Question 1 Not yet answered Marked out of 0.50 Flag question Which accounting concept or principle...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Question 1 Not yet answered Marked out of 0.50 Flag question Which accounting concept or principle specifically states that we should consider that the business operations will continue indefinitely? Select one: a. Going-concern concept b. Entity Concept c. Reliability principle O d. Cost principle Question 10 Not yet answered Marked out of 0.50 Flag question Dana Driving Services (DDS) began the year with total assets of KD 120,000, total liabilities of KD70,000. During the year, the business earned KD110,000 and paid expenses of KD30,000. Dana made additional contributions of KD20,000 to the business and withdrew KD60,000. How much is Owner's Equity in the business at year-end? Select one: a. KD160,000 O b. KD130,000 Oc. KD120,000 O d. KD90,000 Question 11 Not yet answered Marked out of 0.50 Flag question Dana Drug Store (DDS) sold KD50,000 of vaccine X to a pharmacy on account. How would this transaction affect DDS's accounting equation? Select one: O a. Increase both Assets and Liabilities by KD50,000. O b. No effect on the accounting equation because the effects cancel out. O c. Increase both Assets and Equity by KD50,000. O d. Cannot answer based on the available information Question 14 Not yet answered Marked out of 0.50 Flag question Which correctly represents the flow of information from one financial statement to another? Select one: O a. Income statement to the statement of owner's equity. O b. Balance sheet to the income statement. c. Balance sheet to the statement of owner's equity. O d. Statement of owner's equity to the income statement. Question 15 Not yet answered Marked out of 0.50 Flag question Dana Digital Services (DDS) recorded a cash collection on account by debiting Cash and crediting Accounts Payable. What will the trial balance show for this error? Select one: O a. Too much for liabilities (overstated) b. The trial balance would balance. c. The Cash balance is incorrect. O d. Too much for assets (overstated) Question 1 Not yet answered Marked out of 0.50 Flag question Which accounting concept or principle specifically states that we should consider that the business operations will continue indefinitely? Select one: a. Going-concern concept b. Entity Concept c. Reliability principle O d. Cost principle Question 10 Not yet answered Marked out of 0.50 Flag question Dana Driving Services (DDS) began the year with total assets of KD 120,000, total liabilities of KD70,000. During the year, the business earned KD110,000 and paid expenses of KD30,000. Dana made additional contributions of KD20,000 to the business and withdrew KD60,000. How much is Owner's Equity in the business at year-end? Select one: a. KD160,000 O b. KD130,000 Oc. KD120,000 O d. KD90,000 Question 11 Not yet answered Marked out of 0.50 Flag question Dana Drug Store (DDS) sold KD50,000 of vaccine X to a pharmacy on account. How would this transaction affect DDS's accounting equation? Select one: O a. Increase both Assets and Liabilities by KD50,000. O b. No effect on the accounting equation because the effects cancel out. O c. Increase both Assets and Equity by KD50,000. O d. Cannot answer based on the available information Question 14 Not yet answered Marked out of 0.50 Flag question Which correctly represents the flow of information from one financial statement to another? Select one: O a. Income statement to the statement of owner's equity. O b. Balance sheet to the income statement. c. Balance sheet to the statement of owner's equity. O d. Statement of owner's equity to the income statement. Question 15 Not yet answered Marked out of 0.50 Flag question Dana Digital Services (DDS) recorded a cash collection on account by debiting Cash and crediting Accounts Payable. What will the trial balance show for this error? Select one: O a. Too much for liabilities (overstated) b. The trial balance would balance. c. The Cash balance is incorrect. O d. Too much for assets (overstated)
Expert Answer:
Answer rating: 100% (QA)
Ques 1 a Going Concern Concept The going concern concept of accounting implies that the business ent... View the full answer
Related Book For
Horngrens Financial and Managerial Accounting
ISBN: 978-0133255584
4th Edition
Authors: Tracie L. Nobles, Brenda L. Mattison, Ella Mae Matsumura
Posted Date:
Students also viewed these biology questions
-
Which accounting concept or principle requires companies to divide their activities into small time segments such as months, quarters, or years?
