The income statement reports all of the following except:
A. Expenses incurred by a business.
B. Net income or loss earned by a business.
C. Revenues earned by a business.
D. The time period over which the earnings occurred.
E. Assets owned by a business.
Answer: E
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You are a new employee at the accounting firm Murray & Murray, CPAs. Before you are assigned to your first audit, your supervisor tests your knowledge and asks you to explain the term "scope" in the context of a financial statement audit.Required:A. Provide a definition of scope.B. Describe what influences an auditor's determination of scope.
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Faust Company uses the perpetual inventory system. Faust sold goods that cost $5000 for $8000. The sale was made on account. What is the net effect of the sale on the company's financial statements? (Consider the effects of both parts of this event.)
A. Increase total assets by $8000 B. Increase total assets by $5000 C. Increase total assets by $3000 D. Increase total stockholders' equity by $8000
The debits to Work-in-Process for Department #2 for the month of April of the current year, together with information concerning production, are presented below. All direct materials come from Department #1. The units completed include the 1,200 in process at the beginning of the period. Department #2 uses FIFO costing.WORK-IN-PROCESS - DEPARTMENT #21,200 units, ¼ completed$1,200Product X, 6,200 units????From Dept. 1, 6,000 units3,600 Direct Labor8,000 Factory OH4,800 1,000 units, ½ complete???? What are the total costs to be accounted for on the production cost report for Department #2 for the period?
A. $16,400. B. $11,600. C. $17,600. D. $12,660.
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