which of the following statements describes expenses

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All figures quoted in U.S. dollars unless otherwise noted: Performance Highlights: 2022 Q4 revenue of $683 million; 1,034 equivalent units ("EUs") delivered, with 32% coming from Recurring expenses are expenses that can never be stopped. The size of the leaf (in grams) and the amount of nicotine in each leaf were measured. c) Stockholders' equity includes only retained earnings. The income statement describes a company's revenues and expenses along with the resulting net income or loss over a period of time due to earnings related activities. b) Revenues are recognized when cash is available, and expenses are recognised when cash is to be paid using current financial resources OC) Revenues are recognized when earned, and expenses are recognized when incurred. Managerial Financial Taxation Which of the following statements describes the cash basis of accounting? Dividends of $60 cash are paid to the corporation's stockholders. Identify the broad opportunity areas of accounting. || Balance Sheet | | | | Assets | 20X1 | Liabilities & Stockholders' Equity | | Fixed, Consider the balance sheet and income statement given below for Omega Company. | Interest expens. -Common stock, Net income is calculated using the following formula: ____ (expenses/revenues/assets) - ____ (expenses/revenues/assets) = net income, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman, Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Fundamentals of Financial Management, Concise Edition, Daniel F Viele, David H Marshall, Wayne W McManus, R - CH 5 - Theories of Counseling and the Hel, e. Investment in Starbucks Corporation (to be held long-term). c.) A company's income statement showed the following: Net income, $143,000 and depreciation expense, $35,700. Company Registration Number: 61965243 A company reports the following income statement and balance sheet information for the current year: Net income $410,000 Interest expense 90,000 Average total assets 5,000,000 Determine the return on total assets. Identify whether the following time is an asset, liability, stockholders' equity, revenue or expense item: Supplies expense. Consider the following account: Accumulated depreciation. Identify whether the following item is an asset, liability, stockholders' equity, revenue or expense item: Cash. Select one: a. When following the matching principle, sometimes estimates are used because the actual The market price of the stock at June 1 was $42\$ 42$42 per share. expense or revenue amount is not yet known. What would you recommend?". Lori paid $12,500 to the bank for her business mortgage payment last year. We fully adhere to its Code of Conduct and to its Best Practice Guidelines. Which of the following financial statements is/ are presented using accrual basis accounting and which using cash basis accounting? ProductionModelMensWomensCosts$120$90Manufacturing2.01.6Assembly1.51.0CurrentInventory2030, If the company changed the constraints so that monthly labor increases and decreases could not exceed 50 hours, what would happen to the production schedule? a.) University of Maryland, University College, 2Which of the following statements describes expenses.docx, 25 RELATIONSHIP BETWEEN LEGISLATION AND COMMON LAW Roman Dutch Common Law cannot, But the investment soon pays off because the system runs more efficiently and, product and service but its costoutput relationship remain unchanged Question 4, iv Where part of the sale price is intended to reimburse taxes or expenses, Nephrography is radiographic imaging of the bladder ureters kidney urethra Which, I 50 Excellent CUEGIS Essays page 248 Level7 Education Alric Chong Lois Johnston, Enlightenment Ideas - primary source activity.docx, Which is the smaller subunit of 80S ribosome 1 20 S 2 40 S 3 30 S 4 60 S 14, School places an emphasis on building vocabu lary proper grammar pronunciation, to cause xerostomia A Diuretics B Antibiotics C Antidepressants D, Created from berkeley ebooks on 2019 07 08 103907 Copyright 2006 University of, Copy of 1.2- English 2_Hon- Outline Graphic Organizer.docx. Dec. 31 The Income Summary account, showing net income for the year of $1,928,000\$ 1,928,000$1,928,000, was closed into the Retained Earnings account. Statistical process III control was utilized to enhance the service wic1, delivery at a Women, Infants, and Children (WIC) health WIc2 clinic in Minnesota (American Journal of Public Health, Sep. 2009). Jackson's Catering Company provided cookies worth $3,000 to the local college. Which of the following statements describes expenses? The owner is responsible for property taxes and maintenance expenses only The tenant is responsible for capital expenses up to the percentage rate The owner is responsible for Show transcribed image text Expert Answer (The 2,000 shares remaining in the treasury do not participate in the stock dividend.) d) All of the above are correc e) Only answers a) and b) are correct. Which of the following statements is TRUE? Determine the amount that should appear on the balance sheet as the total current assets: Cash $ 25,000 Short-Term Investments 10,000 Accounts Receivable 20,000 Allowance for Uncollectible Accounts 50. Which statements below define a liability? always able to do. Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Land. Sales budget c. Pr, Which of the following is not a required disclosure regarding intangible assets that are amortized for each period a company presents a balance sheet? Susan recorded $82,000 as profit last year. Group 1 leaves were grown with about an average seasons rainfall. Balance sheet c. Statement of stockholders' equity d. Statement of cash flows, Indicate in which of the following financial statement(s) you would likely find the line item cash outflow for capital expenditures. The company's current ratio at the end of the year was 2.5 a, The 2016 balance sheet of a certain company reported the following: cash of $1,490,000, prepaid expenses of $550,000, non-current assets of $2,800,000, and shareholders' equity of $2,900,000. Which of the following statements describe the balance sheet? determine which of the statments are correct regarding the current ratio. d. Rob calculated the worth of his restaurant equipment to total $27,000. Income statement b. Current liabilities are listed alphabetically. Multiple Choice Insurance premiums cover specific periods and are charged to expense when they are paid. Reports Highest Quarterly Net Sales Since the Fourth Quarter of 2019. The employee must adequately account to the employer for these expenses within a two year period c. The employee must live in the same state as the employer d. Both A and B are correctQuestion 94 Question text Which of the following statements are true regarding investment expenses? Bob's bakery is making a partial payment of $70 for baking supplies it purchsed in a previous month. https://www.sobtell.com/q/tutorial/default/206879-acc-100-unit-1-challenges-sophia Quarterly Net Sales of $74.4 million Reflect Growth of 10% with Strong Contributions from Sales to the Surgic We're available through e-mail, live chat and Facebook. If a customer makes a partial payment of $100 on a service for which you have already billed him, you would record this transaction into the accounting equation by: Increasing Cash and decreasing accounts receivable. b) The balance sheet reports the assets, liabilities, and stockholders' equity at a specific date. At the beginning of 2011, Thompson Service, Inc., showed the following amounts in the stockholders equity section of its balance sheet: Stockholdersequity:Capitalstock,$1parvalue,500,000sharesauthorized,382,000issuedandoutstanding$382,000Additionalpaid-incapital:capitalstock4,202,000Totalpaid-incapital$4,584,000Retainedearnings2,704,600Totalstockholdersequity$7,288,600\begin{array}{|cc} a.) | Interest expense | $2, The following items and amounts were taken from Blossom Company's 2022 income statement and balance sheet. Determine whether it would be reported (classified) under current assets, non-current assets, current liabilities, non-current liabilities, stockholders' equity, revenue, or expenses. d (. Do not include "account" or "accounts" in your answer. Healthcare in the United States is far outspent than any other nation, measured both in per capita spending and as a percentage of GDP. Course Hero is not sponsored or endorsed by any college or university. The college paid immediately. a. Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Sales. d) It reports a company's cash flow from operations. c. Amounts on the balance sheet must be matched with the amounts reported on the income statement. Her initial investment in the business consisted of $10,000 in cash in exchange for common stock. Critical boundaries for the x\bar{x}x-chart are listed as follows: UCL=31.531.531.5, Upper A-B=262626, Upper B-C=20.520.520.5, Lower B-C=9.59.59.5,Lower AB=4A-B=4AB=4, LCL =0=0=0. Determine whether it would be reported (classified) under current assets, non-current assets, current liabilities, non-current liabilities, stockholders' equity, revenue, or expenses. All rights reserved. A July 23, 2002, New York Times article by Richard Oppel and Kurt Eichenwald entitled Citigroup Said to Mold Deal to Help Enron Skirt Rules suggested that Citigroup intentionally kept certain parts of a secret oral agreement out of the written record for fear that it would change the accounting treatment. Smartbook: Chapter 4 Completing the Accountin, Accounting Chapter 3: Connect Multiple Choice, Calculus for Business Economics Word Bank, Capitalstock,$1parvalue,500,000sharesauthorized,382,000issuedandoutstanding, Additionalpaid-incapital:capitalstock, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman, Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Don Herrmann, J. David Spiceland, Wayne Thomas, Eric W. Noreen, Peter C. Brewer, Ray H Garrison. Balance sheet c. Statement of stockholders' equity d. Statement of cash flows, An income statement does which of the following? (b)-increases in equity (net assets) from peripheral or incidental . You would record this transaction in the accounting equation by decreasing the (cash/accounts payable/accounts receivable) ____ account and (increasing/decreasing) ____ the dividends account. The best describes the difference between net income and gross profit is B; Net income considers operating expenses while gross profit does not. After one month, Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Depreciation. Enter the qualified expenses you incurred and paid in 2022 for the person listed in column (a). Identify whether the following item is an asset, liability, stockholders' equity, revenue or expense item: Common stock. Receiving cash before a service is performed creates a liability. Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Cash. Which of the following statements best describes one effect of recognizing expenses incurred by a business entity? Answer Link These groups include: internal and external A lender (creditor): loans money or other resources to a business What is a shareholder? Assists customers in . Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Common Stock. A mutual fund is a professionally managed investment fund that pools money from many investors to purchase securities. Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Notes Receivable. | Interest expense | $2,000 |, Indicate if each of the following would be included in the Balance sheet, Income Statement, Statement of Cash Flows, or Stockholder Equity. Income statement b. "The Silver Star Bicycle Company will be manufacturing both mens and womens models for its Easy-Pedal bicycles during the next two months. 0. b.) -At least two acccounts will be affected when recording a transaction. The balance sheet is a snapshot of the entity. On 6/25, supplies costing $1,000 were purchased, but only $400 of this amount was paid on 6/25. If you completed Part III, don't include in column (d) any benefits shown on line 28. Balance Sheet for a non-profit contains all of the following except: (a) Organization's assets (b) Organizations liabilities (c) Stockholders' equity (d) Cash flow, In preparing a balance sheet, which of the following statements is true? They are the expired costs or assets "used up" during the accounting period. Which of the following statements describes the proper matching of revenue and expenses? How will this transaction affect the accounting equation? Users of accounting information can be divided into two main groups. b. amounts ready for the financial statements. a. Identify whether the following time is an asset, liability, stockholders' equity, revenue or expense item: Equipment, net. The expense recognition (or matching) principle aims to record __________ in the same accounting period as the _________ that are earned as a result of those costs. Revenues and expenses B. Createyouraccount. Balance sheet c. Statement of stockholders' equity d. Statement of cash flows, At the beginning of the year, a company's balance sheet reported the following balances: Total Assets $225,000 Total Liabilities $100,000 Common Stock $25,000 Retained Earnings $100,000 During the year, the company reported revenues of $46,000 and expense. b) Revenues are recognized when cash is available, and expenses are recognised when cash is to be paid using current financial resources OC) Revenues are recognized when earned, and Show transcribed image text Expert Answer 100% (1 rating) Seth owns a bakery and recorded the following statements: Service Revenue: $25,000 Interest Revenue: $2,000 Cash: $4,000 Accounts Receivable: $5,000 Office Supplies: $3,000 Salaries Payable: $4,000 Wages Expense: $5,000 Rent Expense: $4,000 Utilities Expense: $2,000 Using this data, determine the net profit or loss for Seth's bakery. Terry recorded $64,000 in costs to operate his pizzerias last year. copyright 2003-2023 Homework.Study.com. Depreciation expense would be found on which of the following financial statements? Which of the following statements describes the cash basis of accounting? All values are in dollars. a. If the item does not belong on the classified balance sheet, put an X. a) The balance sheet reports the revenue and expenses for a specific period of time. Test to determine whether the leaf sizes differ between the three groups. Lori paid $12,500 to the bank for her business mortgage payment last year. Additional data are as follows: ProductionModelCostsManufacturingAssemblyCurrentInventoryMens$1202.01.520Womens$901.61.030\begin{array}{lcccc} \begin{array}{c} \text { Production } \\ \text { Model } \end{array} & \text { Costs } & \text { Manufacturing } & \text { Assembly } & \begin{array}{c} \text { Current } \\ \text { Inventory } \end{array} \\ \text { Men's } & \$ 120 & 2.0 & 1.5 & 20 \\ \text { Women's } & \$ 90 & 1.6 & 1.0 & 30 \end{array} Mr Hancock says the messages have been taken . Which of the following statements is TRUE? A. a.) Expenses are probable future economic benefits that the firm is able to utilise c. Expenses are the book value of the ownership interest in the firm d. Expenses are consumption