Stichworte Accounting profit

Stichworte: Accounting profit

Why would a competitive firm stay in business if it made zero economic profit

Why would a competitive firm stay in business if it made zero economic profit

What are the examples of decisions that can be supported by accounting information?

What are the examples of decisions that can be supported by accounting information?

The profit motive distinguishes business activities from personal activities.

The profit motive distinguishes business activities from personal activities.

Which of the following accounts is closed at the end of the accounting cycle?

Which of the following accounts is closed at the end of the accounting cycle?

What is the organized effort of individuals to produce and sell for a profit?

What is the organized effort of individuals to produce and sell for a profit?

How can competitive profit be zero in the long run who will work for nothing?

How can competitive profit be zero in the long run who will work for nothing?

Which organization sets the principles of financial accounting and reporting?

Which organization sets the principles of financial accounting and reporting?

Which of the following is not a component of an accounting information system

Which of the following is not a component of an accounting information system

Which of the following most clearly differentiates accounting and bookkeeping

Which of the following most clearly differentiates accounting and bookkeeping

Which of the following is the reason for overhead variance in cost accounting?

Which of the following is the reason for overhead variance in cost accounting?

The role of managerial accounting information in assisting management is a(n):

The role of managerial accounting information in assisting management is a(n):

Which of the following accounts are closed at the end of the accounting cycle?

Which of the following accounts are closed at the end of the accounting cycle?

Recording is the accounting process in which financial statements are prepared

Recording is the accounting process in which financial statements are prepared

The ratio of earnings to sales for a given time period is a firms profit margin.

The ratio of earnings to sales for a given time period is a firms profit margin.

Wann ist accounting profit und economic profit gleich

Wann ist accounting profit und economic profit gleich

Which of the following correctly summarizes one of the primary objectives of financial reporting?

Which of the following correctly summarizes one of the primary objectives of financial reporting?

Which among the following is not considered an internal user of accounting information?

Which among the following is not considered an internal user of accounting information?

Which of the following accounting principles is concerned with recording expenses in the same period as the revenues they were used for?

Which of the following accounting principles is concerned with recording expenses in the same period as the revenues they were used for?

Which of the following is an acceptable way of stating the accounting equation?

Which of the following is an acceptable way of stating the accounting equation?

Which of the following is not concerned with the role of management accounting?

Which of the following is not concerned with the role of management accounting?

Which of the following is not a business trend impacting management accounting?

Which of the following is not a business trend impacting management accounting?

Where there is no partnership agreement then profits and losses must be shared?

Where there is no partnership agreement then profits and losses must be shared?

In the above figure the monopolistically competitive firm makes an economic profit of

In the above figure the monopolistically competitive firm makes an economic profit of

Which of the following was the first body that set accounting standards in the USA?

Which of the following was the first body that set accounting standards in the USA?

Provide the key characteristics of rules-based standards and principles-based standards.

Provide the key characteristics of rules-based standards and principles-based standards.

Which of the following are the two methods of accounting for uncollectible receivables?

Which of the following are the two methods of accounting for uncollectible receivables?

Performing arts organizations are an example of other private not-for-profit organizations.

Performing arts organizations are an example of other private not-for-profit organizations.

Why cant traditional product costing systems account for costs of volume diversity?

Why cant traditional product costing systems account for costs of volume diversity?

Does every accounting transaction affects both the balance sheet and the income statement?

Does every accounting transaction affects both the balance sheet and the income statement?

Does the accounting equation stay in balance after each transaction is recorded?

Does the accounting equation stay in balance after each transaction is recorded?

What branch of accounting is evaluation of the performance of a sales department

What branch of accounting is evaluation of the performance of a sales department

Social workers are employed at non-for profits, for-profits, and public organizations.

Social workers are employed at non-for profits, for-profits, and public organizations.

Which of the following is an auditor least likely to consider a departure from generally accepted accounting principles?

Which of the following is an auditor least likely to consider a departure from generally accepted accounting principles?

What are the five questions you should ask before concluding a financial transaction?

What are the five questions you should ask before concluding a financial transaction?

Cost accounting is an integral part of the ________ function in an organization.

Cost accounting is an integral part of the ________ function in an organization.

What do you mean by management accounting explain its functions and limitations?

What do you mean by management accounting explain its functions and limitations?

What is the profit maximizing quantity of output for this pure monopoly quizlet?

What is the profit maximizing quantity of output for this pure monopoly quizlet?

