All Matches
Solution Library
Expert Answer
Textbooks
Search Textbook questions, tutors and Books
Oops, something went wrong!
Change your search query and then try again
Toggle navigation
FREE Trial
S
Books
FREE
Tutors
Study Help
Expert Questions
Accounting
General Management
Mathematics
Finance
Organizational Behaviour
Law
Physics
Operating System
Management Leadership
Sociology
Programming
Marketing
Database
Computer Network
Economics
Textbooks Solutions
Accounting
Managerial Accounting
Management Leadership
Cost Accounting
Statistics
Business Law
Corporate Finance
Finance
Economics
Auditing
Ask a Question
Search
Search
Sign In
Register
study help
business
financial accounting an introduction
Questions and Answers of
Financial Accounting An Introduction
The adjusted trial balance showsa. amounts that may be out of balance.b. revenues and expenses only.C. assets, liabilities, and common stock only,d. amounts that are ready for the financial
Which of the following accounts is not closed?a. Salary Expenseb. Service Revenue C. Accumulated Depreciation, Equipmentd. Dividends
What do closing entries accomplish?a. Transfer revenues, expenses, and dividends to retained earningsb. Zero out the revenues, expenses, and dividends to prepare them for the next period C. Bring the
Which correctly represents the flow of information from one financial statement to another?a. Income statement to the statement of retained earningsb. Statement of retained earnings to the balance
The left side of an account is used to recorda. debits.b. credits.C. debits or credits, depending on the type of account,d. increases.
Suppose Sunshine Florists, Inc., has cash of \($40,000,\) receivables of \($30,000,\) and furniture and fixtures totaling \($170,000.\) Sunshine Florists, Inc., owes \($60,000\) on account and has a
Lori’s Catering, Inc., purchased $400 of supplies on account. The journal entry to record this transaction is denoted by which of the following? DATE ACCOUNTS POST REF. DR. CR. a. Inventory 400
Posting a $800 purchase of supplies on account appears as which of the following? a. Supplies 800 Accounts Receivable 800 C. Supplies 800 Accounts Payable 800 b. Supplies Accounts Payable d. Cash
Which journal entry records obtaining a bank loan of $15,000? DATE ACCOUNTS POST REF. DR. CR. a. Notes Payable 15,000 Accounts Receivable 15,000 b. Notes Payable Cash 15,000 15,000 C. Cash Notes
S & S Janitorial, Inc., paid \($600\) for supplies and purchased additional supplies on account for \($800.\) S & S Janitorial, Inc., also paid \($300\) of the accounts payable. What is the balance
The Blue Ox Restaurant recorded a cash collection on account by debiting Cash and crediting Accounts Payable. What will the trial balance show for this error?a. Too much for liabilitiesb. Too much
Tim Walters, an attorney, had a law corporation, Tim Walters, Attorney, Inc., that began the year with total assets of \($110,000,\) total liabilities of \($80,000,\) and stockholders’ equity of
The entry to record the payment of $1,200 rent expense would be which of the following? DATE ACCOUNTS POST REF. DR. CR. a. Rent Expense 1,200 Accounts Payable 1,200 b. Cash 1,200 Rent Expense 1,200
IPW, Inc., began operations on January 1, 2010. The seven transactions recorded during January by the company accountant, are shown in the following T-accounts:Complete the following table. For each
Shawn Andrews opened a dental practice in Spokane, Washington as a corporation. The following transactions took place in June:Using the steps outlined in the five-step transaction analysis, record
After operating for a month, Shawn Andrews’ dental practice completed the following transactions during July:Using the steps outlined in the five-step transaction analysis, record the transactions
The accounting records for Airborne Services, Corp., contain the following amounts on December 31,2010. The accounts appear in no particular order.Prepare the trial balance for Airborne Services at
Using the steps outlined in the five-step transaction analysis, record the following transactions in the general journal for Alread Plumbing, Inc. Explanations are not required. Feb 1 Paid interest
Williams & Associates, Inc., completed the following transactions during October 2010, its first month of operations:Requirement 1. Using the steps outlined in the five-step transaction analysis,
The transactions for Little Tykes Daycare, Inc., for the month of January 2010 are posted in the following T-accounts.Requirements 1. Calculate account balances.2. Prepare the trial balance for
Baldwin Realty, Inc., had the following transactions for the month of May, 2010.The following T-accounts have been set up, for Baldwin Realty, Inc., with their beginning balances as of May
