Match between columns Premises: Operating activities Wages expense Accounts receivable Supplies Accounts payable Cash Dividends Land Net income Revenues

The Answer of Statement of cash flows and Balance sheet is...

For each of the following companies, identify whether they are a service, merchandising, or manufacturing business. \[\begin{array} { | l | l | } \hline \text { A. } & \text { Dillard's } \\ \hline \text { B. } & \text { Time Warner Cable } \\ \hline \text { C. } & \text { General Motors } \\ \hline \text { D. } & \text { Blockbuster } \\ \hline \text { E. } & \text { Applebee's } \\ \hline \text { F. } & \text { Sony } \\ \hline \text { G. } & \text { Best Buy } \\ \hline \text { H. } & \text { Banana Republic } \\ \hline \text { I. } & \text { H\&R Block } \\ \hline \end{array}\]

The answer of For each of the following companies, identify...

Exam 1: Introduction to Accounting and Business

Discuss internal and external users of accounting information. What areas of accounting provide them with information? Give an example of the type of report each type of user might use.

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Question 1

Correct Answer:

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Internal users of accounting information include managers and employees. The area of accounting that provides internal users with information is called managerial accounting or management accounting. An example of a report that might be used internally is a customer profitability report.
External users of accounting information include customers, creditors, banks, and government entities. These users are not directly involved in managing or operating the business. The area of accounting that provides external users with information is called financial accounting. General-purpose financial statements are one type of financial accounting report that is distributed to external users.

About 90% of the businesses in the United States are organized as corporations.

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Question 2

Correct Answer:

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False

Match each transaction with its effect on the accounting equation. Each letter may be used more than once. -Provided a service to a customer on account

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Question 3

Correct Answer:

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C

A financial statement user would determine if a company was profitable or not during a specific period of time by reviewing the

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Question 4

Simpson Auto Body Repair purchased $20,000 of machinery. The company paid $8,000 in cash at the time of the purchase and signed a promissory note for the remainder to be paid in four monthly installments. a) How will the purchase affect the accounting equation? b) How will the payment of the first monthly installment affect the accounting equation ignore interest)?

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Question 5

Match each transaction with its effect on the accounting equation. Each letter may be used more than once. -Borrowed money from a bank

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Question 6

The year-end balance of the retained earnings account appears in

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Question 7

Which of the following is a business transaction?

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Question 8

Match the following business types with each business listed below. Each may be used more than once. -A law firm

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Question 9

Match the following items to the financial statement where they can be found. Hint: Some of the items can be found on more than one financial statement.

Operating activities

Statement of cash flows

Wages expense

Balance sheet

Accounts receivable

Income statement

Correct Answer:

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Operating activities

Wages expense

Accounts receivable

Supplies

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Question 10

The asset created by a business when it makes a sale on account is termed

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Question 11

Four financial statements are usually prepared for a business. The statement of cash flows is usually prepared last. The retained earnings statement RES), the balance sheet B), and the income statement I) are prepared in a certain order to obtain information needed for the next statement. In what order are these three statements prepared?

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Question 12

Expenses are recorded when

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Question 13

The accountant for Scott Industries prepared the following list of account balances from the company's records for the year ended December 31: Fees earned \ 165,000 Cash Accounts receivable 14,000 Selling expenses Equipment 64,000 Common stock Accounts payable 12,000 Interest income Salaries \& wages expense 40,000 Frepaid rent Income taxes payable 5,000 Income taxes expense Notes payable 20,000 Rent expense -Determine the total liabilities at the end of the current year for Scott Industries.

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Question 14

For each of the following companies, identify whether they are a service, merchandising, or manufacturing business. A. Dillard's B. Time Warner Cable C. General Motors D. Blockbuster E. Applebee's F. Sony G. Best Buy H. Banana Republic I. H\&R Block

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Question 15

Within the United States, the dominant body in the primary development of accounting principles is the

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Question 16

If total assets decreased by $30,000 during a specific period and stockholders' equity decreased by $35,000 during the same period, the period's change in total liabilities was a $65,000 increase.

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Question 17

Explain the meaning of the business entity concept.

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Question 18

Which of the following best describes accounting?

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Question 19

Match the following characteristics with the form of business entity that best describes it. Each may be used more than once. -Offers tax and legal liability advantages for owners

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Question 20

Exam 1: Introduction to Accounting and Business

Discuss internal and external users of accounting information. What areas of accounting provide them with information? Give an example of the type of report each type of user might use.

About 90% of the businesses in the United States are organized as corporations.

Match each transaction with its effect on the accounting equation. Each letter may be used more than once. -Provided a service to a customer on account

A financial statement user would determine if a company was profitable or not during a specific period of time by reviewing the

Match each transaction with its effect on the accounting equation. Each letter may be used more than once. -Borrowed money from a bank

The year-end balance of the retained earnings account appears in

Which of the following is a business transaction?

Match the following business types with each business listed below. Each may be used more than once. -A law firm

The asset created by a business when it makes a sale on account is termed

Expenses are recorded when

For each of the following companies, identify whether they are a service, merchandising, or manufacturing business. A. Dillard's B. Time Warner Cable C. General Motors D. Blockbuster E. Applebee's F. Sony G. Best Buy H. Banana Republic I. H\&R Block

Within the United States, the dominant body in the primary development of accounting principles is the

If total assets decreased by $30,000 during a specific period and stockholders' equity decreased by $35,000 during the same period, the period's change in total liabilities was a $65,000 increase.

Explain the meaning of the business entity concept.

Which of the following best describes accounting?

Match the following characteristics with the form of business entity that best describes it. Each may be used more than once. -Offers tax and legal liability advantages for owners

Analyzing Transactions

The Adjusting Process

Completing the Accounting Cycle

Accounting for Merchandising Businesses

Inventories

Sarbanes-Oxley, Internal Control, and Cash

Receivables

Fixed Assets and Intangible Assets

Current Liabilities and Payroll

Corporations: Organization, Stock Transactions, and Dividends

Long-Term Liabilities: Bonds and Notes

Investments and Fair Value Accounting

Statement of Cash Flows

Financial Statement Analysis

Managerial Accounting Concepts and Principles

Job Order Costing

Process Cost Systems

Cost Behavior and Cost-Volume-Profit Analysis

Variable Costing for Management Analysis

Budgeting

Performance Evaluation Using Variances From Standard Costs

Performance Evaluation for Decentralized Operations

Differential Analysis, Product Pricing, and Activity-Based Costing

Capital Investment Analysis

Cost Allocation and Activity-Based Costing

Lean Principles, Lean Accounting, and Activity Analysis

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