Question 1

Blu Lightning Co. paid its employees $2,000 in cash for two weeks' wages.Enter the appropriate amounts into the accounting equation format.

Accepted Answer

The answer of Blu Lightning Co. paid its employees $2,000...

Question 2

Private enterprises are all required to report using International Financial ReportingStandards (IFRS).

Accepted Answer

A) True 
 B)False

Question 3

Revenues are the value of assets exchanged for products or services provided to customers as part of the major operations of the business.

Accepted Answer

A) True 
 B)False

Question 4

Accounting is an information and measurement system that

Accepted Answer

A) Records economic activities. 
B) Communicates economic information. 
C) Identifies and records economic activities. 
D) Identifies economic activities. 
E) All of these answers are correct. 
A) Records economic activities. 
B) Communicates economic information. 
C) Identifies and records economic activities. 
D) Identifies economic activities. 
E) All of these answers are correct.

Question 5

In the partnership form of business, the owners of a business are called shareholders

Accepted Answer

A) True 
 B)False

Question 6

The internal functions of a business include

Accepted Answer

A) Research and development. 
B) Purchasing. 
C) Servicing. 
D) Marketing. 
E) All of these answers are correct. 
A) Research and development. 
B) Purchasing. 
C) Servicing. 
D) Marketing. 
E) All of these answers are correct.

Question 7

A payment from a proprietorship or partnership to its owner or owners is called a(n)

Accepted Answer

A) Expense. 
B) Withdrawal. 
C) Cheque. 
D) Equity. 
E) Dividend. 
A) Expense. 
B) Withdrawal. 
C) Cheque. 
D) Equity. 
E) Dividend.

Question 8

Chuck Taylor invested $8,000 in cash in FastForward. This amount would be reportedin the statement of cash flows under financing.

Accepted Answer

A) True 
 B)False

Question 9

Lionel's Laundry has assets of $180,000 and liabilities of $120,000. Calculatethe amount of equity.

Accepted Answer

The answer of Lionel's Laundry has assets of $180,000 and...

Question 10

Select the appropriate financial statement for each of the following accounts.(a)Income statement(b)Statement of changes in equity(c)Balance sheet(d)Statement of cash flows_____ (1)Cash_____ (2)Withdrawals_____ (3)Notes payable_____ (4)Fees earned_____ (5)John Jay, capital_____ (6)Accounts receivable_____ (7)Prepaid Rent_____ (8)Supplies Expense

Accepted Answer

(1) c, d (2) b (3) c

Question 11

For each of the following transactions, identify the effect on the accountingequation. Use "+" to indicate an increase and "-" to indicate a decrease. Use "A", "L", and "E" to indicate assets, liabilities, and equity, respectively.

Accepted Answer

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

Question 12

Ethics and laws often differ

Accepted Answer

A) True 
 B)False

Question 13

Explain the difference between the functions of an internal auditor and an external auditor.

Accepted Answer

An internal auditor is employed within t

Question 14

Properties or economic resources owned by a business, also described as probable future economic benefits, are called:

Accepted Answer

A) Expenses. 
B) Revenues. 
C) Assets. 
D) Liabilities. 
E) Equity. 
A) Expenses. 
B) Revenues. 
C) Assets. 
D) Liabilities. 
E) Equity.

Question 15

The conceptual framework summarizes the qualitative characteristics and supportive building blocks that are required to prepare financial information.

Accepted Answer

A) True 
 B)False

Question 16

The rules adopted by the accounting profession as guides in measuring, recording, and reporting the financial affairs and activities of a business are:

Accepted Answer

A) Known as generally accepted accounting principles. 
B) Abbreviated as GAAP. 
C) Intended to make information in financial statements relevant and faithfully represented. 
D) Both broad and specific principles. 
E) All of these answers are correct. 
A) Known as generally accepted accounting principles. 
B) Abbreviated as GAAP. 
C) Intended to make information in financial statements relevant and faithfully represented. 
D) Both broad and specific principles. 
E) All of these answers are correct.

Question 17

The purchase of supplies for cash impacts both the investing and financing sides of theaccounting equation.

Accepted Answer

A) True 
 B)False

Question 18

Explain why ethics and social responsibility are an integral part of accounting

Accepted Answer

The purpose of accounting is to provide

Question 19

Withdrawals represent distributions from a corporation to its owners

Accepted Answer

A) True 
 B)False

Question 20

Reese's Company reported equity of $22,000 on its December 31, 2014 balance sheet.The following information is available for the year ended December 31, 2015:   What are the total assets of Reese's Company at December 31, 2015?

