Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
11 Cards in this Set
- Front
- Back
|
Who makes the decision to hire a President or CEO? |
Board of Directors |
|
|
Who is responsible for regulation of public capital markets? |
SEC |
|
|
Who is responsible for the preparation of the company's financial statements for public use? |
Management |
|
|
T or F? A company's inventory should be recorded on its balance sheet at its cost even if it is obsolete and has no resale value, meaning it is destined for the trash bin. |
FALSE |
|
|
Is assets decreased by $12,000 and OE increased by $4,000, then liabilities??? |
Decreased by $16,000 |
|
|
T or F. Income statement report net income and balance sheet portrays financial position at the end of the period. |
TRUE |
|
|
What is directly reflected in a statement of rationed earnings? |
Dividends |
|
|
T or F. Required under GAAP: assets are to be presented on balance sheet at fair market values when determinable by appraisal. |
FALSE |
|
|
T or F. Required under GAAP: assets are to be presented on balance sheet at fair market values when determinable by appraisal. |
FALSE |
|
|
Purchase equipment for 16, paying 9 in cash and 7 in notes payable. Entry for transaction would be? |
Net increase in total assets of $7,000 |
|
|
The journal entry to record company's sale of inventory to a customer on account would debit which accounts? |
Accounts Receivable AND Cost of Goods Sold |
