Questions from General Accounting

Q: Samsung (Samsung.com) is a leading manufacturer of consumer

Samsung (Samsung.com) is a leading manufacturer of consumer electronic products. The following selected information is available from Samsung’s financial statements along with that f...

Q: Answer each of the following questions related to international accounting standards.

Answer each of the following questions related to international accounting standards. a. Do financial statements prepared under IFRS normally present assets from least liquid to most liquid or vice ve...

Q: Answer each of the following questions related to international accounting standards.

Answer each of the following questions related to international accounting standards. a. Explain how the closing process is different between accounting under IFRS versus U.S. GAAP. b. What basic prin...

Q: Identify the following users as either external users (E) or

Identify the following users as either external users (E) or internal users (I). a. Customers b. Suppliers c. Brokers d. Business press e. Managers f. District attorney g. Shareholders h. Lenders i...

Q: Cal Consulting initially records prepaid and unearned items in income statement accounts

Cal Consulting initially records prepaid and unearned items in income statement accounts. Given this company’s accounting practices, which of the following applies to the preparation of adjusting entr...

Q: In preparing a work sheet, indicate the financial statement Debit column

In preparing a work sheet, indicate the financial statement Debit column to which a normal balance in the following accounts should be extended. Use IS for the Income Statement Debit column and BS for...

Q: Identify which of the following accounts would be included in a post

Identify which of the following accounts would be included in a post-closing trial balance. a. Accounts Receivable b. Salaries Expense c. Goodwill d. Land e. Income Tax Expense f. Salaries Payable...

Q: The following are common categories on a classified balance sheet.

The following are common categories on a classified balance sheet. A. Current assets B. Long-term investments C. Plant assets D. Intangible assets E. Current liabilities F. Long-term liabilities For e...

Q: Identify the items from the following list that are likely to serve

Identify the items from the following list that are likely to serve as source documents. a. Sales ticket b. Trial balance c. Balance sheet d. Telephone bill e. Invoice from supplier f. Company re...

Q: Identify each of the following terms/phrases as either an accounting

Identify each of the following terms/phrases as either an accounting: (a) principle, (b) assumption, or (c) constraint. 1. Materiality 2. Time period 3. Benefit exceeds cost 4. Revenue recognitio...