Question 1

Sawaddee Enterprises began the year with total assets of $450,000 and total liabilities of $230,000. If Sawaddee's total assets increased by $80,000 and its total liabilities increased by $57,000 during the year, what is the amount of Sawaddee's owners' equity at the end of the year?

Accepted Answer

A)  $197,000 
B)  $543,000 
C)  $243,000 
D)  $220,000

Question 2

Presented below are condensed data from the financial statements of Toro Factory for 2015 and 2014. The figures are expressed in thousands. Use this information to answer the questions that follow.
  Required: Which statement indicates the financial position of the company? What information is provided on that statement that indicates the "financial position" of the company? Explain.

Accepted Answer

The answer of Presented below are condensed data from the...

Question 3

Discuss the four steps in the ethical decision model used by accountants. Expand the discussion to include questions that you would ask to analyze the key elements in the situation.

Accepted Answer

The answer of Discuss the four steps in the ethical...

Question 4

Match the selected items from a classified balance sheet and multiple-step income statement to the section in which they would appear on the classified balance sheet or the income statement.
-Interest expense

Accepted Answer

A) Current Assets balance sheet 
B) Property, Plant, & Equipment balance sheet 
C) Current Liabilities balance sheet 
D) Long-term Liabilities balance sheet 
E) Stockholders' Equity balance sheet
F)Operating Revenue income statement
G)Operating Expenses income statement
H)Other Revenue & Expenses income statement
I)Income Taxes income statement

Question 5

The following information is given for Sego Company:  What are the company's current assets?

Accepted Answer

A)  $220,000 
B)  $155,000 
C)  $130,000 
D)  $ 95,000

Question 6

An independent auditor's CPA's report is a guarantee that the financial statements are free from fraud or material error.

Accepted Answer

A) True 
 B)False

Question 7

In 2002, Congress passed the Act to bring reform to corporate accountability and stewardship in the wake of a number of major corporate scandals.

Accepted Answer

The answer of In 2002, Congress passed the Act to...

Question 8

Which financial statement reports the sources and uses of an entity's cash resources?

Accepted Answer

A)  Income statement 
B)  Statement of retained earnings 
C)  Balance sheet 
D)  Statement of cash flows

Question 9

Which of the following invests funds into a business and is considered an owner?

Accepted Answer

A)  Stockholders 
B)  Creditors 
C)  Bankers 
D)  Lenders

Question 10

For each item listed, select the section of the balance sheet in which the item would be reported.
-Computer used within the business

Accepted Answer

A) Current Assets 
B) Property. Plant, and Equipment 
C) Current Liabilities 
D) Long-term Liabilities 
E) Stockholders' Equity

Question 11

Identify whether the following investor questions are associated with a primary or b secondary financial reporting objectives.
-Based on the financial information, should I sell my shares of Apple next quarter?

Accepted Answer

A) primary financial reporting objective 
B) secondary financial reporting objective

Question 12

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 principle or rule that specifies the amount recorded for an asset upon acquisition.

Accepted Answer

A) Capital stock 
B) Asset 
C) Owners' equity 
D) Time period 
E) Dividends
F)Economic entity concept
G)Expense
H)Retained earnings
I)Cost principle
J)Creditor
K)Liability
L)Revenue
M)Going concern
N)Monetary unit
O)Corporation

Question 13

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.
-Retained earnings

Accepted Answer

A) Assets 
B) Liabilities 
C) Revenues 
D) Expenses 
E) Owners' equity

Question 14

Read the information for Canyon Corporation. Using good form, prepare a Balance Sheet for the Canyon Corporation.

Accepted Answer

The answer of Read the information for Canyon Corporation. Using...

Question 15

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

Accepted Answer

A)  which alternative provides the most relevant information. 
B)  which alternative provides the most accurate information. 
C)  which alternative provides the most neutral information. 
D)  which alternative provides the most profitable information.

Question 16

have claims to an entity's economic resources.

Accepted Answer

The answer of have claims to an entity's economic resources....

Question 17

Most businesses have an operating cycle of less than one year.

Accepted Answer

A) True 
 B)False

Question 18

A question asked by stockholders is, "How much profit did the company make?" What should the stockholder examine to get the most information that will help evaluate the answer to this question?

