Which of the following is not an expense adjustment? A. None of the above B. Consumable inventory adjustment C. Depreciation D. Prepaid expense
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Q: judgement
A: Answered:
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- Accruing net losses on obsolete inventory is an example of the accounting concept of: a. conservatism b. historical cost c. consistency d. materialityWhich of the following is an example of a contra account? expaantion for correct and incorrect a) Accumulated depreciation b) Accounts payable c) Prepaid expenses d) InventoryIf the net realizable of an entity's inventories is less than its cost, the entry to adjust the balance of the inventory assuming the entity uses the allowance method will involve a A. Debit to inventory B. Debit to loss on inventory write-down C. Credit to inventory. D. Credit to loss on inventory write-down
- How is the allowance for the inventory write-down shown in the statement of financialposition?a. As a deduction from inventory at cost.b. As a deduction from the inventory of NRV.c. As an asset.d. As a liability.Which of the following accounts is an example of a contra-asset?A) Cost of Goods Sold B)Sales Discounts C) Purchases D) Deferred Revenue E) LIFO ReserveAn overstatement of ending inventory results in: Select one: a. an understatement of COGS and an overstatement of net income. b. an overstatement of COGS and an overstatement of net income. c. an understatement of COGS and an understatement of net income. d. an overstatement of COGS and an understatement of net income.
- State how each of the following items is reflected in thefinancial statements.(a) Change from FIFO to LIFO method for inventoryvaluation purposes.(b) Charge for failure to record depreciation in a previousperiod.(c) Litigation won in current year, related to prior period.(d) Change in the realizability of certain receivables.(e) Write-off of receivables.(f) Change from the percentage-of-completion to thecompleted-contract method for reporting net income.Which of the following best describes Accrued Liabilities?a. Long-term liabilities.b. Current amounts owed to suppliers of inventory.c. Expenses incurred, but not paid at the end of theaccounting period.d. Revenues that have been collected but not earnedUnder ASC Topic 606 for revenue recognition, which of the following factors is not an indicator of the principal/agent determination? A. Inventory risk. B. Credit risk. C. Shipping terms.
- Which accounting principle requires that bad debts expense be recognized in the same period as the sale? A) Measurement principle B) Expense Recognition (Matching) principle C) Revenue Recognition principle D) Historical Cost principle Please answer ASAP, I will upvoteWhich of the following is accounted for as a change in accounting policy? A. A change in the estimated useful life of property, plant and equipmentB. A change from cash basis to accrual basis of accountingC. A change from expensing immaterial expenditures to deferring and amortizing them when material.D. A change in inventory valuation from FIFO to average methodWhen inventory is held on consignment it should be? Derecognized Reported as cost of goods sold Recorded as inventory Reported as purchase
