Question 1

To which of the following entities must a company report if it sells its stock on the organized stock market?

Accepted Answer

A) American Institute of Certified Public Accountants AICP
A)  
B) American Accounting Association AA
A)  
C) International Accounting Standards Board IAS
B)  
D) Securities and Exchange Commission SE
C)  
A) American Institute of Certified Public Accountants AICP
A)  
B) American Accounting Association AA
A)  
C) International Accounting Standards Board IAS
B)  
D) Securities and Exchange Commission SE
C)

Question 2

An expense is an inflow of assets resulting from the sale of goods and services.

Accepted Answer

A) True 
 B)False

Question 3

Which financial statement would you analyze to determine if a company distributed any of its profits to its shareholders?

Accepted Answer

A) Balance Sheet 
B) Statement of Retained Earnings 
C) Income Statement 
D) Statement of Public Accounting 
A) Balance Sheet 
B) Statement of Retained Earnings 
C) Income Statement 
D) Statement of Public Accounting

Question 4

means the presentation of information is free from bias toward a particular result.

Accepted Answer

The answer of means the presentation of information is free...

Question 5

The names of the four financial statements are ________________________________,
________________________________, ________________________________, and
________________________________.

Accepted Answer

income statement, ba

Question 6

Morton Corporation reported the following information for the year ended December 31, 2015:   What was the balance of Morton's' retained earnings at January 1, 2015?

Accepted Answer

A) $21,000 
B) $29,000 
C) $31,000 
D) $35,000 
A) $21,000 
B) $29,000 
C) $31,000 
D) $35,000

Question 7

Read the information for Canyon Corporation.Using good form, prepare an income statement for Canyon Corporation.

Accepted Answer

The answer of Read the information for Canyon Corporation.Using good...

Question 8

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

Accepted Answer

A) Balance sheet and statement of cash flows > statement of retained earnings > income statement 
B) Balance sheet and statement of cash flows > income statement > statement of retained earnings. 
C) Statement of retained earnings > income statement > balance sheet and statement of cash flows 
D) Income statement > statement of retained earnings > balance sheet and statement of cash flows 
A) Balance sheet and statement of cash flows > statement of retained earnings > income statement 
B) Balance sheet and statement of cash flows > income statement > statement of retained earnings. 
C) Statement of retained earnings > income statement > balance sheet and statement of cash flows 
D) Income statement > statement of retained earnings > balance sheet and statement of cash flows

Question 9

A is a certificate that represents a corporation's promise to repay a certain amount of money and interest in the future.

Accepted Answer

The answer of A is a certificate that represents a...

Question 10

Several amounts from Duggard Company at December 31, 2014 are listed below.Answer the questions.   
A) Calculate net income for 2014.
B) How much is Duggard Company's retained earnings at the end of 2014?
C) What primary asset account is missing?

Accepted Answer

A) $70,000
$245,000 Service Revenue - $1

Question 11

Which statement summarizes the income earned and the dividends paid?

Accepted Answer

A) Statement of cash flows 
B) Statement of retained earnings 
C) Balance sheet 
D) Income statement 
A) Statement of cash flows 
B) Statement of retained earnings 
C) Balance sheet 
D) Income statement

Question 12

Another name for profits or earnings of a business is .

Accepted Answer

The answer of Another name for profits or earnings of...

Question 13

Sawaddee Enterprises began the year with total assets of $450,000 and total liabilities of $230,000.If Sawaddee's total assets increased by $80,000 and its total liabilities increased by $57,000 during the year, what is the amount of Sawaddee's owners' equity at the end of the year?

Accepted Answer

A) $197,000 
B) $543,000 
C) $243,000 
D) $220,000 
A) $197,000 
B) $543,000 
C) $243,000 
D) $220,000

Question 14

Read the information for Canyon Corporation.Using good form, prepare a Balance Sheet for the Canyon Corporation.

Accepted Answer

The answer of Read the information for Canyon Corporation.Using good...

Question 15

If a company has $152,000 of revenues, declares and pays $55,000 in dividends, and has net income of $89,000, how much were expenses for the year?

Accepted Answer

A) $ 8,000 
B) $ 63,000 
C) $144,000 
D) Unable to determine the amount due to incomplete information. 
A) $ 8,000 
B) $ 63,000 
C) $144,000 
D) Unable to determine the amount due to incomplete information.

Question 16

Profits from operating activities distributed to business owners are called dividends.

Accepted Answer

A) True 
 B)False

Question 17

At December 31, 2015, the accounting records of Farmer Corporation contain the following:   If Cash is $26,000, what is the December 31, 2015 capital stock balance?

Accepted Answer

A) $272,000 
B) $240,000 
C) $220,000 
D) $400,000 
A) $272,000 
B) $240,000 
C) $220,000 
D) $400,000

Question 18

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

Accepted Answer

A) Financial statements are prepared for a specific entity that is distinct from the entity owners. 
B) Financial statements are prepared assuming that inflation has a distinct effect on the monetary unit 
C) Preparation of financial statements for a specific time period assumes that the balance sheet covers a period of time. 
D) Market values are always assumed to be irrelevant when preparing financial statements. 
A) Financial statements are prepared for a specific entity that is distinct from the entity owners. 
B) Financial statements are prepared assuming that inflation has a distinct effect on the monetary unit 
C) Preparation of financial statements for a specific time period assumes that the balance sheet covers a period of time. 
D) Market values are always assumed to be irrelevant when preparing financial statements.

