Exam 1: Introduction to Financial Statements

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Borrowing money is an example of a(n)

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Information in the notes to the financial statements has to be quantifiable (numeric).

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Which of the following is not a common way that managers use the balance sheet?

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Stockholders' equity is comprised of

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The basic accounting equation states that Assets = Liabilities.

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Benedict Company compiled the following financial information as of December 31, 2014: Benedict Company compiled the following financial information as of December 31, 2014:   Benedict's stockholders' equity on December 31, 2014 is Benedict's stockholders' equity on December 31, 2014 is

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If the assets owned by a business total $100,000 and liabilities total $65,000, stockholders' equity totals $25,000.

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The best definition of assets is the

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Management's views on the company's short-term debt paying ability, expansion financing, and results of operations are found in the

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Net income results when

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International standards are referred to as

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Operating activities involve putting the resources of the business into action to generate a profit.

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Which of the following is a user of accounting information with an indirect financial interest in a business?

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If total liabilities increased by $75,000 and stockholders' equity increased by $25,000 during a period of time, then total assets must change by what amount and direction during that same period?

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Gibson Company recorded the following cash transactions for the year: Paid $180,000 for salaries. Paid $80,000 to purchase office equipment. Paid $20,000 for utilities. Paid $8,000 in dividends. Collected $310,000 from customers. What was Gibson's net cash provided by operating activities?

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The proprietorship form of business organization

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Dividends paid

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All of the following are interrelationships that are important to understand when preparing financial statements except

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Marvin Services Corporation had the following accounts and balances: Marvin Services Corporation had the following accounts and balances:   If the balance of the Buildings account was $42,000 and $3,000 of Accounts Payable were paid in cash, what would be the balance of the total stockholders' equity? If the balance of the Buildings account was $42,000 and $3,000 of Accounts Payable were paid in cash, what would be the balance of the total stockholders' equity?

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Determine the missing items. Determine the missing items.

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