A) Are the means organizations must use to pay for resources. B) Involve the acquiring and disposing of resources that an organization uses to acquire and sell its products or services. C) Involve defining the ideas,goals,and actions of an organization. D) Are the carrying out of an organization's plans. E) Involve using resources to research,develop,purchase,produce,and market products and services. A) Are the means organizations must use to pay for resources. B) Involve the acquiring and disposing of resources that an organization uses to acquire and sell its products or services. C) Involve defining the ideas,goals,and actions of an organization. D) Are the carrying out of an organization's plans. E) Involve using resources to research,develop,purchase,produce,and market products and services.

A) Decreases equity. B) Represents the amount of assets owners put into a business. C) Equals assets minus liabilities. D) Is the excess of revenues over expenses. E) Represents the owners' claims against assets. A) Decreases equity. B) Represents the amount of assets owners put into a business. C) Equals assets minus liabilities. D) Is the excess of revenues over expenses. E) Represents the owners' claims against assets.

Exam 1: Introducing Financial Accounting

The accountant of Magic Video Games prepared a balance sheet immediately after each transaction was recorded.During September,the first month of operation,the following balance sheets were prepared: Required: Describe the nature of each of these five transactions for the month of September.

(Essay)

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Question 221

Quick Computer Service had net income for the year of $30,000.Its assets at the beginning of the year were $400,000.At the end of the year,assets were worth $450,000.Calculate its return on assets.

(Essay)

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Question 222

Owner financing refers to resources contributed by creditors or lenders.

(True/False)

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Question 223

Internal users of accounting information include:

(Multiple Choice)

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Question 224

Match the following terms with the appropriate definition:

Financing activities

An information and measurement system that identifies, records, and communicates relevant, reliable, and comparable information about an organization's business activities.

Ethics

Concern for the impact of actions on society.

Recordkeeping

The acquisition and disposal of resources that an organization uses to acquire and sell products and services.

Correct Answer:

Verified

Financing activities

Ethics

Recordkeeping

Investing activities

Accounting

Operating activities

Social responsibility

Cost principle

Internal users

External users

(Matching)

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Question 225

Beginning assets were $700,000,beginning equity was $225,000,revenue for the year was $523,000,common stock issued during the year totaled $320,000,expenses for the year were $392,000,ending equity was $751,000,and ending assets were $963,000. What are the ending liabilities for the year?

(Multiple Choice)

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Question 226

Another name for equity is:

(Multiple Choice)

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Question 227

Planning activities:

(Multiple Choice)

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Question 228

FastForward has the following beginning cash balance and cash transactions for the month of January.Using this information,prepare a statement of cash flows.

(Essay)

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Question 229

The statement of cash flows reports cash flows for:

(Multiple Choice)

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Question 230

Barista Company pays a vendor $900 cash as partial payment for its earlier $1,800 purchase of supplies on credit.How would Barista record this payment?

(Multiple Choice)

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Question 231

The records of Skymaster Airplane Rentals show the following information as of December 31,2014: Dividends of $52,000 were paid during 2014. Using the above information,prepare a balance sheet at December 31,2014.

(Essay)

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Question 232

An exchange of value between two entities is called:

(Multiple Choice)

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Question 233

Viscount Company collected $42,000 cash on its accounts receivable.How does this transaction affect the company's accounting equation?

(Multiple Choice)

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Question 234

An example of an operating activity is:

(Multiple Choice)

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Question 235

The objectivity principle:

(Multiple Choice)

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Question 236

Why are ethics crucial to accounting?

(Multiple Choice)

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Question 237

Della's Donuts has revenues of $83,000 and expenses of $64,000.Calculate its net income.

(Short Answer)

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Question 238

Net income:

(Multiple Choice)

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Question 239

______________ is the area of accounting aimed at serving external users.

(Short Answer)

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Question 240

The accountant of Magic Video Games prepared a balance sheet immediately after each transaction was recorded.During September,the first month of operation,the following balance sheets were prepared: Required: Describe the nature of each of these five transactions for the month of September.

Quick Computer Service had net income for the year of $30,000.Its assets at the beginning of the year were $400,000.At the end of the year,assets were worth $450,000.Calculate its return on assets.

Owner financing refers to resources contributed by creditors or lenders.

Internal users of accounting information include:

Beginning assets were $700,000,beginning equity was $225,000,revenue for the year was $523,000,common stock issued during the year totaled $320,000,expenses for the year were $392,000,ending equity was $751,000,and ending assets were $963,000. What are the ending liabilities for the year?

Another name for equity is:

Planning activities:

FastForward has the following beginning cash balance and cash transactions for the month of January.Using this information,prepare a statement of cash flows.

The statement of cash flows reports cash flows for:

Barista Company pays a vendor $900 cash as partial payment for its earlier $1,800 purchase of supplies on credit.How would Barista record this payment?

The records of Skymaster Airplane Rentals show the following information as of December 31,2014: Dividends of $52,000 were paid during 2014. Using the above information,prepare a balance sheet at December 31,2014.

An exchange of value between two entities is called:

Viscount Company collected $42,000 cash on its accounts receivable.How does this transaction affect the company's accounting equation?

An example of an operating activity is:

The objectivity principle:

Why are ethics crucial to accounting?

Della's Donuts has revenues of $83,000 and expenses of $64,000.Calculate its net income.

Net income:

______________ is the area of accounting aimed at serving external users.

Accounting System and Financial Statements

Adjusting Accounts for Financial Statements

Reporting and Analyzing Merchandising Operations

Reporting and Analyzing Inventories

Reporting and Analyzing Cash and Internal Controls

Reporting and Analyzing Receivables

Reporting and Analyzing Long-Term Assets

Reporting and Analyzing Current Liabilities

Reporting and Analyzing Long-Term Liabilities

Reporting and Analyzing Equity

Reporting and Analyzing Cash Flows

Analyzing and Interpreting Financial Statements

Applying Present and Future Values

Investments and International Operations

Accounting for Partnerships

Accounting With Special Journals

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