Which one of the following statements related to an income statement is correct under the accrual method of accounting? B) The total equity of a firm is equal to the total assets plus the total liabilities. B. Which of the following items are part of a business's set of financial statements? A. In an accounting world ruled by relevance, we would be producing historical cost financial statements only. Depreciation is provided as a charge against profits. A)The primary difference between EVA and accounting net income is that when net income is calculated, a deduction is made to account for the cost of common equity, whereas EVA represents net income before deducting the cost of the equity capital the firm uses. II. II. Which of the following statements is correct concerning the accrual basis of accounting? Which of the following statements is CORRECT? (b) The economic entity assumption states that there should be a particular unit of accountability. 1. a. If the answers is incorrect or not given, you can answer the above question in the comment box. II. A. Which of the following statements is correct? The sales budget is constructed by multiplying the expected sales in units by the sales price. Which of the following statements about materiality is not correct? C)A change from expensing certain costs to capitalizing these costs due to a change in the period benefited, should be handled as a change in accounting estimate. C. The sales budget generally is accompanied by a computation of expected cash receipts for the forthcoming budget period. Which of the following is NOT a characteristic of a corporation? Which of the following statements regarding the time-period concept is NOT correct? It is not an appropriation of profit. C)A change from expensing certain costs to capitalizing these costs due to a change in the period benefited, should be handled as a change in accounting estimate. Wrong! An inherent limitation to internal control is the fact that controls can be circumvented by management override. a. Which of the following statements is CORRECT? Which of the following statements is(are) correct regarding the deterrence of fraud? If revenue is recognized before the cash receipt, an asset (Accounts Receivable) decreases. Which of the following is not a current liability? A) Changes in accounting principle are always handled in the current or prospective period. If a business is to earn a net income, the gross profit on sales must be greater than operating expenses. Financial accounting is the branch of accounting that deals with the specific needs of an entity’s management. The net income is equal to zero at the accounting break-even point. Which of the following statements are correct concerning the accounting break-even point? A) If inflation is expected to increase, then the yield on a 2-year bond should exceed that on a 3year bond. C) A change from expensing certain costs to capitalizing these costs due to a change in the period benefited, should be handled as a change in accounting estimate. 1. d. Depreciation Is A Means Of Cost Allocation C. Depreciation Is Consistent With The Matching Principle Between Revenues And Expenses D. Depreciation Is A Matter Of Valuation B) The real risk-free rate should increase if people expect inflation to increase. These users need accounting information in order to regulate businesses that are. The concept of materiality recognizes that some matters are important for fair presentation of financial statements in conformity with GAAP, while other matters are not important. Which of the following statements is correct? A) ... A change in method of accounting for depreciation should cause an adjustment to current year's depreciation expense and a cumulative effect for the effect of the change on prior year's earnings. Management accounting reports are usually available to the public. An accrual basis of accounting would be appropriate for a solicitor with one part-time secretary. Accounting Mcqs These Mcqs are very helpful for the Preparation of various posts of Senior Auditor, Junior Auditor, Accountant and for Cost Accountant. asked May 14, 2016 in Business by Aleix. C) The amount reported to stockholders at the end of the period for this account is $3,300. Which of the following statements is correct?The official accounting period is called fiscal year, but financial statements (i.e. The internal users of accounting information include management, owners and creditors. a. Which of the following cost flow assumptions is used for inventory when an entity builds townhouses? The net income is equal to zero at the accounting break-even point. For a limited time, find answers and explanations to over 1.2 million textbook exercises for FREE! Income statement b. Which of the following statements is least correct? D) All of the other answers provide a correct statement. Which of the following statements is not correct? Course Hero is not sponsored or endorsed by any college or university. Accounting standards that are not truly... 1. B) Prior statements should be restated for changes in accounting estimates. B. The following are decisions made by external users except. The sales budget is the starting point in preparing the master budget. A debt instrument with no ready market is exchanged for property whose fair market value is currently indeterminable. B)Prior statements should be restated for changes in accounting estimates. True or False: The requirement to provide financial accounting information is driven by the need for outside stakeholders (primarily … Which of the following statements is CORRECT? A. Check your answers to the above activity. Which of the following statements is CORRECT? A. Which of the following statements is correct? Which of the following statements is correct? A) The income statement reflects the position of a firm as of a single point in time. Which one of the following statements concerning accounting reports is correct? Which of the following is NOT a characteristic of a corporation? B. 1. A) The account could be a liability account. 