09. Which of the following is NOT true about Balance Sheet? (2.5 points) a) A ba
ID: 2519112 • Letter: 0
Question
09. Which of the following is NOT true about Balance Sheet? (2.5 points) a) A ba lance sheet reports the balances in assets, liabilities, and owner's equity over some period of time (e.g. a year or a quarter) b) The dollar amount of assets must equal the dollar amount of liabilities plus the dollar amount of owner's equity for the balance sheet to balance. c) The ending balance sheet of a year is the beginning balance sheet of the next year. d) A balance sheet reports the balances in assets, liabilities, and owner's equity as of a specific date Q10. Accrual adjustments deal with: (2.5 points) a) Current assets and current liabilities only b) Non-current assets and non-current liabilities only c) Assets, liabilities and equity only d) Owner's equity onlyExplanation / Answer
Que. 9.
A. Balance sheet reports balances in assets, liabilities, owners equity as on a specific date and not for a period of time.
All the other statements are true, as assets= liabilities + owner's equity. Ending balance sheet of an year is opening balance sheet for the next year.
Que 10.
A. Accrual adjustment deal with unearned revenues, earned but not received income. These adjustments are for current Assets and current Liabilities only which are falling due in the next 1 year.
All other statements are false.
Related Questions
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.