Question 1

Objectivity means carrying out one's professional responsibilities with competence and diligence.

Accepted Answer

A) True 
 B)False

Question 2

The corporate officers are responsible for

Accepted Answer

A)  arranging for major loans with banks. 
B)  determining corporate policy. 
C)  carrying out corporate policy. 
D)  appointing the board of directors. 
A)  arranging for major loans with banks. 
B)  determining corporate policy. 
C)  carrying out corporate policy. 
D)  appointing the board of directors.

Question 3

In which form of business does CVS operate? List two places where this is revealed in the financial statements.

Accepted Answer

CVS operates as a corporate form of busi

Question 4

Which of the following is legally a separate entity from its owner(s)?

Accepted Answer

A)  Sole proprietorship only 
B)  Sole proprietorship and partnership only 
C)  Corporation only 
D)  Partnership only 
A)  Sole proprietorship only 
B)  Sole proprietorship and partnership only 
C)  Corporation only 
D)  Partnership only

Question 5

Which three types of transactions affect retained earnings,and how do they affect it?

Accepted Answer

Revenues increase re

Question 6

Flores Realty Corporation had the following balance sheet accounts and balances: $\begin{array}{lrlr}
\text { Accounts Payable } & \$ 6,000 & \text { Common Stock } & ? \
\text { Accounts Receivable } & 1,000 & \text { Equipment } & \$ 7,000 \
\text { Building } & ? & \text { Land } & 7,000 \
\text { Cash } & 3,000 & \text { Retained Earnings } & 2,000
\end{array}$
 If the balance of the Common Stock account were $29,500,what would be the balance of the Building account?

Accepted Answer

A)  $14,500 
B)  $35,500 
C)  $31,500 
D)  $19,500 
A)  $14,500 
B)  $35,500 
C)  $31,500 
D)  $19,500

Question 7

The intentional preparation of misleading financial statements,known as fraudulent financial reporting,can result from all of the following except

Accepted Answer

A)  the misapplication of accounting principles. 
B)  the manipulation of inventory records. 
C)  fictitious sales or orders. 
D)  recording a revenue that has been earned but not yet received. 
A)  the misapplication of accounting principles. 
B)  the manipulation of inventory records. 
C)  fictitious sales or orders. 
D)  recording a revenue that has been earned but not yet received.

Question 8

Criminal penalties cannot be imposed on those who prepare fraudulent financial statements.

Accepted Answer

A) True 
 B)False

Question 9

Flores Realty Corporation had the following balance sheet accounts and balances: $$\begin{array} { l c l r } 
\text { Accounts Payable } & \$ 6,000 & \text { Common Stock } & ? \
\text { Accounts Recevable } & 1,000 & \text { Equipment } & \$ 7,000 \
\text { Building } & ? & \text { Land } & 7,000 \
\text { Cash } & 3,000 & \text { Retained Earninge } & 2,000
\end{array}$$ If the balance of the Building account were $8,000 and $3,000 of Accounts Payable were paid in cash,what would be the total liabilities and stockholders' equity?

Accepted Answer

A)  $14,000 
B)  $23,000 
C)  $18,000 
D)  $19,000 
A)  $14,000 
B)  $23,000 
C)  $18,000 
D)  $19,000

Question 10

Payment to a creditor is an example of a nonexchange business transaction.

Accepted Answer

A) True 
 B)False

Question 11

The purchase of land for cash would be disclosed on the statement of cash flows.

Accepted Answer

A) True 
 B)False

Question 12

Lin Wo Corporation had a balance in Retained Earnings on December 31,2009,of $360,000.During 2010,the company reported a net income of $24,000 after taxes.During 2010,the company declared and paid cash dividends totaling $18,000.Prepare the company's statement of retained earnings for the year ended December 31,2010.

Accepted Answer

None

Question 13

For reporting purposes,the personal assets and debts of a business owner should be combined with the assets and debts of the business.

Accepted Answer

A) True 
 B)False

Objectivity means carrying out one's professional responsibilities with competence and diligence.

The corporate officers are responsible for

In which form of business does CVS operate? List two places where this is revealed in the financial statements.

Which of the following is legally a separate entity from its owner(s)?

Which three types of transactions affect retained earnings,and how do they affect it?

The intentional preparation of misleading financial statements,known as fraudulent financial reporting,can result from all of the following except

Criminal penalties cannot be imposed on those who prepare fraudulent financial statements.

Payment to a creditor is an example of a nonexchange business transaction.

The purchase of land for cash would be disclosed on the statement of cash flows.

For reporting purposes,the personal assets and debts of a business owner should be combined with the assets and debts of the business.

Analyzing Business Transactions

Measuring Business Income

Supplement - Closing Entries and the Work Sheet

Financial Reporting and Analysis

The Operating Cycle and Merchandising Operations

Inventories

Cash and Receivables

Current Liabilities and Fair Value Accounting

Long Term Assets

Long-Term Liabilities

Contributed Capital

Investments

The Corporate Income Statement and the Statement of Stockholders Equity

The Statement of Cash Flows

The Changing Business Environment - a Managers Perspective

Cost Concepts and Cost Allocation

Costing Systems- Job Order Costing

Costing Systems- Process Costing

Value-Based Systems- Abm and Lean

Cost Behavior Analysis

The Budgeting Process

Performance Management and Evaluation

Standard Costing and Variance Analysis

Short Run Decision Analysis

Capital Investment Analysis

Pricing Decisions, incltarget Costing and Transfer Pricing

Quality Management and Measurement

Financial Analysis of Performance

Filters

Exam 1: Uses of Accounting Information and the Financial Statements

Objectivity means carrying out one's professional responsibilities with competence and diligence.

The corporate officers are responsible for

In which form of business does CVS operate? List two places where this is revealed in the financial statements.

Which of the following is legally a separate entity from its owner(s)?

Which three types of transactions affect retained earnings,and how do they affect it?

The intentional preparation of misleading financial statements,known as fraudulent financial reporting,can result from all of the following except

Criminal penalties cannot be imposed on those who prepare fraudulent financial statements.

Payment to a creditor is an example of a nonexchange business transaction.

The purchase of land for cash would be disclosed on the statement of cash flows.

For reporting purposes,the personal assets and debts of a business owner should be combined with the assets and debts of the business.

Analyzing Business Transactions

Measuring Business Income

Supplement - Closing Entries and the Work Sheet

Financial Reporting and Analysis

The Operating Cycle and Merchandising Operations

Inventories

Cash and Receivables

Current Liabilities and Fair Value Accounting

Long Term Assets

Long-Term Liabilities

Contributed Capital

Investments

The Corporate Income Statement and the Statement of Stockholders Equity

The Statement of Cash Flows

The Changing Business Environment - a Managers Perspective

Cost Concepts and Cost Allocation

Costing Systems- Job Order Costing

Costing Systems- Process Costing

Value-Based Systems- Abm and Lean

Cost Behavior Analysis

The Budgeting Process

Performance Management and Evaluation

Standard Costing and Variance Analysis

Short Run Decision Analysis

Capital Investment Analysis

Pricing Decisions, incltarget Costing and Transfer Pricing

Quality Management and Measurement

Financial Analysis of Performance

Filters