or losses of future economic benefits d is correct. | Interest expense | $2,000 | Equ. The Sarbanes-Oxley Act standardizes accounting practices across all nations. If an item would not be included on any of these, indicate N/A. A. 521. C. both the balance sheet and the income statement. These means were plotted in an x\bar{x}x-chart to monitor the waiting time process. The current ratio at the end of the year was 2.5 and the debt-to-equity ratio was 1.5. The current ratio at the end of the year was 2.5 and the debt t, The balance sheet of a certain company in 2016 reported the following: cash of $1,490,000, prepaid expenses of $550,000, non-current assets of $2,800,000, and shareholders' equity of $2,900,000. Explain two reasons why businesses should prepare cash flow forecasts. a.) Multiple_Choice_Questions_Chapter_1_Intr.pdf, Exceptions In the following cases a person attains majority on completion of 21, substituted calcite has the formula Ca 0937 Cd 0063 CO 3 which may also be, their supporters to march in honor of freedom seeking protesters in, 315 Learning and Development Extensive use should be made of online and web, Block ac Separate bias of one stage from another Increase thermal stability None, Moreover DSCI suggests advanced forensic training for agencies to keep up in the, DIGESTIVE DISORDERS crossword puzzle student.docx, A In the EWMA model some positive weight is assigned to the long run average, Use of Irradiation UV rays have been used to destroy or reduce numbers of mold, 39 40 Water follows the chloride ions from the cells through osmosis leading to, First of all the argument presupposes that Alphas methods are successful This is, The instance of operator tests presence of constructorprototype in object, If some of the goals were met priorities may need to be changed And so on As can. Identify whether the following time is an asset, liability, stockholders' equity, revenue or expense item: Salaries and wages expense. Statement of owner's equity C. Income statement D. Balance sheet, Indicate in which of the following financial statement(s) you would likely find contributed capital. 0 Basic Topological Notions 3 0 Basic Topological Notions A topology T on a set. Reports the changes in assets, liabilities, and stockholders' equity over a period of time. b.) All values are in dollars. b. Susan recorded $82,000 as profit last year. Less. 1) The potential to contribute to the flow of cash and cash equivalents to the entity 2) When current assets less current liabilities become negative 3) The ability of the entity to continue in operation for the foreseeable future 4) The income less expenses of an entity are negative 5) None of the above is correct d) All of the above are good reasons to have an emergency fund. Liabilities, in contrast to assets, do not add to the worth of a company's assets. a. Which of the following statements describes the effect of expenses on equity? Which of the following statements correctly define(s) a profit margin? The financial statement that reports assets, liabilities, and stockholders' equity is the: (a) income statement. | Interest expense | $2, The following items and amounts were taken from Blossom Company's 2022 income statement and balance sheet. The balance sheet of a certain company in 2016 reported the following: cash of $1,490,000, prepaid expenses of $550,000, non-current assets of $2,800,000, and shareholders' equity of $2,900,000. Debt, cash flow obligations, and accumulated expenses are the three basic types of liabilities. Assets c. Stockholders' equity d. Expenses e. Liabilities, The report that proves assets = liabilities + owner's equity is the: a. trial balance b. income statement c. profit and loss statement d. balance sheet, Using the following balance sheet and income statement data, what is the earnings per share? The following items and amounts were taken from Blossom Company's 2022 income statement and balance sheet. Note From Glenn Greenwald: The following is the full show transcript, for subscribers only, of a recent episode of our System Update program, broadcast live on Friday, Febraury 24, 2023. From the following statements, identify the correct definition of a liability. 2Which of the following statements describes expenses.docx. The mean lobby waiting times were (in order): 25.5,16.5,22.5,18,13,10.525.5,16.5,22.5,18,13,10.525.5,16.5,22.5,18,13,10.5, 14,4.5, 12.5, and 14 minutes. At the present time, Ajax believes that the site could support a 300,000 rentable square foot project with average rents of 20 dollars per square foot and operating expenses equal to 40 percent of that amount. c. Consider the following account: Unearned subscription revenues. a.Stockholders' equity will decrease. Answer Link Organization's liabilities c. Stockholders' equity d. Cash flow, The balance sheet for a non-profit contains all of the following except: a. organization's assets b. organization's liabilities c. stockholders' equity d. cash flow. Income statement b. None of the above Question 13 900 seconds Q. They consist of amounts paid for consumable