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linda_us
linda_us, Master's Degree
Category: Business and Finance Homework
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Experience:  A tutor for Business, Finance, Accounts and other related topics.
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Needing help on a team project, we all have different answers.

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Needing help on a team project, we all have different answers. we need an expert to help us! True or False:

True or False:

T F A company's fiscal year must correspond with the calendar year.

T F Adjusting entries are made after the preparation of financial statements.

T F Adjusting entries are used to record the effects of internal economic (financial) transactions and events.

T F The revenue recognition principle is the basis for making adjusting entries that pertain to unearned and accrued revenues.

T F Under the cash basis of accounting, no adjustments are made for prepaid, unearned, and accrued items.

T F The accrual basis of accounting reflects the principle that revenue is recorded when it is earned, not when cash is received.

T F Profit margin reflects the percent of profit in each dollar of revenue.

T F Revenue accounts should begin each accounting period with zero balances.


T F Closing entries are designed to transfer the end-of-period balances in the revenue accounts, the expense accounts, and the withdrawals account to owner's capital.

T F Current assets and current liabilities are expected to be used up or come due within one year or the company's operating cycle whichever is longer.
Hi JACUSTOMER

Welcome to JA.

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Linda

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Regards

Linda
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Customer: replied 6 years ago.

Linda,

THANK YOU! I may need your assistance in the future with acct. team projects.

I would be happy to assist you.

You can request me by writing "FOR LINDA" in front of your post.

Regards

Linda
Customer: replied 6 years ago.
Hey Linda, I have another project we need help on. how exactly do you get to answer my questions so you can get financial reward for helping me with some business questions? I would love to work with you again.
Hi JACUSTOMER

Thanks for requesting me. You can post your question on my profile page and write "FOR LINDA" in front of your post.

LINK TO MY PROFILE

Regards

Linda