Lori Corporation reported the following information for the year ended December 31, 2016: $\begin{array}{lr} \text { Net income } & \$ 10,000 \\ \text { Dividends } & 6,000 \\ \text { Retained earnings at December } 31,2016 & 25,000 \end{array}$ ? What was the balance of Lewis' retained earnings at January 1, 2016?

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

The following information is provided by the Ferrara Corporation: \[\begin{array} { l r } \text { Beginning retained earnings } & \$ 50,000 \\ \text { Ending retained earnings } & 70,000 \\ \text { Dividends declared and paid } & 10,000 \\ \text { Revenue } & 50,000 \end{array}\] Calculate Ferrara Corporation's expenses.

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.

Exam 1: Accounting As a Form of Communication

For each statement provided, choose the letter of the appropriate term from the list that each statement best describes.Some terms may be used more than once, while others are not used at all. -The owners' claims on the assets of an entity.

(Multiple Choice)

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Question 81

The time period assumption assumes a company prepares financial statements every month.

(True/False)

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Question 82

Lori Corporation reported the following information for the year ended December 31, 2016: Net income \ 10,000 Dividends 6,000 Retained earnings at December 31,2016 25,000 ? What was the balance of Lewis' retained earnings at January 1, 2016?

(Multiple Choice)

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Question 83

On January 1, 2016, A-Best Company's balance in retained earnings was $80,000.At the end of the year, December 31, 2016, the balance in retained earnings was $94,000.During 2016, the company earned net income of $40,000.How much were dividends?

(Multiple Choice)

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Question 84

When selecting between the best alternatives regarding an ethical dilemma in accounting all of the following should be considered except:

(Multiple Choice)

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Question 85

Which one of the following is not one of the three activities included in the definition of accounting?

(Multiple Choice)

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Question 86

Three organizations important to accounting are listed below.Select the organization that most closely achieves the role described. -An agency of the federal government.

(Multiple Choice)

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Question 87

Assets may be used to satisfy business obligations and to carry on business operations.

(True/False)

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Question 88

All of the following are important provisions of the Sarbanes-Oxley Act except:

(Multiple Choice)

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Question 89

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

(Short Answer)

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Question 90

Which organization, in addition to the Financial Accounting Standards Board (FASB), occasionally issues authoritative rules for financial statements?

(Multiple Choice)

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Question 91

Because market values are subjective, many assets are carried on the balance sheet at their acquisition cost.

(True/False)

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Question 92

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. -Selling expenses

(Multiple Choice)

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Question 93

The following information is provided by the Ferrara Corporation: Beginning retained earnings \ 50,000 Ending retained earnings 70,000 Dividends declared and paid 10,000 Revenue 50,000 Calculate Ferrara Corporation's expenses.

(Multiple Choice)

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Question 94

The process of identifying, measuring, and communicating economic information to various users is called ____________________.

(Short Answer)

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Question 95

Provided below is a list of important users of accounting information.Below the list are descriptions of a major need of each of the various users.Fill in the blank with the one user group that is most likely to have the need described to the right of the blank.Some user groups may be used more than once or not at all. -The company's profitability since the last work force contract was signed.

(Multiple Choice)

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Question 96

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. -Property, plant, and equipment

(Multiple Choice)

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Question 97

Canyon Corporation The accountant for the Canyon Corporation prepared the following list from the company's accounting records for the year ended December 31, 2016: Retained earnings ? Prepaid expenses \ 3,000 Cash \ 7,000 Common stock 40,000 Accounts payable 15,000 Accounts receivable 17,000 Sales revenue 125,000 Interest income 500 Cost of sales 70,000 Salary expense 4,000 Land 75,000 Income tax expense 200 Notes payable 15,000 Selling expense 45,000 Inventory 20,000 Salaries payable 5,000 -Read the information for Canyon Corporation.Determine the following amounts for Canyon Corporation: A) Total revenues for 2016. ------------------------- B) Total expenses for 2016. ------------------------- C) Net income for 2016. -------------------------

(Essay)

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Question 98

Three organizations important to accounting are listed below.Select the organization that most closely achieves the role described. -Requires that publicly traded companies file annual and quarterly financial statements on a timely basis.

(Multiple Choice)

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Question 99

Which one of the following groups is considered an internal user of financial statements?

(Multiple Choice)

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Question 100

Showing 81 - 100 of 205

For each statement provided, choose the letter of the appropriate term from the list that each statement best describes.Some terms may be used more than once, while others are not used at all. -The owners' claims on the assets of an entity.

The time period assumption assumes a company prepares financial statements every month.

Lori Corporation reported the following information for the year ended December 31, 2016: Net income \ 10,000 Dividends 6,000 Retained earnings at December 31,2016 25,000 ? What was the balance of Lewis' retained earnings at January 1, 2016?

On January 1, 2016, A-Best Company's balance in retained earnings was $80,000.At the end of the year, December 31, 2016, the balance in retained earnings was $94,000.During 2016, the company earned net income of $40,000.How much were dividends?

When selecting between the best alternatives regarding an ethical dilemma in accounting all of the following should be considered except:

Which one of the following is not one of the three activities included in the definition of accounting?

Three organizations important to accounting are listed below.Select the organization that most closely achieves the role described. -An agency of the federal government.

Assets may be used to satisfy business obligations and to carry on business operations.

All of the following are important provisions of the Sarbanes-Oxley Act except:

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

Which organization, in addition to the Financial Accounting Standards Board (FASB), occasionally issues authoritative rules for financial statements?

Because market values are subjective, many assets are carried on the balance sheet at their acquisition cost.

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. -Selling expenses

The following information is provided by the Ferrara Corporation: Beginning retained earnings \ 50,000 Ending retained earnings 70,000 Dividends declared and paid 10,000 Revenue 50,000 Calculate Ferrara Corporation's expenses.

The process of identifying, measuring, and communicating economic information to various users is called ____________________.

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. -Property, plant, and equipment

Three organizations important to accounting are listed below.Select the organization that most closely achieves the role described. -Requires that publicly traded companies file annual and quarterly financial statements on a timely basis.

Which one of the following groups is considered an internal user of financial statements?

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 True Value of Money

Long-Term Liabilities

Stockholders Equity

The Statement of Cash Flows

Financial Statement Analysis

Exploring Accounting Standards and Differences around the World

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