1 What is Accounting? 2 What is the difference between financial and managerial accounting? Describe the users...
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1 | What is Accounting? | |
2 | What is the difference between financial and managerial accounting? Describe the users of the information for each. | |
3 | Describe the governing bodies over GAAP. | |
4 | What two characteristics are important for accounting information to be useful? Describe how they can be enhanced. | |
5 | Describe the four assumptions of GAAP. | |
6 | Describe the four principles of GAAP. | |
7 | Provide the accounting equation. Briefly explain each of the three parts. | |
8 | What are two ways that equity increase? What are the two ways that equity decreases? | |
9 | How is net income calculated? Define revenues and expenses. | |
10 | On June 25, Ritts Roofing extended an offer of $250,000 for land that had been priced for sale at $300,000. On July 9, Ritts accepted the seller's counteroffer of $275,000. On October 1, the land was assessed at a value of $280,000 for property tax purposes. On December 22, Ritts was offered $305,000 for the land by a national retail chain. At what value should the land be recorded in Ritts Roofing's records? | |
11 | Interstate Delivery Service is owned and operated by Katie Wyer. The following selected transactions were completed by Interstate Delivery during May: 1. Received cash in exchange for common stock, $18,000. 2. Paid advertising expense, $4,850. 3. Purchased supplies on account, $2,100. 4. Billed customers for delivery services on account, $14,700. 5. Received cash from customers on account, $8,200. Indicate the effect of each transaction on the following accounting equation elements: Assets, Liabilities, and Equity. To illustrate, the answer to (1) follows: Assets = Liabilities + Equity +18,000 +18,000 |
Related Book For
Financial And Managerial Accounting
ISBN: 9781337902663
15th Edition
Authors: Carl S. Warren, Jefferson P. Jones, William B. Tayler
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