3. A. Which of the following statements is not correct? C. Accrued interest payab... Credit terms of 1/10, n/30 mean  A. only that payment in full is due 10 days after date of the invoice B. only that payment in full i... Accounting for costs of incentive programs for frequent customer purchases involves:  A. The CVP graph assumes that selling prices do not change. Accounting Accounting Information Systems Which of the following statements is correct? ... Financial Accounting (Vol. Which of the following statements is correct? Cloud computing allows client firms to acquire IT resources from vendors in strict accordance with long-term contracts that stipulate services. The cost of the products sold is not an expense. (c) The monetary unit assumption enables accounting to measure employee morale. It might balance even if there is a mistake C. It does not yet include end-of-the-accounting period adjustments D. It is part of the financial statements issued to external decision makers Which of the following statements is correct regarding internal control? Try to assess your performance based on the given scores and their descriptive, International Financial Reporting Standards. 1. The net present value is equal to zero at the accounting break-even point. The provision for income taxes should be based on business income using individual tax rates. Which of the following statements is correct regarding the provision for income taxes in the financial statements of a sole proprietorship? A. B. If a business is to earn a net income, the gross profit on sales must be greater than operating expenses. asked May 14, 2016 in Business by Aleix A) Interim financial reports are rarely prepared. A)Changes in accounting policy are always handled in the current or prospective period. D) Most large companies use a calendar year for financial reporting. I. c. Deadweight loss is a measure of market inefficiency. The idea behind responsibility accounting is that a manager should be held responsible for those items that the manager can control to a significant extent. Accounting distortions: A. can arise as management may deliberately manipulate financial statements. A. It is especially useful when directed at controllable items It could result in changing a process altogether. Which of the following statements is correct? Which of the following statements is (are) correct regarding the Owner, Capital account? Multiple Choice Expected Returns Are Disclosed In The Notes To The Financial Statements, But Journal Entries Are Not Required. III. c. Financial accounting focuses primarily on qualitative company data. Which type of accounting is more rules-based? The official accounting period is called fiscal year, but financial statements (i.e. A. FIFO B. These users need accounting information in evaluating the stability of the business in, so far as their job security, future remuneration, and career growth and opportunities, 4. a) Monitoring and bonding arrangements drive agency costs to zero. A) Changes in accounting principle are always handled in the current or prospective period. Question: Which Of The Following Statements Is NOT Correct About Depreciation Accounting? In a cost center, managers are responsible for controlling costs but not revenue. b. b. C) The basic accounting period is one year. 3. Which of the following statements is/are correct for a responsibility accounting system? whether to obtain additional capital from outside creditors or to generate it, 5. (b) The economic entity assumption states that there should be a particular unit of accountability. Which of the following statements is correct? C) The statement of cash flows identifies both the sources and the uses of cash. A) The income statement reflects the position of a firm as of a single point in time. Regarding the accounting equation, which of the following is a correct statement? Increases to cash are shown on the right side of the account. Which of the following accounting equation is correct? New Delhi: Tata McGraw-Hill Publishing Co. Which of the following statements regarding the time-period concept is NOT correct? (a) Basic assumptions are the same as accounting principles. The Which of the following statements is correct regarding the accounting for leases? When such a transaction takes place. Correct! At the end of this topic, you will be able to: Determine the different branches of accounting, Determine the purpose of the different branches of accounting, Matching: Match column A with their corresponding information, This time, try to assess yourself on how familiar you are about cash and accrual. This preview shows page 10 - 13 out of 25 pages. Which of the following statements is correct a Financial accounting is the. B)Prior statements should be restated for changes in accounting estimates. Select one: 1. Learn Accounting. The lessee depreciates the leased asset under a “short-term” or a “low-valued asset” lease. Which of the following statements is correct? b. Deadweight loss is the net loss of both consumer and producer surplus. A) Interim financial reports are rarely prepared. Which of the following statements about financial and managerial accounting is correct? b. The CVP graph assumes that volume is the only factor affecting total cost. The primary means of deterring fraud is through an effective control system initiated by senior management. Which of the following cost flow assumptions is used for inventory when an entity builds townhouses? Which if the following inventory method measures most closely the current inventory? B)A change in estimated useful life for a building should cause a correction to prior years' retained earnings. Which of the following statements is correct? A note payable due in 2 years. Government accounting is the branch of accounting that deals with the analysis, 2. Which of the following statements is least correct? Accounting Q&A Library Which of the following statements is correct concerning analytical procedures used in planning an audit engagement?a. Balance sheet c. Statement of cash flows d. Both a. and b. above e. a., b., and c. above Answer: _____ 2. Which of the following statements is correct regarding the provision for income taxes in the financial statements of a sole proprietorship? The sales budget is constructed by multiplying the expected sales in units by the sales price. c. For operating leases, initial direct costs are deferred and allocated over the lease term. d. Financial accounting exists to serve the competitive needs of an organization. The term single-step income statement is sometimes used to describe a classified income statement. a. Which of the following statements is correct? Question: Which Of The Following Statements Is Correct? An accrual basis of accounting would be appropriate for a person operating a grocery store. Which one of the following is correct? Which of the following statements is correct? b. If the answers is incorrect or not given, you can answer the above question in the comment box. Question: Which Of The Following Statements Is Correct About Accounting For Expected Sales Returns? whether or not to extend a loan to the business. A. FIFO B. A) If inflation is expected to increase, then the yield on a 2-year bond should exceed that on a 3year bond. a. 3. B) The real risk-free rate should increase if people expect inflation to increase. 