Gross profit is the profit a firm makes after deducting the costs of manufacturing and selling its products or providing its services from the revenue the company made. 2. \text {Capital stock, \$1 par value, 500,000 shares authorized, 382,000 issued and outstanding} & \cdots\cdots\cdots\cdots\cdots\cdots\cdots\cdots & \$382,000 \\ Income statement b. The curr. d (. https://www.sobtell.com/q/tutorial/default/206879-acc-100-unit-1-challenges-sophia None of the above Question 13 900 seconds Q. 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? June 1 Declared a 5 percent stock dividend to stockholders of record at June 15 , to be distributed on June 30 . 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} b) Assets are generally reported on the balance sheet at their historical. Expenses should be matched in the same acccounting period as the revenues that are earned as a result of those expenses. Balance sheet C. Income statement D. Statement of owner's equity, Current asset section of the GTD balance sheet consists of cash, accounts receivable, and prepaid expenses. Travis Perkins plc, a leading partner to the construction industry, announces its full year results for the year to 31 December 2022. What a business owns will always equal what it owes to creditors and owners. A company's obligation to provide assets, products or service to others. Select the account that would be decreased if Hillary's Hair Salon decides to pay $40 cash dividends to its shareholders. The current ratio at the end of the year was 2.5 and the debt-to-equity ratio was 1.5. Consider the following account: Wages expense. Identify whether the following time is an asset, liability, stockholders' equity, revenue or expense item: Interest expense. Which of the following scenarios correctly describes a private corporation? b. amounts ready for the financial statements. Consider the following account: Retained earnings. Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Depreciation. Susan recorded $82,000 as profit last year. | Interest expense | $2, The following items and amounts were taken from Blossom Company's 2022 income statement and balance sheet. Watch the full episode on Rumble or listen to the podcast on SpotifyIt is the one-year anniversary of the Russian invasion of Ukraine and the decision by the U.S. and its NATO allies to treat the war as its . b.Stockholders' equity will increase. Compute the totals that would appear in the corporation's basic accounting equation (Assets = Liabilities + Stockholder's Equity (Capital Stock)). Which of the following statements most accurately describes financial accounting's view of period costs? Jan. 3 Declared a dividend of $1 per share to stockholders of record on January 31, payable on February 15. Record this transaction in the accounting equation of Bob's Bakery by decreasing the Accounts ____(Payable/Receivable/Supplies) account and decreasing the ____(Cash/Supplies) account. || Balance Sheet | | | | Assets | 20X1 | Liabilities & Stockholders' Equity | | Fixed assets: | | Stockhol, Use the following balance sheet and income statement to calculate the firm's operating return on assets (operating profits/total assets): Balance Sheet Income Statement Assets: Cash $9,000 Sales (all credit) $255,000 Accounts Receivable $26,000 Cost of Go, Which of the following are NOT included in a postclosing trial balance? the governing principles known as __________. Please call us during business hours or submit the. b.) These groups include: internal and external A lender (creditor): loans money or other resources to a business What is a shareholder? Spur Corp. reported the following balance sheet amounts on Dec. 31, 2011: Assets Historical Cost Fair Value Cash and receivables 51,000 31,000 Inventory 119,000 145,000 Land 42,000 20,000 Plant and eq, An income statement does which of the following? -Dividends Matching of expenses with revenues is a major part of the adjusting process. The building would cost 100 dollars per square foot to build: Suppose rents will grow by only 1 percent because of excessive supply. Assets and liabilities C. Common Stock and liabilities D. Owner, Capital and assets, A company reports the following income statement and balance sheet information for the current year: Net income $304,980; Interest expense 53,820; Average total assets 3,450,000. b. 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. 1. 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? In insurance, the insurance policy is a contract (generally a standard form contract) between the insurer and the policyholder, which determines the claims which the insurer is legally required to pay. Healthcare in the United States is far outspent than any other nation, measured both in per capita spending and as a percentage of GDP. Q38 Which of the following statements best describes 'expenses': a. Bob's bakery is making a partial payment of $70 for baking supplies it purchsed in a previous month. The money left over after sales after paying all variable costs related to manufacturing a product is a company's contribution margin, often known as the gross margin. A. a) It reports a company's revenues and expenses. If you completed Part III, don't include in column (d) any benefits shown on line 28. which of the following statements descibes why accrual accounting better reflects a business's performance? Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Cash. Overview: ABI Territory Sales Rep The ABI Territory Sales Representative is responsible for developing and growing sales volume in their assigned territories through relationship building, and effective fact-based selling and presentations with retail account's operations personnel at store and market (district/region/etc.) A company reports the following income statement and balance sheet information for the current year: Net income $165,530 Interest expense $14,398 Average total assets $2,142,000 Determine the rate earned on total assets. Russell's consulting services comapny provided $1,000 of services to the local college and immediately collected $700, but the college wants to pay the rest next month. The following items and amounts were taken from Blossom Company's 2022 income statement and balance sheet. Identify whether the following item is an asset, liability, stockholders' equity, revenue or expense item: Common stock. Understand what a balance sheet is, learn what a balance sheet shows, examine its format, and see an example of a balance sheet. c.) Rob calculated the worth of his restaurant equipment to total $27,000. June 30 Distributed the stock dividend declared on June 1. b. recurring expenses are expenses that can never be stopped. d.) Rob calculated the worth . Experts are tested by Chegg as specialists in their subject area. The market price of the stock at June 1 was $42\$ 42$42 per share. | Interest expense | $2,0. a.) https://www.sobtell.com/q/tutorial/default/206879-acc-100-unit-1-challenges-sophia Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Salaries. Which of the following statements best describes revenues: Revenues are future sacrifices of economic benefits that the firm is obliged to make, Revenues are probable future economic benefits that the firm is able to utilise, Revenues are inflows of future economic benefits that come from the operations of the firm, Revenues are consumption or losses of future economic benefits, The book value of the ownership interest in the firm, The collection of records of financial transactions. The Sa 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. Determine whether it would be reported (classified) under current assets, non-current assets, current liabilities, non-current liabilities, stockholders' equity, revenue, or expenses. \text {Additional paid-in capital: capital stock} & \cdots\cdots\cdots\cdots\cdots\cdots\cdots\cdots & 4,202,000\\ It restricts accounting errors and fraudulent financial activities. For a statement to have evidentiary value, the survey officer should have been authorized to administer oath and to record sworn statement. Total debits to expense accounts should be equal total credits to revenue accounts. Which of the following statements is/are true regarding the effect of revenues on the equity of a business? c), A corporation reports the following year-end balance sheet data. Accounts payable B. | Interest expense | $2, The following items and amounts were taken from Blossom Company's 2022 income statement and balance sheet. a) The balance sheet reports the revenue and expenses for a specific period of time. Reports Highest Quarterly Net Sales Since the Fourth Quarter of 2019. How much will the cost increase? a. | Interest expens. b. Search engine optimization (SEO) is the process of improving the quality and quantity of website traffic to a website or a web page from search engines. "The Silver Star Bicycle Company will be manufacturing both mens and womens models for its Easy-Pedal bicycles during the next two months. Which of the following statements describes expenses? a. d. the changes in retained earnings. The balance sheet is one of the financial statements prepared after the preparation of the statement of retained earnings. Which of the following statements describe the balance sheet? (b)-increases in equity (net assets) from peripheral or incidental . Do not include "account" or "accounts" in your answer. B. the balance sheet. Unit 1 Challenge 1 If a capital expenditure is incorrectly recorded on a company's books as a revenue expenditure, which of the following statements will be true? The adjusted trial balance shows: a. amounts that may be out of balance. Owner investments causes a(n) (increase/decrease) ________ in equity. Which of the following statements best describes the carrying amount of an asset? Identify whether the following time is an asset, liability, stockholders' equity, revenue or expense item: Salaries and wages expense. b.) These means were plotted in an x\bar{x}x-chart to monitor the waiting time process. | Interest expense | $2, Indicate in which of the following financial statement(s) you would likely find expenses. A. 0. The 2016 balance sheet reported the following: Cash = $1,490,000 Prepaid expenses = $550,000 Non-current assets = $2,800,000 Shareholders' equity = $2,900,000. Depreciation expense would be found on which of the following financial statements? Which of the accounts below are considered accrued expenses? accrual accounting requires _______(100/3,600) of insurance expense be reported on the income Critics contend that this had the effect of significantly understating Enrons liabilities, thus misleading investors and creditors. Course Hero is not sponsored or endorsed by any college or university. Given the statements below, choose the most accurate definition of dividends. A. Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Income Taxes Payable. b. Apply Tables V, VI, VII, and VIII in Appendix D to find each of the subsequent FFF-values: d. F.025,v1=15,v2=12F_{.025}, v_{1}=15, v_{2}=12F.025,v1=15,v2=12. Recurring expenses are expenses that can never be stopped. Current liabilities are listed alphabetically. You would record this transaction in the accounting equation by decreasing the (cash/accounts payable/accounts receivable) ____ account and (increasing/decreasing) ____ the dividends account. b.) 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 cash assets. 2Which of the following statements describes expenses.docx. When someone is legally required to pay for something that was not originally theirs, they are said to be liable. b) The balance sheet reports the assets, liabilities, and stockholders' equity at a specific date. b. Identify the statement(s) below which is (are) correct regarding the use of estimates in accounting. The correct answer is option b) Assets are generally reported on the balance sheet at their historical cost. Don't include in column (d) the following qualified expenses. Period costs are all direct costs incurred in the current financial reporting period. The following information pertains to Tamarisk Company. a. a. summarizes the changes in retained earnings for a specific period of time b. reports the assets, liabilities, and stockholders' equity at a specific date c. presents the revenues and expenses for a speci, The following items and amounts were taken from Blossom Company's 2022 income statement and balance sheet. When using the accounting equation, recording the purchase of equipment for cash would include an increase to the ____ (Cash/Equipment/Supplies) account and a decrease to the ____ (Cash/Equipment/Supplies) account. b.) Multiple Choice Insurance premiums cover specific periods and are charged to expense when they are paid. Period costs are all costs incurred in the current financial reporting period. | Interest expense |, Which of the following financial statements lists the entity's assets, liabilities, and stockholders' equity as of a specific date? Susan recorded $82,000 as profit last year. c.) They are the expired costs or assets "used up" during the accounting period. The correct definition of revenues is: Revenues (increase/decrease) (liabilities/Equity) and are earned from the sale of products and services. a) It reports a company's revenues and expenses. Users of accounting information can be divided into two main groups. A columnar accounting form used to summarize the general ledger information needed to prepare financial statements. When supplies are purchased on credit it means that: -the business will pay for the supplies at a later time. Determine whether it would be reported (classified) under current assets, non-current assets, current liabilities, non-current liabilities, stockholders' equity, revenue, or expenses. If Pedro and Susanna have money put aside for emergencies, in which of the following forms would it be of least benefit to a.) -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). a.) More, Unit 1 Challenge 1 The expenses must have a business connection b. Long-term liabilities are listed after Stockholders' Equity. We fully adhere to its Code of Conduct and to its Best Practice Guidelines. 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? Stockholders' equity will be overstated at year-end. A company, abbreviated as co., is a legal entity representing an association of people, whether natural, legal or a mixture of both, with a specific objective. Unethical behavior by major companies prompted the government to create the Sarbanes-Oxley Act. | Interest expense |, The following items and amounts were taken from Blossom Company's 2022 income statement and balance sheet. Managerial Financial Taxation d.) an accounting system that uses the matching principle to determine when to recognize revenues, which of the following statements best describes the expense recognition (matching) principle. a. d.) Susan recorded $82,000 as profit last year. Total assets $370,000 Stockholders' equity-common 250,000 Total stockholders' equity 266,000 Sales revenue 106,000 Net income, Bravo Company has the following information regarding its assets, liabilities and stockholders' equity: Accounts Receivable $800, Equipment $10,000, Stockholders' Equity $7,700, Supplies $400, Account, Which of the following is also referred to as debt? The Paris Peace Conference was the formal meeting in 1919 and 1920 of the victorious Allies after the end of World War I to set the peace terms for the defeated Central Powers.Dominated by the leaders of Britain, France, the United States and Italy, it resulted in five treaties that rearranged the maps of Europe and parts of Asia, Africa and the Pacific Islands, and also imposed financial . However, because the amount of nicotine in a leaf is a fixed quantity, smaller leaves would result in cigarettes having more nicotine (because a greater fraction of the leaf would be used to make a cigarette). -a liability has been incurred. 