Question 1

Dell Inc.'s distribution of earnings to owners is called dividends.Dell must be a ________.

Accepted Answer

A) sole proprietorship 
B) partnership 
C) corporation 
D) sole proprietorship or partnership 
A) sole proprietorship 
B) partnership 
C) corporation 
D) sole proprietorship or partnership

Question 2

Review the income statement and make any corrections that you feel are necessary.

Accepted Answer

The answer of Review the income statement and make any...

Question 3

Below is a balance sheet for Daily Grind Coffee Shop.Fill in the missing amounts.

Accepted Answer

a.$950,000 - 350,000 - 25,000

Question 4

Match between columns
                        Premises: Issuance of stock.
Purchase of equipment.
Payment of dividends.
Sale of T-shirts to a customer.
Payment of advertising.
Sale of used equipment.

Accepted Answer

The Answer of Investing activity and Financing activity and Operating is...

Question 5

The Securities and Exchange Commission (SEC)is the governmental agency that monitors the stock market and the financial reporting of publicly held companies.

Accepted Answer

A) True 
 B)False

Question 6

Tina is worried about the current financial state of Team Shirts,Inc.Her latest statement of cash flows shows a net decrease in cash.Review and analyze the following summary statement.Is Tina's business in trouble? Should she be worried? What should she do to improve the cash flow situation?

Accepted Answer

Cash from operating activities is positi

Question 7

A person who starts his own business is considered ________.

Accepted Answer

A) a manager 
B) an entrepreneur 
C) a shareholder 
D) a capitalist 
A) a manager 
B) an entrepreneur 
C) a shareholder 
D) a capitalist

Question 8

Describe the format of the statement of cash flows.

Accepted Answer

The statement of cash flows sh

Question 9

For which organization are the personal assets of the owners at risk?

Accepted Answer

A) sole proprietorship 
B) partnership 
C) corporation 
D) sole proprietorship and partnership 
A) sole proprietorship 
B) partnership 
C) corporation 
D) sole proprietorship and partnership

Question 10

Limited legal liability for owners is a characteristic of ________.

Accepted Answer

A) sole proprietorships 
B) partnerships 
C) corporations 
D) not-for-profits 
A) sole proprietorships 
B) partnerships 
C) corporations 
D) not-for-profits

Question 11

The International Accounting Standards Board (IASB)is responsible for setting the International Financial Reporting Standards (IFRS).

Accepted Answer

A) True 
 B)False

Question 12

Team Shirts,Inc.pays $5,000 cash for T-shirts from a supplier.This transaction ________.

Accepted Answer

A) is a financing activity 
B) causes an increase in total assets 
C) is an operating activity 
D) is an investing activity 
A) is a financing activity 
B) causes an increase in total assets 
C) is an operating activity 
D) is an investing activity

Question 13

CPA stands for Certified Private Accountant.

Accepted Answer

A) True 
 B)False

Question 14

Bea Rich is enthusiastic about starting her catering business.She feels confident that she has a great concept and can handle the day-to-day details of running a business.However,this is her first attempt at running her own business.Advise Bea on the risks associated with starting a business.

Accepted Answer

All businesses are exposed to risk.A ris

Question 15

A manufacturing business ________.

Accepted Answer

A) will lend money to customers 
B) buys goods for resale 
C) provides services to its customers 
D) makes the products it sells 
A) will lend money to customers 
B) buys goods for resale 
C) provides services to its customers 
D) makes the products it sells

Question 16

Revenues minus cost of goods sold equals net income.

Accepted Answer

A) True 
 B)False

Question 17

Team Instructions: Divide the class into teams of three or four people.Each team member should work the following problem separately outside of class.Then give the students time in class to compare answers with their teammates and put together a final correct copy of the problem.Each team should turn in only one copy of the problem for grading.All team members will receive the same grade.
Search the internet for information about the WorldCom Inc.fraud in 2002.With your group,write a brief description of the fraud and discuss the ethical issue.

Accepted Answer

WorldCom Inc.executives were found guilt

Question 18

Financial services companies ________.

Accepted Answer

A) deal in services related to money 
B) sell insurance to their customers 
C) lend money to consumers to pay for cars and houses 
D) All of these are correct. 
A) deal in services related to money 
B) sell insurance to their customers 
C) lend money to consumers to pay for cars and houses 
D) All of these are correct.

Question 19

Match between columns
                        Premises: Any length of time that a company uses to evaluate its performance.
A period beginning with cash, conversion of cash to inventory, sales of inventory, and receipt of cash from sales.
The amount a company has earned from providing goods or services to customers.
Distribution of earnings to the owners of the corporation.
The costs incurred to generate revenue.

Accepted Answer

The Answer of Dividends and Expenses and Revenues and Accounting is...

Question 20

-The missing name (a.)of Lox Stock & Bagel Company's financial statement above is the ________.

Accepted Answer

A) Balance sheet 
B) Income statement 
C) Statement of changes in shareholders' equity 
D) Statement of cash flows 
A) Balance sheet 
B) Income statement 
C) Statement of changes in shareholders' equity 
D) Statement of cash flows

Dell Inc.'s distribution of earnings to owners is called dividends.Dell must be a ________.

Review the income statement and make any corrections that you feel are necessary.

Below is a balance sheet for Daily Grind Coffee Shop.Fill in the missing amounts.

The Securities and Exchange Commission (SEC)is the governmental agency that monitors the stock market and the financial reporting of publicly held companies.

Tina is worried about the current financial state of Team Shirts,Inc.Her latest statement of cash flows shows a net decrease in cash.Review and analyze the following summary statement.Is Tina's business in trouble? Should she be worried? What should she do to improve the cash flow situation?

A person who starts his own business is considered ________.

Describe the format of the statement of cash flows.

For which organization are the personal assets of the owners at risk?

Limited legal liability for owners is a characteristic of ________.

The International Accounting Standards Board (IASB)is responsible for setting the International Financial Reporting Standards (IFRS).

Team Shirts,Inc.pays $5,000 cash for T-shirts from a supplier.This transaction ________.

CPA stands for Certified Private Accountant.

Bea Rich is enthusiastic about starting her catering business.She feels confident that she has a great concept and can handle the day-to-day details of running a business.However,this is her first attempt at running her own business.Advise Bea on the risks associated with starting a business.

A manufacturing business ________.

Revenues minus cost of goods sold equals net income.

Financial services companies ________.

-The missing name (a.)of Lox Stock & Bagel Company's financial statement above is the ________.

Qualities of Accounting Information

Accruals and Deferrals: Timing Is Everything in Accounting

Payment for Goods and Services: Cash and Accounts Receivable

The Purchase and Sale of Inventory

Acquisition and Use of Long-Term Assets

Accounting for Liabilities

Accounting for Shareholders Equity

Preparing and Analyzing the Statement of Cash Flows

Using Financial Statement Analysis to Evaluate Firm Performance

Quality of Earnings, corporate Governance, and Ifrs

Filters

Exam 1: Business: Whats It All About

Dell Inc.'s distribution of earnings to owners is called dividends.Dell must be a ________.

Review the income statement and make any corrections that you feel are necessary.

Below is a balance sheet for Daily Grind Coffee Shop.Fill in the missing amounts.

The Securities and Exchange Commission (SEC)is the governmental agency that monitors the stock market and the financial reporting of publicly held companies.

Tina is worried about the current financial state of Team Shirts,Inc.Her latest statement of cash flows shows a net decrease in cash.Review and analyze the following summary statement.Is Tina's business in trouble? Should she be worried? What should she do to improve the cash flow situation?

A person who starts his own business is considered ________.

Describe the format of the statement of cash flows.

For which organization are the personal assets of the owners at risk?

Limited legal liability for owners is a characteristic of ________.

The International Accounting Standards Board (IASB)is responsible for setting the International Financial Reporting Standards (IFRS).

Team Shirts,Inc.pays $5,000 cash for T-shirts from a supplier.This transaction ________.

CPA stands for Certified Private Accountant.

Bea Rich is enthusiastic about starting her catering business.She feels confident that she has a great concept and can handle the day-to-day details of running a business.However,this is her first attempt at running her own business.Advise Bea on the risks associated with starting a business.

A manufacturing business ________.

Revenues minus cost of goods sold equals net income.

Financial services companies ________.

-The missing name (a.)of Lox Stock & Bagel Company's financial statement above is the ________.

Qualities of Accounting Information

Accruals and Deferrals: Timing Is Everything in Accounting

Payment for Goods and Services: Cash and Accounts Receivable

The Purchase and Sale of Inventory

Acquisition and Use of Long-Term Assets

Accounting for Liabilities

Accounting for Shareholders Equity

Preparing and Analyzing the Statement of Cash Flows

Using Financial Statement Analysis to Evaluate Firm Performance

Quality of Earnings, corporate Governance, and Ifrs

Filters