Modifying the Accounts (Reviewer)
|1 |The time period assumption states that |D | | |a. a purchase can only impact one time frame. | | | |b. estimates must not be made if a transaction influences more than| | | |one time period. | | | |c. adjustments towards the enterprise's accounts can only become in | | | |the time period when the business terminates their operations. | | | |d. the economic existence of a organization can be broken into artificial | | | |time times. | | |2 |The time period supposition is also known as the |C | | |a. appointments assumption. | | | |b. cyclicity assumption. | | | |c. periodicity assumption. | | | |d. fiscal assumption. | | |3 |Which in the following are in accordance with generally accepted |A | | |accounting principles? | | | |a. Accrual basis accounting | | | |b. Cash basis accounting | | | |c. Both accrual basis and cash basis accounting | | | |d. Nor accrual basis nor funds basis accounting | | |4 |The revenue recognition principle requires that earnings should be |B | | |recognized inside the accounting records | | | |a. when funds is received. | | | |b. when it is received. | | | |c. at the end with the month. | | | |d. inside the period that income taxes happen to be paid. | | |5 |In a service-type business, revenue is recognized as earned |C | | |a. at the conclusion of the month. | | | |b. at the end of the year. | | | |c. when the service is performed. | | | |d. when cash is received. | | |6 |The matching theory matches |B | | |a. buyers with businesses. | | | |b. expenses with revenues. | | | |c. property with liabilities. | | | |d. creditors with businesses. | | |7 |Ken's Tune-up Shop employs the earnings recognition theory. Ken |A | | |services a car on This summer 31. The client picks up the vehicle on | | | |August 1 and terme conseille the repayment to Ashton kutcher on August 5. Ashton kutcher receives | | | |the check in the email on Aug 6. Once should Ken show the fact that | | | |revenue was attained? | | | |a. July 23 | | | |b. August you | | | |c. August five | | | |d. August 6th | | |8 |A company usually spends P10 mil pesos intended for an office building. Over |C | | |what period should the price be created off? | | | |a. If the P10 million is expended in funds | | | |b. All in the first 12 months | | | |c. Over the beneficial life from the building | | | |d. Following P10 , 000, 000 in earnings is earned |...
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