Question 19

Global Inc.had net income for 2015 of $24,000.It declared and paid a $13,000 cash dividend in 2015.If the company's retained earnings for the end of the year was $39,600, what was the company's retained earnings balance at the beginning of 2015?

Accepted Answer

A) $28,600 
B) $50,600 
C) $76,600 
D) $2,600 
A) $28,600 
B) $50,600 
C) $76,600 
D) $2,600

Question 20

The following information is provided by the Ferrara Corporation:   Calculate Ferrara Corporation's expenses.

Accepted Answer

A) $20,000 
B) $30,000 
C) $40,000 
D) Cannot tell from the information provided. 
A) $20,000 
B) $30,000 
C) $40,000 
D) Cannot tell from the information provided.

To which of the following entities must a company report if it sells its stock on the organized stock market?

An expense is an inflow of assets resulting from the sale of goods and services.

Which financial statement would you analyze to determine if a company distributed any of its profits to its shareholders?

means the presentation of information is free from bias toward a particular result.

The names of the four financial statements are , , , and .

Morton Corporation reported the following information for the year ended December 31, 2015: What was the balance of Morton's' retained earnings at January 1, 2015?

Read the information for Canyon Corporation.Using good form, prepare an income statement for Canyon Corporation.

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

A is a certificate that represents a corporation's promise to repay a certain amount of money and interest in the future.

Several amounts from Duggard Company at December 31, 2014 are listed below.Answer the questions. A) Calculate net income for 2014. B) How much is Duggard Company's retained earnings at the end of 2014? C) What primary asset account is missing?

Which statement summarizes the income earned and the dividends paid?

Another name for profits or earnings of a business is .

Sawaddee Enterprises began the year with total assets of $450,000 and total liabilities of $230,000.If Sawaddee's total assets increased by $80,000 and its total liabilities increased by $57,000 during the year, what is the amount of Sawaddee's owners' equity at the end of the year?

Read the information for Canyon Corporation.Using good form, prepare a Balance Sheet for the Canyon Corporation.

If a company has $152,000 of revenues, declares and pays $55,000 in dividends, and has net income of $89,000, how much were expenses for the year?

Profits from operating activities distributed to business owners are called dividends.

At December 31, 2015, the accounting records of Farmer Corporation contain the following: If Cash is $26,000, what is the December 31, 2015 capital stock balance?

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

Global Inc.had net income for 2015 of $24,000.It declared and paid a $13,000 cash dividend in 2015.If the company's retained earnings for the end of the year was $39,600, what was the company's retained earnings balance at the beginning of 2015?

The following information is provided by the Ferrara Corporation: Calculate Ferrara Corporation's expenses.

Financial Statements and the Annual Report

Processing Accounting Information

Income Measurement and Accrual Accounting

Inventories and Cost of Goods Sold

Cash and Internal Control

Receivables and Investments

Operating Assets: Property, Plant, and Equipment, and Intangibles

Current Liabilities, Contingencies, and the Time Value of Money

Long-Term Liabilities

Stockholders Equity

The Statement of Cash Flows

Financial Statement Analysis

International Financial Reporting Standards

Filters

Exam 1: Accounting As a Form of Communication

To which of the following entities must a company report if it sells its stock on the organized stock market?

An expense is an inflow of assets resulting from the sale of goods and services.

Which financial statement would you analyze to determine if a company distributed any of its profits to its shareholders?

means the presentation of information is free from bias toward a particular result.

The names of the four financial statements are ________________________________, ________________________________, ________________________________, and ________________________________.

Morton Corporation reported the following information for the year ended December 31, 2015: What was the balance of Morton's' retained earnings at January 1, 2015?

Read the information for Canyon Corporation.Using good form, prepare an income statement for Canyon Corporation.

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

A is a certificate that represents a corporation's promise to repay a certain amount of money and interest in the future.

Several amounts from Duggard Company at December 31, 2014 are listed below.Answer the questions. A) Calculate net income for 2014. B) How much is Duggard Company's retained earnings at the end of 2014? C) What primary asset account is missing?

Which statement summarizes the income earned and the dividends paid?

Another name for profits or earnings of a business is .

Sawaddee Enterprises began the year with total assets of $450,000 and total liabilities of $230,000.If Sawaddee's total assets increased by $80,000 and its total liabilities increased by $57,000 during the year, what is the amount of Sawaddee's owners' equity at the end of the year?

Read the information for Canyon Corporation.Using good form, prepare a Balance Sheet for the Canyon Corporation.

If a company has $152,000 of revenues, declares and pays $55,000 in dividends, and has net income of $89,000, how much were expenses for the year?

Profits from operating activities distributed to business owners are called dividends.

At December 31, 2015, the accounting records of Farmer Corporation contain the following: If Cash is $26,000, what is the December 31, 2015 capital stock balance?

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

Global Inc.had net income for 2015 of $24,000.It declared and paid a $13,000 cash dividend in 2015.If the company's retained earnings for the end of the year was $39,600, what was the company's retained earnings balance at the beginning of 2015?

The following information is provided by the Ferrara Corporation: Calculate Ferrara Corporation's expenses.

Financial Statements and the Annual Report

Processing Accounting Information

Income Measurement and Accrual Accounting

Inventories and Cost of Goods Sold

Cash and Internal Control

Receivables and Investments

Operating Assets: Property, Plant, and Equipment, and Intangibles

Current Liabilities, Contingencies, and the Time Value of Money

Long-Term Liabilities

Stockholders Equity

The Statement of Cash Flows

Financial Statement Analysis

International Financial Reporting Standards

Filters

The names of the four financial statements are , , , and .