Alexa's First Job ? Alexa has just earned her undergraduate degree in accounting and has successfully completed the CPA exam. She recently interviewed with a relatively small and new company and was offered a job. The offer sounded very promising; the job had opportunities to grow with the company and provided diverse challenges. Alexa accepted the job. ? Once Alexa started working, she realized that the owners and employees did not have a general understanding of accounting. She had to teach them the steps in an accounting cycle so they would be able to understand how she was going to create reports. When she talked about the statement of financial position, they had no idea what she was talking about. She was the qualified individual responsible for accounting. No one else working
with her had much knowledge. They did not even know the different financial ratios that someone could use to understand the financial standing of a company. Alexa knows it will be a challenge to keep everyone on the same page when it comes to numbers and reports. Refer to Alexa's First Job. When Alexa explained the asset side of the statement, she included which of the following?
A. Retained earnings
B. Notes payable
C. Merchandise inventory
D. Long-term liabilities
E. Stockholders' equity
Answer: C
You might also like to view...
Proposals related to ________ include controlling the ingredients that go into certain products and packaging as well as reducing the level of advertising "noise."
A) the right to be informed B) consumer protection C) preserving the world for future consumption D) the right to charge any price for the product E) quality of life
The Patent Cooperation Treaty applies to:
a. design patents. b. European patents. c. utility patents. d. All of the above
James is concerned that if he purchases a fixed immediate annuity his funds will be tied-up and not accessible if an emergency arises. His insurance agent said that a rider could be attached to his annuity to address this concern. The rider is a(n)
A) partial cash withdrawal rider. B) return of premium rider. C) guaranteed purchase option rider. D) waiver-of-premium rider.
Firms attempt to price bonds so that at issue they sell for the:
A) face value. B) coupon value. C) firm value. D) same price as shares of preferred stock.