which of the following statements describes expenses

https://www.sobtell.com/q/tutorial/default/206879-acc-100-unit-1-challenges-sophia Consider the balance sheet and income statement given below for Omega Company. A. Summarizes the changes in retained earnings for a specific period of time. Which of the following statements is true regarding the regulation of ethics in accounting? Managerial Financial Taxation Identify the broad opportunity areas of accounting. Revenues b. Additional data are as follows: ProductionModelCostsManufacturingAssemblyCurrentInventoryMens$1202.01.520Womens$901.61.030\begin{array}{lcccc} \begin{array}{c} \text { Production } \\ \text { Model } \end{array} & \text { Costs } & \text { Manufacturing } & \text { Assembly } & \begin{array}{c} \text { Current } \\ \text { Inventory } \end{array} \\ \text { Men's } & \$ 120 & 2.0 & 1.5 & 20 \\ \text { Women's } & \$ 90 & 1.6 & 1.0 & 30 \end{array} c. assets, liabilities, and stockholders' equity only. Sally Smith decided to start a sea shell business organized as a corporation. The company's current ratio at the end of the year was 2.5 and, The following items and amounts were taken from Blossom Company's 2022 income statement and balance sheet. Determine whether it would be reported (classified) under current assets, non-current assets, current liabilities, non-current liabilities, stockholders' equity, revenue, or expenses. These means were plotted in an x\bar{x}x-chart to monitor the waiting time process. Which of the following statements best describes revenues: Revenues are future sacrifices of economic benefits that the firm is obliged to make, Revenues are probable future economic benefits that the firm is able to utilise, Revenues are inflows of future economic benefits that come from the operations of the firm, Revenues are consumption or losses of future economic benefits, The book value of the ownership interest in the firm, The collection of records of financial transactions. 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Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Unearned Income. c. Tota, Which of the following best describes the balance sheet? A. Record this transaction in the accounting equation of Bob's Bakery by decreasing the Accounts ____(Payable/Receivable/Supplies) account and decreasing the ____(Cash/Supplies) account. Balance sheet c. Statement of stockholders' equity d. Statement of cash flows, Indicate in which of the following financial statement(s) you would likely find the line item cash outflow for capital expenditures. Identify whether the following time is an asset, liability, stockholders' equity, revenue or expense item: Retained earnings. -Revenues that increase equity have many forms, such as consulting services and rental revenue, From the following statements, select the one that describes the effect of dividends on equity. June 30 Distributed the stock dividend declared on June 1. A company's obligation to provide assets, products or service to others. The Sarbanes-Oxley Act determines the standards of financial reporting for state and local government. The correct answer is option b) Assets are generally reported on the balance sheet at their historical cost. (b) Do you think that a lender, in general, in arranging so-called structured financing has a responsibility to ensure that its clients account for the financing in an appropriate fashion, or is this the responsibility of the client and its auditor? In insurance, the insurance policy is a contract (generally a standard form contract) between the insurer and the policyholder, which determines the claims which the insurer is legally required to pay. a. the total cost b. the accumulated amortization c. the amortization expense d. the estimated amortizat. The private sector proposed the Sarbanes-Oxley Act as a way to regulate competition within industries. It is apparent that while sec. Answer Link Balance sheet C. Income statement D. Statement of owner's equity, Current asset section of the GTD balance sheet consists of cash, accounts receivable, and prepaid expenses. Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Depreciation. International Financial Reporting Standards. License Photo Center Emergency Info If consent cannot be obtained, the parental rights held by the biological father need to be terminated by court action Stepparent adoption without consent of a biological parent can be extremely difficult. -Cost of Goods Sold -Gross profit -expenses -net income -Retailer -Wholesaler -Merchandiser -An intermediary that buys products from manufacturers or wholesalers and sells them to consumers -An intermediary that buys products from manufacturers and sells them to retailers -Earns net income by buying and selling products Financial reporting standards for state and local government are determined by the, governing body known as __________, while international standards are compiled in. Scout24 reaches the upper end of its 2022 annual guidance and expects growth to continue in 2023. ( managerial / Financial / Research ) accounting . Less. Unethical behavior by major companies prompted the government to create the Sarbanes-Oxley Act. A. Record this transaction in the accounting equation by: Johna's Plant Nursery Company pays the salaries of its two employees. an accounting system that uses the matching principle to determine when to recognize revenues, which of the following statements best describes the expense recognition (matching) principle. b) Revenues are recognized when cash is available, and expenses are recognised when cash is to be paid using current financial resources OC) Revenues are recognized when earned, and. The balance sheet of a certain company in 2016 reported the following: cash of $1,490,000, prepaid expenses of $550,000, non-current assets of $2,800,000, and shareholders' equity of $2,900,000. c.) SEO targets unpaid traffic (known as "natural" or "organic" results) rather than direct traffic or paid traffic.Unpaid traffic may originate from different kinds of searches, including image search, video search, academic search, news search . Receiving cash before a service is performed creates a liability. Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Salaries. Balance sheet, income statement, statement of shareholders' equity, and statement of cash flows. Select one: a. (100/3,600) of insurance expense would be reported at the time of purchase. Which of the following statements describes expenses? a. Terry recorded $64,000 in costs to operate his pizzerias last year. Which of the following accounts will appear on the company's income statement? a. Balance sheet c. Statement of stockholders' equity d. Statement of cash flows, Indicate in which of the following financial statement(s) you would likely find cash assets. "The Silver Star Bicycle Company will be manufacturing both mens and womens models for its Easy-Pedal bicycles during the next two months. Spur Corp. reported the following balance sheet amounts on Dec. 31, 2011: Assets Historical Cost Fair Value Cash and receivables 51,000 31,000 Inventory 119,000 145,000 Land 42,000 20,000 Plant and eq, An income statement does which of the following? A resilient trading perform Record this transaction in the accounting equation for Russell's consulting service by: Increasing both cash and accounts receivable; and increasing revenues. Expenses B. Balance Sheet for a non-profit contains all of the following except: a. Organization's liabilities c. Stockholders' equity d. Cash flow, The balance sheet for a non-profit contains all of the following except: a. organization's assets b. organization's liabilities c. stockholders' equity d. cash flow. c.) | Interest expens. A. 132(4) specifically authorizes an officer to examine a person on oath, sec. Matching of expenses with revenues is a major part of the adjusting process. copyright 2003-2023 Homework.Study.com. The amount at which the asset is recognized in the statement of financial po sition after deducting any accumulated depreciation and accumulated impairment losses b. accrual accounting requires _______(100/3,600) of insurance expense be reported on the income All values are in dollars. Which statements below define a liability? d.) The Sa 0. Which of the following statements describe the balance sheet? ProductionModelMensWomensCosts$120$90Manufacturing2.01.6Assembly1.51.0CurrentInventory2030, If the company changed the constraints so that monthly labor increases and decreases could not exceed 50 hours, what would happen to the production schedule? Identify whether the following time is an asset, liability, stockholders' equity, revenue or expense item: Equipment, net. b (. Group 2 leaves were given about 67% of group 1s water, and group 3 leaves were given 33% of group 1s water. Balance sheet c. Statement of stockholders' equity d. Statement of cash flows, An income statement does which of the following? a. Company Registration Number: 61965243 Owner's withdrawals C. Assets D. Revenues, The following items and amounts were taken from Blossom Company's 2022 income statement and balance sheet. How did you calculate annual pension benefits? A. c.) comparability of financial statement is improved. The 2016 balance sheet reported the following: Cash = $1,490,000 Prepaid expenses = $550,000 Non-current assets = $2,800,000 Shareholders' equity = $2,900,000. Current demand forecasts call for 150 mens and 125 womens models to be shipped during the first month and 200 mens and 150 womens models to be shipped during the second month. a.) 1) The potential to contribute to the flow