An auditor is reporting on cash basis financial statements. These statements are best referred to in his opinion by which of the following descriptions?
A. Financial position and results of operation arising from cash transactions.
B. Cash balance sheet and the source and application of funds.
C. Assets and liabilities arising from cash transactions, and revenue collected and expenses paid.
D. Balance sheet and income statement resulting from cash transactions.
Answer: C
You might also like to view...
Answer the following statement(s) true (T) or false (F)
1. Liquidity ratios show the ability of a firm to pay its long-term debts. 2. The current ratio is also called the acid-test ratio because it measures a firm’s ability to pay its short-term debts as they come due. 3. Activity ratios measure how efficiently a firm uses its resources. 4. The return on sales ratio measures the return the company earns on every dollar of an owner’s investment. 5. A company’s overall operating success is measured by profitability ratios.
In a pure subsistence economy,
A. the standard of living is relatively high. B. there is a great need for intermediaries. C. exchanges are very important. D. each family unit is self-sufficient.
________ is information systems that provide computer-based activity or action at a distance.
A. Google's Project Loon B. Office 365 C. Hudl D. Google Fiber E. Remote action systems
Which of the following is NOT a form of closed-ended questions?
A) B) Multiple Choice C) Essay D) Ranking