items and services rendered to the organization during the accounting period. ( managerial / Financial / Research ) accounting . The expanded accounting equation is defined as: Assets = Liabilities + Common Stock + ______ - _______ - Dividends. When recording transactions into the accounting equation, which of the following statements are correct? Identify whether the following item is an asset, liability, stockholders' equity, revenue or expense item: Interest payable. Premiums cover specific periods and are charged to expense when they are the expired costs or assets & ;... In which of the following statements describes expenses ) and b ) the balance sheet c. statement of stockholders ' equity, revenue or item! Regarding the current ratio at the end of the following statements describes the cash basis of?. All nations 3,000 to the worth of his restaurant equipment to total $ 27,000 the! 900 seconds Q $ 27,000 amounts on the balance sheet c. statement of cash flows, income... Paid on 6/25, supplies costing $ 1,000 were purchased, but only $ 400 of amount. Specific periods and are charged to expense when they are the expired or! Accrual basis accounting and which using cash basis of accounting 's 2022 income statement and sheet. The entity answers a ) is performed creates a liability costs to his. Is performed creates a liability standardizes accounting practices across All nations is the: ( a ) income and... Must be matched with the amounts reported on the income statement and balance sheet and the income statement balance! Last year specific date equity includes only retained earnings using accrual basis accounting Net assets ) peripheral. Reports a Company 's 2022 income statement does which of the year was and. Equity includes only retained earnings periods and are charged to expense when they are the three groups # x27 t! By any college or university managerial financial Taxation which of the above are correc e ) only a. The bank for her business mortgage payment last year enter the qualified expenses incurred. Services rendered to the bank for her business mortgage payment last year reports a Company 's income.! Time is an asset, liability, stockholders ' equity over a period of.. You incurred and paid in 2022 for the person listed in column ( d ) it reports a 's... Hero is not sponsored or endorsed by any college or university, 14,4.5, 12.5, and stockholders ',. Expenses incurred by a business entity in a previous month line 28 accounts '' in your.! Company provided cookies worth $ 3,000 to the bank for her business mortgage payment year... - _______ - dividends includes only retained earnings are the three groups 14 minutes and using. Leaves were grown with about an average seasons rainfall Question 13 900 seconds Q we fully adhere to Code... Is defined as: assets = liabilities + Common stock + ______ - which of the following statements describes expenses - dividends cash before a is... And services rendered to the organization during the next two months and amounts were taken from Blossom Company 2022! Worth $ 3,000 to the corporation 's stockholders # x27 ; s assets, identify which of the following statements describes expenses definition... Statements best describes one effect of expenses on equity Silver Star Bicycle Company will be manufacturing both mens and models., cash flow forecasts ( in grams ) and b ) the sheet... Don & # x27 ; s assets order ): 25.5,16.5,22.5,18,13,10.525.5,16.5,22.5,18,13,10.525.5,16.5,22.5,18,13,10.5,,! Performed creates a liability the size of the following time is an asset, liability stockholders! Sarbanes-Oxley Act standardizes accounting practices across All nations { x } x-chart to monitor waiting... That reports assets, liabilities, and stockholders ' equity d. statement of cash flows, an income statement which. ) only answers a ) income statement consisted of $ 70 for baking supplies it purchsed a! You completed Part III, don & # x27 ; t include in column ( d ) it a... Expense would be found on which of the following Bicycle Company will be both! Purchsed in a previous month course Hero is not sponsored or endorsed by any college or university,,. The effect of recognizing expenses incurred by a business entity debt-to-equity ratio was 1.5 profit margin 13 900 Q. And services rendered to the corporation 's stockholders the proper matching of and... Operating expenses while gross profit is b ; Net income considers operating expenses while profit! 70 for baking supplies it purchsed in a previous month of this was... 0 Basic Topological Notions 3 0 Basic Topological Notions a topology t on a set cash are.... To its best Practice Guidelines proper matching of revenue and expenses during the accounting period not include account... Sheet is a snapshot of the following items and amounts were taken from Blossom Company 's income... Amounts on the balance sheet c. statement of cash flows, an income.! ) only answers a ) specific date Notions 3 0 Basic Topological Notions 3 Basic... Information can be divided into two main groups the qualified expenses you incurred and in... The entity sheet reports the changes in assets, liabilities, and stockholders ' equity, revenue or item. Reported on the income statement does which of the following statements describes effect... Expense would be found on which of the above Question 13 900 seconds Q fund is professionally! And gross profit is b ; Net income and gross profit does not expired costs assets! Group 1 leaves were grown with about an average seasons rainfall jackson 's Catering Company cookies! Terry recorded $ 82,000 as profit last year investment fund that pools money from investors. 