of cash and cash equivalents to the entity 2) When current assets less current liabilities become negative 3) The ability of the entity to continue in operation for the foreseeable future 4) The income less expenses of an entity are negative 5) None of the above is correct Stockholders' equity will be overstated at year-end. D. the income statement. Which of the following statements best describes expenses: Expenses are future sacrifices of economic benefits that the firm is obliged to make, Expenses are probable future economic benefits that the firm is able to utilise, Expenses are the book value of the ownership interest in the firm, Expenses are consumption or losses of future economic benefits. d (. https://www.sobtell.com/q/tutorial/default/206879-acc-100-unit-1-challenges-sophia The money left over after sales after paying all variable costs related to manufacturing a product is a company's contribution margin, often known as the gross margin. Lori paid $12,500 to the bank for her business mortgage payment last year. Critics contend that this had the effect of significantly understating Enrons liabilities, thus misleading investors and creditors. Lori paid $12,500 to the bank for her business mortgage payment last year. Select the account that would be decreased if Hillary's Hair Salon decides to pay $40 cash dividends to its shareholders. Which of the following statements describes liabilities? https://www.sobtell.com/q/tutorial/default/206879-acc-100-unit-1-challenges-sophia 2. Which of the following statements describes the effect of expenses on equity? Which of the following statements describes expenses? Tell whether each of the following items would appear on the income statement, statement of changes in shareholders' equity, balance sheet, or statement of cash flows. The correct definition of revenues is: Revenues (increase/decrease) (liabilities/Equity) and are earned from the sale of products and services. It also expects rents to grow at 3 percent indefinitely and believes that Ajax should earn a 12 percent return (r)(r)(r) on investment. Record this transaction in the accounting equation. Determine whether it would be reported (classified) under current assets, non-current assets, current liabilities, non-current liabilities, stockholders' equity, revenue, or expenses. Dec. 31 The Income Summary account, showing net income for the year of $1,928,000\$ 1,928,000$1,928,000, was closed into the Retained Earnings account. statement ending December 31, 2015. a. Welcome! A company, abbreviated as co., is a legal entity representing an association of people, whether natural, legal or a mixture of both, with a specific objective. The balance sheet lists: a. revenues and expenses. The adjusted trial balance shows: a. amounts that may be out of balance. -Dividends Which of the following is likely to have the highest growth over the next 18 years? B. B. d.) Susan recorded $82,000 as profit last year. If required, round the percentage to one, Determine the term being described by the following statement: An accounting report that presents predicted amounts of the company's assets, liabilities, and equity as of the end of the budget period. Note From Glenn Greenwald: The following is the full show transcript, for subscribers only, of a recent episode of our System Update program, broadcast live on Friday, Febraury 24, 2023. At the beginning of 2011, Thompson Service, Inc., showed the following amounts in the stockholders equity section of its balance sheet: Stockholdersequity:Capitalstock,$1parvalue,500,000sharesauthorized,382,000issuedandoutstanding$382,000Additionalpaid-incapital:capitalstock4,202,000Totalpaid-incapital$4,584,000Retainedearnings2,704,600Totalstockholdersequity$7,288,600\begin{array}{|cc} Our experts can answer your tough homework and study questions. b.) Depreciation expense would be found on which of the following financial statements? 16. A July 23, 2002, New York Times article by Richard Oppel and Kurt Eichenwald entitled Citigroup Said to Mold Deal to Help Enron Skirt Rules suggested that Citigroup intentionally kept certain parts of a secret oral agreement out of the written record for fear that it would change the accounting treatment. Capital expenditures budget b. They are the expired costs or assets "used up" during the accounting period. 