ck
lo
ACC 212 EXAM 2
yc
HOMEWORK QUESTIONS
WITH DETAILED
ud
ANSWERS // 100%
st
GUARANTEED PASS A+
GRADED
, on which financial statement would dividends be depicted?
statement of stockholders' equity
retained earnings will primarily be depicted on the statement of cash flows
false
Read More
(T/F) net income for a specified time period will be identical for both single step and
multiple step income statement presentations
true
ck
which of the following is a physical balance account?
both inventory and buildings w
which of the following account balances could occur when a business gets something
before it gives something in return?
accounts payable
lo
On October 1, 2021 Clark Manufacturing paid a $12,000 insurance premium for liability
coverage. The insurance policy covers the period October 1, 2021 through September
30, 2022. What amount of this transaction will the company include in insurance
expense on its accrual-basis income statement for the year ended December 31, 2021?
yc
$3,000
What term describes the formal recording of a business event in an enterprise's
accounting system?
recognition
On which financial statement would accounts payable primarily be depicted?
ud
balance sheet
(T/F) Prepaid expenses will primarily be depicted on the statement of cash flows
false
what accounting method allows companies to recognize revenue when they deliver
promised goods or services without regard to the actual timing of the customer's cash
payment?
st
accrual
which inventory account could be depicted on a manufacturer's balance sheet but would
not be portrayed on a merchandiser's balance sheet?
work-in-progress, raw materials
agreements with balances imply the existence of transactions that increase or decrease
account balances.
true
(T/F) U.S. GAAP allows certain small businesses to use the cash-basis method of
accounting in lieu of more complex accrual accounting.
lo
ACC 212 EXAM 2
yc
HOMEWORK QUESTIONS
WITH DETAILED
ud
ANSWERS // 100%
st
GUARANTEED PASS A+
GRADED
, on which financial statement would dividends be depicted?
statement of stockholders' equity
retained earnings will primarily be depicted on the statement of cash flows
false
Read More
(T/F) net income for a specified time period will be identical for both single step and
multiple step income statement presentations
true
ck
which of the following is a physical balance account?
both inventory and buildings w
which of the following account balances could occur when a business gets something
before it gives something in return?
accounts payable
lo
On October 1, 2021 Clark Manufacturing paid a $12,000 insurance premium for liability
coverage. The insurance policy covers the period October 1, 2021 through September
30, 2022. What amount of this transaction will the company include in insurance
expense on its accrual-basis income statement for the year ended December 31, 2021?
yc
$3,000
What term describes the formal recording of a business event in an enterprise's
accounting system?
recognition
On which financial statement would accounts payable primarily be depicted?
ud
balance sheet
(T/F) Prepaid expenses will primarily be depicted on the statement of cash flows
false
what accounting method allows companies to recognize revenue when they deliver
promised goods or services without regard to the actual timing of the customer's cash
payment?
st
accrual
which inventory account could be depicted on a manufacturer's balance sheet but would
not be portrayed on a merchandiser's balance sheet?
work-in-progress, raw materials
agreements with balances imply the existence of transactions that increase or decrease
account balances.
true
(T/F) U.S. GAAP allows certain small businesses to use the cash-basis method of
accounting in lieu of more complex accrual accounting.