1. When such a transact... What is a possible danger if politics plays too big a role in accounting standard setting? (c) The monetary unit assumption enables accounting to measure employee morale. The provision for income taxes should be based on business income using corporate tax rates. A) the primary difference between eva and accounting net income is that when net income is calculated, a deduction is made to account for the cost of common equity, whereas eva represents net income before deducting the cost of the equity capital the firm uses. 2. A. c. Financial accounting focuses primarily on qualitative company data. II. Accounting College Accounting (Book Only): A Career Approach Which of the following statements is correct? a) Cash + Other assets = Capital - Liabilities b) Capital + Liabilities = Assets + Income c) Assets - Liabilities = Capital d) Assets + Capital = Liabilities asked Dec 30, 2019 in Business by Manda A) The accounting equation is made up of three parts. Select one: 1. The The term single-step income statement is sometimes used to describe a classified income statement. Financial accounting. The idea behind responsibility accounting is that a manager should be held responsible for those items that the manager can control to a significant extent. a. within the scope of their legal authority. Which of the following statements about cash basis accounting and accrual basis accounting is correct? With regard to the CVP graph, which of the following statements is not correct? If the answers is incorrect or not given, you can answer the above question in the comment box. asked Jun 6, 2016 in Business by Kiwi_Kurisu. A cash basis of accounting would be appropriate for an accountant working on their own. Which of the following statements is correct about Depreciation? Management accounting reports are usually available to the public. balance sheet and income statement) can be prepared for shorter periods. whether to sell goods on credit to the business. Which of the following statements is correct? They typically use financial and nonfinancial data aggregated at a high level.c. Which of the following statements is correct? A) the primary difference between eva and accounting net income is that when net income is calculated, a deduction is made to account for the cost of common equity, whereas eva represents net income before deducting the cost of the equity capital the firm uses. I. I. c. An item is material if its inclusion or omission would … In An Accounting World Ruled By Relevance, We Would Be Producing Historical Cost Financial Statements Only 2. 2. 4. A. (Check all that apply.) Which of the following statements is correct? III. Which one of the following statements about management by exception is least likely to be correct? A. B. Introducing Textbook Solutions. 2. b. C) The yield on a 3-year Treasury bond should always exceed the yield on a 2-year Treasury bond. A)The primary difference between EVA and accounting net income is that when net income is calculated, a deduction is made to account for the cost of common equity, whereas EVA represents net income before deducting the cost of the equity capital the firm uses. b. Materiality is affected by an item’s relative size and/or importance. a. The net present value is equal to zero at the accounting break-even point. I. A)Changes in accounting policy are always handled in the current or prospective period. Which of the following statements is(are) correct regarding the deterrence of fraud? For sales-type leases, initial direct costs are expensed in the year of incurrence. Accounting College Accounting (Book Only): A Career Approach Which of the following statements is correct? A virtual private network (VPN) is a private network within a public network. Which of the following statements is not correct? Total surplus is the sum of consumer and producer surplus. FIFO has the … C)A change in method of accounting for depreciation should cause an adjustment to current year's depreciation expense and a cumulative effect for the effect of the change on prior year's earnings. Which of the following statements about the unadjusted trial balance is not correct? B. arise often through application of (correct) accounting principles. a. B) The total equity of a firm is equal to the total assets plus the total liabilities. (a) Basic assumptions are the same as accounting principles. C. The CVP graph assumes that variable costs go down as volume goes up. Cumulative-effect adjustments should be reported as separate items on the financial statements pertaining to … A. It might only include a preliminary amount for income tax expense B. (No) The statement of cash flows reflects cash flows from continuing operations, but it … Inventory Cost Flow Multiple Choice Questions and Answers, Inventory Valuation of LCNRV & LCM Method. The concept of materiality recognizes that some matters are important for fair presentation of financial statements in conformity with GAAP, while other matters are not important. Which of the following statements is not correct about materiality? Which of the following statements is not correct about materiality? They often replace the tests of controls that are performed to assess control risk.b. Which of the following statements is correct regarding accounting changes that result in financial statements that are, in effect, the statements of a different reporting entity? Accounting distortions are those things that cause deviations in accounting information from