Order ID | 53563633773 |
Type | Essay |
Writer Level | Masters |
Style | APA |
Sources/References | 4 |
Perfect Number of Pages to Order | 5-10 Pages |
Question 1: The financial statement that presents a summary of the revenues and expenses of a business for a specific period of time, such as a month or year, is called a(n)
· prior period statement
· statement of owner’s equity
· income statement
· balance sheet
Question 2: The Sarbanes-Oxley Act of 2002 prohibits employment of auditors by their clients for what period after their last audit of the client?
· Indefinitely
· One year
· Two years
· There is no such prohibition.
Question 3: Revenues are reported when:
· a contract is signed
· cash is received from the customer
· work is begun on the job
· work is completed on the job
Question 4: A financial statement user would determine if a company was profitable or not during a specific period of time by reviewing
· the Income Statement.
· the Balance Sheet.
· the Statement of Cash Flows.
· cannot be determined.
Question 5: Earning revenue;
· increases assets, increases owner’s equity.
· increases assets, decreases owner’s equity
· increases one asset, decreases another asset
· decreases assets, increases liabilities