Differences Between Accounting and Finance
10 Questions
2 Views

Choose a study mode

Play Quiz
Study Flashcards
Spaced Repetition
Chat to lesson

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

What method was used to depreciate the machine?

  • Double-declining balance method
  • Straight-line method (correct)
  • Sum-of-the-years'-digits method
  • Units of production method

    • Which year does Bloomer believe the total machine life will be extended to?

  • 2017
  • 2016
  • 2018
  • 2019 (correct)

    • What was the sale price of the machine when Bloomer sold it on July 1, 2014?

  • $8,000
  • $18,000
  • $15,000
  • $12,400 (correct)

    • Which category of non-current assets includes assets with no physical substance?

    <p>Intangibles</p> Signup and view all the answers

    What are current assets?

    <p>Assets that are cash or expected to be converted into cash within one year</p> Signup and view all the answers

    Which of the following statements best describes the focus of accounting?

    <p>Focus on net income or profits</p> Signup and view all the answers

    How are tangible fixed assets recorded?

    <p>At their net book value or carrying amount</p> Signup and view all the answers

    What is the primary concern of finance, as indicated in the text?

    <p>Concerned with the market value of assets</p> Signup and view all the answers

    What is the main category of current assets that includes a company’s stock of finished goods and raw materials?

    <p>Inventories</p> Signup and view all the answers

    In the example provided, which type of accounting method was used to calculate the monthly income statements?

    <p>Cash accounting</p> Signup and view all the answers

    More Like This

    Use Quizgecko on...
    Browser
    Open
    Browser
    Browser