The ethical codes are integrity, confidentiality, competence and objectivity. ( )
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The primary objective of financial reporting is ( )
A. to present information in an ethical manner
B. to provide information to the federal government
C. to provide information useful for investment and lending decisions
D. to provide information useful to managers in making daily decisions
Which of the following groups of accounts correctly appear on the post-closing trial balance? ( )
A. Rent Expense, Prepaid Rent, Capital
B. Withdrawals, revenue, Accumulated Depreciation
C. Income Summary, Interest Receivable, Note Payable
D. Ordinary shares, Cash, Unearned Revenue
If a bank reconciliation includes an NSF check for $ 45, the journal entry to record this reconciling item would include ( )
A. credit to Cash
B. debit to Cash
C. credit to Accounts Receivable
D. no entry is required
On July 31, $3 600 is paid for a one-year insurance policy. On December 31, the adjusting entry for prepaid insurance would include( ).
A. a debit to Insurance Expense,$3 600
B. a credit to Prepaid Insurance,$3 600
C. a debit to Insurance Expense,$1 500
D. a credit to Prepaid Insurance,$2 100