Questio n 28 0 1 point When preparing an income statement vertical analysis

Questio n 28 0 1 point when preparing an income

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Question 28 0 / 1 point
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When preparing an income statement vertical analysis, each revenue and expense is expressed as a percent of net income. Question options:1) True2) False Question 291 / 1 pointThe adjustment for accrued fees was debited to Accounts Payable instead of Accounts Receivable. This error will be detected when the adjusted trial balance is prepared. Question 300 / 1 pointThe matching concept supports matching expenses with the related revenues. Question 311 / 1 pointA fixed asset’s market value is reflected on the balance sheet. Question 320 / 1 pointAn adjusting entry to accrue an incurred expense will affect total liabilities. Question options:1) True2) False Question 330 / 1 pointRevenues and expenses should be recorded in the same period to which they relate.
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Question 340 / 1 pointAccruals are needed when an unrecorded expense has been incurred or an unrecorded revenue has been earned. Question 351 / 1 pointVertical analysis compares each item in a financial statement with a total amount from the same statement. Question 360 / 1 pointThe financial statements are prepared from the unadjusted trial balance. Question options:1) True2) False Question 371 / 1 pointAdjustments for accruals are needed to record a revenue that has been earned or an expense that has been incurred but not recorded. Question 380 / 1 pointThe matching concept requires expenses be recorded in the same period that the related revenue is recorded.
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Question 390 / 1 pointAdjusting entries affect only expense and asset accounts.
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