Financial statements include assets listed at
a. all of these
b. their fair value
c. their historical cost
d. their market value
a
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For a promissory note, the entity to whom the promise of future payment is made is the ________
A) maker of the note B) endorser of the note C) banker of the note D) payee of the note
Match the following terms with the appropriate definition.
A) Time period assumption B) Expense recognition (matching) principle C) Depreciation D) Fiscal year E) Accrued revenues F) Cash basis accounting G) Straight-line depreciation H) Interim financial statements I) Accrual basis accounting 1. Any 12 consecutive months or 52-week period that a company adopts for its annual reporting period. 2. A method that allocates equal amounts of an asset's cost (less any salvage value) to depreciation expense during its useful life. 3. Assumes that an organizations activities can be divided into specific time periods such as months, quarters, or years. 4. Aims to record expenses in the same accounting period as the revenues that are earned as a result of those expenses. 5. The accounting system that uses the adjusting process to recognize revenues when earned and expenses when incurred. 6. The process of allocating the costs of long-term assets to the income statement over their expected useful lives. 7. Revenues earned in a period that are both unrecorded and not yet received in cash or other assets. 8. The accounting system that recognizes revenue when cash is received and records expenses when cash is paid. 9. A set of financial statements that covers less than one year, typically one, three, or six months of activity.
The term "depreciable base" or "depreciation base", as it is used in accounting, refers to
a. the total amount to be charged (debited) to expense over an asset's useful life b. the cost of the asset less the related depreciation recorded to date c. the estimated market value of the asset at the end of its useful life d. the acquisition cost of the asset
Under the UCC statute of frauds, the writing for a sale of goods must:
What will be an ideal response?