ACCOUNTING & RIDDLES

It is the total of income less expenses, excluding the components of other comprehensive income.

• Retained Earnings

• Total Comprehensive Income

• Profit or loss

• Accumulated profit or loss

DJ Loonyo had 4 daughters, and each daughter had a brother.

How many children does DJ Loonyo have?

They refer to increases in equity from peripheral or incidental transactions of an entity

• Comprehensive Income

• Dividends

• Revenues

• Gains

An improvement made to an old machine increased its market value and its capacity to produce without extending then machine's useful life. The cost of improvement preferably should be:

• Capitalized

• Recorded as a loss

• Recorded as a liability

• Expensed

Which of the following is a benefit of providing financial information?

• Auditing

• Improved allocation of resources

• Potential litigation

• Disclosure to competition

Someone's mother has four sons.

There are named North, East and South.

What is the name of the fourth son.

• Someone

• West

• What

• Four

Adjusting entries are needed because an entity:

• Has expenses

• Uses the accrual basis of accounting

• Uses the cash basis of accounting rather than the accrual basis.

• Has earned revenue during the period by selling products from its central operations

In hyperinflationary economy, balance sheet amounts not expressed in the measuring unit current at balance sheet date are restated by applying the

• General Price Index

• Consumer Price Index

• Suggested Retail Price Index

• National Currency

• Foreign Currency

A control device that helps minimize and localize accounting errors is known as

• Subsidiary ledger

• Worksheet

• Trial balance

• Chart of accounts

• Calculator

IBON;

BUS;

JEEP; at,

BUILDING

Ano ang mataas sa apat?