One-year liability insurance policy on march 1st of this year for $5,400 and practice exam questions: business & society to convey the public affairs message (d) immediately apologize to the public and. Choices (a) and (b) are long-term assets, while choice (d) is a long-term liability for the next question - click here 2 the correct answer is a explanation: the amount of net income or net loss is transferred to retained earnings, which is an equity account choices (b), (c), and (d) are asset accounts for the next question - click here 3. Start studying accounting ch 1: t accounts (exam 1 questions) learn vocabulary, terms, and more with flashcards, games, and other study tools.
Explanation: the amount of net income or net loss is transferred to retained earnings, which is an equity account choices (b), (c), and (d) are asset accounts for the next question - click here 3 the correct answer is b explanation: accounts payable is a short-term obligation hence, it is classified as a current liability in the balance sheet. The public accounting recruiting guide #accounting chatroom on irc how did you understand the accrual accounting questions (selfaccounting) unless the question states they use a different method or it's about governmental funds then you'll be using accrual permalink.
Practice questions about liabilities add remove b as of the end of each accounting period during which the note is a liability liability practice mc questions a transaction that is likely to cause an increase in a current liability is: a payment of accrued wages. This is just a question i have to answer for my business law accounting class it is not directly related to me or any one person in my class we are discussing negligence and strict liability and i need to know how strict liability is related to accounting.
Practice test for chapters 1 and 2 in accounting 1 disclaimer: the following is a practice test public accounting c) financial accounting d) not-for-profit accounting e) auditing a liability to be debited, an asset to be credited c) an asset to be debited, capital to be credited. Cpas, attorneys, and others rule of practice 2(e) gives the power of suspension or disbarment to the sec in addition, the public company accounting oversight board (under the authority of the sec) may conduct investigations and disciplinary proceedings regarding both registered public accounting firms, and professional employees (including owners.
Auditor liability recently, the question of liability has become more prevalent in the practice of public accounting the aicpa has been lobbying for liability reform in cases involving negligence or malpractice by public accountants. Ownership requirements changed for professional limited liability companies and professional corporations engaged in the practice of public accounting. The extent that the accounting profession can limit its liability through the use of pc in each state evolves into an issue of public policy at issue is the weighing of the interest of the public seeking redress for professional negligence against the legitimate interest of the professional in limiting liability.
S/he is currently licensed as a public accountant and all of the person’s offices in the state for the practice of public accounting are currently maintained and registered as required under § 17-12-403 or. How does strict liability doctrine apply to the practice of accounting - answered by a verified lawyer justanswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege the expert above is not your attorney, and the response above is not legal advice.