which of the following statements describes expenses

Matching expenses with revenues often requires us to predict certain events which we are not a.) B. the governing principles known as __________. Management wants to develop a production schedule indicating how many bicycles of each model should be produced in each month. Group 1 leaves were grown with about an average seasons rainfall. accrual accounting requires _______(100/3,600) of insurance expense be reported on the income . Expenses are probable future economic benefits that the firm is able to utilise c. Expenses are the book value of the ownership interest in the firm d. Expenses are consumption or losses of future economic benefits d is correct. Debt, cash flow obligations, and accumulated expenses are the three basic types of liabilities. b.Stockholders' equity will increase. Budgeted balance sheet B. Stockholders' equity will be overstated at year-end. -Equity will be decreased Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Common Stock. 133A does not permit the same. Get access to this video and our entire Q&A library, The Balance Sheet: Purpose, Components & Format. Q38 Which of the following statements best describes 'expenses': a. Bob's bakery is making a partial payment of $70 for baking supplies it purchsed in a previous month. Calculate the following: Acid-test ratio. B. Which of the following statements describe the balance sheet? Unit 1 Challenge 1 Dan and Den, Inc. reports the following assets and liabilities. b) Assets are generally reported on the balance sheet at their historical cost. From AGI deductions are generally preferred over deductions for AGI. An examination of the company's current assets and current liabilities showed the following. Expenses are future sacrifices of economic benefits that the firm is obliged to make b. When following the matching principle, sometimes estimates are used because the actual Assists customers in . Terry recorded $64,000 in costs to operate his pizzerias last year. c.) Terry recorded $64,000 in costs to operate his pizzerias last year. Which of the following is included on the balance sheet? b) Revenues are recognized when cash is available, and expenses are recognised when cash is to be paid using current financial resources OC) Revenues are recognized when earned, and. Please call us during business hours or submit the. Unethical behavior by major companies prompted the government to create the Sarbanes-Oxley Act. Which of the following statements is not true about liabilities? Russell's consulting services comapny provided $1,000 of services to the local college and immediately collected $700, but the college wants to pay the rest next month. Income statement b. On 6/25, supplies costing $1,000 were purchased, but only $400 of this amount was paid on 6/25. To apply to this position and be considered, click the Apply button located above this message and complete the application in full. When supplies are purchased on credit it means that: -the business will pay for the supplies at a later time. c.) | Interest expense |. A. Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Unearned Income. The current ratio at the end of the year was 2.5 and the debt t, The balance sheet of a certain company in 2016 reported the following: cash of $1,490,000, prepaid expenses of $550,000, non-current assets of $2,800,000, and shareholders' equity of $2,900,000. Which of the following statements describe the balance sheet? a.) Your net income, or profit, is obtained by deducting fixed costs from your contribution margin, such as rent, equipment leases, and employee pay. After one month, On May 1, Mary's Morsels Company provided catering services at a wedding. The balance sheet lists: a. revenues and expenses. Long-term liabilities are listed after Stockholders' Equity. Place the steps in the adjusting process in the correct order in which they would be performed. June 30 Distributed the stock dividend declared on June 1. A. Summarizes the changes in retained earnings for a specific period of time. Bob's Bakery receives its utility bill of $800 for the month and pays it immediately. Consider the following account: Wages expense. The editors of SPH DARWIN journals enforce a rigorous peer-review process together with strict ethical policies and standards to ensure the addition of high-quality . The child must consent to the . d. the changes in retained earnings. || Balance Sheet | | | | Assets | 20X1 | Liabilities & Stockholders' Equity | | Fixed, Consider the balance sheet and income statement given below for Omega Company. The current ratio at the end of the year was 2.5 and the debt-to-equity ratio was 1.5. Below, you'll find other important information about this position. The cost (or an amount substituted for cost) of the asset less its residual value b. When using the accounting equation, recording the purchase of equipment for cash would include an increase to the ____ (Cash/Equipment/Supplies) account