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Assets are reported on the firm's balance sheet
Question
Updated 1/7/2012 9:30:55 PM
1 Answer/Comment
True. Assets are reported on the left side of a balance sheet. Liabilities and Owner's Equity are reported on the right side.
Added 1/7/2012 9:30:55 PM
This answer has been confirmed as correct, not copied, and helpful.
Confirmed by jeifunk [2/3/2014 10:54:56 AM], Rated good by jeifunk
A financial manager makes recommendations to top executives regarding strategies for improving the financial strength of a firm
Weegy: True. FINANCIAL MANAGERS are managers who make recommendations to top executives regarding strategies for improving the financial strength of a firm. http://faculty.ccbcmd.edu/~jwhitelo/mngt101/ppt/Chapter%2018.ppt. (More)
Question
Updated 2/3/2014 10:56:40 AM
0 Answers/Comments
If the goal of a business is to pay lower taxes on its income during an inflationary period, it is likely to use the FIFO inventory costing method.
Question
Updated 1/7/2012 9:29:37 PM
1 Answer/Comment
False. During an inflationary period, prices are rising. Under LIFO (last in last out) inventory costs deducted from sales would be higher, resulting in lower net income and lower taxes.
Added 1/7/2012 9:29:37 PM
This answer has been added to the Weegy Knowledgebase
To be effective, an internal auditor must be critical of any improprieties or deficiencies found in the financial activities of the firm.
Weegy: Yes Weegy agrees to your statement. :) So any other concerns with an "internal auditor" we can help you!? [smile] (More)
Question
Expert Answered
Asked 1/7/2012 9:27:26 PM
0 Answers/Comments
Julio borrowed money from a close friend to obtain a liquor license for his pub, and gave him a written promise to repay the amount within six months. Julio should list this business debt as an operating expense on his pub's balance sheet.
Question
Not Answered
Updated 1/7/2012 9:41:59 PM
1 Answer/Comment
False. Expenses are not listed on a balance sheet. They are listed on the income statement. The loan should be listed as a current liability on the balance sheet.
Added 1/7/2012 9:41:59 PM
This answer has been added to the Weegy Knowledgebase
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