Multiple Choice
Ambo Inc. earned $200,000 for the current year. This means:
A) Ambo's total assets increased $200,000 during the year.
B) Ambo's earnings increased Ambo's net assets $200,000 during the year.
C) Ambo's cash increased $200,000 during the year.
D) Ambo's retained earnings must be $200,000 more at December 31 than it was at January 1.
Correct Answer:
Verified
Correct Answer:
Verified
Q114: A statement of compliance and summary of
Q115: A corporation discovered the following information subsequent
Q116: A corporation was organized on January 1.
Q117: A contingency is an event or transaction
Q118: Guarantees and contingencies do not necessarily need
Q120: Gain contingencies, which are remote and can
Q121: Accounts Receivable and Inventories must always be
Q122: Which of the following would be non-adjusting
Q123: Under ASPE, Biological Assets are always shown
Q124: In financial reporting it is improper to