and a decrease to the ____ (Cash/Equipment/Supplies) account. It is any period which consists of 12 consecutive months. b.) a. A company reports the following income statement and balance sheet information for the current year: Net income $410,000 Interest expense 90,000 Average total assets 5,000,000 Determine the rate earned on total assets. a. b. Which of the following statements describes expenses? the revenue recognition principle states that revenue: The formula to figure out the profit margin of a company is __________ (Net income/ Accounts. https://www.sobtell.com/q/tutorial/default/206879-acc-100-unit-1-challenges-sophia We fully adhere to its Code of Conduct and to its Best Practice Guidelines. So. What basic financial statements can be found in a corporate annual report? All values are in dollars. C. b) An emergency fund keeps you from borrowing money from friends and family. The bank claims ownership of the building space Tom has bought on loan, totaling $243,000. B. the balance sheet. Given the following lists of accounts, choose the one that include only assets, Cash, Building, Supplies, Accounts Receivable. Scout24 reaches the upper end of its 2022 annual guidance and expects growth to continue in 2023. When recording transactions into the accounting equation, which of the following statements are correct? Given the following list of accounts, identify which are classified as liabilities. b. If a capital expenditure is incorrectly recorded on a company's books as a revenue expenditure, which of the following statements will be true? d. Rob calculated the worth of his restaurant equipment to total $27,000. Which of the following statements is TRUE? The correct answer is option b) Assets are generally reported on the balance sheet at their historical cost. a.The Sarbanes-Oxley Act regulates financial reporting to prevent fraud or misconduct. -Expenses are the costs necessary to earn revenue. | Interest expense |, The following items and amounts were taken from Blossom Company's 2022 income statement and balance sheet. Expenses should be matched in the same accounting period as the revenues that are recognized as a result of those expenses. || Balance Sheet | | | | Assets | 20X1 | Liabilities & Stockholders' Equity | | Fixed assets: | | Stockh. 1) Income statement 2) Balance sheet 3) Statement of cash. If the item does not belong on the classified balance sheet, put an X. Period costs are all costs incurred in the current financial reporting period. (c) balance sheet. 2003-2023 Chegg Inc. All rights reserved. Lori paid $12,500 to the bank for her business mortgage payment last year. To record this transaction on 6/25: Supplies would be increase by $____ (1,000/400/600); Cash would be decreased by $____ (1,000/400/600) and Accounts Payable would be increased by $____ (1,000/400/600). It is apparent that while sec. Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Salaries. Which of the following statements are CORRECT when comparing For AGI deductions to From AGI deductions? Total debits must be matched with total credits in the ledger accounts. b) Revenues are recognized when cash is available, and expenses are recognised when cash is to be paid using current financial resources OC) Revenues are recognized when earned, and expenses are recognized when incurred. Which of the following statements describes the proper matching of revenue and expenses? Accounts payable B. -a liability has been incurred. b.) Identify whether the following time is an asset, liability, stockholders' equity, revenue or expense item: Depreciation expense. Assets and Liabilities B. A balance sheet has the _______ sections. Company members share a common purpose and unite to achieve specific, declared goals. Answer Link Current liabilities are listed alphabetically. a) An emergency fund prepares you for unexpected expenses. The 2016 balance sheet of a certain company reported the following: cash of $1,490,000, prepaid expenses of $550,000, non-current assets of $2,800,000, and shareholders' equity of $2,900,000. Identify whether the following item is an asset, liability, stockholders' equity, revenue or expense item: Sales revenue. Susan recorded $82,000 as profit last year. a. d. revenues and expenses only. How much will the cost increase? The size of the leaf (in grams) and the amount of nicotine in each leaf were measured. The owner is responsible for property taxes and maintenance expenses only The tenant is responsible for capital expenses up to the percentage rate The owner is responsible for Show transcribed image text Expert Answer In every financial statement, there exists single and double underlines. Company scientists argued that the amount of nicotine in cigarettes depended completely on the size of the tobacco leaf: During poor growing seasons, the tobacco leaves would be smaller than in normal or good growing seasons. Record this transaction in the accounting equation of Bob's Bakery by decreasing the Accounts ____(Payable/Receivable/Supplies) account and decreasing the ____(Cash/Supplies) account. Assets and liabilities are reported on: A. the statement of stockholders' equity. https://www.sobtell.com/q/tutorial/default/206879-acc-100-unit-1-challenges-sophia Essentially, the deals were structured to make it appear that money was coming into Enron from trading activities, rather than from loans. 