Question 1

From the following list of selected accounts taken from the records of Lori's Landscaping Center identify those that would appear on the balance sheet.

Accepted Answer

The answer of From the following list of selected accounts...

Question 2

The Dulce Company has five plants nationwide that cost a total of $200 million. The current fair value of the plants is $600 million. The plants will be recorded and reported as assets at

Accepted Answer

A)  $200 million. 
B)  $600 million. 
C)  $400 million. 
D)  $800 million. 
A)  $200 million. 
B)  $600 million. 
C)  $400 million. 
D)  $800 million.

Question 3

U.S. standards are referred to as

Accepted Answer

A)  IFRS. 
B)  GAAP. 
C)  IASB. 
D)  FASB. 
A)  IFRS. 
B)  GAAP. 
C)  IASB. 
D)  FASB.

Question 4

The proprietorship form of business organization

Accepted Answer

A)  must have at least three owners in most states. 
B)  represents the largest number of businesses in the United States. 
C)  combines the records of the business with the personal records of the owner. 
D)  is characterized by a legal distinction between the business as an economic unit and the owner. 
A)  must have at least three owners in most states. 
B)  represents the largest number of businesses in the United States. 
C)  combines the records of the business with the personal records of the owner. 
D)  is characterized by a legal distinction between the business as an economic unit and the owner.

Question 5

All of the financial statements are for a period of time except the

Accepted Answer

A)  income statement. 
B)  owner's equity statement. 
C)  balance sheet. 
D)  statement of cash flows. 
A)  income statement. 
B)  owner's equity statement. 
C)  balance sheet. 
D)  statement of cash flows.

Question 6

Owner's capital at the end of the period is equal to

Accepted Answer

A)  owner's capital at the beginning of the period plus net income minus liabilities. 
B)  owner's capital at the beginning of the period plus net income minus drawings. 
C)  net income. 
D)  assets plus liabilities. 
A)  owner's capital at the beginning of the period plus net income minus liabilities. 
B)  owner's capital at the beginning of the period plus net income minus drawings. 
C)  net income. 
D)  assets plus liabilities.

Question 7

Accountants rely on a fundamental business concept-ethical behavior-in reporting financial information.

Accepted Answer

A) True 
 B)False

Question 8

The first step in solving an ethical dilemma is to

Accepted Answer

A)  identify and analyze the principal elements in the situation. 
B)  identify the alternatives. 
C)  recognize an ethical situation and the ethical issues involved. 
D)  weigh the impact of each alternative on various stakeholders. 
A)  identify and analyze the principal elements in the situation. 
B)  identify the alternatives. 
C)  recognize an ethical situation and the ethical issues involved. 
D)  weigh the impact of each alternative on various stakeholders.

Question 9

GAAP compared to IFRS tends to be more

Accepted Answer

A)  simple in accounting requirements. 
B)  rules-based. 
C)  principles-based. 
D)  simple in disclosure requirements. 
A)  simple in accounting requirements. 
B)  rules-based. 
C)  principles-based. 
D)  simple in disclosure requirements.

Question 10

Teamboo Company's owner's equity at the beginning of August 2016 was $740000. During the month the company earned net income of $175000 and owner's drawings were $80000. At the end of August 2016 what is the balance in owner's equity?

Accepted Answer

A)  $660000 
B)  $740000 
C)  $820000 
D)  $835000 
A)  $660000 
B)  $740000 
C)  $820000 
D)  $835000

Question 11

Van Occupanther is the bookkeeper for Roscoe Company. Van has been trying to get the balance sheet of Roscoe Company to balance. Roscoe 's balance sheet is as follows. 
  Instructions
Prepare a correct balance sheet.

Accepted Answer

The answer of Van Occupanther is the bookkeeper for Roscoe...

Question 12

Financial statements are the major means of communicating accounting information to interested parties.

Accepted Answer

A) True 
 B)False

Question 13

The final step in solving an ethical dilemma is to

Accepted Answer

A)  identify and analyze the principal elements in the situation. 
B)  recognize an ethical situation. 
C)  identify the alternatives and weigh the impact of each alternative on stakeholders. 
D)  recognize the ethical issues involved. 
A)  identify and analyze the principal elements in the situation. 
B)  recognize an ethical situation. 
C)  identify the alternatives and weigh the impact of each alternative on stakeholders. 
D)  recognize the ethical issues involved.

Question 14

All of the following are services offered by public accountants except

Accepted Answer

A)  budgeting. 
B)  auditing. 
C)  tax planning. 
D)  consulting. 
A)  budgeting. 
B)  auditing. 
C)  tax planning. 
D)  consulting.