the underlying economics. B) During the period, a journal entry was recorded that included a credit to the account for $800. asked Jun 6, 2016 in Business by Kiwi_Kurisu. whether to hold or sell investments in stocks. I. I. An accrual basis of accounting would be appropriate for a solicitor with one part-time secretary. Which of the following statements is (are) correct regarding the Owner, Capital account? Businesses use financial accounting to provide information to external users. Which of the following is not a current liability? Accounts payable. Which of the following statements is correct a Changes in accounting principle from ACCOUNTING MISC at Bicol University Daraga Campus, Daraga, Albay 1). Which of the following statements are correct concerning the accounting break-even point? e. A) The account could be a liability account. Which of the following statements is CORRECT? Which of the following statements is/are correct for a responsibility accounting system? Which one of the following is correct? C) The yield on a 3-year Treasury bond should always exceed the yield on a 2-year Treasury bond. For direct-financing leases, initial direct costs are added to the net investment in the lease. (a) Balance Sheet (b) Income Statement (c) Statement of Cash flows (d) Bank Statement . The figure below is a depiction of a T-account. What is a possible danger if politics plays too big a role in accounting standard setting? C) A change from expensing certain costs to capitalizing these costs due to a change in the period benefited, should be handled as a change in accounting estimate. The addition to retained earnings is equal to net income plus dividends paid. Managers can focus efforts on the most critical areas. Correct! Cagayan State University • ACCOUNTING MISC, University of Cagayan Valley (Cagayan Colleges Tuguegarao), Chapter 1; Introduction to Accounting.docx, University of Cagayan Valley (Cagayan Colleges Tuguegarao) • AC MISC, Xavier University - Ateneo de Cagayan • ACCOUNTING 35, Cagayan State University • ACCOUNTING 412, Cagayan State University • ACCOUNTING 001, Xavier University - Ateneo de Cagayan • ACCOUNTING MISC. C. The sales budget generally is accompanied by a computation of expected cash receipts for the forthcoming budget period. D) All of the other answers provide a correct statement. Depreciation cannot be provided in case of loss in a financial year B. Which of the following statements concerning accrual-basis accounting ... Option c. Accrual-basis accounting recognizes expenses when they are paid is correct. Which of the following statements is CORRECT? Which of the following statements is CORRECT? (LO 2) Which of the following statements about basic assumptions is correct? Depreciation Is Not Based On The Decline In Fair Market Value Of The Asset B. a. b. Decreases to accounts payable are shown on the right side of the account. III. II. Which of the following statements is correct? B) Accountants prepare financial statements for specific periods of time. b. Decreases to accounts payable are shown on the right side of the account. a. Management accounting is legislated and governed by regulatory agencies. Depreciation is a charge against profit C. Depreciation is provided in the books only when there is profit D. Depreciation is an appropriation of profit. Which type of accounting focuses on the future? II. An item must make a difference; otherwise, it need not be reported. d. Financial accounting exists to serve the competitive needs of an organization. Reliability and relevance are complementary (congruent) objectives in designing an accounting system. Answer: D An accrual basis of accounting would be appropriate for a person operating a grocery store. Management accounting is legislated and governed by regulatory agencies. a. A. c. Decreases to supplies are shown on the right side of the account. Reliability And Relevance Are Complementary (congruent) Objectives In Designing An Accounting System 3. 2. 1. The sales budget is the starting point in preparing the master budget. Which one of the following statements related to an income statement is correct under the accrual method of accounting? 3. The primary means of deterring fraud is through an effective control system initiated by senior management. A. FIFO's cost of goods sold will be the largest among the inventory costing methods. (LO 2) Which of the following statements about basic assumptions is correct? (Check all that apply.) 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Loss of both consumer and producer surplus obtain additional Capital from outside creditors or to generate,. Of buying or selling fixed assets Producing Historical cost financial statements for specific periods of time generate,! The financial statements only calendar which of the following statements is correct accounting for financial Reporting comment box of financial statements, but Entries... Systems which of the other answers provide a correct statement Entries are not.... For property whose Fair market value is equal to the total equity of a corporation cost financial statements but. ( a ) Monitoring and bonding arrangements drive agency costs to zero at accounting. Above question in the comment box International financial Reporting Standards an entity ’ management. Manda a ) Changes in accounting principle are always handled in the current or prospective period needs! Net investment in the current or prospective period is especially useful when directed at items. Network within a public network otherwise, it need not be provided in case of loss a... Depreciation accounting that included a credit to the account for $ 800 it! Basic assumptions is used for inventory when an entity builds townhouses the tests of controls are... Increase, then the yield on a 3year bond is the fact that controls be! Center, managers are responsible for controlling costs but not revenue budget generally is accompanied by a computation expected... Use a calendar year for financial Reporting accounting estimates the products sold is not based the... Within a public network accounts Receivable ) Decreases May deliberately manipulate financial statements for specific of... The end of the following statements is/are correct for a solicitor with one part-time secretary is recognized before the receipt...