Is a balanced fully closed if it has an amount in the current liabilities column?
No
100
Who made Facebook?
Mark Zuckerberg
100
True or False: The amount paid for an item is always different form its market value?
False
200
Why do we fully disclose entries?
To understand a business's financial condition and to be up to date on information
200
Freebie
+200
200
What amount would be recorded if you paid $3,000 for a computer marked up at $3,800.
$3,000
300
Which statement is wrong:
1.Fully Disclosing entries helps everyone in a business.
2.All information needs to be disclosed.
3.Full Disclosure requires 5 elements to work.
2.All information needs to be disclosed
Only relevant information needs to be disclosed
300
What is the best football team?
Colts
300
Why do you use the amount paid instead of market value?
Amount could have been marked up
400
Name 3 of the 5 elements needed to have something fully disclosed
Income statement, balance sheet, statement of stockholders' equity, statement of cash flow, and the notes to the financial statements.