Accounting Questions

CHAPTER 3

ADJUSTING THE ACCOUNTS

MULTIPLE CHOICE QUESTIONS

38.Monthly and quarterly time extremitys be c aloneed
a.calender fulfilments.
b.fiscal extremitys.
c.interim periods.
d.quarterly periods.

39.The time period assumption states that
a.a transaction can still pretend one period of time.
b.estimates should not be made if a transaction affects more than one time period.
c.adjustments to the enterprises accounts can only be made in the time period when the lineage terminates its operations.
d.the economic life of a business can be divided into artificial time periods.

40.An accounting time period that is one grade in length, but does not pay back on January 1, is referred to as
a.a fiscal year.
b.an interim period.
c.the time period assumption.
d.a reporting period.

41.Adjustments would not be necessary if fiscal statements were prepared to reflect net income from
a.monthly operations.
b.fiscal year operations.
c.interim operations.
d.lifetime operations.

42.Management usually desires ________ financial statements and the IRS requires all businesses to file _________ tax returns.
a.annual, annual
b.monthly, annual
c.



quarterly, monthly
d.monthly, monthly

43.The time period assumption is too referred to as the
a.calendar assumption.
b.cyclic assumption.
c.periodicity assumption.
d.fiscal assumption.
44.In general, the shorter the time period, the difficulty of making the proper adjustments to accounts
a.is increased.
b.is decreased.
c.is unaffected.
d.depends on if on that point is a profit or loss.

45.Which of the following is not a common time period chosen by businesses as their accounting period?
a.Daily
b.Monthly
c.Quarterly
d.Annually...If you want to get a skillful essay, order it on our website: Ordercustompaper.com



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