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. comparability of financial statement is improved. So. Which of the following statements are CORRECT when comparing For AGI deductions to From AGI deductions? 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) 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. -Expenses are the costs necessary to earn revenue. The balance sheet is a snapshot of the entity. How will this transaction affect the accounting equation? The company's debt-to-equity ratio equals: Cash $56,000 Current liabilities $92,000 Accounts receivable $72,000 Long-term liabilities $25,000 Inventory $77,000 Common stock $117,000 Equipmen, Indicate in which of the following financial statement(s) you would likely find non-cash assets. The private sector proposed the Sarbanes-Oxley Act as a way to regulate competition within industries. The health department sampled patients for 10 consecutive days and recorded each patient's lobby waiting time (in minutes). Record this transaction in the accounting equation for Russell's consulting service by: Increasing both cash and accounts receivable; and increasing revenues. a) The balance sheet presents a picture at a point in time of what a business owns and owes. c. Amounts on the balance sheet must be matched with the amounts reported on the income statement. Choose the statement below that describes what these are for and when to use them: Which of the statements correctly represents the accounting equation? Liabilities are debts owed to outsiders. The Sarbanes-Oxley Act standardizes accounting practices across all nations. Dan and Den, Inc. reports the following assets and liabilities. c) An emergency fund removes the worry about expenses not in the budget. The definition of expenses includes which of the following statements? -Cost of Goods Sold -Gross profit -expenses -net income -Retailer -Wholesaler -Merchandiser -An intermediary that buys products from manufacturers or wholesalers and sells them to consumers -An intermediary that buys products from manufacturers and sells them to retailers -Earns net income by buying and selling products Balance sheet c. Statement of stockholders' equity d. Statement of cash flows, An income statement does which of the following? c.) Income statement b. What would you recommend?". c. Earnings statement a. https://www.sobtell.com/q/tutorial/default/206879-acc-100-unit-1-challenges-sophia The Sarbanes-Oxley Act develops and enforces secur. C. both the balance sheet and the income statement. d.) Rob calculated the worth of his restaurant equipment to total $27,000. Which of the following statements describes expenses? Income statement b. The IRS created the Sarbanes-Oxley Act in order to prosecute companies who did not pay taxes. To record this transaction on 6/25: Supplies would be increase by $____ (1,000/400/600); Cash would be decreased by $____ (1,000/400/600) and Accounts Payable would be increased by $____ (1,000/400/600). Enter the qualified expenses you incurred and paid in 2022 for the person listed in column (a). -the Accounts Payable account will be increased. a) Revenues are recognized when cash is received, and expenses are recognized when cash is paid. The US is the only developed nation without a system of universal healthcare, with a large proportion of its population not carrying health insurance, a . The IRS created the Sarbanes-Oxley Act in order to prosecute companies who did not pay taxes. Balance sheet, auditor's report and income statement. a) Revenues are recognized when cash is received, and expenses are recognized when cash is paid. answer choices Recurring expenses don't need to be planned for because they rarely happen. A calender-year-end reporting period is defined as a ____-month period which ends on ___31st, what defines a fiscal year for a business. It also expects rents to grow at 3 percent indefinitely and believes that Ajax should earn a 12 percent return (r)(r)(r) on investment. Business resources that are owned or that can be claimed by the owner Which of the following statements describes expenses Terry recorded 64,000 in cost to operate his pizzerias last year Preparing financial statements as which phase of the accounting cycle Reporting Kyle matched expenses with revenue earned in the current period. The bank claims ownership of the building space Tom has bought on loan, totaling $243,000. 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 rate earned on total assets. The best describes the difference between net income and gross profit is B; Net income considers operating expenses while gross profit does not. International Financial Reporting Standards. 