The last four steps in the accounting cycle include preparing the adjusted trial balance, preparing financial statements, and recording closing and adjusting entries.
Answer the following statement true (T) or false (F)
False
You might also like to view...
Seller contracted to sell lumber to the buyer. The contract was a shipment contract and the
goods were to be shipped by common carrier. The lumber was destroyed by fire before the common carrier delivered the lumber to the buyer. Which of the following statements best describes this situation? A) The risk of loss remains on the seller until a document of title is delivered to the buyer. B) The risk of loss passed to the buyer when the goods were delivered to the common carrier. C) The risk of loss has not yet passed to the buyer and remains on the seller until the goods are delivered. D) The risk of loss passed to the buyer when the contract was made.
Which of the following statements is true of the Small Business Administration?
A. It allows small businesses to reap tax advantages by selling stock shares to workers. B. It helps small firms find financing at reasonable rates. C. It generally requires a substantial return as either equity or profit. D. It offers environmentally friendly products for commercial sale.
What is the main reason that it is necessary for public companies to follow the rules and format set out in the Generally Accepted Accounting Principles (GAAP) when creating financial statements?
A) It ensures that the market value of assets and debt are reported accurately. B) It ensures that information on the performance of public companies is reported on cash-basis accounting. C) It ensures that important budgetary information is not omitted. D) It makes it easier to compare the financial results of different firms.
Explain the relationship between company size and dividend policy.
What will be an ideal response?