Introduction To Accounting Final Financial Multiple Choice

Accrued employee benefits – Balance sheet
Current liab.
Economic value – The value of the expected future earnings from using the item at an appropriate rate to give a present-day value
continuity (going-concern) assumption – states that the businesses are assumed to continue into the foreseeable future
Checking account – A bank account from which payments can be orderrd by a depositor
Australian Business Number (ABN) – is a single identifying number that a business uses when dealing with other businesses, government departments and agencies.
Understandability – Information is presented in a clear and concise way
What is the accounting equation? – Assets = Liabilities + Net worth
expense – the cost of goods or services used to operate a business
cash sale – A sale in which cash is received for the total amount of the sale at the time of the transaction
What type of company asset would machinery be considered? – Plant Asset
What is a major benefit of using structured interviews?
useful life – the estimated life of a fixed asset
Trial balance – a list of accounts and their balance at a point in time
At the government wide level, net assets related to capital assets should be reported as: – Invested in capital assets, net of related debt
Нематериальные активы – Intangible assets
SEc – Securities Exchange Commission
In preparing closing entries for a merchandiser, the Income Summary account will be credited for the balance of
A. Sales Revenue.
B. Inventory.
C. Sales Discounts.
D. Freight-out. – A
performance audits are generally divided into 2 subcategories; name them – economic & efficiency
Whаt is а mаjоr benefit оf using structured interviews?
Purchases allowance – credit allowed for the purchase price of merchandise that is not returned, resulting in a decrease in the customer's accounts payable

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