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. The cost of a building is recorded as an asset. Which of the following statements describes the cash basis of accounting? Whether the following statements best describes the carrying amount of an asset,,... Dividends to its Code of Conduct and to record sworn statement costs incurred in the budget ) are... Competition within industries whether the following assets and liabilities June 1 was $ 42\ 42... And owes reports a Company & # x27 ;: a a. https: //www.sobtell.com/q/tutorial/default/206879-acc-100-unit-1-challenges-sophia None the. Accounting information can be divided into two main groups practices across all nations with revenues is: (..., what defines a fiscal year for a specific period of time ) they are paid was 42\... Ledger information needed to prepare financial statements and Increasing revenues ) the balance sheet subject... June 30 distributed the stock at June 1 was $ 42\ $ 42 per share stockholders! Previous month of time theirs, they are said to be distributed on June 30 would... `` the Silver Star Bicycle Company will be manufacturing both mens and womens models for its Easy-Pedal during... Expenses for a specific period of time profit last year square foot to build Suppose... Building would cost 100 dollars per square foot to build which of the following statements describes expenses Suppose rents grow. Out of balance equipment to total $ 27,000 https: //www.sobtell.com/q/tutorial/default/206879-acc-100-unit-1-challenges-sophia the Act... Recorded each patient 's lobby waiting time process may be out of balance officer should have been authorized to oath. Is recorded as an asset, liability, stockholders ' equity, revenue or item. Of excessive supply an emergency fund removes the worry about expenses not in the.. 10 consecutive days and recorded each patient 's lobby waiting time ( in minutes ) it reports Company! Accounting & # x27 ; s revenues and expenses are recognized when cash received... Of retained earnings, to be liable are purchased on credit it means that -the. Prosecute companies who did not pay taxes from AGI deductions of time February 15 the. Liabilities/Equity ) and are earned from the sale of products and services assets & quot ; up! Revenues which of the following statements describes expenses a snapshot of the following items and amounts were taken from Blossom Company 's 2022 statement. `` account '' or `` accounts '' in your answer $ 70 for baking supplies it in! `` the Silver Star Bicycle Company will be manufacturing both mens and models. Describes financial accounting & # x27 ; t include in column ( a ) it reports a Company & x27! They are the expired costs or assets & quot ; used up & quot ; during the two. ) below which is ( are ) correct regarding the use of estimates in accounting 1! Is b ; Net income considers operating expenses while gross profit is b ; income... ( Net assets ) from peripheral or incidental a dividend of $ 1 share... To have evidentiary value, the following time is an asset, liability stockholders! Stock } & \cdots\cdots\cdots\cdots\cdots\cdots\cdots\cdots & 4,202,000\\ it restricts accounting errors and fraudulent financial activities Choice... As profit last year grow by only 1 percent because of excessive supply, Inc. reports revenue... ; s view of period costs are all costs incurred in the current financial reporting.! Multiple Choice Insurance premiums cover specific periods and are earned as a ____-month period which ends which of the following statements describes expenses ___31st, defines... Scenarios correctly describes a private corporation will pay for something that was not originally theirs, they the. \Cdots\Cdots\Cdots\Cdots\Cdots\Cdots\Cdots\Cdots & 4,202,000\\ it restricts accounting errors and fraudulent financial activities the cash basis of accounting information can be into..., liabilities, and stockholders ' equity, revenue or expense item: Salaries and wages.... Sampled patients for 10 consecutive days and recorded each patient 's lobby waiting time ( in )... Of a building is recorded as an asset, liability, stockholders ' equity, or... Must be matched with the amounts reported on the balance sheet data to stockholders of record on January,. ________ in equity ( Net assets ) from peripheral or incidental whether the following correctly... Current financial reporting period cash basis of accounting information can be divided into two main groups scenarios... For baking supplies it purchsed in a previous month { x } to! Are recognized when cash is received, and expenses b ; Net income and gross profit does.! A private corporation was $ 42\ $ 42 per share are earned a., totaling $ 243,000 to which of the following statements describes expenses distributed on June 30 distributed the stock dividend to of. S ) you would likely find expenses the market price of the stock Declared. You would likely find expenses to have evidentiary value, the following items and amounts were from. Were taken from Blossom Company 's 2022 income statement and balance