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financial accounting for managers

Loose Leaf For Financial Accounting For Managers 1st Edition Wayne Thomas ,Michael Drake ,Jake Thornock ,David Spiceland - Solutions

Independent auditors express an opinion on the:A) Extent to which financial statements are in compliance with GAAP.B) Accuracy of the amount of income taxes a company owes to the government.C) Quality of the company's products.D) Well-being and fair treatment of a company's workforce.
Of the following, the most important objective for financial accounting is to provide information useful for:A) Predicting cash flows.B) Determining taxable income.C) Providing accountability.D) Increasing future profits.
Which statement below best describes the objectives of financial accounting?A) Provide information that helps to predict cash flows B) Provide information about the economic resources, claims to resources, and changes in resources and claims C) Provide information that is useful to investors and
Financial accounting objectives do not include providing information:A) Useful to investors and creditors in making decisions.B) To determine market values, assess profit potential, and evaluate management.C) Helpful to investors in predicting cash flows.D) About a company's economic resources and
The International Accounting Standards Board:A) Is governed by the U.S. Securities and Exchange Commission.B) Can overrule the FASB when their policies disagree.C) Promotes the use of high-quality, understandable global accounting standards.D) Is the primary standard-setting body in the United
The legal authority to set accounting standards lies with the:A) Financial Accounting Standards Board.B) Accounting Principles Board.C) Securities and Exchange Commission.D) American Institute of Certified Public Accountants.
The private sector organization that is currently responsible for setting accounting standards in the United States is the:A) Financial Accounting Standards Board.B) Accounting Principles Board.C) Securities and Exchange Commission.D) American Institute of Certified Public Accountants.
Financial accounting and reporting standards in the United States are established primarily by the:A) Securities and Exchange Commission.B) Financial Accounting Standards Board.C) International Accounting Standards Board.D) U.S. Congress.
The independent, private-sector group that is primarily responsible for setting financial reporting standards in the United States is the:A) FASB.B) IASB.C) SEC.D) IRS.
The body of rules and procedures that guide the measurement and communication of financial accounting information in the United States is known as:A) Standards of Professional Compliance (SPC).B) Generally Accepted Accounting Principles (GAAP).C) Generally Accepted Auditing Standards (GAAS).D)
Generally Accepted Accounting Principles (GAAP) are best defined as:A) Standards for presenting financial accounting information.B) Government-mandated rules that companies must follow.C) Rules that best estimate profitability for a company.D) The group of individuals that create and enforce all
GAAP is an abbreviation for:A) Generally authorized accounting procedures.B) Generally applied accounting procedures.C) Generally accepted auditing practices.D) Generally accepted accounting principles.
Which financial statement best reveals to investors and creditors information about a company's debt?A) Income statement B) Balance sheet C) Statement of cash flows D) Statement of stockholders' equity
Which financial accounting number impacts stock prices more than any other single piece of information?A) Retained earnings B) Net income C) Common stock D) Total assets
While many financial accounting numbers have an impact on stock prices, which of the following has the single greatest impact, on average?A) Total dividends B) Total assets C) Total revenues D) Net income
Which of the following best represents value created for stockholders during the current period?A) Retained earnings B) Total assets C) