Exam 1: Accounting As a Form of Communication

Cranston Enterprises purchased land for $2,000,000 in 1999.In 2014,an independent appraiser assessed the value at $4,400,000.What amount should appear on the financial statements in 2014 with respect to the land?

Which one of the following is an economic obligation for a business entity?

Las Palmas Company reported the following items on its financial statements for the year ending December 31,2014: How much will be reported as retained earnings on Las Palmas' balance sheet at December 31,2014,if this is the first year of operations?

The three forms of business entities are:

Harbor City Corporation's end-of-year balance sheet consisted of the following amounts: What is Harbor City's retained earnings balance at the end of the current year?

The IASB is a branch of the FASB.

Taryn Corporation The accountant for Taryn Corporation prepared the following list of account balances from the company's records for the year ended December 31,2014: Read the information for Taryn Corporation.Determine the following amounts for Taryn Corp.

Macon Corporation has been in the business of delivering small packages for local companies within the city of Atlanta,Georgia,since 1960.The following information concerning financial activities during 2014 is available at December 31,2014:

Which one of the following correctly represents one of the basic financial statement models?

The International Accounting Standards Board (IASB)was created in order to develop worldwide accounting standards that must be used for all financial statements prepared regardless of country.

Presented below are selected data from the balance sheet of Farmer Company for 2014.The figures are expressed in millions.

Las Palmas Company reported the following items on its financial statements for the year ending December 31,2014: The income statement for Las Palmas will report net income for the current year in the amount of

Which one of the following is not an external user of financial statements?

Several amounts from Duggard Company at December 31,2014 are listed below.Answer the questions. A)Calculate net income for 2014. B)How much is Duggard Company's retained earnings at the end of 2014? C)What primary asset account is missing?

If a company has $152,000 of revenues,declares and pays $55,000 in dividends,and has net income of $89,000,how much were expenses for the year?

On January 1,2014,Francisco Company's balance in retained earnings was $70,000.During 2014,the company earned net income of $43,000 and paid $15,000 in dividends.Calculate the retained earnings balance at December 31,2014.

What is the name of the branch of accounting concerned with providing managers and administrators with information to facilitate the planning and control of business operations?

Canyon Corporation The accountant for the Canyon Corporation prepared the following list from the company's accounting records for the year ended December 31,2014: Read the information for Canyon Corporation.Using good form,prepare a Balance Sheet for the Canyon Corporation.

Taryn Corporation The accountant for Taryn Corporation prepared the following list of account balances from the company's records for the year ended December 31,2014: Read the information for Taryn Corporation.Determine the following amounts for Taryn Corporation:

All of the following are different expressions for net income except: