Exam 1: Introducing Accounting in Business

Below is accounting information for Cascade Company for 2010: Revenuse \ 416,000 Cash \ 120,000 Common Stock \ 200,000 Experses \ 300,000 Equipment \ 240,000 Accounts Receivable \ 35,000 Notes Payable \ 50,000 Notes Receivable \ 62,000 What were the Total Assets for the year?

If assets are $365,000 and equity is $120,000,then liabilities are:

Accounting is one way important information about businesses are reported to decision makers.

The statement of cash flows reports information on:

A partnership:

Which of the following elements are found on the Balance Sheet?

An exchange of value between two entities is called:

The records of Skymaster Airplane Rentals show the following information as of December 31,2011 Accounts payable \ 36,000 2011 Wages expense \ 75,000 Insurance expense 2,000 2011 Advertising expense 22,000 Accounts receivable 24,00 Cash 11,000 Retained earnings, Common stock 20,000 December 31,2010 130,000 Office furniture 15,000 Airplanes 150,000 2011 Maintenance expense 39,000 Notes payable 47,000 2011 Revenues 217,000 Hangar 60,000 Dividends of $52,000 were paid during 2011. Using the above information,prepare a statement of retained earnings for 2011

Marian Mosely is the owner of Mosely Accounting Services.Which accounting assumption requires Marian to keep her personal financial information separate from the financial information of Mosely Accounting Services?

Identify the three basic forms of business organizations.

A company had total equity of $89,000 on January 1,2011.The following information is available for the year ended December 31,2011: 2011 Revenues \ 350,000 2011 Expenses 403,000 Liabilities, at December 31,2011 27,000 What are the total assets of the company at December 31,2011?

The International Accounting Standards Board (IASB)has the authority to impose its standards on companies around the world.

Reebok's net income of $119 million and average assets of $1,400 million results in a return on assets of 8.5%.

The statement of retained earnings:

Technological advancement

Internal users of accounting information include:

A company borrows $125,000 from the Eastside Bank and receives the loan proceeds in cash.This represents a(n):

Accounts payable appear on which of the following statements?

Nike had income of $350 million and average assets of $2,000 million.Its return on assets is: