What statements are required to be prepared before a balance sheet is prepared?
a. An income statement and a statement of retained earnings.
b. A statement of retained earnings and a statement of cash flows.
c. An income statement, a statement of retained earnings, and a statement of cash flows.
d. An income statement and a statement of cash flows.
a
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Which of the following is an example of the planning function of the budgeting process?
A) A budget demands integrated input from different business units and functions. B) Employees are motivated to achieve the goals set by the budget. C) Budget figures are used to evaluate the performance of managers. D) The budget outlines a specific course of action for the coming period.
Acquisition cost includes all costs required to prepare an asset for its intended use
Indicate whether the statement is true or false
For efficiency of operations and better control over cash, a company should maintain only one bank account
Indicate whether the statement is true or false
Identify the journal entry used to record the payment of net pay to employees
a. Dr. Wages Payable; Cr. Wages Expense b. Dr. Wages Expense; Cr. Cash c. Dr. Cash; Cr. Wages Expense d. Dr. Wages Payable; Cr. Cash