Question

Financial accounting information—— should be prepared differently by each company should be incomplete in order to...


Financial accounting information——
should be prepared differently by each company should be incomplete in order to confuse competitors provides investors guarantees about the future summarizes what has already occurred

Which of these events will NOT be recognized in the financial statements?
A service is performed, but the payment is not collected on the same day.
A copy machine is ordered. It will be delivered in two weeks.
Electricity has been used but has not been paid for.
Supplies are purchased and delivered. They are not paid for; the company will be billed.

Which of the following is likely NOT a type of not-for-profit entity?
community foundation
university
local Cineplex Odeon movie theater
public library

What adjusting journal entry is needed to record depreciation expense for the period?
a debit to Accumulated Depreciation; a credit to Depreciation Expense
a debit to Depreciation Expense; a credit to Cash
a debit to Depreciation Expense; a credit to Accumulated Depreciation
a debit to Accumulated Depreciation; a credit to Cash

When operating in a constrained environment, which products should be produced?
products with the highest contribution margin per unit of the constrained process
products with the highest selling price
products with the lowest allocated joint cost
products with the highest contribution margin per unit

Management accountants help the management of an organization in their planning function through ----
evaluating costs
monitoring anti-theft systems
strategic planning
analyzing profits

Shareholders can best be defined as which of the following?
investors who lend money to a business for a short period of time
investors who purchase an ownership in the business
analysts who rate the financial performance of the business
investors who lend money to a business for a long period of time








Homework Answers

Answer #1

1.

Summarizes what has already occured.

Financial accounitng information should include all the information about the events that have already occured. It should be same for all the companies and should be based on common standards set for all. ITs should have all information and should not be incomplete. It should be complete and it does not mean it guarantees about future.

2.

B

A copy machine is ordered. It will be delivered in two weeks.

MAchine is ordered but nither the machine is received nor the payment has been made.

All other events have already occured but the payment has not been made. Dues will occur in the form of liability.

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