Question

Muliple choice q
Q5. Which is not a type of note found in a set of financial statements?
Direct information
Significant internal controls
Significant accounting policies
Indirect information
Q6. Where would unearned revenue most likely appear in a set of financial statements?
In the Balance Sheet as an asset
In the Income Statement after Operating Profit
In the Income Statement before Gross Profit
In the Balance Sheet as a liability
Q7. Which is not an example of an intangible asset?
A copyright
A trademark
A computer
A patent
Q8. What will a contingency note contain?
A disclosure of all future commitments of the company
A set of criteria required to be able to recognize revenue
A disclosure of future contracts to be performed
A circumstance where a company may have a liability
Q9. Where would advertising costs normally be found?
On the balance sheet, within intangible assets
On the income statement, within selling, general and administration
On the balance sheet, within contingent liabilities
On the income statement, within cost of sales
Q10. What is an advantage to using a multi-step income statement?
All income items are grouped in one section, and all expenses in another
The fixed costs and variable costs are broken out separately
Direct expenses and indirect expenses are broken out separately
Net Income is shown before income taxes

Answer 1

Answer:

5 3

6 4

7 2

8 4

9 4

10 1

Explanation:

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Answer 2

Answer:

              5. 2

              6. 4

               7. 3

               8. 4

               9. 2

               10. 4

Explanation: