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On the last day of the period jim otto company buys a

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78. On the last day of the period, Jim Otto Company buys a P700machine on credit. This transaction will affect the:(0/1 Point)A. income statement only.B. balance sheet only.C. income statement and retained earnings statement only.D. income statement retained earnings statement, and balance sheet.
79.Which underlying assumption serves as the basis for preparingfinancial statements at regular artificial points in time(1/1 Point)80.Under this concept, the life of the business is divided into series of
reporting periods. Thus, businesses normally prepare financialstatements at least annually.(1/1 Point)
d. Unit-of-measure assumption81.Which of the following statements is correct?(1/1 Point)
82. Which of the following statements about financial accounting iscorrect?(1/1 Point)A. Financial accounting reports are used primarily by employees to make businessdecisions related to production.B. Financial accounting reports are used primarily by management to understandwhether a product line should be discontinued.C. Financial accounting reports are primarily prepared to provide information forexternal decision makers.D. Financial accounting reports primarily contain detailed internal records of thecompany.83.The cost principle states that:
(1/1 Point)

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Term
Spring
Professor
N/A
Tags
Balance Sheet, Generally Accepted Accounting Principles, c, D Cash

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