Chapter 4 Accounting Multiple Choice Questions

46 Reading 22 Financial Reporting Mechanics of a company; owners' equity is the residual claim on those resources; revenues are inflows of economic resources to the company; and expenses are outflows of economic resources or increases in liabilities.2 Accounts provide individual records of increases and decreases in a specific asset, liability, component of owners' equity, revenue, or expense.For Neo: 1 .Which of the following is not considered cash for financial reporting purposes? a.Petty cash funds and change funds b.Money orders, certified checks, and personal checks c.Coin, currency, and available funds d.Postdated checks and I.O.U.'s 2. Which of the following methods of determining bad debt expense does not properly match expense and revenue?1. Which of the following is not considered cash for financial reporting purposes? a. Petty cash funds and change funds b. Money orders, certified checks, and personal checks c. Coin, currency, and available funds on deposit d. Postdated checks and I. O. U.'s Answer: D 2. Which of the following is considered cash?.04 For purposes of this section, a comprehensive basis of accounting other than generally accepted accounting principles is one of the following— a. A basis of accounting that the reporting entity uses to comply with the requirements or ﬁnancial reporting provisions of a governmental reg-ulatory agency to whose jurisdiction the entity isWhich of the following is not considered cash for financial reporting purposes? a. Petty cash funds and change funds b. Dividends receivable c. Coin, currency, and available funds d. Money orders, certified checks, and personal checks MCQ 2 Travel advances should be reported as a. supplies. b. cash because they represent the equivalent of money.

1 .Which of the following is not considered cash for

The following items are included in an entity's account "Cash and Cash Equivalents" in the statement of financial position.Which of the following items will require an adjusting entry to state Cash and Cash Equivalents at its correct balance?. a. Checks drawn before the reporting date but held for laterdelivery to creditors29) Management accounting has to strictly follow the rules of generally accepted accounting principles for the purposes of measurement and reporting. Answer: FALSE Explanation: Internal measures and reports do not have to follow GAAP.Financial accounting (4th Edition) Edit edition Solutions for Chapter 4 Problem 4SSQ: Which of the following is considered cash for financial reporting purposes? (LO4-3) a. Accounts receivable. b. Investments with maturity dates greater than three months. c.Which of the following is considered cash for financial reporting purposes? A. Accounts receivable. B. Investments with maturity dates greater than three months. C. Checks received from customers. D. Accounts payable.

Which of the following is not considered cash for

The concepts underlying statistical financial reporting models, and the potential for convergence with them, are also being considered by the IPSASB in developing its Conceptual Framework. The IPSASB is committed to minimizing divergence from the statistical financial reporting models where appropriate. Consultation Papers and Exposure DraftsThe following entities can use the cash method of accounting. You use this method for both tax and financial reporting purposes. You can include advance payments in gross receipts for tax purposes in either: (a) An item considered material for financial statement purposes is also considered material for tax purposes. However, in certainACC/422 FINAL EXAM 1 Which of the following is NOT considered cash for financial reporting purposes&quest; A. Coin currency&available funds B. Money orders certified checks&personal checks C. Petty cash funds&change funds D. Postdated checks&I.O.U.s 2 What is the preferable presentation of accounts receivable from officers employees or affiliated companies on a balance sheet&quest; A.Financial reporting is a vital part of corporate governance. In this lesson, you'll learn what financial reporting is, its primary components, its purpose, and be provided with some examples.Which of the following is NOT considered cash for financial reporting purposes? A. Money orders, certified checks, and personal checks B. Coin, currency, and available funds C. Petty cash funds and change funds D. Postdated checks and I.O.U.'s

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