the balance any credit amounts must be enclosed in parentheses which would be

The balance any credit amounts must be enclosed in

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the balance [any credit amounts must be enclosed in parentheses( ) ] which would be included in Longhorn’s ADJUSTED TRIAL BALANCE at December 31, 2015 for each of the following accounts:27. Cash28. Accounts Receivable29. Prepaid Insurance30. Equipment31. Accounts Payable32. Property Taxes Payable33. Owner’s Capital34. Owner’s Withdrawals35. Service Revenue36. Advertising Expense37. Office Expense38. Property Tax Expense39. Salaries and Wages Expense
(6 points) Multiple Choice Questions. Select the BEST answer. 40. This governmental agency was commissioned by Congress to oversee and regulate the capital markets after the great depression shook the confidence of American investors. aFASBbPCAOBcSECdIASBeNone of the above 41.Which of the following accounts is a permanent (real) account? 42. Each of the following items would affect retained earnings EXCEPT: 43. Which of the following statements regarding conservatism is TRUE? 44. Which non-governmental agency has predominately set U.S. GAAP standards and concepts since the mid-1970s? a.FASBb.SECc.IASBd.AICPAe.PCAOB 45The balance sheet is useful for analyzing all of the following EXCEPT:
c.Profitabilityd.Financial Flexibilitye.Sources of assets(7 points) TRUE / FALSE QUESTIONS. (For each of the following, indicate whether the statement is TRUEor FALSE.USE + for TRUE and - for FALSE. 46.______Companies are required to make reversing entries.47._____The adjusting entry made at the end of an accounting period to record depreciation expense for that period will not be reversed at the beginning of the next (subsequent) year.48._____Companies that trade their securities on U.S. Markets must submit annual reports to the Financial Accounting Standards Board (FASB).49._____ The Securities and Exchange Commission (SEC) may not require companies to use accounting procedures and practices that are not in compliance with Generally Accepted Accounting Principles (GAAP).50._____U.S. companies that list their securities on overseas exchanges must use

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