Which type of accounting reports areprepared on yearly basis?Select one:a. Financial ACcountingO b. Cost Accountingc. Management Accountingd. None of the above

Introduction: Accounting: Accounting is an art of recording, classifying , summarizing , and…

Answered: Which type of accounting reports are…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter3: Analyzing And Recording Transactions

Section: Chapter Questions

Problem 40MC: Which of the following accounting records is the main source of information used to prepare the...

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From the following Company Y adjusted trial balance, prepare simple financial statements, as follows: A. Income Statement B. Retained Earnings Statement C. Balance Sheet
From the following Company Z adjusted trial balance, prepare simple financial statements, as follows: A. Income Statement B. Retained Earnings Statement C. Balance Sheet
The Effect of Transactions on the Accounting Equation For each of the following transactions, indicate whether it increases (I), decreases (D), or has no effect (NE) on the total dollar amount of each of the elements of the accounting equation.
The three heading lines of financial statements typically include which of the following? A. company, statement title, time period of report B. company headquarters, statement title, name of preparer C. statement title, time period of report, name of preparer D. name of auditor, statement title, fiscal year end
Identify the financial statement on which each of the following accounts would appear: the income statement (IS), the retained earnings statement (RE), or the Balance Sheet (BS). A. Insurance Expense B. Accounts Receivable C. Office Supplies D. Sales Revenue E. Common Stock F. Notes Payable
The Accounting Equation For each of the following independent cases, fill in the blank with the appropriate dollar amount.
Identify whether each of the following accounts would be considered a permanent account (yes/no) and which financial statement it would be reported on (Balance Sheet, Income Statement, or Retained Earnings Statement). A. Common Stock B. Dividends C. Dividends Payable D. Equipment E. Income Tax Expense F. Income Tax Payable G. Service Revenue H. Unearned Service Revenue I. Net Income
Which of the following is considered a constraint on useful information by Statement of Financial Accounting Concepts No. 8? a. benefits costs b. conservatism c. timeliness d. verifiability
Identify the financial statement on which each of the following account categories would appear: the balance sheet (BS), the income statement (IS), or the retained earnings statement (RE). Table 3.21
Identify the financial statement on which each of the following account categories would appear: the balance sheet (BS), the income statement (IS), or the retained earnings statement (RE). Indicate the normal balance (Dr for debit; Cr for credit) for each account category. Table 3.16
Which of the following statements is true? Under cash-basis accounting, revenues are recorded when a company satisfies its performance obligations and expenses are recorded when incurred. Accrual-basis accounting records both cash and noncash transactions when they occur. Generally accepted accounting principles require companies to use cash-basis accounting. The key elements of accrual-basis accounting are the revenue recognition principle, the expense recognition principle, and the historical cost principle.
On which of the following would the year-end Retained Earnings balance be stated correctly? A. Unadjusted Trial Balance B. Adjusted Trial Balance C. Post-Closing Trial Balance D. The Worksheet

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Which type of accounting reports are prepared on yearly basis? Select one: a. Financial ACcounting O b. Cost Accounting c. Management Accounting d. None of the above