Question 1

__________________________ is the recording of transactions or events and is just one part of accounting.

Accepted Answer

Recordkeep

Question 2

Identify several opportunities in accounting and its related fields.

Accepted Answer

The traditional areas of accounting incl

Question 3

Jack Dorsey, Evan Williams, and Biz Stone are the owners of the social communications network, Twitter. If they also own a personal collection of vintage bobble heads valued at $25,000, how would the bobble heads be reflected on the company books? State the accounting concept or principle that supports your answer.

Accepted Answer

The personal assets of the owners are no

Question 4

U.S. government bonds are:

Accepted Answer

A)  High-risk and high-return investments. 
B)  Low-risk and low-return investments. 
C)  High-risk and low-return investments. 
D)  Low-risk and high-return investments. 
E)  High risk and no-return investments. 
A)  High-risk and high-return investments. 
B)  Low-risk and low-return investments. 
C)  High-risk and low-return investments. 
D)  Low-risk and high-return investments. 
E)  High risk and no-return investments.

Question 5

Use the following information as of December 31 to determine equity. Liabilities……………………. $141,000
Cash………………………… 57,000
Equipment………………….. 206,000
Buildings…………………… 175,000

Accepted Answer

A)  $57,000 
B)  $141,000 
C)  $297,000 
D)  $438,000 
E)  $579,000 
A)  $57,000 
B)  $141,000 
C)  $297,000 
D)  $438,000 
E)  $579,000

Question 6

A balance sheet lists:

Accepted Answer

A)  The types and amounts of the revenues and expenses of a business. 
B)  Only the information about what happened to retained earnings during a time period. 
C)  The types and amounts of assets, liabilities and equity of a business as of a specific date. 
D)  The cash inflows and outflows during the period. 
E)  The assets and liabilities of a company, but not the equity. 
A)  The types and amounts of the revenues and expenses of a business. 
B)  Only the information about what happened to retained earnings during a time period. 
C)  The types and amounts of assets, liabilities and equity of a business as of a specific date. 
D)  The cash inflows and outflows during the period. 
E)  The assets and liabilities of a company, but not the equity.

Question 7

Generally Accepted Accounting Principles:

Accepted Answer

A)  Focus on the review of a situation. 
B)  Do not require financial statements. 
C)  Never change. 
D)  Intend to make information on the financial statements relevant, reliable, and comparable. 
E)  Oversees Security and Exchange Commission. 
A)  Focus on the review of a situation. 
B)  Do not require financial statements. 
C)  Never change. 
D)  Intend to make information on the financial statements relevant, reliable, and comparable. 
E)  Oversees Security and Exchange Commission.

Question 8

Ending liabilities are 67,000, beginning equity was $87,000, common stock issued during year totaled $31,000, expenses for the year were $22,000, dividends declared totaled $13,000, ending equity for the year is $181,000, and beginning assets for the year were $222,000. What was beginning liabilities for the year?

Accepted Answer

A)  $154,000 
B)  $155,000 
C)  $212,000 
D)  $248,000 
E)  $135,000 
A)  $154,000 
B)  $155,000 
C)  $212,000 
D)  $248,000 
E)  $135,000

Question 9

Which of the following elements are found on the balance sheet?

Accepted Answer

A)  Service revenue 
B)  Net income 
C)  Operating activities 
D)  Utilities expense 
E)  Retained earnings 
A)  Service revenue 
B)  Net income 
C)  Operating activities 
D)  Utilities expense 
E)  Retained earnings

Question 10

Beginning assets were $437,600, beginning liabilities were $262,560, common stock issued during the year totaled $45,000, revenue for the year was $414,250, expenses for the year were $280,000, dividends declared was $22,700, and ending liabilities is $$350,000. What is net income for the year?

Accepted Answer

A)  $700,160 
B)  $331,590 
C)  $134,250 
D)  $612,560 
E)  $175,040 
A)  $700,160 
B)  $331,590 
C)  $134,250 
D)  $612,560 
E)  $175,040

Question 11

Accounting is a ______________________ that identifies, records, and communicates relevant, reliable, and comparable information about an organization's economic activities.

Accepted Answer

Information and meas

Question 12

The business entity assumption requires that a business be accounted for separately from other business entities, including its owner or owners.

Accepted Answer

A) True 
 B)False

Question 13

Select the appropriate financial statement(s) for each of the following accounts.
 $\begin{array}{lr}
\text { 1. Accounts Receivable } & \text { Balance sheet } \
\text { 2. Cash } & \text { Statement of cash flows } \
\text { 3. Fees Earned } & \text { Balance sheet } \
\text { 4. Notes Payable } & \text { Income statement } \
\text { 5. Common Stock } & \text { Balance sheet } \
\text { 6. Net Financing Cash } & \
\text { Flow } & \text { Balance sheet } \
\text { 7. Rent Expense } & \text { Income statement } \
\text { 8. Supplies Expense } & \text { Income statement }
\end{array}$ Blooms

Accepted Answer

The answer of Select the appropriate financial statement(s) for each...

Question 14

Planning refers to defining an organization's ideas, goals, and actions.

