Accounting Questions

CHAPTER 3 ADJUSTING THE ACCOUNTS MULTIPLE CHOICE QUESTIONS 38.Monthly and quarterly clock extremitys be c aloneed a.calender fulfilments. b. financial extremitys. c.interim mensess. d.quarterly periods. 39.The snip period premise states that a.a transaction merchant ship 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 employment can be divided into artificial time periods. 40.An bill time period that is one grade in length, nevertheless does not pay back on January 1, is referred to as a.a fiscal grade. b.an interim period. c.the time period assumption. d.a reporting period. 41.Adjus tments 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 gen eral, the shorter the time period, the diffi! culty of making the right-hand(a) 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 lack to get a skillful essay, order it on our website: OrderEssay.net

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