Which type of accounting reports are prepared on yearly basis? Select one: a. Financial ACcounting O b. Cost Accounting c. Management Accounting d. None of the above
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Q: Which type of accounting reports are prepared on yearly basis? Select one: a. Financial Accounting…
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- 10. Which of these is a similarity between financial accounting and managerial accounting? Select one: A. Both report to the same group of accounting users. B. Both report past financial events. C. Both use the same accounting standards of MASB. D. Both provide information for decision making. 11. Which of the followings is NOT a temporary or nominal account? Select one: A. Utility Expense. B. Prepaid Insurance. C. Drawings. D. Depreciation Expense. 12. Which of the following statements related to expenses is CORRECT? Select one: A. Expenses decrease owner's equity and has a credit normal balance. B. Expenses increase owner's equity and has a debit normal balance. C. Expenses decrease owner's equity and has a debit normal balance. D. Expenses increase owner's equity and has a credit normal balance. Just answer the question without explanation. Thanks in advance1. This deals with the determination of the fairness of the accountin reports and whther they are in accordance with the generally accepted accounting principles a. management accountingb. cost accounting.c. financial accountingd. auditing 2. which of the following journal entries can be eleminated?a. correcting entryb adjusting entryc. opening entryd. closing entryWhich of the following is not a management accounting report? A.Income statement B.Sales forecast C.Cost report D.Budget
- Match the accounting terms with the corresponding definitions. Accounting Term Definition 1. Specific identification 2. Materiality concept 3. Last-in, first-out (LIFO) 4. Conservatism 5. Consistency principle 6. Weighted-average 7. Disclosure principle 8. First-in, first-out (FIFO)Which of the following is not a type of Management Report in QBO? Select one: a. Company Overview b. Expenses Performance c. Sales Performance d. Financial ReviewFinancial Accounting supplies the following information Select one: a. Both the Above b. Income Statement c. None of the above d. Balance Sheet
- Question: Describe the following scales and identify which scales are applied in accounting nominal, interval, ordinal, ratioPlease help with this Accounting type Question: Which of the following is not a tool of management accounting? A. Financial Accounting B. Inflation Accounting C. Standard Costing D. Analysis of Financial StatementsThe following is a list of accounting assumptions and principles that have had an important impact on the development of generally accepted accounting principles and statements describing certain accounting practices. A. Reporting entity B. Going concern C. Period of time D. Historical cost E. Monetary unit F. Recognition G. Accrual accounting H. Revenue recognition I. Expense recognition J. Conservatism Required: Select the accounting assumption or principle that justifies each accounting practice and select the appropriate letter on each statement. 1. To provide timely information, companies prepare and report financial statements at the end of each year. 2. Appropriate recognition when a company consumes economic resources in conducting business operations. 3. Accounting measurements for U.S. companies are reported in dollars. 4. The financial statements represent the business, rather than its owners. 5. In the absence of evidence to the contrary, the business can be reasonably…
- Name the various types of Accounting Select one: a. Both the Above b. Management Accounting c. none of the above d. Financial AccountingAccording to Statement of Financial Accounting Concepts No. 8, to be relevant an earnings report is expected to have which of the following?Which of the following accounts would be reported under operating expenses on a multi-step income statement? A. sales B. advertising expense C. sales returns and allowances D. interest expense