Sb chp2 accy 200 exam 1 - Study guides, Class notes & Summaries

SB CHP.2 ACCY 200 EXAM 1 QUESTIONS AND ANSWERS GRADED A+ If total assets amount to $15,000 and total liabilities amount to $9,000, then: A. Stockholders' equity is equal to $6,000 B. Net income is $6,000 C. Liabilities exceed assets by $6,000 D. None of the above Companies are required to maintain the same accounting method consistently due to the ___________ concept. A. Uniformity B. Stability C. Consistency D. Regularity 2 The matching concept ensures that: ...

SB CHP.2 ACCY 200 EXAM 1; Questions & Answers 100% Verified If the total assets is equal to $15,000 and the total liabilities is equal to $9,000, then: Correct answer-the total stockholders' equity is equal to $6,000. Companies are not allowed to switch back and forth between alternative accounting methods from year to year because of the ___________ concept. Correct answer-consistency

SB CHP.2 ACCY 200 EXAM 1 QUESTIONS AND ANSWERS (100% PASS)

SB CHP.2 ACCY 200 EXAM 1 Verified Solutions ________________ principle in accounting relates to making judgments and estimates that result in lower profits and asset valuation estimates rather than higher profits and asset valuation estimates. ️Conservatism _________means that absolute exactness is not necessary in the amounts shown in the financial statements. ️materiality A corporation's annual report contains the reporting firm's financial statements and each of the follow...

SB CHP.2 ACCY 200 EXAM 1 Questions and Answers 100%correct If the total assets is equal to $15,000 and the total liabilities is equal to $9,000, then: the total stockholders' equity is equal to $6,000. Companies are not allowed to switch back and forth between alternative accounting methods from year to year because of the ___________ concept. consistency The matching concept means that: expenses incurred to generate revenues must be matched to revenues earned for any given period