The transactions for Crazy Curlz, Inc., for the month of June 2010 have been posted to the accounts as follows:Requirements 1. Prepare the journal entries that served as the sources for the six
McDonald Consulting, Inc., completed the following transactions during December 2010, its first month of operations:Requirements 1. Open, or set up, T-accounts in the ledger: Cash, Accounts
Julie Palmer has trouble keeping her debits and credits equal. During a recent month, Julie made the following errors:a. Julie recorded a $750 payment of rent by debiting rent expense for $75 and
The following are six journal entries Keene Engineering, Inc., made during the month of April.Requirement 1. For each transaction shown, determine the accounts affected, the type of account, whether
Using the steps outlined in the five-step transaction analysis, record the following transactions in the general journal for Laverden Plumbing, Inc. Explanations are not required. May 1 5 Paid
Welch & Associates, Inc., completed the following transactions during September 2010, its first month of operations:Requirement 1. Using the steps outlined in the five-step transaction analysis,
The transactions for Learning Fun Daycare, Inc., for the month of May 2010 are posted in the following T-accounts.Requirements 1. Calculate account balances.2. Prepare the trial balance for Learning
Baltimore Realty, Inc., had the following transactions for the month of June 2010.The following T-accounts have been set up, for Baltimore Realty, Inc., with their beginning balances as of June 1,
The transactions for Dancing Antz, Inc., for the month of September 2010 have been posted to the accounts as follows:Requirements 1. Prepare the journal entries that served as the sources for the six
Meo Consulting, Inc., completed the following transactions during February 2010, its first month of operations:Requirements 1. Record transactions in the journal. Explanations are not required.2.
Sheri Neylon has trouble keeping her debits and credits equal. During a recent month, Sheri made the following errors:a. Sheri recorded a $850 payment of rent by debiting Rent Expense for $85 and
Angela Rodriguez practices law under the business title Angela Rodriguez Attorney at Law, Inc. During June, her law practice engaged in the following transactions:Rodriguez’s business uses the
Advantage Advertising, Inc., engaged in the following business transactions during November of 2010:Advantage Advertising, Inc., uses the following accounts: Cash, Accounts Receivable, Supplies,
Tom Slater opened an accounting firm on March 1,2010. During the month of March, the business completed the following transactions:Requirements 1. Open, or set up, the following T-accounts: Cash,
The trial balance for TDR Systems, Inc., at July 15, 2010, follows:During the remainder of July, TDR Systems, Inc., completed the following transactions:Requirements 1. Journalize the transactions
The accounts of Cascade Consulting, Inc., follow with their normal balances at December 31, 2010. The accounts are listed in no particular order.Requirements 1. Prepare the company’s trial balance
Arleen O’Neil practices law under the business title Arleen O’Neil Attorney at Law, Inc. During November, her law practice engaged in the following transactions:O’Neil’s business uses the
Tip Top Advertising, Inc., engaged in the following business transactions during July of 2010:Tip Top Advertising, Inc., uses the following accounts: Cash, Accounts Receivable, Supplies, Building,
Teddy Sargent opened an accounting firm on May 1, 2010. During the month of May, the business completed the following transactions:Requirements 1. Open, or set up, the following T-accounts: Cash,
The trial balance for BFF Systems, Inc., at March 15, 2010, follows:During the remainder of March, BFF Systems, Inc., completed the following transactions:Requirements 1. Journalize the transactions
The accounts of Highland Consulting, Inc., follow with their normal balances at August 31, 2010. The accounts are listed in no particular order.Requirements 1. Prepare the company’s trial balance
Explain the nature and roles of accounting and finance.
Identify the main users of financial information and discuss their needs.
Identify and discuss the characteristics that make accounting information useful.
Explain the purpose of a business and describe how businesses are organised and structured.
Explain the nature and purpose of the three major financial statements.
Prepare a simple statement of financial position and interpret the information that it contains.