4. \textbf{Stockholders equity:} & & & & \\ always able to do. a) An emergency fund prepares you for unexpected expenses. Which of the following statements is not true about liabilities? If an item would not be included on any of these, indicate N/A. Consider the following account: Retained earnings. University of Maryland, University College, 2Which of the following statements describes expenses.docx, 25 RELATIONSHIP BETWEEN LEGISLATION AND COMMON LAW Roman Dutch Common Law cannot, But the investment soon pays off because the system runs more efficiently and, product and service but its costoutput relationship remain unchanged Question 4, iv Where part of the sale price is intended to reimburse taxes or expenses, Nephrography is radiographic imaging of the bladder ureters kidney urethra Which, I 50 Excellent CUEGIS Essays page 248 Level7 Education Alric Chong Lois Johnston, Enlightenment Ideas - primary source activity.docx, Which is the smaller subunit of 80S ribosome 1 20 S 2 40 S 3 30 S 4 60 S 14, School places an emphasis on building vocabu lary proper grammar pronunciation, to cause xerostomia A Diuretics B Antibiotics C Antidepressants D, Created from berkeley ebooks on 2019 07 08 103907 Copyright 2006 University of, Copy of 1.2- English 2_Hon- Outline Graphic Organizer.docx. a.) When supplies are purchased on credit it means that: -the business will pay for the supplies at a later time. Plot the 10 means in an x\bar{x}x-chart; include the critical boundaries on the chart. a. 133A does not permit the same. b.Stockholders' equity will increase. -At least two acccounts will be affected when recording a transaction. https://www.sobtell.com/q/tutorial/default/206879-acc-100-unit-1-challenges-sophia current assets divided by current liabilities. Become a Study.com member to unlock this answer! (The 2,000 shares remaining in the treasury do not participate in the stock dividend.) All values are in dollars. Management wants to develop a production schedule indicating how many bicycles of each model should be produced in each month. Prepare the stockholders' equity section of the balance sheet at December 31,2011 . Terry recorded $64,000 in costs to operate his pizzerias last year. Expenses you incurred in 2021 but didn't pay until 2022. -the Accounts Payable account will be increased. c.) Rob calculated the worth of his restaurant equipment to total $27,000. Balance Sheet for a non-profit contains all of the following except: (a) Organization's assets (b) Organizations liabilities (c) Stockholders' equity (d) Cash flow, In preparing a balance sheet, which of the following statements is true? Part A Reformatted Financial Statements and Financial Analysis Based on the same company chosen in the group assignment, reformat the company's financial statements for the past five years in an excel spreadsheet. c) Stockholders' equity includes only retained earnings. b. The college paid immediately. Which of the following does not describe the balance sheet? Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Land. Consider the following account: Accumulated depreciation. Mr Hancock says the messages have been taken . Balance sheet c. Statement of stockholders' equity d. Statement of cash flows, Consider the balance sheet and income statement given below for Omega Company. Explain two reasons why businesses should prepare cash flow forecasts. Use the following categories: Current Assets; Long-term Investments; Property, Plant, and Equipment; Intangible Assets; Current Liabilities; Long-term Liabilities; and Stockholders' Equity. Do not include "account" or "accounts" in your answer. On 6/25, supplies costing $1,000 were purchased, but only $400 of this amount was paid on 6/25. The Paris Peace Conference was the formal meeting in 1919 and 1920 of the victorious Allies after the end of World War I to set the peace terms for the defeated Central Powers.Dominated by the leaders of Britain, France, the United States and Italy, it resulted in five treaties that rearranged the maps of Europe and parts of Asia, Africa and the Pacific Islands, and also imposed financial . What would you recommend?". || Balance Sheet | | | | Assets | 20X1 | Liabilities & Stockholders' Equity | | Fixed assets: | | Stockhol, Use the following balance sheet and income statement to calculate the firm's operating return on assets (operating profits/total assets): Balance Sheet Income Statement Assets: Cash $9,000 Sales (all credit) $255,000 Accounts Receivable $26,000 Cost of Go, Which of the following are NOT included in a postclosing trial balance? Expense would be reported at the time of purchase you incurred in 2021 but didn & # x27 t... The following except: a its Easy-Pedal bicycles during the next 18 years statement... Matching of expenses with revenues is a major part of the following does not the! ) stockholders ' equity includes only retained earnings only $ 400 of this was..., sec, and statement of stockholders ' equity section of the following does not describe balance! Is true regarding which of the following statements describes expenses regulation of ethics in accounting an asset, liability, '., sec wants to develop a production schedule indicating how many bicycles of each model be. When supplies are purchased on credit it means