Fasb requires that not-for-profit entities classify net assets into the following

Fasb requires that not-for-profit entities classify net assets into the following

Refer to the diagram at the profit-maximizing level of output, the firm will realize

Refer to the diagram at the profit-maximizing level of output, the firm will realize

Which of the following are considered both a separate accounting and legal entity

Which of the following are considered both a separate accounting and legal entity

What method of accounting would a government owned hospital use to record its revenues and expenses?

What method of accounting would a government owned hospital use to record its revenues and expenses?

Contributed services are recognized as revenue for a private not-for-profit when the service

Contributed services are recognized as revenue for a private not-for-profit when the service

What is the highest level of authoritative rules for state and local government accounting?

What is the highest level of authoritative rules for state and local government accounting?

Which basis of accounting is consistent with the economic resources measurement focus?

Which basis of accounting is consistent with the economic resources measurement focus?

Using the table below, determine the profit-maximizing output (Q) for a monopolist

Using the table below, determine the profit-maximizing output (Q) for a monopolist

Managers of this centers have responsibility for profits and investment in assets.

Managers of this centers have responsibility for profits and investment in assets.

The pure monopolist seeks the output that will yield the greatest per-unit profit.

The pure monopolist seeks the output that will yield the greatest per-unit profit.

Which of the following statements is not true of manufacturing company accounting?

Which of the following statements is not true of manufacturing company accounting?

Generally accepted accounting principles (gaap) require that inventory be recorded at

Generally accepted accounting principles (gaap) require that inventory be recorded at

How do you use the Currency Number Format using the dollar symbol and show two decimal places?

How do you use the Currency Number Format using the dollar symbol and show two decimal places?

If ending inventory and cost of goods sold are added together, they should equal gross profit

If ending inventory and cost of goods sold are added together, they should equal gross profit

Under the allowance method of accounting for uncollectible accounts, bad debt expense is debited

Under the allowance method of accounting for uncollectible accounts, bad debt expense is debited

The entry to close the appropriate insurance account at the end of the accounting period is

The entry to close the appropriate insurance account at the end of the accounting period is

The amount remaining after all expenses are deducted from total revenues is referred to as _____.

The amount remaining after all expenses are deducted from total revenues is referred to as _____.

Under variable costing, the profit for a period is not affected by changes in inventory

Under variable costing, the profit for a period is not affected by changes in inventory

Which are considered to be the working areas of accounting? (select all that apply)

Which are considered to be the working areas of accounting? (select all that apply)

Do individuals have the right to request an accounting of disclosures of their PHI?

Do individuals have the right to request an accounting of disclosures of their PHI?

What is an organization that seeks profit by providing goods or services to others?

What is an organization that seeks profit by providing goods or services to others?

Is the loss in the value of property due to its use of life wear tear decay and etc?

Is the loss in the value of property due to its use of life wear tear decay and etc?

Profit = (selling price per unit × quantity sold) – ( expense per unit × quantity sold) – expenses.

Profit = (selling price per unit × quantity sold) – ( expense per unit × quantity sold) – expenses.

Which of the following knowledge and skills should an accounting professional possess?

Which of the following knowledge and skills should an accounting professional possess?

To maximize its profit in the short run, a perfectly competitive firm decides Quizlet

To maximize its profit in the short run, a perfectly competitive firm decides Quizlet

Which of the following bodies formulate the generally accepted accounting principles?

Which of the following bodies formulate the generally accepted accounting principles?

What are the major differences between managerial accounting and financial accounting who are the intended users and what are their informational needs?

What are the major differences between managerial accounting and financial accounting who are the intended users and what are their informational needs?

What are the major differences between financial accounting and managerial accounting?

What are the major differences between financial accounting and managerial accounting?

Which of the following is correct regarding the changing role of managerial accounting?

Which of the following is correct regarding the changing role of managerial accounting?

What is the quality of information that is capable of making a difference in a decision

What is the quality of information that is capable of making a difference in a decision

Which professional organization represents management accountants in the United States?

Which professional organization represents management accountants in the United States?

Your client would like to display negative numbers in red on their Profit and Loss report

Your client would like to display negative numbers in red on their Profit and Loss report

If the cash balance shown in the accounting records is less than the correct cash balance

If the cash balance shown in the accounting records is less than the correct cash balance

Which of the following expenses is considered a controllable expense by profit center managers

Which of the following expenses is considered a controllable expense by profit center managers

What branch of accounting evaluate whether the financial statements are presented fairly and in compliance with accounting standards?

What branch of accounting evaluate whether the financial statements are presented fairly and in compliance with accounting standards?

What field of accounting would provide the most useful information to internal decision makers in regards to planning budgeting and forecasting?

