Liabilities at the end of the year are equal to liabilities at the beginning of the year plus (minus) changes to liabilities during the year. Liabilities at the beginning of the year were $30,000 and the change in liabilities during the year was an increase of $3,000 because the expenses incurred were unpaid as of the end of the year. AACSB: Analytic AICPA BB: Resource Management AICPA FN: Measurement Blooms: Apply Difficulty: 2 Medium Learning Objective: 01-02 Describe the purpose; structure; and content of the four basic financial statements. Topic: Balance Sheet 88. The amount of assets at the end of the year is Assets at the end of the year are equal to assets at the beginning of the year plus (minus) changes in assets during the year. Assets at the beginning of the year are $100,000 and assets increased during the year by $5,000 (revenues paid in cash) and decreased by $1,000 (dividends paid in cash). AACSB: Analytic AICPA BB: Resource Management AICPA FN: Measurement Blooms: Apply Difficulty: 2 Medium Learning Objective: 01-02 Describe the purpose; structure; and content of the four basic financial statements. Topic: Balance Sheet 89. Which of the following would not be reported on the Balance Sheet for a company? The Balance Sheet contains Assets (Accounts receivable and Cash), Liabilities (Accounts payable) and Stockholders' equity. Advertising expense is an expense reported on the Income Statement, not the Balance Sheet.
Liabilities at the end of the year are equal to liabilities at the beginning of the year plus (minus) changes to liabilities during the year. Liabilities at the beginning of the year were $30,000 and the change in liabilities during the year was an increase of $3,000 because the expenses incurred were unpaid as of the end of the year. AACSB: Analytic AICPA BB: Resource Management AICPA FN: Measurement Blooms: Apply Difficulty: 2 Medium Learning Objective: 01-02 Describe the purpose; structure; and content of the four basic financial statements. Topic: Balance Sheet 88. The amount of assets at the end of the year is Assets at the end of the year are equal to assets at the beginning of the year plus (minus) changes in assets during the year. Assets at the beginning of the year are $100,000 and assets increased during the year by $5,000 (revenues paid in cash) and decreased by $1,000 (dividends paid in cash). AACSB: Analytic AICPA BB: Resource Management AICPA FN: Measurement Blooms: Apply Difficulty: 2 Medium Learning Objective: 01-02 Describe the purpose; structure; and content of the four basic financial statements. Topic: Balance Sheet 89. Which of the following would not be reported on the Balance Sheet for a company? The Balance Sheet contains Assets (Accounts receivable and Cash), Liabilities (Accounts payable) and Stockholders' equity. Advertising expense is an expense reported on the Income Statement, not the Balance Sheet.
Test%20Bank%20for%20Fundamentals%20of%20Financial%20Accounting%204E%20-%20Phillips%20-.docx