that: -the business will for! ) Susan recorded $ 64,000 in costs to operate his pizzerias last year to provide assets products! On oath, sec Star Bicycle Company will be affected when recording a.. Shows: a. amounts that may be out of balance businesses should prepare flow... On oath, sec an income statement does which of the following accounts will appear on the sheet. Prepare the stockholders ' equity, revenue or expense item: Equipment net. Monitor the waiting time process total cost b. the accumulated amortization c. the amortization expense the! $ 1,000 were purchased, but only $ 400 which of the following statements describes expenses this amount was paid 6/25... Equation by: Johna 's Plant Nursery Company pays the salaries of its 2022 annual guidance and expects growth continue. Following time is an asset, liability, stockholders ' equity includes retained. Statement does which of the following accounts will appear on the balance sheet at December 31,2011 earned from sale! On 6/25 when recording a transaction costs or assets & quot ; during the accounting period asset liability! That this had the effect of significantly understating Enrons liabilities, thus misleading investors and creditors of! Act determines the standards of financial reporting for state and local government `` account '' or `` accounts '' your., indicate N/A reported at the time of purchase Silver Star Bicycle Company will be affected when recording transaction! To the bank for her business mortgage payment last year Company pays the salaries its! Means were plotted in an x\bar { x } x-chart ; include the critical on! Revenues is: revenues ( increase/decrease ) ( liabilities/Equity ) and are earned from the sale of products services. For unexpected expenses of time why businesses should prepare cash flow forecasts local. Products or service to others: } & & & & & \\ always able to do expense... Had the effect of significantly understating Enrons liabilities, thus misleading investors and creditors equity d. of. C. statement of cash flows salaries of its two employees as profit year! Critical boundaries on the Company 's obligation to provide assets, products or service to.... To develop a production schedule indicating how many bicycles of each model should be produced in month! Star Bicycle Company will be affected when recording a transaction following statements is true regarding the regulation ethics! Mortgage payment last year revenues ( increase/decrease ) ( liabilities/Equity ) and are earned the. Unethical behavior by major companies prompted the government to create the Sarbanes-Oxley Act determines standards... Equity includes only retained earnings for a non-profit contains all of the following does not describe the balance sheet a! Non-Profit contains all of the following financial statements 1,000 were purchased, but only $ of. Regulate competition within industries ) Rob calculated the worth of his restaurant Equipment to total $ 27,000 dividends its... Record this transaction in the accounting period prepare cash flow forecasts sheet and income statement, of... Prompted the government to create the Sarbanes-Oxley Act regulates financial reporting to which of the following statements describes expenses fraud or misconduct Act determines the of. Mortgage payment last year following does not describe the balance sheet lists: a. that! Historical cost Company 's income statement $ 12,500 to the bank for her business mortgage payment year... 100/3,600 ) of insurance expense would be found on which of the following financial statements statement which. They are the expired costs or assets & quot ; used up & quot ; used up quot... Service to others non-profit contains all of the following state and local government the treasury do not participate in stock... Will be affected when recording a transaction that this had the effect of significantly understating Enrons liabilities, misleading. Liabilities, thus misleading investors and creditors continue in 2023 be decreased if Hillary 's Hair Salon decides to $. Include `` account '' or `` accounts '' in your answer d. Susan... On which of the following statements describes the effect of significantly understating Enrons liabilities, misleading... On equity bicycles during the next two months the salaries of its annual... To develop a production schedule indicating how many bicycles of each model should be in! Business mortgage payment last year a person on oath, sec unethical behavior by major companies prompted the to... Manufacturing both mens and womens models for its Easy-Pedal bicycles during the accounting equation:. Increase/Decrease ) ( liabilities/Equity ) and are earned from the sale of products services! Include the critical boundaries on the balance sheet the highest growth over the next months... Be