Question 1

A transaction is a business event that does NOT have an impact on the finances of a company.

Accepted Answer

A) True 
 B)False

Question 2

Which of the following is considered an asset?

Accepted Answer

A)  Accounts payable 
B)  Sales 
C)  Accounts receivable 
D)  Common shares 
E)  Notes payable 
A)  Accounts payable 
B)  Sales 
C)  Accounts receivable 
D)  Common shares 
E)  Notes payable

Question 3

What is the income statement used to report?

Accepted Answer

The result

Question 4

Which of the following is a written promise to pay?

Accepted Answer

A)  Accounts receivable 
B)  Accounts payable 
C)  Notes payable 
D)  Dividends payable 
E)  Notes receivable 
A)  Accounts receivable 
B)  Accounts payable 
C)  Notes payable 
D)  Dividends payable 
E)  Notes receivable

Question 5

The Conceptual Framework includes three constraints. Identify and explain the three constraints.

Accepted Answer

Timeliness
The information should be rep

Question 6

What is the purpose of financial accounting information?

Accepted Answer

To help investors, c

Question 7

Monies owed to a company by customers are classified as __________.

Accepted Answer

The answer of Monies owed to a company by customers...

Question 8

Monies the company will pay at a later date are classified as __________.

Accepted Answer

The answer of Monies the company will pay at a...

Question 9

Which type of company is best described as a separate legal entity?

Accepted Answer

A)  Limited liability company 
B)  Proprietorship 
C)  Corporation 
D)  Partnership 
E)  Not-for-profit 
A)  Limited liability company 
B)  Proprietorship 
C)  Corporation 
D)  Partnership 
E)  Not-for-profit

Question 10

The fundamental accounting equation is Assets plus Liabilities equals Shareholders' Equity.

Accepted Answer

A) True 
 B)False

Question 11

Target would primarily be considered a:

Accepted Answer

A)  manufacturing business. 
B)  merchandising business. 
C)  service business. 
D)  not-for-profit business. 
E)  private enterprise. 
A)  manufacturing business. 
B)  merchandising business. 
C)  service business. 
D)  not-for-profit business. 
E)  private enterprise.

Question 12

The net income figure is needed to prepare a financial statement. Name the financial statement.

Accepted Answer

A statemen

Question 13

The definition of the economic entity concept includes the requirement that personal assets must be combined with business assets.

Accepted Answer

A) True 
 B)False

Question 14

The following amounts are the ending balances from Lavender Water Distillery accounting records for December 31, 2014.
   
Prepare a Statement of Financial Position for Natural Spring Water Distillery for December 31, 2014.

Accepted Answer

Natural Spring Water

Question 15

The income statement will impact the retained earning section of the statement of financial position.
a) Will a net loss increase or decrease retained earnings?
b) Will a net profit increase or decrease retained earnings?

Accepted Answer

a) Net loss will dec

Question 16

By definition, which type of organization has shareholders?

Accepted Answer

A)  Partnerships 
B)  Sole proprietorships 
C)  Corporations 
D)  Limited liability companies 
E)  Private enterprise 
A)  Partnerships 
B)  Sole proprietorships 
C)  Corporations 
D)  Limited liability companies 
E)  Private enterprise

Question 17

How would the payment of cash dividends affect the accounting equation?

Accepted Answer

Decrease shareholder

Question 18

The following amounts are the ending balances for Graphic Design Corporation.
Part a
For each account and amount indicate whether it is an Asset (A), Liability (L),
or Shareholders Equity (SE).
Part b
Prepare the Statement of Financial position for the year ended January 31, 2013.

Accepted Answer

@#IMG-DLM& 
Graphic Design Corporation
S

Question 19

Given the following information, prepare the statement of financial position for Meranda's Accounting Service for December 31, 2013.

Accepted Answer

Meranda's Accounting

Question 20

Under IFRS, what are the four basic financial statements?

Accepted Answer

Statement of comprehensive inc

A transaction is a business event that does NOT have an impact on the finances of a company.

Which of the following is considered an asset?

What is the income statement used to report?

Which of the following is a written promise to pay?

The Conceptual Framework includes three constraints. Identify and explain the three constraints.

What is the purpose of financial accounting information?

Monies owed to a company by customers are classified as __________.

Monies the company will pay at a later date are classified as __________.

Which type of company is best described as a separate legal entity?

The fundamental accounting equation is Assets plus Liabilities equals Shareholders' Equity.

Target would primarily be considered a:

The net income figure is needed to prepare a financial statement. Name the financial statement.

The definition of the economic entity concept includes the requirement that personal assets must be combined with business assets.

The following amounts are the ending balances from Lavender Water Distillery accounting records for December 31, 2014. Prepare a Statement of Financial Position for Natural Spring Water Distillery for December 31, 2014.

The income statement will impact the retained earning section of the statement of financial position. a) Will a net loss increase or decrease retained earnings? b) Will a net profit increase or decrease retained earnings?

By definition, which type of organization has shareholders?

How would the payment of cash dividends affect the accounting equation?

The following amounts are the ending balances for Graphic Design Corporation. Part a For each account and amount indicate whether it is an Asset (A), Liability (L), or Shareholders Equity (SE). Part b Prepare the Statement of Financial position for the year ended January 31, 2013.

Given the following information, prepare the statement of financial position for Meranda's Accounting Service for December 31, 2013.

Under IFRS, what are the four basic financial statements?

Analyzing and Recording Business Transactions

Adjusting and Closing Entries

Ethics, Internal Control, and Cash

Accounting for a Merchandising Business

Inventory

Sales and Receivables

Long-Term Assets

Current Liabilities and Long-Term Debt

Corporations: Share Capital and Retained Earnings

The Cash Flow Statement

Financial Statement Analysis

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Exam 1: Business, Accounting, and You

A transaction is a business event that does NOT have an impact on the finances of a company.

Which of the following is considered an asset?

What is the income statement used to report?

Which of the following is a written promise to pay?

The Conceptual Framework includes three constraints. Identify and explain the three constraints.

What is the purpose of financial accounting information?

Monies owed to a company by customers are classified as __________.

Monies the company will pay at a later date are classified as __________.

Which type of company is best described as a separate legal entity?

The fundamental accounting equation is Assets plus Liabilities equals Shareholders' Equity.

Target would primarily be considered a:

The net income figure is needed to prepare a financial statement. Name the financial statement.

The definition of the economic entity concept includes the requirement that personal assets must be combined with business assets.

The following amounts are the ending balances from Lavender Water Distillery accounting records for December 31, 2014. Prepare a Statement of Financial Position for Natural Spring Water Distillery for December 31, 2014.

The income statement will impact the retained earning section of the statement of financial position. a) Will a net loss increase or decrease retained earnings? b) Will a net profit increase or decrease retained earnings?

By definition, which type of organization has shareholders?

How would the payment of cash dividends affect the accounting equation?

The following amounts are the ending balances for Graphic Design Corporation. Part a For each account and amount indicate whether it is an Asset (A), Liability (L), or Shareholders Equity (SE). Part b Prepare the Statement of Financial position for the year ended January 31, 2013.

Given the following information, prepare the statement of financial position for Meranda's Accounting Service for December 31, 2013.

Under IFRS, what are the four basic financial statements?

Analyzing and Recording Business Transactions

Adjusting and Closing Entries

Ethics, Internal Control, and Cash

Accounting for a Merchandising Business

Inventory

Sales and Receivables

Long-Term Assets

Current Liabilities and Long-Term Debt

Corporations: Share Capital and Retained Earnings

The Cash Flow Statement

Financial Statement Analysis

Filters