Please answer all question Question 11 pts Which of the following is not an obje

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Please answer all question

Question 11 pts

Which of the following is not an objective of financial reporting?

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Question 21 pts

The matching principle states that companies should

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Question 31 pts

The journal entry to recognize Wages Expense for wages earned by employees but not yet paid by quarter end is a(n)

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Question 41 pts

Which of the following is NOT one of the roles of the income statement that we discussed in class?

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Question 51 pts

XYZ had Revenues of $200,000 during 2015, and its Accounts Receivable increased from $40,000 to $50,000. during 2015. How much cash did XYZ collect from customers during 2015?

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Question 61 pts

XYZ had Cost of Goods Sold of $100,000 during 2015, and its Inventory increased from $20,000 to $30,000. during 2015. How much cash did XYZ pay to suppliers during 2015?

To provide information that is useful in making investment, credit, and other decisions

Explanation / Answer

To provide information that portrays the company’s resources, obligations, and how effectively the company has used its resources

match accounting decisions to the economic events they are describing

To help evaluate management's past performance

$190,000 (200000=40000-50000)

$110000

To provide information that portrays the company’s resources, obligations, and how effectively the company has used its resources

match accounting decisions to the economic events they are describing

general journal entry

To help evaluate management's past performance

$190,000 (200000=40000-50000)

$110000

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