Accepted Answer

A) True 
 B)False

Question 15

Resources owned or controlled by a company that are expected to yield benefits are:

Accepted Answer

A)  Assets 
B)  Revenues 
C)  Liabilities 
D)  Stockholder's equity 
E)  Expenses 
A)  Assets 
B)  Revenues 
C)  Liabilities 
D)  Stockholder's equity 
E)  Expenses

Question 16

An example of a financing activity is:

Accepted Answer

A)  Buying office supplies. 
B)  Obtaining a long-term loan. 
C)  Buying office equipment. 
D)  Selling inventory. 
E)  Buying land. 
A)  Buying office supplies. 
B)  Obtaining a long-term loan. 
C)  Buying office equipment. 
D)  Selling inventory. 
E)  Buying land.

Question 17

FastForward reported net income of $17,500 for the past year. At the beginning of the year the company had $200,000 in assets. By the end of the year, assets had increased to $300,000. Calculate the return on assets.

Accepted Answer

$17,500/[(200,000 +

Question 18

The income statement is a financial statement that shows revenues earned and expenses incurred during a specified period of time.

Accepted Answer

A) True 
 B)False

Question 19

Businesses can take all of the following forms except:

Accepted Answer

A)  Sole proprietorship 
B)  Common stock 
C)  Partnership 
D)  Corporation 
E)  Limited liability corporation 
A)  Sole proprietorship 
B)  Common stock 
C)  Partnership 
D)  Corporation 
E)  Limited liability corporation

Question 20

Which of the following accounting principles would prescribe that all goods and services purchased are recorded at cost?

Accepted Answer

A)  Going-concern principle 
B)  Continuing-concern principle 
C)  Cost principle 
D)  Business entity principle 
E)  Consideration principle 
A)  Going-concern principle 
B)  Continuing-concern principle 
C)  Cost principle 
D)  Business entity principle 
E)  Consideration principle

__________________________ is the recording of transactions or events and is just one part of accounting.

Identify several opportunities in accounting and its related fields.

U.S. government bonds are:

Use the following information as of December 31 to determine equity. Liabilities……………………. $141,000 Cash………………………… 57,000 Equipment………………….. 206,000 Buildings…………………… 175,000

A balance sheet lists:

Generally Accepted Accounting Principles:

Which of the following elements are found on the balance sheet?

Beginning assets were $437,600, beginning liabilities were $262,560, common stock issued during the year totaled $45,000, revenue for the year was $414,250, expenses for the year were $280,000, dividends declared was $22,700, and ending liabilities is $$350,000. What is net income for the year?

Accounting is a ______________________ that identifies, records, and communicates relevant, reliable, and comparable information about an organization's economic activities.

The business entity assumption requires that a business be accounted for separately from other business entities, including its owner or owners.

Planning refers to defining an organization's ideas, goals, and actions.

Resources owned or controlled by a company that are expected to yield benefits are:

An example of a financing activity is:

FastForward reported net income of $17,500 for the past year. At the beginning of the year the company had $200,000 in assets. By the end of the year, assets had increased to $300,000. Calculate the return on assets.

The income statement is a financial statement that shows revenues earned and expenses incurred during a specified period of time.

Businesses can take all of the following forms except:

Which of the following accounting principles would prescribe that all goods and services purchased are recorded at cost?

Accounting for Transactions

Preparing Financial Statements

Accounting for Merchandising Operations

Accounting for Inventories

Accounting for Cash and Internal Controls

Accounting for Receivables

Accounting for Long-Term Assets

Accounting for Current Liabilities

Accounting for Long-Term Liabilities

Accounting for Equity

Accounting for Cash Flows

Interpreting Financial Statements

Time Value of Money

Investments and International Operations

Accounting for Partnerships

Accounting With Special Journals

Filters

Exam 1: Introducing Financial Accounting

__________________________ is the recording of transactions or events and is just one part of accounting.

Identify several opportunities in accounting and its related fields.

U.S. government bonds are:

Use the following information as of December 31 to determine equity. Liabilities……………………. $141,000 Cash………………………… 57,000 Equipment………………….. 206,000 Buildings…………………… 175,000

A balance sheet lists:

Generally Accepted Accounting Principles:

Which of the following elements are found on the balance sheet?

Beginning assets were $437,600, beginning liabilities were $262,560, common stock issued during the year totaled $45,000, revenue for the year was $414,250, expenses for the year were $280,000, dividends declared was $22,700, and ending liabilities is $$350,000. What is net income for the year?

Accounting is a ______________________ that identifies, records, and communicates relevant, reliable, and comparable information about an organization's economic activities.

The business entity assumption requires that a business be accounted for separately from other business entities, including its owner or owners.

Planning refers to defining an organization's ideas, goals, and actions.

Resources owned or controlled by a company that are expected to yield benefits are:

An example of a financing activity is:

FastForward reported net income of $17,500 for the past year. At the beginning of the year the company had $200,000 in assets. By the end of the year, assets had increased to $300,000. Calculate the return on assets.

The income statement is a financial statement that shows revenues earned and expenses incurred during a specified period of time.

Businesses can take all of the following forms except:

Which of the following accounting principles would prescribe that all goods and services purchased are recorded at cost?

Accounting for Transactions

Preparing Financial Statements

Accounting for Merchandising Operations

Accounting for Inventories

Accounting for Cash and Internal Controls

Accounting for Receivables

Accounting for Long-Term Assets

Accounting for Current Liabilities

Accounting for Long-Term Liabilities

Accounting for Equity

Accounting for Cash Flows

Interpreting Financial Statements

Time Value of Money

Investments and International Operations

Accounting for Partnerships

Accounting With Special Journals

Filters