B. Innocent accountants who work for the company’s CPA firm lose their jobs. It is up to you to do the work of driving traffic to the affiliate site. B. may work for the SEC. Expenses can be prepaid, such as an insurance policy that may be valid for a couple of years. These programs normally last for two years. And one last advice that can help you relax while also fighting stress: learn everything about the disease of the century. Which one of the following is not likely to be a consequence of fraudulent financial reporting? It also helps for planning for changes in the upcoming reporting period. The essence of this principle is to make it easy for users of financial statements to compare the result of one period to another. ● To make text easier to read, you can enter line breaks in a cell. The text provides proven instructional techniques based throughout the new edition to make students mastery of QuickBooks as effortless as possible. Collaboration with peers: as a cohort-based, lock-step program, you’ll build strong relationships with a diverse group of students both during and long after your program. Cash flow from investing activities includes A. amounts received from a company’s stockholders for the sale of stock.

The chapter also discussed the nature of cash discounts and the accounting entries for cash discounts. Financial services includes collection and recording of revenues, disbursement of funds, fixed asset accountability and control, cash and investment management, student financial services, financial reporting, post award contract and grant administration, budget management, and tax compliance. D. generating revenues, paying expenses, and paying dividends. C. amounts paid for dividends to the company’s stockholders. B. amounts received from the sale of the company’s office building. The separate entity assumption means: A. a company’s financial statements reflect only the business activities of that company. Lastly, the members of an incorporated entity acquire limited liability. C. each separate entity that has a claim on a company’s assets must be shown in the financial statements. Expenses are shown A. on the income statement in the time period in which they are paid. B. on the income statement in the time period in which they are incurred. D. on the balance sheet in the time period in which they are incurred.

Subsidiary condition may also be attached restricting the type or location of the assets or the period during which they are to be acquired or held. C. on the balance sheet in the time period in which they are paid. With one click you have instant access to your client’s information so you don’t waste time managing data or dealing with technical issues. This way I can learn and at the same time I can interact with my friends and knock down the boredom. Unless you’re running your own business and acting as your own accountant, you’d have no way of knowing just how profitable – or not – your business is without some form of accounting. TaxesIf you haven’t filed your business tax return or paid your taxes by the deadline, then you will have to arrange some way to repay the debt to the Internal Revenue Service (IRS).

With an executive office, you will only have to pay a one-month security deposit and the minimum contract is for one month. Financing that individuals or institutions have provided to a company is A. always classified as liabilities. Each department is comprised of individuals who are responsible for particular tasks or managerial functions. Responsibility accounting is a system of dividing an organization into similar units, each of which is to be assigned particular responsibilities. Generally Accepted Accounting Principles (GAAP) is the standard framework of guidelines for financial accounting used in any given jurisdiction. D. The PCAOB approves the rules used by auditors in determining whether a public company’s financial statements are in conformity with GAAP. Which of the following is not a component of other comprehensive income under GAAP? Which of the following are the three basic elements of the balance sheet? 28,000. Assume Notes Payable is the only other item on the balance sheet. D. if the business is a sole proprietorship, the owners’ personal activities are included in the company’s financial statements. Public corporations: A. are businesses owned by two or more people, each of whom is personally liable for the debts of the business. Don’t use the same account number on more than one account.

Also, instances where the account is opened as a joint Fixed Deposit, and the second account holder happens to be a senior citizen, these special interest rates will not be applicable. A separate account should be used in the chart of accounts for each bank account maintained for the business. Audit Trail – This terminology refers to the traceability of past accounting activities, from the account balances reflected on the financial reports back to its original entry in the books of accounts. It must be taken into account in the final account to find out the true profit and loss of the business organization. D. Buying supplies on account. 100,000 of these supplies has not yet been paid. B. classified as liabilities when provided by creditors and stockholders’ equity when provided by owners. D. classified as stockholders’ equity when provided by creditors and liabilities when provided by owners. C. always classified as equity.