10. Which of these is a similarity between financial accounting and managerial accounting? Select one: A. Both report to the same group of accounting users. B. Both report past financial events. C. Both use the same accounting standards of MASB. D. Both provide information for decision making. 11. Which of the followings is NOT a temporary or nominal account? Select one: A. Utility Expense. B. Prepaid Insurance. C. Drawings. D. Depreciation Expense. 12. Which of the following statements related to expenses is CORRECT? Select one: A. Expenses decrease owner's equity and has a credit normal balance. B. Expenses increase owner's equity and has a debit normal balance. C. Expenses decrease owner's equity and has a debit normal balance. D. Expenses increase owner's equity and has a credit normal balance. Just answer the question without explanation. Thanks in advance
10. Which of these is a similarity between financial accounting and managerial accounting? Select one: A. Both report to the same group of accounting users. B. Both report past financial events. C. Both use the same accounting standards of MASB. D. Both provide information for decision making. 11. Which of the followings is NOT a temporary or nominal account? Select one: A. Utility Expense. B. Prepaid Insurance. C. Drawings. D. Depreciation Expense. 12. Which of the following statements related to expenses is CORRECT? Select one: A. Expenses decrease owner's equity and has a credit normal balance. B. Expenses increase owner's equity and has a debit normal balance. C. Expenses decrease owner's equity and has a debit normal balance. D. Expenses increase owner's equity and has a credit normal balance. Just answer the question without explanation. Thanks in advance
Chapter1: Role Of Accounting In Society
Section: Chapter Questions
Problem 18MC: Typical accounting tasks include all of the following tasks except ________. A. auditing B....
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10. Which of these is a similarity between financial accounting and managerial accounting ?
Select one:
A. Both report to the same group of accounting users.
B. Both report past financial events.
C. Both use the same accounting standards of MASB.
D. Both provide information for decision making.
11. Which of the followings is NOT a temporary or nominal account?
Select one:
A.
Utility Expense.
B.
Prepaid Insurance.
C.
Drawings.
D.
Depreciation Expense.
12. Which of the following statements related to expenses is CORRECT?
Select one:
A.
Expenses decrease owner's equity and has a credit normal balance.
B.
Expenses increase owner's equity and has a debit normal balance.
C.
Expenses decrease owner's equity and has a debit normal balance.
D.
Expenses increase owner's equity and has a credit normal balance.
Just answer the question without explanation. Thanks in advance
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