Deferred expenses have not yet been recorded as expenses.
By matching revenues and expenses in the same period in which they incur
net income or loss will be properly reported on the income statement.
A business pays weekly salaries of $20,000 on Friday f
11. Which of the following transactions has no immediate effect on retained earnings?
a. The business incurred a $25,000 loss for the year.
b. The business earned net income of $10,000
c. A delivery truck was purchased for $30,000 in cash
d. Dividends of
ACCT 2301, Exam 1
Summer I, 2007
1. Which of the items below is not a business organization form?
2. An entity that is organized according to
External decision makers would not look primarily
to financial accounting information to assist them in
making decisions on:
B. Capital budgeting.
C. Selecting stocks.
D. Mergers and acquisitions.
Corporations issue their share