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Terms in this set (68)1. Will the company be capable of repaying its debt when it is due? Will the company's stock increase in value? 2. What are the company's terms of credit with its suppliers? Will the company's stock increase in value? 3. Which of the following is a feature of the corporate form of business ownership? Unlimited liability Double taxation 4. Which of the following is an alternate form of the accounting equation? Assets − Liabilities = Stockholders' Equity Assets − Liabilities = Stockholders' Equity 5. $28,000 128,000 6. Amounts owed to
creditors. Costs of providing products and services. 7. Which of the following is not one of the four primary financial statements? Balance Sheet Trial Balance 8. Use the following amounts to calculate net income: Assets, $165,000; Dividends, $9,000; Expenses, $61,000; Liabilities, $74,000; Revenues, $82,000. $12,000 NI=R-E 9. The balance sheet: Presents the financial position of a company at a point in time. Presents the financial position of a company at a point in time. 10. The statement of cash flows: Presents the financial position of a company at a point in time. Presents the financial position of a company at a point in time. 11. Net income appears in which two financial statements? Balance Sheet and Statement of Cash Flows Income Statement and Statement of Stockholders' Equity 12. The income statement Management's discussion and analysis 13. Which of the following best explains a company's stock price performance? Dividends Net income BC: No single piece of company information better explains companies' stock price performance than does financial accounting net income 14. Which of the following is an important indicator of a company management's ability to respond to business situations and the possibility of bankruptcy? Inventory Total liabilities BC: (A company's debt level is an important indicator of management's ability to respond to business situations and the possibility of bankruptcy.) 15.
International Accounting Standards Board Financial Accounting Standards Board 16. What was the objective of the 1933 Securities Act? It set forth accounting and disclosure requirements for initial
offerings of securities. It set forth accounting and disclosure requirements for initial offerings of securities. 17. The FASB has explicitly stated the specific objectives of financial accounting. Which of the following is not one of those objectives? Helps to predict cash flows. It is useful to company management in making decisions. 18.
A consensus among different measures. A code or moral system that provides criteria for evaluating right and wrong behavior. 19. Target ... 1. The primary functions of accounting are to: increase a company's stock market valuation. measure a company's activities. A business organization that is legally separate from its owners is called a(n)____________________ (Enter one word per blank) corporation, corporate, or corporations 3. Companies communicate information about their business activities primarily through their tax return. financial statements 4. Which of the following are financial statements? (Select all that apply.) Statement of corporate responsibility Balance sheet 5. An income statement reports: (Select all that apply.) amounts contributed by stockholders net income or loss 6. The system that maintains records of a company's operations and then communicates that information to decision makers is referred to as accounting 7. The form of business organization where an entity is legally separate from its owners and issues shares of stock is a proprietorship. corporation. 8. ---------------------Statements represent a company's primary means of communicating information to external users. (Enter one word per blank.) Financial, Finance, or Financing 9. The two sources of stockholders' equity are amounts paid in from shareholders paid in from shareholders 10. The four financial statements published to provide information to external users include which of the following? statement of Stockholders' Equity Statement of Stockholders' Equity 11.The financial statement that summarizes revenues and expenses for a period of time is the----------, ___________________ Blank 1: income 12. The primary functions of accounting are to: measure a company's activities. measure a company's activities. 13. An advantage of the corporate form of organization is that a corporation does not have to pay its creditors. provides limited liability to stockholders. Reason: 14. Retained earnings represents the total operating, investing, and financing activities of the
company. the total net income earned over the life of the company that has not been distributed as dividends 15. Stockholders' equity arises primarily from amounts invested by shareholders and amounts ______. borrowed from banks earned by the corporation 16. Profits earned by a company that have not been paid to stockholders are called___________earnings retained 17. The financial statement that displays a firm's financial position on a particular date is the balance sheet 18. The financial statement that summarizes the profit-generating activities of a company during a particular period of time is the income statement. income statement. The
accounting equation is: Assets = Liabilities + Stockholders' Equity 20. The system that maintains records of a company's operations and then communicates that information to decision makers is referred to as____________ Accounting 21. Which of these would be found on a company's balance sheet? (Select all that apply.) Depreciation expense Equipment 22. Undistributed profits that have accumulated in the company over time are called_______ retained 23. Which of the following items are found on a balance sheet? (Select all that apply.) Assets Assets 24. Ending retained earnings is calculated as beginning retained earnings + net income + dividends beginning retained earnings + net income - dividends 25. Which of the following financial statements shows a firm's financial position on a particular date? ncome statement Balance sheet 26, The accounting equation is: Assets = ______ + Stockholders' Equity. Expenses Liabilities 27. The purpose of a statement of cash flows is to provide information about the cash receipts and cash disbursements during a period. 28. Which of the following appear(s) on the balance sheet? Accounts receivable Accounts receivable 29. A balance sheet lists the assets,_______, and stockholders' equity as of a specific date liabilities or liability 30. The financial statement that is most useful in explaining a company's stock price performance is the statement of stockholders' equity. income statement. 