-
Question 1 Not yet answered Marked out of 2.00 Flag question The following are the foreign currency positions of a financial institution, expressed in the foreign currency. Assets Liabilities 13,415...
-
Question 1 Not yet answered Marked out of 10 PFlag question Discuss the concept of Globalisation and how it could have influenced international trade for South Africa in the last 40 years. Make sure...
-
Protein Blenders, Inc., made a contract with Gingerich to buy from him the shares of stock of a small corporation. When the buyer refused to take and pay for the stock, Gingerich sued for specific...
-
Kris starts a new business in 2011. She purchases 7-year MACRS property costing $12,000. Her business income before any cost-recovery deductions is $8,000. Kris does not want to claim bonus...
-
Vodafone (GBR) recently issued debt. How should the costs of issuing these bonds be accounted for?
-
Wendy Craven is the sole shareholder of a property management company near the campus of Pensacola Junior College. The business has cash of \($6,000\) and furniture that cost \($12,000\) and has a...
-
George Company purchased land for use as its corporate headquarters. A small factory that was on the land when it was purchased was torn down, and before the new buildings foundation could be...
-
In a marginal costing system only variable costs would be assigned to products or services, in which case management may rely on a contribution approach to decisions. REQUIRED : Explain and discuss...
-
Download the nasdaq-by-year-historical-annual-returns dataset in Excel from Connect or Additional Student Resources.8 Note the annual stock market returns to investment in the NASDAQ stock market...
-
(2 points) Give the interval(s) on which the function is continuous. h(k)=10k + k +5 NOTE: When using interval notation in WeBWork, remember that: You use 'INF' for and '-INF' for -0. And use 'U'...
-
Label each of the entries in List 2 as a positive or a normative statement. LIST 2 Low-income people pay too much for housing. The number of U.S. farms has decreased over the past 50 years. Toyota...
-
Here are some questions to review for the Progresa/ Oportunidades Program examined in the end-ofchapter case study: a. What is the Progresa/Oportunidades Program, and what does it try to accomplish?...
-
In what ways do developing countries depend on rich countries? In what ways is the opposite true?
-
A Job Creation through Entrepreneurship Act, debated in the House of Representatives in 2009, would award grants to small business owners, some of which would be aimed at women, Native Americans, and...
-
Explain the concept of urban bias. What policies are associated with it, and what are their likely effects on urban and rural areas?
-
Identify and Define Your Target Behavior The introduction serves as your roadmap for the reader (and for you as the writer and researcher as well). The introduction reviews, details, and summarizes...
-
Outline some of the major problems confronting an international advertiser.
-
A purchasing agent for Franklin Office Supplies receives the goods that he purchases and also approves payment for the goods. Requirements 1. How could this purchasing agent cheat his company? 2. How...
-
In recording adjusting entries, Reagan Financial Advisors failed to record the adjusting entries for the following situations. a. Office supplies on hand, $ 100. b. Accrued revenues, $ 5,000. c....
-
Hot Heat Steam Cleaning performs services on account. When a customer account becomes four months old, Hot Heat converts the account to a note receivable. During 2013, the company completed the...
-
In a survey of a simple random sample of students at a certain college, the sample mean time per week spent watching television was 18.3 hours and the margin of error for a 95% confidence interval...
-
Use the data in Exercise 4 to construct a 95% confidence interval for the mean IQ score. Exercise 4 An IQ test was given to a simple random sample of 75 students at a certain college. The sample mean...
-
The lifetime of a certain type of battery is known to be normally distributed with standard deviation = 20 hours. A sample of 50 batteries had a mean lifetime of 120.1 hours. It is desired to...
Study smarter with the SolutionInn App