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Questions and Answers
Which of the following is an example of a contra-asset?
Which of the following is an example of a contra-asset?
- Rendering of services to customers
- Capital contribution of owners
- Allowance for doubtful accounts (correct)
- Payment of expenses to suppliers
What is the end product or output of accounting?
What is the end product or output of accounting?
- Communication of economic information
- Temporary accounts with zero balance
- Useful information contained in financial statements (correct)
- Organized depictions of events that happened in the business
Where are temporary accounts found?
Where are temporary accounts found?
- Statement of Comprehensive Income (SCI) (correct)
- Statement of Cash Flows
- Notes to the Financial Statements
- Statement of Financial Position (Balance sheet)
Which financial statement is also known as the Income statement?
Which financial statement is also known as the Income statement?
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What are the inputs needed for accounting?
What are the inputs needed for accounting?
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Accounting consists of inputs, processes, and outputs.
Accounting consists of inputs, processes, and outputs.
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Contra-Assets are accounts that are increases to the company's assets.
Contra-Assets are accounts that are increases to the company's assets.
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The end product of accounting is useful information contained in the financial statements.
The end product of accounting is useful information contained in the financial statements.
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The Statement of Comprehensive Income is also known as the Income statement.
The Statement of Comprehensive Income is also known as the Income statement.
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A complete set of financial statements includes the Statement of Cash Flows.
A complete set of financial statements includes the Statement of Cash Flows.
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