Bus2125 -Summer 2018: Bus2125 Summer 2018 d-term Exam (Ch. 1- Ch. 7) Question 4

Question

Bus2125 -Summer 2018: Bus2125 Summer 2018 d-term Exam (Ch. 1- Ch. 7) Question 4 (of 40) Ti 3.00 points s is correct (true) with respect to the "balance sheet" and the 'elements" reported on it? O Creditors claims (to the assets) are called expenses O The balance sheet is dated as of the last day of the period for which financial results are being presented. If the financial statements are prepared "in turn [i.e. in proper order] the balance sheet would be prepared 1st (out of 4) O The purpose is to report the "results of operations of a company. 28

Explanation / Answer

Q1. Answer is The balance Sheet is dated as of the last day of the period for which financial results are being presented. Q2. Answer is ($500) + $ 2000 = $ 1500+ 0 Q3. Answer is Wild flower orders fertilizers to be delivered next week. Q4. Answer is The transaction would be recorded as Operating activities Explanation; The transcation is recorded partly as investing activities. Partly as non cash investing and financing activities.

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