Accepted Answer

A) $47,000. 
B) $25,000. 
C) $14,000. 
D) $35,000. 
E) $57,000. 
A) $47,000. 
B) $25,000. 
C) $14,000. 
D) $35,000. 
E) $57,000.

Blu Lightning Co. paid its employees $2,000 in cash for two weeks' wages.Enter the appropriate amounts into the accounting equation format.

Private enterprises are all required to report using International Financial ReportingStandards (IFRS).

Revenues are the value of assets exchanged for products or services provided to customers as part of the major operations of the business.

Accounting is an information and measurement system that

In the partnership form of business, the owners of a business are called shareholders

The internal functions of a business include

A payment from a proprietorship or partnership to its owner or owners is called a(n)

Chuck Taylor invested $8,000 in cash in FastForward. This amount would be reportedin the statement of cash flows under financing.

Lionel's Laundry has assets of $180,000 and liabilities of $120,000. Calculatethe amount of equity.

For each of the following transactions, identify the effect on the accountingequation. Use "+" to indicate an increase and "-" to indicate a decrease. Use "A", "L", and "E" to indicate assets, liabilities, and equity, respectively.

Ethics and laws often differ

Explain the difference between the functions of an internal auditor and an external auditor.

Properties or economic resources owned by a business, also described as probable future economic benefits, are called:

The conceptual framework summarizes the qualitative characteristics and supportive building blocks that are required to prepare financial information.

The rules adopted by the accounting profession as guides in measuring, recording, and reporting the financial affairs and activities of a business are:

The purchase of supplies for cash impacts both the investing and financing sides of theaccounting equation.

Explain why ethics and social responsibility are an integral part of accounting

Withdrawals represent distributions from a corporation to its owners

Reese's Company reported equity of $22,000 on its December 31, 2014 balance sheet.The following information is available for the year ended December 31, 2015: What are the total assets of Reese's Company at December 31, 2015?

Analyzing and Recording Transactions

Adjusting Accounts for Financial Statements

Completing the Accounting Cycle and Classifying Accounts

Accounting for Merchandising Activities

Inventory Costing and Valuation

Internal Control and Cash

Receivables

Appendix

Filters

Exam 1: Accounting in Business

Blu Lightning Co. paid its employees $2,000 in cash for two weeks' wages.Enter the appropriate amounts into the accounting equation format.

Private enterprises are all required to report using International Financial ReportingStandards (IFRS).

Revenues are the value of assets exchanged for products or services provided to customers as part of the major operations of the business.

Accounting is an information and measurement system that

In the partnership form of business, the owners of a business are called shareholders

The internal functions of a business include

A payment from a proprietorship or partnership to its owner or owners is called a(n)

Chuck Taylor invested $8,000 in cash in FastForward. This amount would be reportedin the statement of cash flows under financing.

Lionel's Laundry has assets of $180,000 and liabilities of $120,000. Calculatethe amount of equity.

For each of the following transactions, identify the effect on the accountingequation. Use "+" to indicate an increase and "-" to indicate a decrease. Use "A", "L", and "E" to indicate assets, liabilities, and equity, respectively.

Ethics and laws often differ

Explain the difference between the functions of an internal auditor and an external auditor.

Properties or economic resources owned by a business, also described as probable future economic benefits, are called:

The conceptual framework summarizes the qualitative characteristics and supportive building blocks that are required to prepare financial information.

The rules adopted by the accounting profession as guides in measuring, recording, and reporting the financial affairs and activities of a business are:

The purchase of supplies for cash impacts both the investing and financing sides of theaccounting equation.

Explain why ethics and social responsibility are an integral part of accounting

Withdrawals represent distributions from a corporation to its owners

Reese's Company reported equity of $22,000 on its December 31, 2014 balance sheet.The following information is available for the year ended December 31, 2015: What are the total assets of Reese's Company at December 31, 2015?

Analyzing and Recording Transactions

Adjusting Accounts for Financial Statements

Completing the Accounting Cycle and Classifying Accounts

Accounting for Merchandising Activities

Inventory Costing and Valuation

Internal Control and Cash

Receivables

Appendix

Filters