Accepted Answer

A)  The balance sheet, because retained earnings represents current profits. 
B)  The statement of cash flows, as cash inflows and outflows represents current profits. 
C)  The income statement, since it shows the revenues and expenses for the period. 
D)  The economic resources of the company.

Question 19

Which of the following events will cause a company's current ratio to increase?

Accepted Answer

A)  The collection of an account receivable. 
B)  Selling land for cash at a loss. 
C)  The discharge of an account payable by signing a short-term note payable. 
D)  Paying off a long-term loan.

Question 20

The names of the four financial statements are ________________________________,
________________________________, ________________________________, and
________________________________

Accepted Answer

The answer of The names of the four financial statements...

Exam 1: Accounting As a Form of Communication

Sawaddee Enterprises began the year with total assets of $450,000 and total liabilities of $230,000. If Sawaddee's total assets increased by $80,000 and its total liabilities increased by $57,000 during the year, what is the amount of Sawaddee's owners' equity at the end of the year?

Discuss the four steps in the ethical decision model used by accountants. Expand the discussion to include questions that you would ask to analyze the key elements in the situation.

Match the selected items from a classified balance sheet and multiple-step income statement to the section in which they would appear on the classified balance sheet or the income statement. -Interest expense

The following information is given for Sego Company: What are the company's current assets?

An independent auditor's CPA's report is a guarantee that the financial statements are free from fraud or material error.

In 2002, Congress passed the Act to bring reform to corporate accountability and stewardship in the wake of a number of major corporate scandals.

Which financial statement reports the sources and uses of an entity's cash resources?

Which of the following invests funds into a business and is considered an owner?

For each item listed, select the section of the balance sheet in which the item would be reported. -Computer used within the business

Identify whether the following investor questions are associated with a primary or b secondary financial reporting objectives. -Based on the financial information, should I sell my shares of Apple next quarter?

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 principle or rule that specifies the amount recorded for an asset upon acquisition.

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. -Retained earnings

Read the information for Canyon Corporation. Using good form, prepare a Balance Sheet for the Canyon Corporation.

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

have claims to an entity's economic resources.

Most businesses have an operating cycle of less than one year.

A question asked by stockholders is, "How much profit did the company make?" What should the stockholder examine to get the most information that will help evaluate the answer to this question?

Which of the following events will cause a company's current ratio to increase?

The names of the four financial statements are , , , and

Exam 1: Accounting As a Form of Communication

Sawaddee Enterprises began the year with total assets of $450,000 and total liabilities of $230,000. If Sawaddee's total assets increased by $80,000 and its total liabilities increased by $57,000 during the year, what is the amount of Sawaddee's owners' equity at the end of the year?

Discuss the four steps in the ethical decision model used by accountants. Expand the discussion to include questions that you would ask to analyze the key elements in the situation.

Match the selected items from a classified balance sheet and multiple-step income statement to the section in which they would appear on the classified balance sheet or the income statement. -Interest expense

The following information is given for Sego Company: What are the company's current assets?

An independent auditor's CPA's report is a guarantee that the financial statements are free from fraud or material error.

In 2002, Congress passed the Act to bring reform to corporate accountability and stewardship in the wake of a number of major corporate scandals.

Which financial statement reports the sources and uses of an entity's cash resources?

Which of the following invests funds into a business and is considered an owner?

For each item listed, select the section of the balance sheet in which the item would be reported. -Computer used within the business

Identify whether the following investor questions are associated with a primary or b secondary financial reporting objectives. -Based on the financial information, should I sell my shares of Apple next quarter?

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 principle or rule that specifies the amount recorded for an asset upon acquisition.

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. -Retained earnings

Read the information for Canyon Corporation. Using good form, prepare a Balance Sheet for the Canyon Corporation.

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

have claims to an entity's economic resources.

Most businesses have an operating cycle of less than one year.

A question asked by stockholders is, "How much profit did the company make?" What should the stockholder examine to get the most information that will help evaluate the answer to this question?

Which of the following events will cause a company's current ratio to increase?

The names of the four financial statements are ________________________________, ________________________________, ________________________________, and ________________________________

The names of the four financial statements are , , , and