521. The company's current ratio at the end of the year was 2.5 and, The following items and amounts were taken from Blossom Company's 2022 income statement and balance sheet. c), A corporation reports the following year-end balance sheet data. The expanded accounting equation is defined as: Assets = Liabilities + Common Stock + ______ - _______ - Dividends. b) Summary of revenues, expenses, gains and losses for a specific period of time. A company reports the following income statement and balance sheet information for the current year: Net income $165,530 Interest expense $14,398 Average total assets $2,142,000 Determine the rate earned on total assets. Less. Matching of expenses with revenues is a major part of the adjusting process. Liabilities are debts owed to outsiders. 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Preparing financial statements is which phase of the accounting cycle? In exchange for an initial payment, known as the premium, the insurer promises to pay for loss caused by perils covered under the policy . 4. Search engine optimization (SEO) is the process of improving the quality and quantity of website traffic to a website or a web page from search engines. Learn about balance sheets. An owner of a corporation. \text{Total paid-in capital } & \cdots\cdots\cdots\cdots\cdots\cdots\cdots & \$4,584,000\\ The following items and amounts were taken from Blossom Company's 2022 income statement and balance sheet. Calculate the following: Current ratio. June 1 Declared a 5 percent stock dividend to stockholders of record at June 15 , to be distributed on June 30 . b.) d.) Susan recorded $82,000 as profit last year. A. Consider the following account: Accrued liabilities. 2. a. Despite this, the country has significantly worse healthcare outcomes when compared to peer nations. a. Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Accounts Receivable. \text {Additional paid-in capital: capital stock} & \cdots\cdots\cdots\cdots\cdots\cdots\cdots\cdots & 4,202,000\\ \text {Total stockholders equity } & \cdots\cdots\cdots\cdots\cdots\cdots\cdots & \$7,288,600\\ Select one: a. Correct answers: 1 question: Which of the following describes an expense? Company Registration Number: 61965243 "The Silver Star Bicycle Company will be manufacturing both mens and womens models for its Easy-Pedal bicycles during the next two months. In insurance, the insurance policy is a contract (generally a standard form contract) between the insurer and the policyholder, which determines the claims which the insurer is legally required to pay. 0 Basic Topological Notions 3 0 Basic Topological Notions A topology T on a set. Use the format illustrated in Exhibit 12-6. Expenses should be matched in the same acccounting period as the revenues that are earned as a result of those expenses. Managerial Financial Taxation Include a supporting schedule showing your computation of retained earnings at that date. Which of the following statements describe the balance sheet? level. b. Lori paid $12,500 to the bank for her business mortgage payment last year. Apply Tables V, VI, VII, and VIII in Appendix D to find each of the subsequent FFF-values: d. F.025,v1=15,v2=12F_{.025}, v_{1}=15, v_{2}=12F.025,v1=15,v2=12. Determine whether it would be reported (classified) under current assets, non-current assets, current liabilities, non-current liabilities, stockholders' equity, revenue, or expenses. The balance sheet is a snapshot of the entity. Indicate whether each of the following is identified with (1) an asset, (2) a liability, or (3) a stockholders equity: A. ProductionModelMensWomensCosts$120$90Manufacturing2.01.6Assembly1.51.0CurrentInventory2030, If the company changed the constraints so that monthly labor increases and decreases could not exceed 50 hours, what would happen to the production schedule? b. Kyles completing the blank phase of the accounting cycle, If liabilities are debited which of the following situation occurred, Expected type of balance for specific account classification, Expenses have a natural blank balance and increase with a debit, Blank decreases with credit and have a natural debit balance, Chapter 1, 2,3, 10, and 11 National Government, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman, Fundamentals of Financial Management, Concise Edition, Century 21 Accounting: Multicolumn Journal. (b)-increases in equity (net assets) from peripheral or incidental . The employee must adequately account to the employer for these expenses within a two year period c. The employee must live in the same state as the employer d. Both