The going-concern assumption infers that a company will continue to operate for at least the next year. __________. true or false?
Q: A company had the following assets and liabilities at the beginning and end of the current year: /…
A: Option (d), 68,000 is the correct answer.
Q: Daisy Pte Ltd intends to change its accounting year end from 31 December to 31 March. Its next set…
A: Where a company changes its accounting year as a result of which the first accounting year after the…
Q: Choose the option that represents an example of a company's finances. -Sales for the year were good…
A: Sales is related to sales department, Payment roll is related to HR department and depreciation is…
Q: which of the following end of teh accounting period is mosi ideal for a business? a. natural…
A: Accounting period The accounting period means the period during which accountants perform functions…
Q: items appear on the balance sheet of a company with a one-year operating cycle. Identifythe proper…
A: Definition: Balance sheet: This financial statement reports a company’s resources (assets) and…
Q: Which of the following is true? Group of answer choices A. Companies may choose to end their fiscal…
A: The term "fiscal year-end" refers to the end of any 12-month or one-year accounting period that is…
Q: Simon Company's yearend balance sheets follow. (3 - a) Times interest earned. (3-) Based on times…
A: TIE stands for Times interest earned, which is a measure of the ability of the company to meet its…
Q: When is the does company fiscal year end?
A: Fiscal year- It is the 12 month period which company uses for the purpose of accounting i.e.,…
Q: The life of a business is divided into specific time periods,usually a year, to measure results of…
A: (a)If a business is run without any accounting period, the decision makers of the business will have…
Q: items appear on the balance sheet of a company with a one-year operating cycle. Identifythe proper…
A: Current liability: Current liability is a debt that the companies need to pay the debts from…
Q: On July 1, year 2, a company decided to adopt IFRS. The company’s first IFRS reporting period is as…
A: IFRS: International Financial Reporting Standard is abbreviated as IFRS. The IFRS is set up to…
Q: Nicholas Corporation accrues the interest expense on a short-term note payable at the endof its…
A: Accrued interest expense: It can be defined as the interest amount that has been incurred by the…
Q: On December 30 of the current year, KPMG signs a $150,000 contract to provide accounting services to…
A: Revenue recognition principle says that revenue of a particular period should match with its…
Q: items appear on the balance sheet of a company with a one-year operating cycle. Identifythe proper…
A: Current liabilities: The obligations owed by a company to creditors and suppliers and are to be paid…
Q: Which financial statement is a summary of the revenue and expenses for a specific period of time,…
A: income statement: Matches revenues and expenses to calculate net profit or loss. pie chart: shows…
Q: Multiple Choice Quiz: If the assets of a company increase by $100,000 during the year and its…
A: Step 1 Accounting equation is Assets = Liabilities + stockholder’s equity, which has the dual tone…
Q: Which of the following is true? A. Companies can select any day except a holiday to end their fiscal…
A: Ans. The determination of the end of a fiscal year is very important for accounting purposes. It…
Q: What situations might raise substantial doubt that a company can meet its financial obligations as…
A:
Q: items appear on the balance sheet of a company with a one-year operating cycle. Identifythe proper…
A: Current Liabilities are the liabilities which can be settled or paid off within 1 year of the…
Q: The financial statement that presents a summary of the revenues and expenses of a business for a…
A: The financial statements of the business includes balance sheet and income statement of the…
Q: When a company prepays 4 months' rent at year-end using cash, the working capital (defined as…
A: Working capital = Current assets - Current liabilities Current assets include both prepaid expenses…
Q: What is the relationship between current liabilities and a company's operating cycle? Select one: O…
A: Answer: Correct option is c. Liquidation of current liabilities is reasonably expected within the…
Q: or use in the business over more than one financial period. B. A legally enforceable obligation of…
A: The right option is D. Assets that are usually temporary in nature and can be converted to cash…
Q: What would managers and investors want to know about a company at the end of the fiscal year?