Discuss the accounting conventions underpinning the statement of financial position.
Discuss the uses and limitations of the statement of financial position for decision-making purposes.
The equity belongs to Paul because he is the sole owner of the business. Can you explain how the figure for equity by Thursday evening has arisen? You will need to look back at the events of Monday,
Discuss the nature and purpose of the income statement.
Prepare an income statement from relevant financial information and interpret the information that it contains.
Discuss the main recognition and measurement issues that must be considered when preparing the income statement.
Explain the main accounting conventions underpinning the income statement.
Singh Enterprises has an accounting year to 31 December and uses the straight-line method of depreciation. On 1 January 2006 the business bought a machine for £10,000. The machine had an expected
The following is the statement of financial position of TT and Co. at the end of its first year of trading (from Self-assessment question 3.1):* The prepaid expenses consisted of rates (£300) and
Place the corresponding letter of the definition next to the term.a. An organization that stands as a separate economic unit must not have its financial affairs confused with that of other
Jill Riggins owns and operates Jill’s Java coffee shop. She proposes to account for the shop’s assets at their current market value in order to have current amounts on the balance sheet. Which
Place the corresponding letter of the definition next to the term. 1. Liabilities 2. Assets 3. Corporation 4. Dividends 5. Sole proprietorship 6. Partnership 7. Transaction a. Any event that affects
Bill Allen owns Bill’s Lawncare Service. The business has cash of \($3,000\) and equipment that costs \($12,000\). Debts of the business include accounts payable of \($6,000\) and a \($5,000\) note
Apex Accounting, Inc., has cash of \($2,000\), supplies costing \($800\), and stockholders’ equity of \($1,300\). Determine the liabilities of the business. Write the accounting equation for Apex
Bond Back Clinic, Inc., started a business when Dr. Bond purchased \($8,000\) of stock in the business. Before starting operations, Bond Back Clinic, Inc., borrowed \($5,000\) cash by signing a note
Match each of the following items with its location in the accounting equation. Use the most detailed category appropriate: a. Assets b. Liabilities c. Stockholders' Equity d. Revenues e. Expenses -
Presented here are nine transactions and the analysis used to account for them. Evaluate each of the suggested accounting treatments and indicate whether it is true or false. 1. Received cash of
Determine the missing amounts in the following accounting equations.1. Label each of the transactions in the preceding analysis with the correspon ding letter of the description that best fits it:a.
Styles Salon had \($87,000\) of total assets and \($52,000\) of total stockholders’ equity at December 31, 2010. At December 31,2011, Styles Salon had assets totaling \($153,000\) and
Anthony’s Consulting, Inc., started business in 2010 with total assets of \($32,000\) and total liabilities of \($14,000\). At the end of 2010, Anthony’s total assets were \($42,000\), and total
The balance sheet data for Quick Care, Inc. September 30, 2010, follow:Requirement 1. The following are three independent assumptions about the business during September. For each assumption, compute
Suzanne Luken opened a medical practice titled Suzanne Luken M.D., Inc. During March, the first month of operations, the business experienced the following events:Requirement 1.Analyze the effects of
The following are the balances of the assets, liabilities, and equity of Hair Today Salon at July 31, 2010:Requirements 1. What type of business organization is Hair Today Salon?2. Prepare the
Selected accounts of Armstrong Consulting, Inc., a financial services business, have the following balances at December 31, 2010, the end of its first year of operations. During the year, Lori
Presented here is information for Telco, Inc., for the year ended December 31,2010.Requirements 1. What is the beginning stockholders’ equity of Telco, Inc.?2. What is the ending stockholders’
Great Wall Chinese Cuisine had \($93,000\) of total assets and \($31,000\) of total stock¬ holders’ equity at May 31,2010. At May 31, 2011, Great Wall Chinese Cuisine had assets totaling
Kablossom started a business in 2010 with total assets of \($35,000\) and total liabilities of \($32,000\). At the end of 2010, Kablossom’s total assets were \($65,000\), and total liabilities were
The balance sheet data for Bob’s Electronics, Co., November 30, 2010, follow:Requirement 1. The following are three independent assumptions about the business during November. For each assumption,
Sherene Lynch opened a medical practice titled Sherene Lynch M.D., Inc.During January, the first month of operations, the business experienced the following events:Requirement 1. Analyze the effects
The following are the balances of the assets, liabilities, and equity of Kite Runner, Inc., at August 31, 2010:Requirements 1. What type of business organization is Kite Runner, Inc.?2. Prepare the
Selected accounts of Albright Consulting, Inc., a financial services business, have the following balances at January 31,2010, the end of its first year of operations. During the year, Lilly
Presented here is information for Eliason, Inc., for the year ended August 31,2010. Beginning: Assets. Liabilities... Ending: Assets....... Liabilities. Stockholders' Equity: Sale of Stock ..........