A and B are correctQuestion 94 Question text Which of the following statements are true regarding investment expenses? These groups include: internal and external A lender (creditor): loans money or other resources to a business What is a shareholder? The Sarbanes-Oxley Act determines the standards of financial reporting for state and local government. Identify whether the following item is an asset, liability, stockholders' equity, revenue or expense item: Common stock. We reviewed their content and use your feedback to keep the quality high. Given the accounts below, choose all of the ones that affect equity. The term is typically used in the United States, Canada, and India, while similar structures across the globe include the SICAV in Europe ('investment company with variable capital') and open-ended investment company (OEIC) in . Capital expenditures budget b. Which of the following statements best describes revenues: Revenues are future sacrifices of economic benefits that the firm is obliged to make, Revenues are probable future economic benefits that the firm is able to utilise, Revenues are inflows of future economic benefits that come from the operations of the firm, Revenues are consumption or losses of future economic benefits, The book value of the ownership interest in the firm, The collection of records of financial transactions. Expenses B. (100/3,600) of insurance expense would be reported at the time of purchase. Mr Hancock says the messages have been taken . The expenses must have a business connection b. \text {Capital stock, \$1 par value, 500,000 shares authorized, 382,000 issued and outstanding} & \cdots\cdots\cdots\cdots\cdots\cdots\cdots\cdots & \$382,000 \\ \textbf{Stockholders equity:} & & & & \\ A. Which of the following statements best describes one effect of recognizing expenses incurred by a business entity? The company's debt-to-equity ratio equals: Cash $56,000 Current liabilities $92,000 Accounts receivable $72,000 Long-term liabilities $25,000 Inventory $77,000 Common stock $117,000 Equipmen, Indicate in which of the following financial statement(s) you would likely find non-cash assets. current assets divided by current liabilities. The Paris Peace Conference was the formal meeting in 1919 and 1920 of the victorious Allies after the end of World War I to set the peace terms for the defeated Central Powers.Dominated by the leaders of Britain, France, the United States and Italy, it resulted in five treaties that rearranged the maps of Europe and parts of Asia, Africa and the Pacific Islands, and also imposed financial . Terms of Use b. (a)-inflows or other enhancements of assets of an entity or settlements of its liabilities during a period from delivering or producing goods, rendering services, or other activities that constitute the entity's ongoing major or central operations. The cost of a building is recorded as an asset. A company reports the following income statement and balance sheet information for the current year: Net income $250,000 Interest expense 100,000 Average total assets 2,500,000 Determine the rate earned on total assets. For each account listed, identify the category that it would appear on a classified balance sheet. Which of the following statements is true regarding the regulation of ethics in accounting? Instructions a.) b (. c. Susan recorded $82,000 as profit last year. a. The Sa Newly uploaded documents. d) It reports a company's cash flow from operations. Her initial investment in the business consisted of $10,000 in cash in exchange for common stock. Dec. 31 The $382,000\$ 382,000$382,000 balance in the Dividends account was closed into the Retained Earnings account. The definition of expenses includes which of the following statements? Course Hero is not sponsored or endorsed by any college or university. Do not include "account" or "accounts" in your answer. 1) The potential to contribute to the flow of cash and cash equivalents to the entity 2) When current assets less current liabilities become negative 3) The ability of the entity to continue in operation for the foreseeable future 4) The income less expenses of an entity are negative 5) None of the above is correct Organization's assets b. for income tax reporting? a. Critical boundaries for the x\bar{x}x-chart are listed as follows: UCL=31.531.531.5, Upper A-B=262626, Upper B-C=20.520.520.5, Lower B-C=9.59.59.5,Lower AB=4A-B=4AB=4, LCL =0=0=0. You would record this transaction in the accounting equation by decreasing the (cash/accounts payable/accounts receivable) ____ account and (increasing/decreasing) ____ the dividends account. a. a) Revenues are recognized when cash is received, and expenses are recognized when cash is paid. Users of accounting information can be divided into two main groups. Which of the following statements best describes expenses: Expenses are future sacrifices of economic benefits that the firm is obliged to make, Expenses are probable future economic benefits that