Exam 1: Accounting in Business

There are three major types of business activities.________ activities involve using resources to research,develop,purchase,produce,distribute,and market products and services and receiving amounts from selling products and services.

(Short Answer)

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Question 241

The business entity assumption means that a business is accounted for separately from other business entities,including its owner or owners.

(True/False)

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Question 242

The four common forms of business ownership include sole proprietorship,partnership,corporation,and non-profit.

(True/False)

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Question 243

Match each of the following terms with the most appropriate definition.

Resources such as cash that a stockholder puts into the company.

Return on assets

The uncertainty about the return to be earned.

Liabilities

Resources such as cash that a company distributes to stockholders for personal use.

Expenses

Correct Answer:

Verified

Resources such as cash that a stockholder puts into the company.

The uncertainty about the return to be earned.

Resources such as cash that a company distributes to stockholders for personal use.

Expresses the relation of assets,liabilities and equity in a company,comparing the resources the company owns to the sources of funds to acquire the resources.

Resources a company owns or controls that are expected to yield future benefit.

Decreases in equity from costs of providing products or services to customers.

A financial ratio stated as income divided by assets invested.

Creditor's claims on a company's assets.

(Matching)

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Question 244

Rushing had net income of $240 million and average total assets of $2,000 million.Its return on assets is:

(Multiple Choice)

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Question 245

The measurement principle,also called the cost principle:

(Multiple Choice)

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Question 246

The four common forms of business ownership include sole proprietorship,partnership,limited liability company (LLC),and corporation.

(True/False)

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Question 247

Cage Company had net income of $160 million and average total assets of $2,000 million.Its return on assets (ROA)is:

(Multiple Choice)

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Question 248

If a company paid $38,000 of its accounts payable in cash,what was the effect on the accounting equation?

(Multiple Choice)

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Question 249

The four basic financial statements include the balance sheet,income statement,statement of retained earnings,and statement of cash flows.

(True/False)

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Question 250

External users of accounting information include all of the following except:

(Multiple Choice)

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Question 251

An example of an investing activity is:

(Multiple Choice)

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Question 252

From the information given below,prepare a November income statement,a November statement of retained earnings,and a November 30 balance sheet.On November 1 of the current year,Victoria Garza,the sole stockholder,began Garza Décor with an initial investment of $50,000 cash.On November 30,her records showed the following (alphabetically arranged)items and amounts.

(Essay)

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Question 253

The rule that (1)requires revenue to be recognized when goods or services are provided to customers and (2)at the amount expected to be received from the customer is called the:

(Multiple Choice)

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Question 254

Dividends are subtracted as expenses in the calculation of net income.

(True/False)

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Question 255

Internal users of accounting information do not directly run the organization and have limited access to its accounting information.

(True/False)

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Question 256

All of the following are external users of accounting information except:

(Multiple Choice)

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Question 257

The first section of the income statement reports cash flows from operating activities.

(True/False)

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Question 258

Accounting is an information and measurement system that does all of the following except:

(Multiple Choice)

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Question 259

Which of the following combinations results does not result in the same amount of net income reported on the income statement?

(Multiple Choice)

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Question 260

Showing 241 - 260 of 285

Exam 1: Accounting in Business

There are three major types of business activities.________ activities involve using resources to research,develop,purchase,produce,distribute,and market products and services and receiving amounts from selling products and services.

The business entity assumption means that a business is accounted for separately from other business entities,including its owner or owners.

The four common forms of business ownership include sole proprietorship,partnership,corporation,and non-profit.

Rushing had net income of $240 million and average total assets of $2,000 million.Its return on assets is:

The measurement principle,also called the cost principle:

The four common forms of business ownership include sole proprietorship,partnership,limited liability company (LLC),and corporation.

Cage Company had net income of $160 million and average total assets of $2,000 million.Its return on assets (ROA)is:

If a company paid $38,000 of its accounts payable in cash,what was the effect on the accounting equation?

The four basic financial statements include the balance sheet,income statement,statement of retained earnings,and statement of cash flows.

External users of accounting information include all of the following except:

An example of an investing activity is:

The rule that (1)requires revenue to be recognized when goods or services are provided to customers and (2)at the amount expected to be received from the customer is called the:

Dividends are subtracted as expenses in the calculation of net income.

Internal users of accounting information do not directly run the organization and have limited access to its accounting information.

All of the following are external users of accounting information except:

The first section of the income statement reports cash flows from operating activities.

Accounting is an information and measurement system that does all of the following except:

Which of the following combinations results does not result in the same amount of net income reported on the income statement?

Accounting for Business Transactions

Adjusting Accounts for Financial Statements

Accounting for Merchandising Operations

Inventories and Cost of Sales

Cash,fraud,and Internal Controls

Accounting for Receivables

Accounting for Long-Term Assets

Accounting for Current Liabilities

Accounting for Long-Term Liabilities

Corporate Reporting and Analysis

Reporting Cash Flows

Analysis of Financial Statements

Managerial Accounting Concepts and Principles

Job Order Costing and Analysis

Process Costing and Analysis

Activity-Based Costing and Analysis

Cost Behavior and Cost-Volume-Profit Analysis

Variable Costing and Analysis

Master Budgets and Performance Planning

Flexible Budgets and Standard Costs

Performance Measurement and Responsibility Accounting

Relevant Costing for Managerial Decisions

Capital Budgeting and Investment Analysis

Time Value of Money

Investments

Lean Principles and Accounting

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