Accelerated depreciation methods are used primarily in ( )
A. Income tax returns
B. The financial statements of small businesses
C. The financial statements of publicly owned corporations
D. Companies with computer-based accounting systems
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DS Company uses a periodic inventory system and made an error at the end of year I that caused its year I ending inventory to be understated by $6000. What effect does this error have on the company’s financial statement? ( )
A. Net income is understated; assets are understated
B. Net income is understated; assets are overstated
C. Net income is overstated; assets are understated
D. Net income is overstated; assets are overstated
Which of the following financial statements is prepared for a period of time ( ).
A. Balance sheet.
B. Income statement.
C. Statement of stockholders’ equity.
D. Statement of cash flows.
Charging the cost of ordinary repairs to the machinery and equipment asset account during the current year would ( ).
A. overstate net income for the current year
B. Understate shareholder’s equity at the end of the current year
C. Not affect the total liabilities at the end of the current year
D. overstate the total assets at the end of the current year
The control features of a bank account include ( ).
A. having bank auditors verify the correctness of the bank balance per books.
B. minimizing the amount of cash that must be kept on hand.
C. providing a double record of all bank transactions.
D. safeguarding cash by using a bank as a depository.
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