write the identifying letter of the best response in the chart below for the ite
ID: 2387411 • Letter: W
Question
write the identifying letter of the best response in the chart below for the items described in questions 1 through 12.A adequate (or full) disclosure
B adjusting entries
C administrative expenses
D authorized capital stock
E capital stock available for issuance
F closely held corporation
G closing entries
H common stock
I comparability
J correcting entries
K discounted note
L dishonored note
M issued stock
N objective evidence
O Paid-in Capital in Excess of Par
P par value
Q preferred stock
R premium
S promissory note
T publicly held corporation
U reliability
V Retained Earnings
W reversing entries
X selling expenses
1. This accounting concept is applied when a source document is prepared for each
transaction.
2. a corporation whose stock is widely held, has a large market, and is usually traded
on a major stock exchange
3. the operating expenses incurred to sell or market the merchandise sold
4. the maximum number of shares a corporation may issue
5. the cost of insurance protection
6. This accounting concept means that financial reports include enough information to understand a business’s financial condition.
7. If the corporation issues only one class of capital stock, it is called _?_.
8. Entries that may be made whenever an adjusting entry creates a balance in an asset or liability account that initially had a zero balance
9. This account represents the increase in stockholders’ equity from the portion of net income not distributed to the stockholders.
10. A note that is not paid when due
11. The amount assigned to each share of stock that is printed on the stock certificate is referred to as _?_.
12. This characteristic of financial information relates to the confidence users have that the financial information is reasonably free from bias and error.
Explanation / Answer
1. This accounting concept is applied when a source document is prepared for each
transaction.
N
2. a corporation whose stock is widely held, has a large market, and is usually traded
on a major stock exchange
T
3. the operating expenses incurred to sell or market the merchandise sold
X
4. the maximum number of shares a corporation may issue
D
5. the cost of insurance protection
R
6. This accounting concept means that financial reports include enough information to understand a business’s financial condition.
A
7. If the corporation issues only one class of capital stock, it is called _?_.
H
8. Entries that may be made whenever an adjusting entry creates a balance in an asset or liability account that initially had a zero balance
W
9. This account represents the increase in stockholders’ equity from the portion of net income not distributed to the stockholders.
V
10. A note that is not paid when due
L
11. The amount assigned to each share of stock that is printed on the stock certificate is referred to as _?_.
P
12. This characteristic of financial information relates to the confidence users have that the financial information is reasonably free from bias and error.
U
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