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Question
Match each of the following items 1 through 8 with the financial statement a through d in which each item would most likely appear. An item may appear on more than one statement.a. Income statement
b. Statement of owner's equity
c. Balance sheet
d. Statement of cash flows
1)Cash from investing activities.
2)Equity.
3)Revenues.
4)Liabilities.
5)Cash from operating activities.
6)Withdrawals.
7)Costs and expenses.
8)Assets.
Answer
This answer is hidden. It contains 35 characters.
Related questions
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Which of the following statements is incorrect?
A.Adjustments to prepaid expenses, depreciation, and unearned revenues involve previously recorded assets and liabilities.
B.Accrued expenses and accrued revenues involve assets and liabilities that had not previously been recorded.
C.Adjusting entries can be used to record both accrued expenses and accrued revenues.
D.Prepaid expenses, depreciation, and unearned revenues often require adjusting entries to record the effects of the passage of time.
E.Adjusting entries affect the cash account.
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Adjusting entries are journal entries made at the end of an accounting period for the purpose of:
A.Updating liability and asset accounts to their proper balances.
B.Assigning revenues to the periods in which they are earned.
C.Assigning expenses to the periods in which they are incurred.
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E.All of these.
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Inventory shrinkage:
A.Refers to the loss of inventory.
B.Is determined by comparing a physical count of inventory with recorded inventory amounts.
C.Is recognized by debiting Cost of Goods Sold.
D.Can be caused by theft or deterioration.
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Merchandising companies must account for:
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Merchandise inventory:
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A merchandising company:
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Generally accepted accounting principles require companies to use one specific format for the financial statements.
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The purpose of reversing entries is to:
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B.correct an error made in a previous journal entry.
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Which of the following statements is true?
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Another name for temporary accounts is:
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Which of the following statements describing the debt ratio is false?
A.It is of use to both internal and external users of accounting information.
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C.The dividing line for a high and low ratio varies from industry to industry.
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E.All of these.
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