Exam 1: Accounting in Business

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A financial statement providing information that helps users understand a company's financial status,and which lists the types and amounts of assets,liabilities,and equity as of a specific date,is called a(n):

(Multiple Choice)

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Question 101

The business entity assumption means that a business is accounted for separately from other business entities,including its owner or owners.

(True/False)

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Question 102

Explain the role of accounting in the information age.

(Essay)

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Question 103

Owners of a corporation are called shareholders or stockholders.

(True/False)

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Question 104

The idea that a business will continue to operate instead of being closed or sold underlies the going-concern assumption.

(True/False)

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Question 105

Regulators often have legal authority over certain activities of organizations.

(True/False)

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Question 106

The Sarbanes-Oxley Act (SOX)does not require public companies to apply both accounting oversight and stringent internal controls.

(True/False)

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Question 107

The Securities and Exchange Commission (SEC)is a government agency that has legal authority to establish GAAP.

(True/False)

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Question 108

The _______________ assumption requires that financial information is supported by independent,unbiased evidence.

(Short Answer)

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Question 109

To include the personal assets and transactions of a business's owner in the records and reports of the business would be in conflict with the:

(Multiple Choice)

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Question 110

Identify the three basic forms of business organizations.

(Essay)

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Question 111

An example of a financing activity is:

(Multiple Choice)

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Question 112

Revenues are increases in equity from a company's earning activities.

(True/False)

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Question 113

The Maxim Company acquired a building for $500,000.Maxim had the building appraised,and found that the building was easily worth $575,000.The seller had paid $300,000 for the building 6 years ago.Which accounting principle would require Maxim to record the building on its records at $500,000?

(Multiple Choice)

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Question 114

An owner's investment in a business always creates an asset (cash),a liability (note payable),and owner's equity (investment.)

(True/False)

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Question 115

Describe the three important guidelines for revenue recognition.

(Essay)

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Question 116

Flash had cash inflows from operations $62,500; cash outflows from investing activities of $47,000; and cash inflows from financing of $25,000.The net change in cash was:

(Multiple Choice)

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Question 117

Revenue is properly recognized:

(Multiple Choice)

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Question 118

The statement of cash flows reports all of the following except:

(Multiple Choice)

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Question 119

A ____________________ is a business that is owned by only one person.

(Short Answer)

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Question 120

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Exam 1: Accounting in Business

A financial statement providing information that helps users understand a company's financial status,and which lists the types and amounts of assets,liabilities,and equity as of a specific date,is called a(n):

The business entity assumption means that a business is accounted for separately from other business entities,including its owner or owners.

Explain the role of accounting in the information age.

Owners of a corporation are called shareholders or stockholders.

The idea that a business will continue to operate instead of being closed or sold underlies the going-concern assumption.

Regulators often have legal authority over certain activities of organizations.

The Sarbanes-Oxley Act (SOX)does not require public companies to apply both accounting oversight and stringent internal controls.

The Securities and Exchange Commission (SEC)is a government agency that has legal authority to establish GAAP.

The _______________ assumption requires that financial information is supported by independent,unbiased evidence.

To include the personal assets and transactions of a business's owner in the records and reports of the business would be in conflict with the:

Identify the three basic forms of business organizations.

An example of a financing activity is:

Revenues are increases in equity from a company's earning activities.

The Maxim Company acquired a building for $500,000.Maxim had the building appraised,and found that the building was easily worth $575,000.The seller had paid $300,000 for the building 6 years ago.Which accounting principle would require Maxim to record the building on its records at $500,000?

An owner's investment in a business always creates an asset (cash),a liability (note payable),and owner's equity (investment.)

Describe the three important guidelines for revenue recognition.

Flash had cash inflows from operations $62,500; cash outflows from investing activities of $47,000; and cash inflows from financing of $25,000.The net change in cash was:

Revenue is properly recognized:

The statement of cash flows reports all of the following except:

A ____________________ is a business that is owned by only one person.

Analyzing and Recording Transactions

Adjusting Accounts and Preparing Financial Statements

Completing the Accounting Cycle

Accounting for Merchandising Operations

Accounting Information Systems

Cash and Internal Controls

Accounting for Receivables

Plant Assets, natural Resources, and Intangibles

Current Liabilities and Payroll Accounting

Accounting for Partnerships

Accounting for Corporations

Long-Term Liabilities

Investments and International Operations

Reporting the Statement of Cash Flows

Analysis of Financial Statements

Managerial Accounting Concepts and Principles

Job Order Costing

Process Costing

Cost-Volume-Profit Analysis

Master Budgets and Planning

Flexible Budgets and Standard Costs

Performance Measurement and Responsibility Accounting

Capital Budgeting and Managerial Decisions

Time Value of Money B

Activity-Based Costing C

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