Exam 2: Financial Statements for Decision Making

Governments and not-for-profit entities will prepare a(an)________________ statement to report their financial performance for a specific period of time.

(Multiple Choice)

4.9/5

(34)

Question 61

Karl's Kebabs borrowed $5000 from the bank for kitchen renovations. The effect of this transaction on the accounting equation is:

(Multiple Choice)

4.8/5

(34)

Question 62

On 31 May 2018 Creature Comforts Ltd purchases gas heaters from their supplier and agrees to pay for them within 45 days. Assuming the amount is still owing at 30 June 2018, the balance sheet of Creature Comforts Ltd will report the amount owing as:

(Multiple Choice)

4.8/5

(39)

Question 63

The assets of Mitchell's business increased by $60 000 and the liabilities increased by $20 000 during the current year. If the profit for this period was $48 000, what additional contribution or withdrawal was made by the owner? (Assume only a withdrawal or a contribution was made.)

(Multiple Choice)

4.9/5

(36)

Question 64

Showing 61 - 64 of 64

Governments and not-for-profit entities will prepare a(an)________________ statement to report their financial performance for a specific period of time.

Karl's Kebabs borrowed $5000 from the bank for kitchen renovations. The effect of this transaction on the accounting equation is:

On 31 May 2018 Creature Comforts Ltd purchases gas heaters from their supplier and agrees to pay for them within 45 days. Assuming the amount is still owing at 30 June 2018, the balance sheet of Creature Comforts Ltd will report the amount owing as:

The assets of Mitchell's business increased by $60 000 and the liabilities increased by $20 000 during the current year. If the profit for this period was $48 000, what additional contribution or withdrawal was made by the owner? (Assume only a withdrawal or a contribution was made.)

Decision Making and the Role of Accounting

Recording Transactions

Adjusting the Accounts and Preparing Financial Statements

Completing the Accounting Cycle Closing and Reversing Entries

Accounting for Retailing

Accounting for Systems

Partnerships: Formation, Operation and Reporting

Companies: Formation and Operations

Regulation and the Conceptual Framework

Cash Management and Control

Receivables

Inventories

Non-Current Assets: Acquisition and Depreciation

Non-Current Assets: Revaluation, Disposal and Other Aspects

Liabilities

Presentation of Financial Statements

Statement of Cash Flows

Analysis and Interpretation of Financial Statements

Accounting for Manufacturing

Cost Accounting Systems

Cost-Volume-Profit Analysis for Decision Making

Budgeting for Planning and Control

Performance Evaluation for Managers

Differential Analysis, Profitability Analysis and Capital Budgeting

Filters