Dan Oliver worked as an accountant at a local accounting firm for five years after graduating from college. Recently, he opened his own accounting practice, which he operates as a corporation. The
Donna Adams started an interior design company called Interiors by Donna, Inc., on September 1, 2010. The following amounts summarize the financial position of her business on September 14, 2010,
Gear Heads, Inc., restores antique automobiles. The retained earnings balance of the corporation was \($32,000\) at December 31,2009. During 2010, the corporation paid \($40,000\) in dividends to its
Presented here are the amounts of Assets, Liabilities, Stockholders’ Equity, Revenues, and Expenses of The Better Body, Inc., at December 31, 2010. The items are listed in alphabetical order.The
The IT manager of Aztec Realty, Inc., prepared the balance sheet of the company while the accountant was ill. The balance sheet contains numerous errors. In par¬ ticular, the IT manager knew that
Don Griffin worked as an accountant at a local accounting firm for five years after graduating from college. Recently, he opened his own accounting practice, which he operates as a corporation. The
Deanna Golds started an interior design company called Interiors by Deanna, Inc., on November 1,2010. The following amounts summarize the financial position of her business on November 14, 2010,
Barrett, Inc., restores antique automobiles. The retained earnings balance of the corporation was \($28,500\) at December 31,2009. During 2010, the corporation paid \($35,000\) in dividends to its
Presented here are the amounts of Assets, Liabilities, Stockholders’ Equity, Revenues, and Expenses of Camp Out, Inc., at October 31,2011. The items are listed in alphabetical order.The retained
The IT manager of Right Away Realty, Inc., prepared the balance sheet of the com pany while the accountant was ill. The balance sheet contains numerous errors. In particular, the IT manager knew that
Which type of business organization is owned by its stockholders?a. Proprietorshipb. Partnership C. Corporationd. All the above are owned by stockholders.
Generally Accepted Accounting Principles (GAAP) are created by thea. Securities and Exchange Commission (SEC).b. Financial Accounting Standards Board (FASB).C. Institute of Management Accountants
Boardmaster is famous for custom skateboards. At the end of a recent year, Boardmaster’s total assets added up to \($622\) million, and stockholders’ equity was \($487\) million. How much did
Assume that Boardmaster sold skateboards to a department store for \($35,000\) cash. How would this transaction affect Boardmaster’s accounting equation?a. Increase both assets and stockholders’
Assume that Boardmaster sold skateboards to another department store for $22,000 on account. Which parts of the accounting equation does a sale on account affect?a. Accounts Receivable and Accounts
Assume that Boardmaster paid expenses totaling $38,000. How does this transaction affect Boardmaster’s accounting equation?a. Increases assets and decreases liabilitiesb. Increases both assets and
Consider the overall effects of transactions in questions 5, 6, and 7 on Boardmaster. What is Boardmaster’s net income or net loss?a. Net income of \($57,000b.\) Net loss of \($3,000\) C. Net
The income statement reportsa. financial position on a specific date.b. results of operations on a specific date.C. financial position for a specific period.d. results of operations for a specific
Under IFRS, for non-financial companies, most non-current assets are measured at:A. Fair value.B. The lower of cost or fair value.C. Cost less depreciation and impairment.D. Net realisable value.
Oxfam’s purpose is to help create lasting solutions to the injustice of poverty.As stated in its Memorandum of Association, the objects for which Oxfam is established for the public benefit are:●
Showing 700 - 800
of 1917
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
Last