With regard to reporting contingent liabilities on a balance
sheet, financial statements prepared under International Financial...
With regard to reporting contingent liabilities on a balance
sheet, financial statements prepared under International Financial
Reporting Standards (IFRS) will:
Multiple Choice
a) Have fewer contingent liabilities accrued than under U.S.
GAAP because the IFRS guideline for "probable" is a higher
percentage than the U.S. GAAP guideline for "probable".
b) Have more contingent liabilities accrued than under U.S. GAAP
because IFRS requires all lawsuits, environmental problems, and
product warranties that are reasonably estimable to be accrued
while U.S. GAAP requires...
1. True or false? Charity care is reported in the notes
for not-for-profit health care organizations,...
1. True or false? Charity care is reported in the notes
for not-for-profit health care organizations, but revenues and
expenses are not recorded in the operating statement.
2. True or false? Because auditors assess the internal
controls of the organization, audited financial statements signify
that fraud within the organization is not a concern.
3. Match the following types of ratios with their
definitions.
Profitability
Liquidity
Solvency
Common size
Efficiency
1.
compares numbers on the balance sheet to total assets and...
The classified Balance Sheet will divide its Liabilities Section
as the following subsections
Current Liabilities and...
The classified Balance Sheet will divide its Liabilities Section
as the following subsections
Current Liabilities and Long-Term Liabilities
Current Liabilities and Other Liabilities
Other Liabilities and Long-Term Liabilities
Present Liabilities and Tomorrow’s Liabilities
5 points
QUESTION 34
After all of the account balances have been extended to the
Income Statement columns of the work sheet, the totals of the debit
and credit columns are $77,500 and $85,300, respectively. What is
the amount of the net income or net loss...
The budgeted balance
sheet shows the company's planned profit, and serves as a benchmark
to compare...
The budgeted balance
sheet shows the company's planned profit, and serves as a benchmark
to compare to actual performance.
True or False
The budgeted balance
sheet is developed using data from the actual balance sheet from
the beginning of the budget period, as well as data in various
other budget schedules.
True or False
The cash disbursements
section of a cash budget consists of all budgeted cash payments for
the period except repayment of principal and
interest.
True or False
The current assets and current liabilities sections of the
balance sheet of Tamarisk Company appear as...
The current assets and current liabilities sections of the
balance sheet of Tamarisk Company appear as follows.
TAMARISK COMPANY
BALANCE SHEET (PARTIAL)
DECEMBER 31, 2017
Cash
$ 40,200
Accounts payable
$ 62,590
Accounts receivable
$90,900
Notes payable
71,980
Less: Allowance for doubtful
accounts
7,330
83,570
$134,570
Inventory
172,890
Prepaid expenses
9,720
$306,380
The following errors in the corporation’s accounting have been
discovered:
1.
January 2018 cash disbursements entered as of December 2017
included payments of accounts payable in the amount of...
Question No: 2
The financial statements of Ahmed Company appear below:
Ahmed Company
Comparative Balance Sheet...
Question No: 2
The financial statements of Ahmed Company appear below:
Ahmed Company
Comparative Balance Sheet
December 31,
————————————————————————————————
Assets
2019
2018
Cash
$ 250,000 $ 400,000
Short-term
investments
150,000 600,000
Accounts receivable
(net)
500,000 300,000
Inventory 500,000
700,000
Property, plant and equipment
(net)
2,600,000 3,000,000
Total
assets
$4,000,000 $5,000,000
Liabilities and stockholders' equity
Accounts
payable
$ 200,000 $ 300,000
Short-term notes
payable
300,000 900,000
Bonds payable 900,000 1,600,000
Common stock 1,500,000 1,500,000
Retained
earnings ...