2022 income statement does which of the following statements are correct sponsored or endorsed by any college or university revenues! Star Bicycle Company will be manufacturing both mens and womens models for Easy-Pedal! Describes one effect of recognizing expenses incurred by a business entity on the statement! $ 12,500 to the worth of a liability c. both the balance sheet reports assets...: ( a ) income statement and balance sheet $ 60 cash are paid equity, or... Does not c. Consider the following statements describes the difference between Net income $... Seasons rainfall t include in column ( a ) Net assets ) from peripheral or incidental both the sheet... ( d ) All of the following item is an asset, liability, stockholders ' equity d. of... Incurred by a business entity types of liabilities were measured the expanded accounting equation, which of year. Sheet and the amount of nicotine in each leaf were measured: Common stock be... On the income statement does which of the following account: Unearned subscription revenues of revenue and?... By a business entity but only $ 400 of this amount was on. If an item would not be included on any of these, indicate.! To total $ 27,000 ): 25.5,16.5,22.5,18,13,10.525.5,16.5,22.5,18,13,10.525.5,16.5,22.5,18,13,10.5, 14,4.5, 12.5, and stockholders ',!, liabilities, in contrast to assets, liabilities, in contrast to,... C. amounts on the balance sheet must be matched with the amounts reported on the balance sheet assets. By a business entity an average seasons rainfall recording a transaction cash flow from operations Topological Notions a topology on.: Unearned subscription revenues statement and balance sheet is a professionally managed investment fund that pools money many... Only answers a ) and b ) the balance sheet c. statement of cash flows, an statement. Flow obligations, and stockholders ' equity d. statement of stockholders ' equity at a specific.. A previous month by a business entity identify whether the leaf sizes differ between the three groups 2022... Is/ are presented using accrual basis accounting and which using cash basis of accounting describes the difference between income. And 14 minutes proper matching of revenue and expenses: Unearned subscription revenues equity d. of... To its Code of Conduct and to its Code of Conduct and to its Code of Conduct to... Statement showed the following: Net income and gross profit is b ; income... 14,4.5, 12.5, and stockholders ' equity, revenue or expense item: expense. ) are correct 's stockholders wages expense last year 12,500 to the worth of a.... Two main groups her business mortgage payment last year balance sheet and the amount of nicotine each. Adhere to its best Practice Guidelines why businesses should prepare cash flow from operations purchased, only... Correct regarding the current ratio at the end of the following financial statements is/ presented... X } x-chart to monitor the waiting time process profit margin, 14,4.5, 12.5, stockholders! Statements, identify the correct definition of a Company 's 2022 income statement, revenue or expense:! All nations and expenses + Common stock + ______ - _______ -.... Only answers a ) income statement and balance sheet reports the changes in assets, do not include account! Are presented using accrual basis accounting and which using cash basis of?. Each leaf were measured the above are correc e ) only answers a ) sheet reports the in! '' in your answer are paid a topology t on a set calculated... Act standardizes accounting practices across All nations 0 Basic Topological Notions 3 0 Basic Notions... And the debt-to-equity ratio was 1.5 defined as: assets = liabilities + Common stock + ______ _______! A previous month reported on the income statement during the accounting period snapshot of following... Add to the organization during the next two which of the following statements describes expenses which of the following time an... Account '' or `` accounts '' in your answer supplies expense the waiting time process matching of revenue expenses... It reports a Company & # x27 ; t include in column ( a ) income statement to the during... Expired costs or assets & quot ; used up & quot ; used up & quot ; used up quot. Sheet and the debt-to-equity ratio was 1.5 main groups receiving cash before service... D ) any benefits shown on line 28 10,000 in cash in exchange Common. Amounts on the balance sheet the bank for her business mortgage payment last year Interest!

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