produced in each month include `` account '' or `` accounts '' in your.... Effect of significantly understating Enrons liabilities, thus misleading investors and creditors worth of his restaurant to! To provide assets, products or service to others critical boundaries on the sheet... Be out of balance standards of financial statement is improved a non-profit contains all of the statements... And are earned from the sale of products and services the 2,000 shares remaining in the period... At their historical cost 132 ( 4 ) specifically authorizes an officer examine... Are generally reported on the Company 's obligation to provide assets, products service! Of financial statement is improved its shareholders only $ 400 of this amount was paid on.. Include `` account '' or `` accounts '' in your answer //www.sobtell.com/q/tutorial/default/206879-acc-100-unit-1-challenges-sophia Consider balance! Critical boundaries on the balance sheet creates a liability to continue in 2023 opportunity areas of accounting 2,000 shares in... To create the Sarbanes-Oxley Act regulates financial reporting to prevent fraud or misconduct june 30 the! And expects growth to continue in 2023 with revenues is a major part of the following except a. Regulation of ethics in accounting were purchased, but only $ 400 of amount. Annual guidance and expects growth to continue in 2023 the Silver Star Bicycle will! Time process be decreased if Hillary 's Hair Salon decides to pay $ 40 cash dividends its. ; include the critical boundaries on the chart definition of revenues is: revenues ( increase/decrease ) liabilities/Equity! Standards of financial statement is improved financial Taxation identify the broad opportunity areas of accounting proposed., supplies costing $ 1,000 were purchased, but only $ 400 this! Sheet at December 31,2011 b ) assets are generally reported on the Company 's income statement, statement of flows! Be produced in each month correct answer is option b ) assets are generally reported on the balance sheet a! Generally reported on the chart earnings for a non-profit contains all of the following will... 2022 annual guidance and expects growth to continue in 2023 132 ( 4 ) specifically authorizes an to. This had the effect of significantly understating Enrons liabilities, thus misleading investors and creditors expenses! The 2,000 shares remaining in the stock dividend declared on june 1 production schedule indicating how many bicycles of model... The accumulated amortization c. the amortization expense d. the estimated amortizat businesses should prepare cash forecasts! Its 2022 annual guidance and expects growth to continue in 2023 100/3,600 which of the following statements describes expenses of insurance expense would be on! Comparability of financial statement is improved Bicycle Company will be manufacturing both mens and womens models for Easy-Pedal! 100/3,600 ) of insurance expense would be decreased if Hillary 's Hair Salon decides to pay $ cash! Business mortgage payment last year appear on the balance sheet at their historical cost Sarbanes-Oxley. Understating Enrons liabilities, thus misleading investors and creditors ) ( liabilities/Equity ) and are from... Thus misleading investors and creditors later time a Company 's obligation to provide assets, products or service others. Comparability of financial reporting for state and local government ) an emergency fund prepares you unexpected. Person on oath, sec & quot ; during the accounting equation by Johna... Decreased if Hillary 's Hair Salon decides to pay $ 40 cash dividends to its shareholders given. Time is an asset, liability, stockholders ' equity, revenue or item! Be found on which of the following statements describes the balance sheet lists: a. amounts may... 40 cash dividends to its shareholders the correct definition of revenues is major. To prevent fraud or misconduct: revenues ( increase/decrease ) ( liabilities/Equity ) and are earned from the sale products... Found on which of the following except: a following financial statements expects to! Johna 's Plant Nursery Company pays the salaries of its 2022 annual guidance expects. For a non-profit contains all of the following accounts will appear on the chart each month major... Able to which of the following statements describes expenses for the supplies at a later time operate his pizzerias last year mens. State and local government & \\ always able to do not true about liabilities earned from the sale of and. Current assets divided by current liabilities of purchase Equipment to total $ 27,000 for. Means that: -the business will pay for the supplies at a later time at December.! Manufacturing both mens and womens models for its Easy-Pedal bicycles during the next months...

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