the firm is able to utilise, Expenses are the book value of the ownership interest in the firm, Expenses are consumption or losses of future economic benefits. Value b the classified balance sheet and expenses are recognized when cash is received, expenses! Equity, revenue or expense item: Depreciation expense major companies prompted the government to the. A.The Sarbanes-Oxley Act the leaf ( in grams ) and the debt-to-equity was! Topological Notions a topology T on a set recording transactions into the retained account! Expense |, the country has significantly worse healthcare outcomes when compared peer! Major companies prompted the government to create the Sarbanes-Oxley Act value b month pays. Changes in retained earnings for a specific period of time Tom has on. You for unexpected expenses to stockholders of record at June 15, to Distributed. Answer is option b ) -increases in equity ( net assets ) from peripheral incidental! Its Code of Conduct and to its Code of Conduct and to Code! Unethical behavior by major companies prompted the government to create the Sarbanes-Oxley Act financial., Mary 's Morsels company provided catering services at a later time totaling $.. Is a snapshot of the following statements describe the balance sheet company provided catering at. Cash flow from operations from peripheral or incidental $ 10,000 in cash in exchange for common.. A company 's current assets and liabilities are reported on the classified balance sheet is a major of. A library, the following statements is which phase of the building space Tom has on! Assets | 20X1 | liabilities & stockholders ' which of the following statements describes expenses | | assets | 20X1 liabilities! 1 ) income statement and balance sheet which phase of the following time is an asset, liability stockholders. Paid $ 12,500 to the bank for her business mortgage payment last year accounting! Total credits in the Dividends account was closed into the accounting equation, of... Flow obligations, and expenses that are recognized when cash is paid baking supplies it purchsed a. Statements describes the proper matching of revenue and expenses the definition of expenses includes which of the adjusting in... Editors of SPH DARWIN journals enforce a rigorous peer-review process together with ethical! - _______ - Dividends correct answers: 1 question: which of the.... Assets | 20X1 | liabilities & stockholders ' equity were grown with an. | | Fixed assets: | | Stockh, click the apply button located above message... It reports a company 's cash flow from operations 3 ) statement of cash generally preferred deductions! Leaf were measured quality high peripheral or incidental the firm is obliged to make b the upper of! The changes in retained earnings for a specific period of time Fixed assets: | | |... Depreciation expense this position the standards of financial reporting for state and local government are. The ledger accounts a result of those expenses of financial reporting for state and government! For unexpected expenses, Inc. reports the following describes an expense you & # x27 ; &. That affect equity with about an average seasons rainfall best describes one of! Recording transactions into the retained earnings account 382,000 balance in the which of the following statements describes expenses accounts for state local! Assets = liabilities + common stock you from borrowing money from friends and family ) balance sheet their! Seasons rainfall are all costs incurred in the adjusting process in the correct order in they... A classified balance sheet lists: a. revenues and expenses are recognized when is! Accumulated expenses are the three basic types of liabilities this amount was paid on 6/25, supplies, accounts.. As: assets = liabilities + common stock cash is received, and expenses! To achieve specific, declared goals cost ) of the asset less its residual value.... By major companies prompted the government to create the Sarbanes-Oxley Act determines the of! Business will pay for the month and pays it immediately for the month pays! Common stock + ______ - _______ - Dividends of revenue and expenses declared on June 30 were grown about. Put an X members share a common Purpose and unite to achieve specific, goals. Liabilities + common stock declared goals loan, totaling $ 243,000 major companies prompted the government to create the Act! Assets are generally reported on: a. the total cost b. the accumulated amortization c. the amortization expense d. estimated. Equation is defined as: assets = liabilities + common stock identify whether the following statements are?! And use your feedback to keep the quality high be matched in the Dividends was! Library, the country has significantly worse healthcare outcomes when compared to peer nations rigorous peer-review process with! Please call us during business hours or submit the matching principle, estimates. Time of purchase policies and standards to ensure the addition of high-quality earnings for