Question 1

Match each transaction with its effect on the accounting equation. Each letter may be used more than once.
-Investment of land by owner

Accepted Answer

A) Increase assets, increase liabilities 
B) Increase liabilities, decrease owner's equity 
C) Increase assets, increase owner's equity 
D) No effect 
E) Decrease assets, decrease liabilities
F)Decrease assets, decrease owner's equity 
A) Increase assets, increase liabilities 
B) Increase liabilities, decrease owner's equity 
C) Increase assets, increase owner's equity 
D) No effect 
E) Decrease assets, decrease liabilities
F)Decrease assets, decrease owner's equity

Question 2

Which of the following asset accounts is increased when a receivable is collected?

Accepted Answer

A) Accounts Receivable 
B) Supplies 
C) Accounts Payable 
D) Cash 
A) Accounts Receivable 
B) Supplies 
C) Accounts Payable 
D) Cash

Question 3

Match the following characteristics with the form of business entity that best describes it. Each may be used more than once.
-Offers tax and legal liability advantages for owners

Accepted Answer

A) Proprietorship 
B) Partnership 
C) Corporation 
D) Limited liability company (LL
C)  
A) Proprietorship 
B) Partnership 
C) Corporation 
D) Limited liability company (LL
C)

Question 4

The main objective for all business is to maximize unrealized profits.

Accepted Answer

A) True 
 B)False

Question 5

Companies like Enron,WorldCom,and Tyco International,Ltd.have been caught in the midst of ethical lapses that led to fines,firings,and criminal and/or civil prosecution.List and briefly describe three factors that are responsible for what went wrong in these companies.

Accepted Answer

The three factors are: 
(1)individual ch

Question 6

Two common areas of accounting that respectively provide information to internal and external users are

Accepted Answer

A) forensic accounting and financial accounting 
B) managerial accounting and financial accounting 
C) managerial accounting and environmental accounting 
D) financial accounting and tax accounting systems 
A) forensic accounting and financial accounting 
B) managerial accounting and financial accounting 
C) managerial accounting and environmental accounting 
D) financial accounting and tax accounting systems

Question 7

The assets and liabilities of Rocky's Day Spa on December 31 and its revenue and expenses for the year are listed below.The capital of the owner was $68,000 on January 1.The owner invested an additional $10,000 during the year.​   Prepare a balance sheet for the year ended December 31.​

Accepted Answer

The answer of The assets and liabilities of Rocky's Day...

Question 8

Match each transaction with its effect on the accounting equation. Each letter may be used more than once.
-Received cash for providing services to customers

Accepted Answer

A) Increase assets, increase liabilities 
B) Increase liabilities, decrease owner's equity 
C) Increase assets, increase owner's equity 
D) No effect 
E) Decrease assets, decrease liabilities
F)Decrease assets, decrease owner's equity 
A) Increase assets, increase liabilities 
B) Increase liabilities, decrease owner's equity 
C) Increase assets, increase owner's equity 
D) No effect 
E) Decrease assets, decrease liabilities
F)Decrease assets, decrease owner's equity

Question 9

Which of the following is not a business transaction?

Accepted Answer

A) Erin deposits $15,000 in a bank account in the name of Erin's Lawn Service. 
B) Erin provided services to customers earning fees of $600. 
C) Erin purchased hedge trimmers for her lawn service agreeing to pay the supplier next month. 
D) Erin pays her monthly personal credit card bill. 
A) Erin deposits $15,000 in a bank account in the name of Erin's Lawn Service. 
B) Erin provided services to customers earning fees of $600. 
C) Erin purchased hedge trimmers for her lawn service agreeing to pay the supplier next month. 
D) Erin pays her monthly personal credit card bill.