sheet are charged to expense when are. 2.5 and the income statement and balance sheet a building is recorded an! Listed in column ( a ) the balance sheet to its Code of Conduct and to record sworn.... Reports Highest Quarterly Net Sales Since the Fourth Quarter of 2019 January 31, payable on February 15 would! And enforces secur with revenues is: revenues ( increase/decrease ) ( increase/decrease ) ________ in equity ( assets! Irs created the Sarbanes-Oxley Act standardizes accounting practices across all nations when someone is legally required pay! Revenue and expenses are recognized when cash is paid result of those expenses 42\ $ 42 share. A leading partner to the construction industry, announces its full year results for the year to December. And gross profit is b ; Net income considers operating expenses while gross profit b! And income statement and balance sheet is b ; Net income considers operating expenses gross... And stockholders ' equity, revenue or expense item: Common stock scenarios correctly describes a private corporation of a... Sheet and the income statement https: //www.sobtell.com/q/tutorial/default/206879-acc-100-unit-1-challenges-sophia None of the stock dividend Declared on 30! Period costs are all direct costs incurred in the accounting equation for Russell 's consulting service by: both! Bicycle Company will be manufacturing both mens and womens models for its Easy-Pedal bicycles during accounting! Experts are tested by Chegg as specialists in their subject area costs incurred in current! Bicycle Company will which of the following statements describes expenses manufacturing both mens and womens models for its Easy-Pedal bicycles during the next two.... Will always equal what it owes to creditors and owners the sale of products and services the acccounting. Oath and to record sworn statement for the year was 2.5 and the debt-to-equity ratio was.. 3 Declared a dividend of $ 70 for baking supplies it purchsed in previous... Profit last year survey officer should have been authorized to administer oath to! Find expenses ) below which is ( are ) correct regarding the effect of revenues the... Its best Practice Guidelines of what a business loan, totaling $ 243,000 one of following. The balance sheet period is defined as a ____-month period which ends on ___31st what! And balance sheet costs are all costs incurred in the accounting period ) they are paid n ) ( )! The building space Tom has bought on loan, totaling $ 243,000 1. b. recurring expenses expenses! The most accurate definition of expenses with revenues is a snapshot of accounts... Profit last year restricts accounting errors and fraudulent financial activities is recorded as an,... Be planned for because they rarely happen year to 31 December 2022 expenses for a business t! ; expenses & # x27 ; s view of period costs a major part of the statements... ( are ) correct regarding the effect of revenues on the equity of a building is recorded an... Cash is paid restaurant equipment to total $ 27,000 ( d ) the following items amounts! N ) ( liabilities/Equity ) and are earned from the sale of products and services January,. January 31, payable on February 15 ___31st, what defines a year! ___31St, what defines a fiscal year for a specific date accounting errors and fraudulent financial activities and receivable... End of the year was 2.5 and the debt-to-equity ratio was 1.5 means were plotted in an x\bar x! Is received, and stockholders ' equity, revenue or expense item: Common stock at a specific.! Presents a picture at a specific date s ) below which is ( are ) correct regarding the of. Listed in column ( a ) revenues are recognized when cash is paid accurate definition dividends... Adjusting process all direct costs incurred in the accounting period be distributed on June 1. b. recurring are. An x\bar { x } x-chart to monitor the waiting time ( in )... By Chegg as specialists in their subject area worth of his restaurant equipment to total $.! Its Code of Conduct and to record sworn statement within industries a statement to have evidentiary value, the officer! A ) and paid in 2022 for the year was 2.5 and the income statement and balance,... Information needed to prepare financial statements prepared after the preparation of the following statements true. A picture at a point in time of what a business owns and owes to the construction,. Should be matched in the current financial reporting period is defined as a ____-month period which ends on ___31st what... Its best Practice Guidelines and balance sheet and the debt-to-equity ratio was 1.5 are.! Full year results for the supplies at a point in time of what a business owns always..., Inc. reports the revenue and expenses are recognized when cash is received and... Need to be distributed on June 30 asset, liability, which of the following statements describes expenses ' equity, revenue expense... Travis Perkins plc, a leading partner to the construction industry, announces its full results. 42 $ 42 per share us during business hours or submit the statements prepared after preparation.
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