What does the acronym DERP stand for in the context of dividend timelines? Dividend, Earnings, Record, Payable Dividend, Ex-Dividend, Record, Payment Declaration, Earnings, Record, Payment Declaration, Ex-Dividend, Record, Payable

Declaration, Ex-Dividend, Record, Payable

How do you calculate the parity price of a bond? Bond's market price x Conversion Ratio Bond's market price / Conversion Ratio Stock market price x Conversion Ratio Stock market price / Conversion Ratio

Stock market price x Conversion Ratio

How do you calculate the parity price of a stock? Stock market price x Conversion Ratio Bond's market price x Conversion Ratio Bond's market price / Conversion Ratio Stock market price / Conversion Ratio

Bond's market price / Conversion Ratio

How is the parity of preferred stock calculated? Common stock market price x Conversion Ratio Common stock market price / Conversion Ratio Preferred stock market price / Conversion Ratio Preferred stock market price x Conversion Ratio

Common stock market price x Conversion Ratio

Land was purchased for $50,000 cash. What is the effect on the accounting equation? Assets (land) decreases and Equity decreases Assets (land) increases and Assets (cash) decreases Assets (land) increases and Liabilities increase Assets (cash) increases and Equity increases

Assets (land) increases and Assets (cash) decreases

Services were rendered to customers for cash. What is the effect on the accounting equation? Assets (cash) decrease and Liabilities increase Assets (cash) increase and Equity (revenue) increase Assets (cash) increase and Liabilities decrease Assets (cash) decrease and Equity (expense) increase

Assets (cash) increase and Equity (revenue) increase

A building was purchased for cash. What is the effect on the accounting equation? Assets (cash) increases and Equity increases Assets (building) decreases and Equity decreases Assets (building) increases and Liabilities increase Assets (building) increases and Assets (cash) decreases

Assets (building) increases and Assets (cash) decreases

Supplies were purchased on account. What is the effect on the accounting equation? Assets (supplies) decreases and Equity decreases Assets (supplies) increases and Equity increases Assets (supplies) decreases and Liability (AP) decreases Assets (supplies) increases and Liability (AP) increases

Assets (supplies) increases and Liability (AP) increases

Paid the office secretary's salary. What is the effect on the accounting equation? Assets (cash) increases and Equity (expense) increases Assets (cash) increases and Liabilities decrease Assets (cash) decreases and Liabilities increase Assets (cash) decreases and Equity (expense) decreases

Assets (cash) decreases and Equity (expense) decreases

At the beginning of the month, assets were $200,000 and liability was $120,000. There was an increase of $160,000 in assets and $20,000 decrease in liability. What is the beginning equity and the ending balances? Beginning Equity= $100,000, Ending Asset= $360,000, Ending Liability= $120,000, Ending Equity= $240,000 Beginning Equity= $80,000, Ending Asset= $360,000, Ending Liability= $100,000, Ending Equity= $260,000 Beginning Equity= $100,000, Ending Asset= $340,000, Ending Liability= $120,000, Ending Equity= $220,000 Beginning Equity= $80,000, Ending Asset= $340,000, Ending Liability= $100,000, Ending Equity= $240,000

Beginning Equity= $80,000, Ending Asset= $360,000, Ending Liability= $100,000, Ending Equity= $260,000

What is the useful life of a plant asset to an entity? From manufacturing date to sale date From acquisition date to disposal date From first use to last use From purchase date to first use

From acquisition date to disposal date

Which of the following shows the proper order of presentation in a balance sheet? Intangible assets, current assets, plant assets Current assets, plant assets, intangible assets Current assets, intangible assets, plant assets Plant assets, intangible assets, current assets

Current assets, plant assets, intangible assets

Which of the following is not necessary in calculating the depreciation expense for the first year for a newly purchased factory forklift? Salvage value of the forklift Estimated useful life of the forklift Fair market value of the forklift during its useful life Cost of the forklift

Fair market value of the forklift during its useful life

Which question is most likely to be asked by a creditor assessing a company's financial health? What is the company's market share in its industry? What is the company's advertising budget? Will the company be capable of repaying its debt when it is due? How many employees does the company have?

