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Author Question: Which of the following accountants use a conservative reporting strategy? A) Imogene reported a ... (Read 74 times)

2125004343

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on: Jul 6, 2018
Which of the following accountants use a conservative reporting strategy?
 
  A) Imogene reported a higher inventory than actual.
  B) Malik understated the expense incurred during the year.
  C) Lia capitalized the general maintenance expenses.
  D) Yuriko used a higher depreciation rate for the assets.

Question 2

Which of the following is true?
 a. An asset account would be decreased with a debit.
  b. A liability account would be increased with a debit.
  c. A revenue account would be increased with a credit.
  d. An expense account would be increased with a credit.


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kmb352

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Reply #1 on: Jul 6, 2018
Answer to Question 1

D
Explanation: D) Conservative accounting choices within GAAP include overly aggressive recognition of provisions or reserves, overvaluation of acquired in-process R&D in purchase acquisitions, and overstatement of restructuring charges and asset write-offs.

Answer to Question 2

C


2125004343

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Reply 2 on: Jul 6, 2018
YES! Correct, THANKS for helping me on my review

AmberC1996

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Reply 3 on: Yesterday
Great answer, keep it coming :)

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