Question 15

The cost and fair market value of an asset are the same at the time of acquisition and in all subsequent periods.

Accepted Answer

A) True 
 B)False

Question 16

On January 1 2016 Utah Utility Company reported owner's equity of $705000. During the year the owner withdrew cash of $30000. At December 31 2016 the balance in owner's equity was $795000. What amount of net income or net loss would the company report for 2016?

Accepted Answer

A)  Net loss of $60000 
B)  Net income of $90000 
C)  Net income of $120000 
D)  Net income of $150000 
A)  Net loss of $60000 
B)  Net income of $90000 
C)  Net income of $120000 
D)  Net income of $150000

Question 17

Determine the missing amount for each of the following. $\begin{array}{rrrr}
& \underline{\text { Assets }}&=\underline{\text { Liabilities }}+& \underline{\text { Owner's Equity }}\
1 . & (a) & \$ 55,000 & \$ 95,000 \
2 . & \$ 125,000 & (\mathrm{~b}) & \$ 85,000 \
3 . & \$ 160,000 & \$ 65,000 & (\mathrm{c})
\end{array}$

Accepted Answer

1. (a) = $150000 ($55000 + $95

Question 18

A balance sheet shows

Accepted Answer

A)  revenues liabilities and owner's equity. 
B)  expenses drawings and owner's equity. 
C)  revenues expenses and drawings. 
D)  assets liabilities and owner's equity. 
A)  revenues liabilities and owner's equity. 
B)  expenses drawings and owner's equity. 
C)  revenues expenses and drawings. 
D)  assets liabilities and owner's equity.

Question 19

Owner's equity is often referred to as

Accepted Answer

A)  residual equity. 
B)  leftovers. 
C)  spoils. 
D)  second equity. 
A)  residual equity. 
B)  leftovers. 
C)  spoils. 
D)  second equity.

Question 20

The accounting profession provides many career opportunities for individuals. Identify the major fields that exist in accounting and comment on the major functions performed by individuals in each of these areas.

Accepted Answer

The major fields that exist in accountin

Exam 1: Accounting in Action

From the following list of selected accounts taken from the records of Lori's Landscaping Center identify those that would appear on the balance sheet.

The Dulce Company has five plants nationwide that cost a total of $200 million. The current fair value of the plants is $600 million. The plants will be recorded and reported as assets at

U.S. standards are referred to as

The proprietorship form of business organization

All of the financial statements are for a period of time except the

Owner's capital at the end of the period is equal to

Accountants rely on a fundamental business concept-ethical behavior-in reporting financial information.

The first step in solving an ethical dilemma is to

GAAP compared to IFRS tends to be more

Teamboo Company's owner's equity at the beginning of August 2016 was $740000. During the month the company earned net income of $175000 and owner's drawings were $80000. At the end of August 2016 what is the balance in owner's equity?

Van Occupanther is the bookkeeper for Roscoe Company. Van has been trying to get the balance sheet of Roscoe Company to balance. Roscoe 's balance sheet is as follows. Instructions Prepare a correct balance sheet.

Financial statements are the major means of communicating accounting information to interested parties.

The final step in solving an ethical dilemma is to

All of the following are services offered by public accountants except

The cost and fair market value of an asset are the same at the time of acquisition and in all subsequent periods.

On January 1 2016 Utah Utility Company reported owner's equity of $705000. During the year the owner withdrew cash of $30000. At December 31 2016 the balance in owner's equity was $795000. What amount of net income or net loss would the company report for 2016?

Determine the missing amount for each of the following. =+ 1. (a) \ 55,000 \ 95,000 2. \ 125,000 () \ 85,000 3. \ 160,000 \ 65,000 ()

A balance sheet shows

Owner's equity is often referred to as

The accounting profession provides many career opportunities for individuals. Identify the major fields that exist in accounting and comment on the major functions performed by individuals in each of these areas.

The Recording Process

Adjusting the Accounts

Completing the Accounting Cycle

Accounting for Merchandising Operations

Inventories

Accounting Information Systems

Fraud, Internal Control, and Cash

Accounting for Receivables

Plant Assets, Natural Resources, and Intangible Assets

Current Liabilities and Payroll Accounting

Accounting for Partnerships

Corporations: Organization and Capital Stock Transactions

Corporations: Dividends, Retained Earnings, and Income Reporting

Long-Term Liabilities

Investments

Statement of Cash Flows

Financial Statement Analysis

Managerial Accounting

Job Order Costing

Process Costing

Cost-Volume-Profit

Budgetary Planning

Budgetary Control and Responsibility Accounting

Standard Costs and Balanced Scorecard

Incremental Analysis and Capital Budgeting

Time Value of Money

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