Question 10

Match each transaction with its effect on the accounting equation. Each letter may be used more than once.
-Received cash for services provided

Accepted Answer

A) Increase assets, increase liabilities 
B) Increase liabilities, decrease owner's equity 
C) Increase assets, increase owner's equity 
D) No effect 
E) Decrease assets, decrease liabilities
F)Decrease assets, decrease owner's equity 
A) Increase assets, increase liabilities 
B) Increase liabilities, decrease owner's equity 
C) Increase assets, increase owner's equity 
D) No effect 
E) Decrease assets, decrease liabilities
F)Decrease assets, decrease owner's equity

Question 11

The primary role of accounting is to determine the amount of taxes a business will be required to pay to taxing entities.

Accepted Answer

A) True 
 B)False

Question 12

Match each of the following characteristics with the financial statement that best describes it. Each may be used more than once.
-Reports as of a specific date

Accepted Answer

A) Income statement 
B) Balance sheet 
C) Statement of owner's equity 
D) Statement of cash flows 
A) Income statement 
B) Balance sheet 
C) Statement of owner's equity 
D) Statement of cash flows

Question 13

The rights or claims to the assets of a business may be subdivided into rights of creditors and rights of owners.

Accepted Answer

A) True 
 B)False

Question 14

The monetary value charged to customers for the performance of services sold is called a (n)

Accepted Answer

A) asset 
B) net income 
C) capital 
D) revenue 
A) asset 
B) net income 
C) capital 
D) revenue

Question 15

Which of the following groups is considered to be internal users of accounting information?

Accepted Answer

A) employees and customers 
B) customers and vendors 
C) employees and managers 
D) government entities and banks 
A) employees and customers 
B) customers and vendors 
C) employees and managers 
D) government entities and banks

Question 16

The accountant for Scott Industries prepared the following list of accounting equation element balances from the company's records for the year ended December 31:
​
  
-Determine the total liabilities at the end of the current year for Scott Industries.

Accepted Answer

The answer of The accountant for Scott Industries prepared the...

Question 17

Two factors that typically lead to ethical violations are relevance and timeliness of accounting information.

Accepted Answer

A) True 
 B)False

Question 18

Match the following business types with each business listed below. Each may be used more than once.
-A law firm

Accepted Answer

A) Service business 
B) Manufacturing business 
C) Merchandising business 
A) Service business 
B) Manufacturing business 
C) Merchandising business

Question 19

If total assets increased by $190,000 during a specific period and liabilities decreased by $10,000 during the same period,the period's change in total owner's equity was a $200,000 increase.

Accepted Answer

A) True 
 B)False

Question 20

Donner Company is selling a piece of land adjacent to its business.An appraisal reported the market value of the land to be $120,000.Focus Company initially offered to buy the land for $107,000.The companies settled on a purchase price of $115,000.On the same day,another piece of land on the same block sold for $122,000.Under the cost concept,what amount will be used to record this transaction in the accounting records?

Accepted Answer

The answer of Donner Company is selling a piece of...

Match each transaction with its effect on the accounting equation. Each letter may be used more than once. -Investment of land by owner

Which of the following asset accounts is increased when a receivable is collected?

Match the following characteristics with the form of business entity that best describes it. Each may be used more than once. -Offers tax and legal liability advantages for owners

The main objective for all business is to maximize unrealized profits.

Companies like Enron,WorldCom,and Tyco International,Ltd.have been caught in the midst of ethical lapses that led to fines,firings,and criminal and/or civil prosecution.List and briefly describe three factors that are responsible for what went wrong in these companies.

Two common areas of accounting that respectively provide information to internal and external users are

The assets and liabilities of Rocky's Day Spa on December 31 and its revenue and expenses for the year are listed below.The capital of the owner was $68,000 on January 1.The owner invested an additional $10,000 during the year. Prepare a balance sheet for the year ended December 31.

Match each transaction with its effect on the accounting equation. Each letter may be used more than once. -Received cash for providing services to customers

Which of the following is not a business transaction?

Match each transaction with its effect on the accounting equation. Each letter may be used more than once. -Received cash for services provided

The primary role of accounting is to determine the amount of taxes a business will be required to pay to taxing entities.

Match each of the following characteristics with the financial statement that best describes it. Each may be used more than once. -Reports as of a specific date

The rights or claims to the assets of a business may be subdivided into rights of creditors and rights of owners.

