FiltersDone

Question type

Essay

Multiple Choice

Short Answer

True False

Matching

Exam 1: Accounting As a Form of Communication

Show Answer

Share

---

All types

Filters

Study FlashcardsPractice ExamLearn

Question 71

Multiple Choice

Review LaterAdd Note

Review Later

For each statement provided, choose the letter of the appropriate term from the list that each statement best describes.Some terms may be used more than once, while others are not used at all. -Claims of the creditors against the assets of a company.

A) Capital stock
B) Asset
C) Owners' equity
D) Time period
E) Dividends
F) Economic entity concept
G) Expense
H) Retained earnings
I) Cost principle
J) Creditor
K) Liability
L) Revenue
M) Going concern
N) Monetary unit
O) Corporation

Correct Answer

verified

Show Answer

Question 72

Multiple Choice

Review LaterAdd Note

Review Later

The Securities and Exchange Commission (SEC) is concerned with

A) Companies that issue securities to the general public.
B) All companies in the US regardless of size.
C) Accounting reports issued by government entities.
D) All domestic and international companies that issue accounting reports.

Correct Answer

verified

Show Answer

Question 73

Multiple Choice

Review LaterAdd Note

At December 31, 2016, the accounting records of Tasty Foods Corporation contain the following: $\begin{array} { l r l r } \text { Accounts payable } & \$ 16,000 & \text { Accounts receivable } & \$ 40,000 \\\text { Land } & \$ 240,000 & \text { Cash } & ? \\\text { Capital stock } & ? & \text { Equipment } & \$ 120,000 \\\text { Buil ding } & \$ 180,000 & \text { Notes payable } & \$ 190,000 \\\text { Retained earnings } & \$ 160,000 & &\end{array}$ ? If Cash is $26,000, what is the December 31, 2016 capital stock balance?

A department store is an example of a manufacturer.

The natural progression in items from one statement to another and preparation of financial statements is best represented by the following order:

When an entity's revenues exceed its expenses for a period of time, the entity will report net income.

______________________ consists of all activities necessary to provide the members of an economic system with goods and services.

Several items from the financial statements of Standard Tires are listed below.Use the following answer choices to identify the type of account for each item listed.Place your answers in the space provided. -Long-term debt

The three types of business activities in which all corporations engage are _______________________, ______________________, and _____________________.

The accountant for Taryn Corporation prepared the following list of account balances from the company's records for the year ended December 31, 2016: ​ $\begin{array} { l r l r } \text { Sales revenue } & \$ 165,000 & \text { Cash } & \$ 30,000 \\\text { Accounts receivable } & 14,000 & \text { Selling expenses } & 44,000 \\\text { Equipment } & 42,000 & \text { Common stock } & 41,000 \\\text { Accounts payable } & 12,000 & \text { Interest income } & 3,000 \\\text { Salaries and wages expense } & 40,000 & \text { Cost of sales } & 51,000 \\\text { Inventories } & 22,000 & \text { Prepaid expenses } & 2,000 \\\text { Income taxes payable } & 5,000 & \text { Income taxes expense } & 18,000 \\\text { Notes payable } & 20,000 & \text { Retained earnings } & ?\end{array}$ ​ ​ -Read the information for Taryn Corporation.Prepare an income statement for Taryn Corporation in good form.

Which one of the following is an assumption made in the preparation of financial statements?

Match the following business forms with their characteristics below. -Need an agreement about contributions to the business

Cross Country Busline is an example of a

Provided below is a list of important users of accounting information.Below the list are descriptions of a major need of each of the various users.Fill in the blank with the one user group that is most likely to have the need described to the right of the blank.Some user groups may be used more than once or not at all. -The profitability of each division of the company.

The outflow of assets resulting from the sale of products and services is called a(n)

Several items from the financial statements of Standard Tires are listed below.Use the following answer choices to identify the type of account for each item listed.Place your answers in the space provided. -Capital stock

Which of the following best describes the term "retained earnings"?

Sawaddee Enterprises began the year with total assets of $450,000 and total liabilities of $230,000.If Sawaddee total liabilities increased by $31,000 and its owners' equity decreased by $53,000 during the year, what was the amount of its total assets at the end of the year?

Which of the following is an organization that lends funds to a business entity and expects repayment of the funds?

For each statement provided, choose the letter of the appropriate term from the list that each statement best describes.Some terms may be used more than once, while others are not used at all. -The principle or rule that specifies the amount recorded for an asset upon acquisition.