A:
Q: This practice is based on the accounting assumption that the life of the business consists of a…
A: Accounting principles are the specific set of rules and regulations that are followed by the…
Q: A company with s60,000 in current assets and $35,000 in current labiities pays a $1,000 current…
A: Financial statements are statements which states the business activities performed by the company .…
Q: Choose the correct.Which of the following does not accurately describe a requirement that a company…
A: International Financial Reporting Standards (IFRS) They are commonly known as IFRS. It is a set of…
Q: When converting to IFRS, a company must:(a) recast previously issued financial statements in…
A: International Financial Reporting Standards (IFRS): IFRS are a set of international accounting…
Q: The liability that can be paid for more than one year is known as __. a. Non-current asset b.…
A: The liability that can be paid for more than one year is known as "Long term liability" Explanation…
Q: The accounting Period concept for a business means: A.The accouting year must match the financial…
A: Accounting Period concept: This is also called the concept of definite accounting period. As per…
Q: Prepare an income statement for the Markert Company for each year assuming that the company…
A: Income statement at a point of time- It states that Income statements are prepared for a particular…
Q: A company uses the calendar year as its financial results reporting time period. On May 31 of the…
A: Introduction:- Income from operations is also known as operating income. It is calculated after all…
Q: 13...Various types of accounting changes can affect the financial statements of a business…
A: The types of changes are as follows 1. Change in Accounting principle. 2. Change in accounting…
Q: Calculate the change in the company's net working capital between the years 20x8 and 20x9. Explain…
A: The net working capital refers to the difference between the current assets and liabilities of the…
Q: What is a liability? a. all debts and obligation owed by the business b. fixed cost fall under the…
A: Statement of financial position helps stakeholders to determine the net worth of the company it also…
Q: The _____ concept requires a company to report its economic activities on a regular basis for a…
A: As per the time period concept company is required to report its economic activities on a regular…
Q: Companies often voluntarily provide a pro forma earnings number when they announce annual or…
A:
Q: Assuming the entity paid its lessor/landlord for the office spaces to be utilize for the next 6…
A: Assets are resources or rights being held by the business. These can be current assets or noncurrent…
Q: Statement I: Current assets are expected to be settled within the normal operating cycle of the…
A: Current assets are expected to be realized within 12 months after the end of the entity’s reporting…
Q: items appear on the balance sheet of a company with a one-year operating cycle. Identifythe proper…
A:
Q: • Saved Help Save & Exit Submi Which of the following does not accurately describe a requirement…
A:
Q: Which of the following is true regarding a fiscal year? Group of answer choices A. Companies can…
A: Solution: A fiscal year is a 12 months period chosen by a organization to report is financial…
Q: s ABC Corporation's fiscal year end date of Decembe expectations. Which of the following actions…
A: The earnings or profit are the revenue that has been computed after declining all the expense for…
Q: Which of the following does not accurately describe a requirement that a company must fulfill when…
A: A company must fulfill some requirements when adopting IFRS for the first time. One of the…
Q: The following income statement is for a public traded company in the U.S. Review the 3 years…
A: Introduction:- quality of earnings by tracking activities from the income statement to the balance…
Q: Required bad de outstandan 1. Prepare an income statement for the Markert Company for each year…
A: Step 1 Timing of revenue recognition is based on cost incurred and cash collected.
- The going-concern assumption infers that a company will continue to operate for at least the
next year. __________. true or false?
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- do you want to improve the qualitative characteristics of your firms financial statements. Which of the following options would most likely improve the timeliness of your company's financial statements? 1. decreasing the useful life of property plant and equipment from 10 years to five 2. increasing the number of disclosures 3. increasing the frequency of statements from annually to quarterly 4. changing the timing of born revenues are recognizedWhich of the following is true regarding a fiscal year? Group of answer choices A. Companies can choose to end their fiscal year on any date they feel is most relevant, most likely coinciding with the natural business cycle. B. Companies must end their fiscal year on March 31, June 30, September 30 or December 31. C. Companies can select any date except a holiday to end their fiscal year. D. Companies must end their fiscal year on December 31.What does the terminal value of a business represent? Group of answer choices It is the value of a business from the present until it goes out of business. It is the value of the last year of its planned period of operations. It is the value from the end of the specific forecast period until a business is sold or otherwise terminated. It is the value of the business during its entire functional life discounted to the present. Previous
- Which of the following options would most likely improve the timeliness of your company's financial statements? Question 1 options: decreasing the estimates of useful life of property, plant, and equipment. changing the timing of when revenues are recognized. changing from quarterly financial statements to monthly financial statements. increasing the number of disclosures in the notes to the statement. Fundamental qualitative characteristics include: Question 2 options: representational faithfulness and timeliness. relevance and representational faithfulness. materiality and verifiability. relevance and comparability.base on the image provided answer the following a. What is the overall performance of the company in the next five (5) years? Justify your answer. b. At what year will the forecasted total operating expenses exceed the standard? Give at least two(2) possible reasons behind it.Long-term liabilities are financial obligations of a company that are due more than one year in the future. What types of accounts are included as long-term liabilities on Walmart's financial statements? Briefly explain what each of these accounts represents.
- Debts that are due to be paid within one year or within the company's operating cycle are called: a.deferred liabilities. b.liquid liabilities. c.long-term liabilities. d.current liabilities. e.quick liabilities.Which of the following is true? Group of answer choices A. Companies may choose to end their fiscal year on any date they feel is relevant. B. According to the law, companies must end their fiscal year on December 31. C. A company may choose not to have a fiscal year. D. Companies must choose to end their fiscal year on March 31, June 30, September 30 or December 31.Which of the following items are normally classified as current liabilities for a company that has a one-year operating cycle?
- An account is classified as an Investment when ____________________ a. It is bought for long term for resale in future b. It is used in the normal business operations and has life more than one year c. It has life less than one year d. It is one which has to be depreciated every yearWhen a company prepays 4 months' rent at year-end using cash, the working capital (defined as current assets minus current liabilities): A)Increases. B)Remains the same. C)Decreases.What is the amount of liabilities at the end of the year for Company A?