Select one a cash basis accounting c b accrual basis

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Select one:a.Cash Basis Accounting Cb.Accrual Basis AccountingQuestion 13
CorrectMark 1.00 out of 1.00Not flaggedFlag questionQuestion textIf the beginning capital of Mrs. Castro is P200,000 and she made an additional investmentduring the year of P100,000 with a net profit of P52,000, how much is the ending capital? Selectone:a.P300,000b.P248,000c.P352,000 Cd.P252,000 Question 14CorrectMark 1.00 out of 1.00Not flaggedFlag questionQuestion textThis accounting principle relies entirely on the payment and receipt of cash. Selectone:a.Cash basis Cb.Accrual basisQuestion 15CorrectMark 1.00 out of 1.00Not flaggedFlag questionQuestion textCash basis accounting relies entirely on the payment and receipt of cash. Accrual basis ofaccounting recognizes expenses when incurred, whether or not any cash is received or pai~Select one:a.The 1st statement is true. The 2nd statement is false.b.Both statements are falsec.Both statements are true Cd.The 1st statement is false. The 2nd statement is true.Question 16CorrectMark 1.00 out of 1.00Not flaggedFlag questionQuestion textThe heading of the statement of changes in equity will have to show the following except: Selectone:a.Name of businessb.Period covered by the statementc.Statement of changes in equityd.Address of the business CQuestion 17
IncorrectMark 0.00 out of 1.00Not flaggedFlag questionQuestion textThe corporation uses this account title for the equity of the owner or owners.Select one:a.None of the choicesb.Name of owner, capitalc.Stockholder's equityd.Name of owner, capital (create as many capital accounts as there are owners) W Question18CorrectMark 1.00 out of 1.00Not flaggedFlag questionQuestion textWe use this account title for the equity of the owner in constructing a Statement of Changes inEquity for a Sole Proprietorship.Select one:a.None of the choicesb.Name of owner, capital Cc.Name of owner, capital (create as many capital accounts as there are owners) d.Stockholder's equityQuestion 19CorrectMark 1.00 out of 1.00Not flaggedFlag questionQuestion textRevenues of a service business is synonymous to the following except:Select one:a.service incomeb.Sales Cc.Professional feesd.commission incomeQuestion 20CorrectMark 1.00 out of 1.00Not flaggedFlag questionQuestion textTo arrive at the net cash from operating activities using the direct method we add/deduct thefollowing except:Select one:a.Cash paid to employeesb.Decrease in inventory C
c.Cash receipts from customersd.Cash paid to suppliersQuestion 1CorrectMark 1.00 out of 1.00Not flaggedFlag questionQuestion text_____________________ involves transactions showing those related to gross cash receiptsand gross cash payments.Select one:a.expense methodb.asset methodc.indirect methodd.direct method CQuestion 2CorrectMark 1.00 out of 1.00Not flaggedFlag questionQuestion textIt is consists of the owner's investment and the earned profit less any withdrawals made duringa given period.

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Term
Summer
Professor
NoProfessor
Tags
Balance Sheet, Generally Accepted Accounting Principles

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