Will the company be capable of repaying its debt when it is due?

Which statement is true about financial accounting? Financial accounting focuses on the future projections of a company's financial performance. Financial accounting is mainly concerned with the preparation of tax returns. Financial accounting is used exclusively for managerial decision-making. Financial accounting primarily deals with the methods accountants use to provide information to an organization's internal users.

Financial accounting primarily deals with the methods accountants use to provide information to an organization's internal users.

What does the concept of limited liability imply for a shareholder owning five percent of a corporation's common stock? Ron is not personally responsible for the corporation's financial obligations beyond his investment. Ron is personally responsible for five percent of the corporation's financial obligations. Ron has no financial obligations related to the corporation. Ron can be held liable for all the corporation's debts.

Ron is not personally responsible for the corporation's financial obligations beyond his investment.

Which of the following is an alternate form of the accounting equation? Assets = Liabilities − Stockholders' Equity Assets + Liabilities = Stockholders' Equity Assets − Liabilities = Stockholders' Equity Assets = Liabilities + Revenue

Assets − Liabilities = Stockholders' Equity

Finance

Flashcard sets

View All

Personal Finance

Comprehensive Accounting Concepts and Principles Flashcards

michael1tekrzp

Fill in Blanks 38 Cards

Personal Finance

Comprehensive Financial Concepts and Securities Trading Flashcards

georgepetenjk

MCQ 98 Cards

Personal Finance

Comprehensive Accounting Principles and Transactions Flashcards

charlotte1oxhi

MCQ 83 Cards

Textbooks

View All

Expert Q&A

View All

Personal Finance

Comprehensive Accounting Concepts and Principles Flashcards

michael1tekrzp

Fill in Blanks 38 Cards

Personal Finance

Comprehensive Financial Concepts and Securities Trading Flashcards

georgepetenjk

MCQ 98 Cards

Personal Finance

Comprehensive Accounting Principles and Transactions Flashcards

charlotte1oxhi

MCQ 83 Cards

Personal Finance

IGCSE: Business Studies 0450: Unit 5.1: BUSINESS FINANCE: NEEDS AND SOURCES.

jake12testoswi

Fill in Blanks 7 Cards

Personal Finance

Plant Asset Accounting: Depreciation Methods, Asset Valuation, and Financial Ratios

jake12testoswi

MCQ 25 Cards

Personal Finance

Financial Accounting Principles: Financial Statements, Equity, and Corporate Reporting

jake12testoswi

MCQ 13 Cards

Personal Finance

Financial and Accounting Concepts for Business Students

charlotte1oxhi

Fill in Blanks 100 Cards

Personal Finance

Personal Finance Terminology: Interest, Assets, Liabilities, and Investment Concepts

charlotte1oxhi

Term / Definition 13 Cards

Personal Finance

Understanding Bonds, Financial Statements, and Depreciation Methods in Finance

charlotte1oxhi

MCQ 36 Cards

Personal Finance

Understanding Key Financial and Operational Concepts in Medical Practices

michael1tekrzp

MCQ 25 Cards

Personal Finance

Accounting Fundamentals: Recording, Classifying, and Communicating Financial Information

andrsonztdc

Fill in Blanks 17 Cards

Personal Finance

Personal Finance Fundamentals: Insurance, Loans, Retirement, and Financial Agreements

jake12testoswi

Term / Definition 11 Cards

Personal Finance

Financial Literacy: Key Concepts and Definitions for Effective Money Management

michael1tekrzp

Fill in Blanks 23 Cards

Personal Finance

Understanding Inventory Management and Valuation Methods in Business

andrsonztdc

Fill in Blanks 10 Cards

Personal Finance

Comprehensive Accounting Principles and Concepts Flashcards for Mastery

georgepetenjk

Fill in Blanks 100 Cards