31. A net loss ______ retained earnings. increases decreases 32. The financial statement that displays a firm's financial position on a particular date is the_______________,__________________ Blank 1: balance In our society, the two main functions of accounting are to measure business activities. measure business activities. communicate information to investors and creditors. 34. The financial statement that provides information about cash receipts and cash disbursements for the period is the balance sheet. statement of cash flows. 35. Which of the following are attributes of FASB? (Select all that apply.) Independence 36. Which of these would be found on a company's balance sheet? Notes payable Notes payable 37. Information that best explains companies' stock price performance is reported on the _____________, _______________ Blank 1: income 38. When a company earns net income, its retained earnings: increase increase 39.________________ is a term that refers to a code or moral system that provides criteria for evaluating right or wrong. Ethics, Ethical conduct, Ethical, or Ethic
The two main functions of accounting______________Unavailable are to (1) measure business activities and (2) to communicate those measurements to investors and creditors. (Enter only one word.) accounting or accountants 41. Which of the following knowledge and skills should an accounting professional possess? Fluency in several languages Presentation skills 42. ________is the common abbreviation for the Board that currently establishes financial accounting and reporting standards in the U.S. Blank 1: FASB 43. True or false: Accounting professionals enjoy a wide variety of career opportunities. True 44. The financial statement that is most useful in explaining a company's stock price performance is the statement of stockholders' equity. income statement. 45. A code or moral system that provides criteria for evaluating right and wrong is referred to as ethics. ethics. 46. Technical accounting skills represent the only skills required of accounting professionals______________ accounting private 47. To be useful for decision making, information should possess the fundamental qualities of relevance and________rpresentation faithful, faithfulness, or faithfully 48. The two main career paths in accounting are referred to as SEC private 49. The hierarchy of qualitative characteristics of financial information require that, in order to be useful for decision making, information should possess the fundamental characteristics of neutrality and materiality. relevance and faithful representation. Sets with similar termsFinancial Accounting Chapter 1127 terms emilybag Financial Accounting Chapter 1138 terms Chauncey_Greene ACCT 251 Exam 197 terms rachel_caudill5 Chapter 1 - Introduction to Accounting and Business31 terms baileysted Other sets by this creatorchapter 10: Shockholder43 terms superPaxle79 Account 101: Chapter 4: Cash and control Cash8 terms superPaxle79 Account 101: Chapter 3 -52 terms superPaxle79 Account 101- Ch 2: Accounting Cycle48 terms superPaxle79 Verified questionsACCOUNTING Sundance Systems has the following transactions during July. $$ \begin{array}{ll} \text{July 5} & \text{Purchases 40 LCD televisions on account from Red River Supplies for \$2,500 each,}\\ \text{ } & \text{terms 3/10, n/30.}\\ \text{July 8} & \text{Returns to Red River two televisions that had defective sound.}\\ \text{July 13} & \text{Pays the full amount due to Red River.}\\ \text{July 28} & \text{Sells remaining 38 televisions from July 5 for \$3,000 each on account.}\\ \end{array} $$ Record the transactions of Sundance Systems, assuming the company uses a perpetual inventory system. Verified answer
ACCOUNTING A journal and general ledger accounts are given in the Working Papers. Work this problem independently. Transactions: July 1. Discovered that a transaction for supplies bought last month was journalized and posted in error as a debit to Prepaid Insurance instead of Supplies, $\$110. 00$. M23. 1. Discovered that a transaction for advertising expense for last month was journalized and posted in error as a debit to Miscellaneous Expense instead of Advertising Expense, $\$440.00$. M24. It was also discovered that two posting errors were made in the owner's capital account. The June 1 entry amount should have been $\$25,000.00$. The June 15 entry included a credit to the capital account for $\$1, 000$. 00 that was posted in error as a debit. Using the account provided in the Working Papers and the information given, correct the two posting errors. Verified answer
ACCOUNTING If the owner of a company takes merchandise for personal use, what account is debited? a. Owner’s capital b. Owner’s withdrawals c. Purchases d. Cash Verified answer
ACCOUNTING The following transactions occur for the Panther Detective Agency during the month of July: a. Purchase a truck and sign a note payable, $15,000. b. Purchase office supplies for cash,$600. c. Pay $800 in rent for the current month. Record the transactions. The company uses the following accounts: Cash, Supplies, Equipment (for the truck), Notes Payable, and Rent Expense. Verified answer Other Quizlet setsHistory-14&15-McGuire57 terms olivia_holen HIS111 Chapter 515 terms tayya_j Physics Final Practice Test10 terms nharr52 Phamacology Week 1 and 220 terms Katarinaray3 Which of the following financial statements shows a firm's financial position on a particular date quizlet?The balance sheet shows the firm's financial position on a specific date, It shows each account balance at that particular point in time.
Which of the following financial statements show a firm's financial position on a particular date?Balance sheet financial statements shows the financial position of a business at a specific date.
Which of the following financial statements shows a firm's financial position on a particular date multiple choice question?------ is the common abbreviation for the Board that currently establishes financial accounting and reporting standards in the U.S. Which of the following financial statements shows a firm's financial position on a particular date? statement of stockholders' equity.
What is statement of financial position?A statement of financial position is another name for a balance sheet. It is used to provide an overview of a business's financial position at a given point in time.
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Which of the following financial statements shows a firms financial position on a particular date quizlet?
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