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Bizhelp, CPA
Category: Homework
Satisfied Customers: 5884
Experience:  Bachelors Degree and CPA with Accounting work experience
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1.Accounting records: A. are records of a firms financial

Resolved Question:

1.Accounting records:
A. are records of a firm's financial position that reflect any changes in that position.

B. must reflect changes occurring in assets, liabilities, income, expenses, and equity.

C. enable the owner to know what the botXXXXX XXXXXne is.

D. all of the above.

E. (a) and (c) only.

Question 2

All of the following are included in current liabilities EXCEPT:

A. accounts receivable.

B. accounts payable.
C. notes payable.

D. accrued items.
E. all of the above are current liabilities.

Question 3

_______ are obligations to pay, resulting from purchasing goods or services.

A. Accounts receivable
B. Current assets

C. Accounts payable
D. Long-term liabilities

E. Owners' equity

Question 4

All of the following are current assets EXCEPT:

A. short-term investments.
B. pre-paid items.
C. retained earnings.
D. cash.
E. all of the above are current assets.

Question 5
A(n) _____ is an estimate of the amount of revenue expected from sales for a given period of time.
A. income statement

B. balance sheet
C. sales forecast
D. profit-and-loss statement

Question 6

_____ are the things a business owns.

A. Liabilities
B. Assets
C. Revenues
D. Expenses
E. None of the above

Question 7
Any business's accounting records must adequately and accurately reflect the continual changes in:

A. cash.
B. accounts receivable.
C. inventory.
D. accounts payable.
E. all of the above.

Question 8
The _______ is a statement of the firm's assets, liabilities, and owners' equity at a given time.

A. financial structure
B. income statement
C. balance sheet
D. profit and loss statement

Question 9

A ____ is the specific amount of profit one expects to achieve.

A. cash flow budget
B. sales forecast
C. profit goal
D. benchmark
Submitted: 5 years ago.
Category: Homework
Expert:  Bizhelp replied 5 years ago.

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