ACCT 105-The cash basis of accounting is acceptable primarily
by | Mar 18, 2020 | Uncategorized
The cash basis of accounting is acceptable primarily in enterprises that do not have substantial credit transactions or inventories.
A. TRUE
B. FALSE
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Under the transactions approach used in financial accounting, every transaction has a single effect upon each party engaging in it.
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|
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If the debit subtotal of the Income Statement on the work sheet is $159,000 and the credit subtotal is $147,000, there is a:
| A.net income of $12,000. |
| B.net loss of $12,000. |
| C.net loss of $159,000. |
| D.net income of $147,000 |
In adjusting and closing the books of Sally Smith Company at the end of the fiscal year, no provision was made for accrued sales salaries expense of $600. The effect of this omission was as follows:
| A.the assets on the balance sheet were the same regardless of the omission. |
| B.stockholders’ equity on the balance sheet is understated by $600. |
| C.the liabilities reported on the balance sheet are overstated by $600. |
| D.net income for the year was understated by $600. |
| E.None of the preceding answers is correct. |
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