Question 1 liabilities of a company are owed to

Question 1  Liabilities of a company are owed to underwriters. debtors. creditors. benefactors. Question 2  Fat Possum’s Service Shop started the year with total assets of $110,000 and total liabilities of $80,000. During the year, the business recorded $210,000 in revenues, $140,000 in expenses, and paid dividends of $20,000.  Stockholders’ equity at the end of the year was $120,000. $100,000. $80,000.   $30,000. Question 3  All of the following are steps in analyzing ethics cases in financial reporting except recognize an ethical situation and the ethical issues involved. identify and analyze the principle elements in the situation. identify the alternatives and weigh the impact of each alternative on various stakeholders. contact law enforcement regarding any violations of corporate ethics codes. Question 4  All of the following statements are correct except A vital element in communicating economic events is the accountant’s ability to analyze and interpret reported information. The information that a user of financial information needs depends upon the kinds of decisions the user makes. The origins of accounting are generally attributed to Socrates, a classical Greek philosopher, who promoted accounting as a social contract. Good decision-making depends on good information. Question 5  Retained earnings at the end of the period is equal to assets plus liabilities. retained earnings at the beginning of the period plus net income minus liabilities. retainined earnings at the beginning of the period plus net income minus dividends. net income. Question 6  If total liabilities increased by $8,000, then assets must have decreased by $8,000. stockholders’ equity must have increased by $8,000. assets must have increased by $8,000, or stockholders’ equity must have decreased by $8,000. assets and stockholders’ equity each increased by $4,000. Question 7  Druganaut Company buys a $21,000 van on credit. The transaction will affect the income statement and retained earnings statement only. income statement, retained earnings statement, and balance sheet. income statement only. balance sheet only. Question 8  IFRS, compared to GAAP, tends to be more full of disclosure requirements. principles-based.detailed. rules-based. Question 9  Revenues would not result from rental of property. sale of merchandise. performance of services. issuance of common stock. Question 10  Which of the following is an external user of accounting information? Company officers. Labor unions. Managers. Finance directors. Question 11  The organization(s) primarily responsible for establishing generally accepted accounting principles is(are) the  FASBSEC           yes        yes            no         no           yes        no            no        yes Question 12  The concern about international companies adopting SOX-type standards centers on ethics issues. the governing authorities. comparability. cost-benefit analysis. Question 13  A problem with the monetary unit assumption is that the dollar is a common medium of exchange. it is impossible to account for international transactions. the dollar has not been stable over time. the dollar has been stable over time. Question 14  The first part of the accounting process is processing. recording. identifying. communicating. Question 15  The primary purpose of the statement of cash flows is to report a company’s financing transactions. a company’s investing transactions. the net increase or decrease in cash. information about cash receipts and cash payments of a company. 

Order a unique copy of this paper
(550 words)

Approximate price: $22

Our Basic features
  • Free title page and bibliography
  • Plagiarism-free guarantee
  • Unlimited revisions
  • Money-back guarantee
  • 24/7 support
Our Options
  • Writer’s samples
  • Expert Proofreading
  • Overnight delivery
  • Part-by-part delivery
  • Copies of used sources
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

AcademicWritingCompany guarantees

Our customer is the center of what we do and thus we offer 100% original essays..
By ordering our essays, you are guaranteed the best quality through our qualified experts.All your information and everything that you do on our website is kept completely confidential.

Money-back guarantee

Academicwritingcompany.com always strives to give you the best of its services. As a custom essay writing service, we are 100% sure of our services. That is why we ensure that our guarantee of money-back stands, always

Read more

Zero-plagiarism tolerance guarantee

The paper that you order at academicwritingcompany.com is 100% original. We ensure that regardless of the position you are, be it with urgent deadlines or hard essays, we give you a paper that is free of plagiarism. We even check our orders with the most advanced anti-plagiarism software in the industry.

Read more

Free-revision guarantee

The Academicwritingcompany.com thrives on excellence and thus we help ensure the Customer’s total satisfaction with the completed Order.To do so, we provide a Free Revision policy as a courtesy service. To receive free revision the Academic writing Company requires that the you provide the request within Fifteen (14) days since the completion date and within a period of thirty (30) days for dissertations and research papers.

Read more

Privacy and Security policy

With Academicwritingcompan.com, your privacy is the most important aspect. First, the academic writing company will never resell your personal information, which include credit cards, to any third party. Not even your lecturer on institution will know that you bought an essay from our academic writing company.

Read more

Adherence to requirements guarantee

The academic writing company writers know that following essay instructions is the most important part of academic writing. The expert writers will, therefore, work extra hard to ensure that they cooperate with all the requirements without fail. We also count on you to help us provide a better academic paper.

Read more

Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2020 at 10:52 AM
Total price:
$26
The price is based on these factors:
Customer Academic level
Number of pages required
Urgency of paper