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Solution: 1. Communication of economic events is the part of the accounting procedure that involves: C). Preparing bookkeeping reports. 2. C…View the full answer
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Transcribed image text: communication of financial events is the component of the accounting process that requires A. Identifying financial events. B. Quantifying transactions right into dollars and cents. C. Preparing accountancy reports. D. Recording and also classifying information. 2. Creditors usage financial bookkeeping information to A. Identify whether the company is complying with regulatory guidelines. B. Recognize whether the firm is following tax laws. C. Evaluate the risks of lending money. D. Do decisions to around buying, holding, or selling shares. 3. The time duration assumption says that A. A transaction can only impact one period of time. B. Estimates should no be do if a transaction affects an ext than one time period. C. Adjustments to the enterprise's accounts have the right to only it is in made in the time duration when the organization terminates that operations. D. The financial life that a company can be separated into man-made time periods. Southeastern University marketed season tickets because that the 2018 football season for $160,000 and also received $160,000 cash in advance. A total of 8 gamings will be played throughout September, October and November. In September, three games were played. The adjusting newspaper entry at September 30 A. Is no required. No adjusting entries will certainly be made until the end of the season in November. B. Will encompass a debit come Cash and also a credit transaction to Ticket Revenue because that $40,000. C. Will incorporate a debit come Unearned Ticket Revenue and also a credit to Ticket Revenue for S60,000. D. Will encompass a debit come Ticket Revenue and also a credit to Unearned Ticket Revenue for S60,000. 5. An owner investment of cash in a corporation increases A. Assets and increases shareholders' equity. B. One asset and also decreases one more asset. C. Liabilities and increases shareholders' equity. D. Assets and also liabilities. 6. I m sorry of the following cases is impossible? A. Book value is higher than residual value. B. Book value is less than residual value. C. Publication value is same to the residual value. D. Book value is much less than the initial cost. 7. Ghost sold items on account come James company on June 15 for $300. If James company pays the bill for full settlement ~ above June 27, Neutron's newspaper entry to record the arsenal on account will encompass A. A debit come cash for $300. B. A debit to account Payable because that $300. C. A debit to Sales Revenue because that $300. D. A credit transaction to accounts Receivable for $30. If a capital expenditure is incorrectly recorded as a revenue expenditure, the effect is to A. Understate profit, shareholders' equity, and assets. B. Overstate profit and also shareholders' equity, and also understate assets. C. Understate profit and also shareholders' equity, and also overstate assets. D. None of the above. 8. Failure to record accrued attention on notes payable causes a firm to A. Overstate attention income. B. Understate interest expense. C. Understate shareholders' equity. D. Both B and C space correct. 9. If beginning inventory is understated through $10,000, the effect of this error in the current period is 10. Price of items Sold Understated exaggeration Understated Overstated profit Understated exaggeration A. B. C. Overstated Understated D. 11. The custodian of one asset should A. It is in an accountant. B. Have access to the accounting records for the asset. C. Be who from outside the company. D. Not have accessibility to the audit records for the asset. 12. Under the pin money method, composing off one uncollectible account A. Affects only statement of financial position accounts. B. Influence both explain of jae won position and income explain accounts. C. Affects only earnings statement accounts. D. Is not acceptable practice.