Quiz 5 - An after-closing trial balance consists only of...

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View My Grades HOMEWORK MANAGER > STUDENTS > VIEW MY GRADES > ALL QUESTIONS Return to Previous Main Menu Exit Current Session Help Question 1: Score 1/1 An annual report filed with the Securities and Exchange Commission must include a section called "Management's Predictions of Future Earnings". Your Answer: Choice Selected True False Question 2: Score 1/1 Dividends declared are an expense and reduce net income. Your Answer: Choice Selected True False Question 3: Score 1/1 In regard to disclosures that are required to be contained in annual reports, the FASB has no well-defined list of items that must be included. Your Answer: Choice Selected True False Question 4: Score 0/1 The income summary account appears, as stated, on the statement of retained earnings.
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Your Answer: Choice Selected True Selected False Question 5: Score 1/1 The adjusted trial balance contains income statement accounts and balance sheet accounts while the after-closing trial balance will only have balance sheet accounts. Your Answer: Choice Selected True False Question 6: Score 0/1
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Unformatted text preview: An after-closing trial balance consists only of asset, liability, and owners' equity accounts. Your Answer: Choice Selected True False Selected Question 7: Score 1/1 The current ratio is a measure of short term debt paying ability expressed as a ratio. Your Answer: Choice Selected True False Question 8: Score 1/1 Interim financial statements usually report on a period of time greater than one year. Your Answer: Choice Selected True False Question 9: Score 1/1 IFRS 1 requires that management and auditors should depart from compliance with GAAP when it is necessary to achieve a fair presentation in reporting financial results. Your Answer: Choice Selected True False Question 10: Score 1/1 Measures of profitability tell us how quickly current assets can be converted into profits. Your Answer: Choice Selected True False Question 11: Score 1/1 The account, Accumulated Depreciation, is considered a permanent account. Your Answer: Choice Selected True False...
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This note was uploaded on 11/10/2009 for the course ACCOUNTING FA taught by Professor Jonathan during the Spring '08 term at Maastricht.

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Quiz 5 - An after-closing trial balance consists only of...

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