Finance Questions

checking account is a very common type of account that offers safety and convenience

this provides an organized service to buy and sell stock, bonds, and other investments that are traded

Something unnecessary but desired or an item which increases the quality of life.

type of software or program that should be used when creating charts, graphs, and making calculations

when goods and services, and/or money is received in exchange for a promise to pay back a definite sum of money at a future date

a beneficiary is someone who receives money if an insured person dies

Before creating the adjusted trial balance, you would enter your correcting and adjusting entries and then do this

this would be the impact to the income statement by making adjustments for the following1. accrue for services provided of $2,0002.reduce accrual for an expense that had been double counted of $5003. Reduce deferral for rent receive early $4004. Reduce deferral for insurance paid early $300

th the end-of-period spreadsheet, this item (row) would need to be entered in the income statement column as a debit and the balance sheet column as a credit to achieve balancing

To be useful, financial reports must possess ___ important characteristics

inventory usually presented in the ______ section of the balance sheet

Lakeview Forest Products, Inc. sells an item that originally cost them $1,500. Due to obsolescence, its estimated selling price is now $1,200 with $200 of estimated selling expenses. Using the lower of cost or market (LCM) method, what would be the adjusted value of the inventory?a. $1,200b. $1,500c. $1,400d. $1,000

A merchandising business should keep enough inventory on hand to meet its customers' needs.• Two measures to analyze inventory management are:

Which of the following statements regarding inventory costing under the periodic inventory system is correct?a. At the time of sale, no entry is made to cost of goods sold.b. The LIFO method is not allowed.c. There is no need to make a cost flow assumption when are acquired at different unit costs during a period.d. A physical inventory is not necessary.

Revenue and expense items are netted and flow into this account when we close the books for the period

If Brandon Lusk Had prepared an income statement for a client, he would have based it off of this that he prepared right before it

This contra equity account balance will flow to the statement of stockholder's equity and then become part of the balance sheet amounts

Brandon Lusk might have faced a pay cut or other harsh measure from Dr. Cook if he recorded depreciation related to this fixed asset account that should not be depreciated

If you utilize an end-of-period spreadsheet, you would transfer supplies expense that you calculated for the adjusted trial balance to this column next

You could use a spreadsheet to enter adjustments against the unadjusted trial balance to get the adjusted trial balance, or you could create an adjusted trial balance directly from this ___