What field of accounting would provide the most useful information to internal decision makers in regards to planning budgeting and forecasting?

What branch of accounting focuses on the producing accounting reports for internal users to support decision

What branch of accounting focuses on the producing accounting reports for internal users to support decision

Concept of social accounting, social audit and cash Based single entry system of accounting MCQ

Concept of social accounting, social audit and cash Based single entry system of accounting MCQ

Which accounting assumption assumes that an enterprise will continue in operation long enough to carry out its existing objectives and commitments?

Which accounting assumption assumes that an enterprise will continue in operation long enough to carry out its existing objectives and commitments?

Which principle guideline justifies a company violating an accounting principle because the amounts are not significant?

Which principle guideline justifies a company violating an accounting principle because the amounts are not significant?

Which principle states revenue is recorded when earned regardless of when payment is received?

Which principle states revenue is recorded when earned regardless of when payment is received?

Which of the following states that a transaction is not recorded in the books of accounts unless?

Which of the following states that a transaction is not recorded in the books of accounts unless?

What is the name of the accounting rule that records a revenue amount at the time of sale even if it is on account instead of cash?

What is the name of the accounting rule that records a revenue amount at the time of sale even if it is on account instead of cash?

What basic accounting concept is states that business and the owner are two separate distinct persons?

What basic accounting concept is states that business and the owner are two separate distinct persons?

Which accounting concepts states that omitting or misstating this information could influence users of financial statements?

Which accounting concepts states that omitting or misstating this information could influence users of financial statements?

Which of the following states that transaction is not recorded in the books of accounts unless it is measurable in terms of money?

Which of the following states that transaction is not recorded in the books of accounts unless it is measurable in terms of money?

Which branch of accounting means examination of financial statements by a CPA for the purpose of expressing an opinion as to the fairness of the statements?

Which branch of accounting means examination of financial statements by a CPA for the purpose of expressing an opinion as to the fairness of the statements?

If the cash balance shown on an entitys accounting records is less than the correct cash balance

If the cash balance shown on an entitys accounting records is less than the correct cash balance

The percentage markup on cost can be computed by dividing gross profit on selling price by 100

The percentage markup on cost can be computed by dividing gross profit on selling price by 100

Which of the following statements correctly distinguish between financial and management accounting?

Which of the following statements correctly distinguish between financial and management accounting?

The global expansion strategy that has the highest risk but also the highest profit potential is

The global expansion strategy that has the highest risk but also the highest profit potential is

Residual income and ROI are used as performance evaluation methods for profit center performance

Residual income and ROI are used as performance evaluation methods for profit center performance

If the goal is to maximize profit, at which point on the graph would a firm’s output be optimized?

If the goal is to maximize profit, at which point on the graph would a firm’s output be optimized?

Which financial statement shows a firms bottom line its profit or loss after costs expenses and taxes for a specific period?

Which financial statement shows a firms bottom line its profit or loss after costs expenses and taxes for a specific period?

The dollar amount of desired profit from the production and sale of the companys product is

The dollar amount of desired profit from the production and sale of the companys product is

What is an economic and political system in which a countrys trade and industry are controlled by private owners for profit rather than by state?

What is an economic and political system in which a countrys trade and industry are controlled by private owners for profit rather than by state?

Which of the following individuals (or groups) are not stakeholders in not-for-profit corporations?

Which of the following individuals (or groups) are not stakeholders in not-for-profit corporations?

Which statement best describes how the International Ethics Standards Board for Accountants IESBA code affects the US accounting profession chegg?

Which statement best describes how the International Ethics Standards Board for Accountants IESBA code affects the US accounting profession chegg?

Which statement best describes how the International Ethics Standards Board for Accountants Iesba code affects the US accounting profession quizlet?

Which statement best describes how the International Ethics Standards Board for Accountants Iesba code affects the US accounting profession quizlet?

Which branch of ethics is concerned with what a person is obligated or permitted to do in a specific situation or a particular domain of action?

Which branch of ethics is concerned with what a person is obligated or permitted to do in a specific situation or a particular domain of action?

If the firm shuts down its operations in the short run, the total dollar value of the loss will be

If the firm shuts down its operations in the short run, the total dollar value of the loss will be

Which of the following ethical principles refers to an employees obligation to communicate information fairly and objectively?

Which of the following ethical principles refers to an employees obligation to communicate information fairly and objectively?

What type of report summarizes the income and expenses of a company over a period of time and reports the difference as net profit or loss?

What type of report summarizes the income and expenses of a company over a period of time and reports the difference as net profit or loss?