prepare a spreadsheet. 2. Prepare the following financial statements and schedule: (a)…

A: 1. Prepare a spreadsheet:

Q: Required: a. Show the effect of these transactions on the basic accounting equation. b. Prepare the…

A: Introduction:- Journal entry is the first stage of accounting process. Journal entry used to record…

Q: Q.No.2. A) Give a detailed Discussion about the ingredients of fundamental accounting equation. B)…

A: Fundamental accounting equation: It basically consists of three ingredients. They are: Assets…

Q: Match the accounting terms with the corresponding definitions. Accounting Term Definition 1.…

A: "Since you have posted a question with multiple sub parts, we will solve first three sub parts for…

Question

q(17+18)
This multible choice question from ACCOUNTING PRINCIPLES I.
just write for me the final answer.

17
A worksheet is a multiple column form that facilitates (make easy) the
a. Measurement process
O b. Identification of events
O c. Preparation of financial statements
O d. Analysis process
18
Setting the US GAAP is the responsibility of:
а. А
O b. SEC
O c. US Government
O d. FASB

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Examine Note 4.1.1 of AF’s annual report. What accounting principles were used toprepare AF’s financial statements? Under those accounting principles, could AF’sfinancial information differ from that of a company that exactly followed IFRS aspublished by the IASB? Explain.
What additional supplementary information should be included as part of the financial statements under GAAP? 1.Letters to Stockholder's 2.Notes to financial statements 3.Management Discussion and Analysis 4.Economic statistics
What group or organization is/was responsible for the issuance of Accounting Research Bulletins? Question 15 options: a) Securities and Exchange Commission b) Accounting Principles Board c) Finanical Accounting Standards Board d) Committee on Accounting Procedures
6. Which statement is correct concerning interim financial reporting?I. An interim financial report may consist of a complete set of financial statement.II. An interim financial report may consist of a condensed set of financial statement. 7. An interim financial report shall include?I. Condensed statement of financial position and comprehensive incomeII. Accounting policies and explanatory notes
The Committee on Accounting Procedure issued Question 17 options: a) Statements on Financial Accouting Standards b) Research Statements c) Research Bulletins d) Opinions
Question 4 The main objective of XBRL is to: A. Produce a comprehensive body of accounting standards B. Assist the Securities and Exchange Commission in enforcement of FASB standards C. Facilitate the publication, exchange, and processing of financial and business information D. Define all the elements financial statements
Q17 Which of the following journal entries correctly reflect settlement date accounting? Select one: a. DR Liability for acquisition of financial assetCR Bank b. DR Financial asset (to be delivered)CR Liability for acquisition of financial asset c. DR Debtor (to deliver the financial asset)CR Liability for acquisition of financial asset d. DR Financial asset (delivered)CR Bank
Choose any international Accounting Standard From AICBA Make a summery not more than 2 pages include the: 1.objective of the standard 2.Scope 3.Main aspects
NOTE: These are MCQS:MCQS 21Adjusting entries are prepared:a)Before financial statements and after a trial balance has been prepared.b)After a trial balance has been prepared and after financial statements are prepared.c)After posting but before a trial balance is prepared.d)Anytime an accountant sees fit to prepare the entries.MCQS 22Which of the following statements is incorrect?(a) Liabilities + Assets = Capital(b) Assets – Liabilities = Capital(c) Liabilities + Capital = Assets(d) Assets - Capital = LiabilitiesMCQS 23Each of the following are particularly interested in the statement of cash flows excepta)creditors.b)employees.c)shareholders.d)government agencies.MCQS 24The amount calculated by subtracting total liabilities from total assets is called ___a)Equityb)Revenuec)Expenses d)None of above MCQS 25 Which of the following forms of business does not protect owners from business creditors?(a) Partnership(b) Sole proprietorship(c) Limited liability company(d) Both a and bMCQS…
. RequiredState whether each item is reported:1. in the statement of financial position2. in profit or loss in the statement of profit or loss and other comprehensive income3. as other comprehensive income in the statement of profit or loss and other comprehensive income4. in the statement of changes in equity5. in the notes to the financial statements.Item How item is reported in financial statements(a) contingent liabilities(b) the effect on retained earnings of the correction of a prior period error(c) cash and cash equivalents(d) capital contributed during the year(e) revaluation gain on land (not reversing any previous revaluation)(f) judgements that management has made in classifying financial assets(g) income tax expense(h) Provisions
Q4. The subject matter of an attestation can be one of the following Except a. Financial statements or future projections b. Internal Control c. Risk Assessment d. Bookkeeping or Taxes
Q19 Ms. Sabiha submitted the financial reports of the company in a theoretical form, whereas she needs to draft in to a tabular form showing proper statistics so that the report is immediately understood by the users. Which feature of useful financial information is neglected by Ms. Sabiha? a. Timeliness b. Relevance c. Comparability d. Understandability