Which of the following organizations published “Objectives of Financial Statements” (Trueblood Committee Report)?
a. AAA
b. AICPA
c. APB
d. CAP
ANSWER: B
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Marcos Company reported the following items on its financial statements for the year ending December 31, 2016: Sales $ 560,000 Cost of goods sold $400,000 Salary expense 40,000 Interest expense 30,000 Dividends 20,000 Income tax expense 25,000 How much will be reported as retained earnings on Marcos' balance sheet at December 31, 2016, if this is the first year of operations?
a. $ 45,000 b. $ 65,000 c. $ 85,000 d. Not enough information is provided.
Closing entries
A) need not be journalized if adjusting entries are prepared B) need not be posted if the financial statements are prepared from the work sheet C) are not needed if adjusting entries are prepared D) must be journalized and posted
Eula signs a check "pay to the order of Eula" and presents to First National Bank for payment. The types of liability associated with this check are
A. fitness and quality. B. potential and real. C. sealed and delivered. D. signature and warranty.
Which social media site uses LBS?
A. Foursquare B. iTunes C. Google D. YouTube