_____ is the profit or loss a firm earns in the time period covered by the financial statement that reports the revenues and expenses.
A. Shared debt
B. Owners' equity
C. Net income
D. Cash flow
Answer: C
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If a company recognizes a loss due to inventory write-down then the inventory value subsequently increases due to a market reversal the following year, GAAP does not permit the loss to be recovered
Indicate whether the statement is true or false
Which of the following statements regarding fraud on behalf of an organization is true?
a. Middle management is usually the perpetrator. b. This type of fraud benefits top executives as it generally increases stock price. c. This type of fraud includes inflating expenses in order to save of corporate income taxes. d. Financial statement fraud is common among publically-traded companies who must meet the public's expectations.
The Cash Over and Short account:
A. Is not necessary in a computerized accounting system. B. Can never have a debit balance. C. Is used to record the income effects of errors in making change and/or processing petty cash transactions. D. Is used when the cash account reports a credit balance. E. Can never have a credit balance.
hich principle of accounting from the AICPA addresses the standard that professionals should serve the public, honor the public trust, and demonstrate professionalism?
A. principle 1: responsibilities B. principle 2: serve the public interest C. principle 3: integrity D. principle 4: objectivity and independence