1. Current liabilities are normally recorded at the amount expected to be paid rather than at
their present value. This practice can be supported by GAAP according to the concept of:
0 out of 5 points
Some governments provide to their citizens highly condensed financial information, budget
summaries, and narrative descriptions. This report is called a(an)
Basic financial statements
A header can be placed on an Excel document (Points : 5)
At the bottom of the page
At the top of the page
On the right side of the page
All of the above
2. The purpose of charts in presenting accounting data is (Points : 5)
That the charts are more accura
1. GAAP contains:
Very specific guidelines for financial reporting.
Broad concepts for financial reporting.
Both broad and specific guidelines for financial reporting
GAAP is no longer used it has been replaced with IFRS
Each adjusting entry can only affect a balance sheet account.
0 of 5
2. Question :
A company has current assets of $15,000 and current liabilities of
$9,500. Its current ratio is 1.6.
Conch Republic Electronics
Conch Republic Electronics is a mid sized electronics manufacturer located in Key West, Florida. The company president is Shelley Couts, who inherited the company. When it was founded over 70 years ago, the company originally
The Sarbanes-Oxley Act (SOX) does not require public companies
to apply both accounting oversight and stringent internal controls.
3 of 3
2. Question :
The primary objective of financial accounting is
Allowance method based on the idea that a given percent of a company's credit sales for the
period are uncollectible: (Points : 5)
The percent of sales method
The percent of accounts receivable method
The aging of accounts receivable method
On August 9, Pierce Company receives a $8,500, 90-day, 8% note from customer Eric Simms as
payment on his account. What entry should be made on the maturity date assuming the maker
pays in full?
Debit Notes Receivable
Summary of Accounting methods
Accounting for Investments
Method Carrying Value Investment Income Unrealized Holding Gains and Losses Realized Gains and
Cost Cost or amortized cost Interest or dividends; effective interest method N/A In
Student Name: Karen Jeannette Glvez Garc
Class: Accounting Principles I
Dec. 1 $
Jan. 31 Store Supplies Expense
To record store supplies expense.
31 Insurance Expense
To record expired i
July 31, 2013
Bank statement balance
Deposit of July 31
Adjusted bank balance
Proceeds of note less collection c
NOTE: Ledger accounts begin at cell A150, and show all entries that need to be posted.
Transactions for April (Part 2):
Apr 1 Cash
J. Nozomi, Capit