Finance And Accounting

Question: Under which head does VAT reflect in the Balance Sheet?
A
Equity

B
Creditors

C
Fixed Asset

D
Current Asset

Note: Not available
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Question: SFAS 109 establishes standards of financial accounting and reporting for income taxes that are currently payable and for
A
the tax consequences of revenues and expenses included in taxable income in a different year from the year in which they are recognized for financial reporting purposes.

B
the method of accounting for the US Federal investment tax credit.

C
the discounting of income taxes.

D
the accounting for income taxes in general in interim periods.

Note: Not available
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Question: Recording expenditure made, but not yet paid, to a vendor is an example of:
A
a prepaid income transaction

B
an unearned expense transaction

C
an accrued liability transaction

D
an accrued payable transaction

Note: Not available
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Question: Receipts from cash sales of $7,500 were recorded incorrectly as $5,700. What entry is required in the depositor's accounts?
A
Debit Cash: Credit Accounts Receivable

B
Debit Sales: Credit Cash

C
Debit Accounts Receivable: Credit Cash

D
Debit Cash: Credit Cash Sales

Note: Not available
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Question: An increase in the firm's receivable turnover ratio means that _____
A
cash sales have decreased

B
it is collecting credit sales more quickly than before

C
inventories have increased

D
it has initiated more liberal credit terms.

Note: Not available
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Question: A company recorded two sales of $20.000 and $30,000 on March 1, 2007 under the credit terms of 3/10, n/30. Payment for the $20,000 sale was received on March 10, 2007. Payment for the $30,000 sale was received on March 25, 2007. Under the gross method and the net method, which of the following amounts should appear as net sales in the March income statements? Gross method Net method
A
$48,500 $48,500

B
$48,500 $49,400

C
$49,400 $48,500

D
$49,400 $49,400

Note: Not available
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Question: A company recorded two sales of $20.000 and $30,000 on March 1, 2007 under the credit terms of 3/10, n/30. Payment for the $20,000 sale was received on March 10, 2007. Payment for the $30,000 sale was received on March 25, 2007.What would be the gross sales for the month of March? Gross method Net method
A
$50,000 $50,000

B
$50,000 $48,500

C
$49,400 $48,500

D
$48,500 $50,000

Note: Not available
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Question: A company's accounting policy for recording revenues______
A
must be the same as that of all other companies

B
can be different from that of other companies

C
must be disclosed if different from the revenue principle

D
can be (b), and if so, (c) must follow

Note: Not available
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Question: A business-printed or catalog price is called the ______
A
list price

B
trade price

C
cash discount

D
trade discount

Note: Not available
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Question: What is meant by "Deferred Revenue"?
A
Revenue that the company expects to make in the next 12 months.

B
Revenue which the company is counting as a liability until it is earned. It is also referred to as Unearned Revenue.

C
An asset on the balance sheet because a customer has prepaid for services.

D
Strictly a tax item, a way of deferring taxes is counting revenue as deferred as well.

Note: answer not sure
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Question: Under which head does VAT reflect in the Balance Sheet?

Question: SFAS 109 establishes standards of financial accounting and reporting for income taxes that are currently payable and for

Question: Recording expenditure made, but not yet paid, to a vendor is an example of:

Question: Receipts from cash sales of $7,500 were recorded incorrectly as $5,700. What entry is required in the depositor's accounts?

Question: An increase in the firm's receivable turnover ratio means that _____

Question: A company's accounting policy for recording revenues______

Question: A business-printed or catalog price is called the ______

Question: What is meant by "Deferred Revenue"?