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- Identify the financial statement on which each of the following accounts would appear: the income statement (IS), the retained earnings statement (RE), or the Balance Sheet (BS). A. Insurance Expense B. Accounts Receivable C. Office Supplies D. Sales Revenue E. Common Stock F. Notes Payable"Identify each of the following accounts of Kaiser Services Co. as asset, liability, stockholders’ equity, revenue, or expense, and state in each case whether the normal balance is a debit or a credit:A.Accounts PayableB.Accounts ReceivableC.CashD.Common StockE.DividendsF.Fees EarnedG.Office EquipmentH.Rent ExpenseI.SuppliesJ.Wages ExpenseGenerally accepted accounting principles require that companies use the _____ of accounting. a.deferral basis b.account basis c.cash basis d.accrual basis
- For a statement to be true, each part must be true. One detail can make an entire statement false. Write T if the statement is true. If the statement is false, write F. 1) A list of all account names used to record transactions of a company is referred to as a T-Account.2) After recording each transaction, total assets must equal total liabilities plus stockholders’ equity.Match each account type with its description Account Classifications Descriptions 1. Assets 2. Liabilities 3. Stockholders’ equity 4. Dividends 5. Revenues 6. Expenses a. Sales of products or services. b. Owners’ claims to resources. c. Distributions to stockholders. d. Costs of selling products or services. e. Resources of a company. f. Amounts owed.Which of the following is NOT a financial statement?Choose one answer.a. Income statement b. Balance sheet c. Company performance sheet d. Cash flow statement
- Which of the following is NOT one of the four items required to be shown in the heading of a financial statement? a. The financial statement preparer's nameb. The title of the financial statementc. The unit of measure in the financial statementd. The name of the business entitiyThe following information is displayed in the heading of financial statements, except: a. the name of the company b. the end of the reporting period c. the presentation currency d. the address of the companyGenerally accepted accounting principles require that companies use the of accounting. Select one: a. accrual basis b. deferral basis c. cash basis d. account basis
- The ledger that contains the financial statement accounts of a company is the a. General journal. d. General ledger. b. Column balance journal. e. Special journal. c. Special ledger.Enter the letter A through H for the principle or assumption in the blank space next to each numbered description that it best reflects. A. General accounting principle B. Measurement (cost) principle C. Business entity assumption D. Revenue recognition principle E. Specific accounting principle F. Expense recognition (matching) principle G. Going-concern assumption H. Full disclosure principle 1. A company reports details behind financial statements that would impact users’ decisions. 2. Financial statements reflect the assumption that the business continues operating. 3. A company records the expenses incurred to generate the revenues reported. 4. Concepts, assumptions, and guidelines for preparing financial statements. 5. Each business is accounted for separately from its owner or owners. 6. Revenue is recorded when products and services are delivered. 7. Detailed rules used in reporting events and transactions. 8. Information is based on actual costs incurred in transactions.1, How can we summarize data to prepare the financial statements? 2, what are closing entries and how do we record them? 3,how do decision-makers evaluate a company using the current ratio and debt ratio? 4, how does IFRS apply to the accounting cycle and financial reporting?