The monetary value charged to customers for the performance of services sold is called a (n)

Which of the following groups is considered to be internal users of accounting information?

The accountant for Scott Industries prepared the following list of accounting equation element balances from the company's records for the year ended December 31: -Determine the total liabilities at the end of the current year for Scott Industries.

Two factors that typically lead to ethical violations are relevance and timeliness of accounting information.

Match the following business types with each business listed below. Each may be used more than once. -A law firm

If total assets increased by $190,000 during a specific period and liabilities decreased by $10,000 during the same period,the period's change in total owner's equity was a $200,000 increase.

Analyzing Transactions

The Adjusting Process

Completing the Accounting Cycle

Accounting Systems

Accounting for Merchandising Businesses

Inventories

Internal Control and Cash

Receivables

Long-Term Assets: Fixed and Intangible

Current Liabilities and Payroll

Accounting for Partnerships and Limited Liability Companies

Corporations: Organization, stock Transactions, and Dividends

Long-Term Liabilities: Bonds and Notes

Investments and Fair Value Accounting

Statement of Cash Flows

Financial Statement Analysis

Filters

Exam 1: Introduction to Accounting and Business

Match each transaction with its effect on the accounting equation. Each letter may be used more than once. -Investment of land by owner

Which of the following asset accounts is increased when a receivable is collected?

Match the following characteristics with the form of business entity that best describes it. Each may be used more than once. -Offers tax and legal liability advantages for owners

The main objective for all business is to maximize unrealized profits.

Companies like Enron,WorldCom,and Tyco International,Ltd.have been caught in the midst of ethical lapses that led to fines,firings,and criminal and/or civil prosecution.List and briefly describe three factors that are responsible for what went wrong in these companies.

Two common areas of accounting that respectively provide information to internal and external users are

The assets and liabilities of Rocky's Day Spa on December 31 and its revenue and expenses for the year are listed below.The capital of the owner was $68,000 on January 1.The owner invested an additional $10,000 during the year.​ Prepare a balance sheet for the year ended December 31.​

Match each transaction with its effect on the accounting equation. Each letter may be used more than once. -Received cash for providing services to customers

Which of the following is not a business transaction?

Match each transaction with its effect on the accounting equation. Each letter may be used more than once. -Received cash for services provided

The primary role of accounting is to determine the amount of taxes a business will be required to pay to taxing entities.

Match each of the following characteristics with the financial statement that best describes it. Each may be used more than once. -Reports as of a specific date

The rights or claims to the assets of a business may be subdivided into rights of creditors and rights of owners.

The monetary value charged to customers for the performance of services sold is called a (n)

Which of the following groups is considered to be internal users of accounting information?

The accountant for Scott Industries prepared the following list of accounting equation element balances from the company's records for the year ended December 31: ​ -Determine the total liabilities at the end of the current year for Scott Industries.

Two factors that typically lead to ethical violations are relevance and timeliness of accounting information.

Match the following business types with each business listed below. Each may be used more than once. -A law firm

If total assets increased by $190,000 during a specific period and liabilities decreased by $10,000 during the same period,the period's change in total owner's equity was a $200,000 increase.

Analyzing Transactions

The Adjusting Process

Completing the Accounting Cycle

Accounting Systems

Accounting for Merchandising Businesses

Inventories

Internal Control and Cash

Receivables

Long-Term Assets: Fixed and Intangible

Current Liabilities and Payroll

Accounting for Partnerships and Limited Liability Companies

Corporations: Organization, stock Transactions, and Dividends

Long-Term Liabilities: Bonds and Notes

Investments and Fair Value Accounting

Statement of Cash Flows

Financial Statement Analysis

Filters

The assets and liabilities of Rocky's Day Spa on December 31 and its revenue and expenses for the year are listed below.The capital of the owner was $68,000 on January 1.The owner invested an additional $10,000 during the year. Prepare a balance sheet for the year ended December 31.

The accountant for Scott Industries prepared the following list of accounting equation element balances from the company's records for the year ended December 31: -Determine the total liabilities at the end of the current year for Scott Industries.