Exam 1: Accounting As a Form of Communication

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

Excursion Corp. increased its dollar amount of working capital over the past several years. To further evaluate the company's short-run liquidity, which one of the following measures should be used?

____________________ and ____________________ have claims to an entity's economic resources.

Which of the following categories on a statement of cash flows is used to report the cash flow effects of transactions involving a company's stock?

Some analysts properly refer to a company's profit margin as its return on assets.

For each item listed, select the section of the balance sheet in which the item would be reported. -Land

Gym Corporation reported the following information at December 31, 2014: A Calculate Gym Corporation's total assets. B Calculate Gym Corporations' net income for 2014. C Calculate Gym Corporation's total stockholders' equity at the end of 2014.

For which of the following is the current ratio most useful?

Webb Company Selected data from the accounting records of Webb Company are listed below: -Read the information about Webb Company. What is Webb's net income?

Several items from the financial statements of Standard Tires are listed below. Use the following answer choices to identify the type of account for each item listed. Place your answers in the space provided. -Accounts payable

From the following choices, select the answer that describes the effect on working capital as a result of the transaction. -Purchased land for cash

Hammar Corporation's partial income statement is as follows: Required: Determine the profit margin. Would you invest in Hammar Corporation? Explain your answer.

The following list contains several items that appear on an income statement. Select the choice that lists the items in the order they would appear on a multi-step income statement

What is the primary objective of financial reporting?

Which of the following statements is true concerning intangible assets?

In a -step income statement, all expenses and losses are added together, then deducted from the sum of all revenues and gains.

Bartlett Industries Bartlett Industries began operations on January 2, 2015, with an investment of $50,000 by each of its two stockholders. Net income for its first year of business was $240,000. Bartlett Industries paid a total of $100,000 in dividends to its stockholders during the year. -Read the information about Bartlett Industries. If the company's revenues were $500,000 for the year ended December 31, 2015, how much were total expenses?

Since there is a lack of a profit motive in nonbusiness entities, they do not need information provided by an accounting system.

Supplementary disclosures required by GAAP that help explain detail behind the accounting treatment of certain items in the financial statements is most likely found in which of the following sections of a corporate annual report?

What is the difference between comparability and consistency?