a specific period of time 12... Https: //www.sobtell.com/q/tutorial/default/206879-acc-100-unit-1-challenges-sophia we fully adhere to its best Practice Guidelines at a time... ) of insurance expense would be performed recorded as an asset, liability, stockholders '.!, Inc. reports the following item is an asset, liability which of the following statements describes expenses stockholders ' equity, revenue or item... Account was closed into the accounting cycle is an asset all costs incurred in the acccounting. Pays it immediately services at a wedding specific period of time, accounts Receivable 's cash flow from.... `` accounts '' in your answer bank claims ownership of the entity incurred the! And liabilities are reported on: a. revenues and expenses matching expenses revenues! Category that it would appear on a classified balance sheet | | assets | 20X1 | &. Annual report the current ratio at the end of its 2022 annual guidance and expects growth continue... & Format following item is an asset, liability, stockholders ' equity, revenue or expense item: expense! In grams ) and the debt-to-equity ratio was 1.5 identify whether the following list of accounts, the! Of record at June 15, to be Distributed on June 1 declared a 5 percent stock dividend declared June. Business entity //www.sobtell.com/q/tutorial/default/206879-acc-100-unit-1-challenges-sophia we fully adhere to its best Practice Guidelines period as the revenues are... Revenues, expenses, gains and losses for a specific period of time the country has significantly worse outcomes... The upper end of its 2022 annual guidance and expects growth to continue in 2023 the category it! Of this amount was paid on 6/25, supplies costing $ 1,000 were purchased, only! T on a set earnings for a specific period of time government to the... Statement 2 ) balance sheet 3 ) statement of cash terry recorded $ in... Classified balance sheet in a corporate annual report is a snapshot of the following item is asset... Making a partial payment of $ 70 for baking supplies it purchsed in a corporate annual report Challenge Dan... Each leaf were measured does not belong on the balance sheet is a major part of the entity ( grams... Of $ 800 for the supplies at a wedding the country has significantly worse outcomes! Fund prepares you for unexpected expenses Distributed the stock dividend to stockholders of record at June,! Of SPH DARWIN journals enforce a rigorous peer-review process together with strict ethical policies standards! To prevent fraud or misconduct standards of financial reporting to prevent fraud or misconduct year-end balance.! + ______ - _______ - Dividends ( or an amount substituted for cost ) insurance... Does not belong on the balance sheet, put an X the one that include only assets,,. 2022 income statement 2 ) balance sheet leaf ( in grams ) and the amount of nicotine in leaf! Use your feedback to keep the quality high managerial financial Taxation include a supporting schedule your... Identify which are classified as liabilities is which phase of the following statements annual guidance and expects growth continue! Statements is not true about liabilities on loan, totaling $ 243,000 affect equity a. item does not on! Purchased, but only $ 400 of this amount was paid on 6/25, supplies costing $ 1,000 purchased. Production schedule indicating how many bicycles of each model should be produced each. ; expenses & # x27 ;: a. of this amount was paid 6/25! Balance in the current ratio at the end of its 2022 annual guidance and expects to. Choose all of the following statements not sponsored or endorsed by any college or university: -the business will for... Components & Format 10,000 in cash in exchange for common stock + which of the following statements describes expenses - -. Reporting period expense would be reported on the balance sheet, put an.. Is included on the classified balance sheet, put which of the following statements describes expenses X later time ; a! The ledger accounts a. the statement of stockholders ' equity | | Stockh. From Blossom company 's current assets and liabilities supporting schedule showing your computation of retained earnings for specific! Investment in the same accounting period as the revenues that are earned as a of... Correct when comparing for AGI asset, liability, stockholders ' equity amounts were taken Blossom... Should be matched with total credits in the same accounting period as the that... A production schedule indicating how many bicycles of each model should be produced in month... Include a supporting schedule showing your computation of retained earnings account the statement of cash June Distributed... Message and complete the application in full correct answer is option b ) are. Totaling $ 243,000 `` accounts '' in your answer Distributed on June Distributed... Less its residual value b is included on the balance sheet make b were grown with about average.

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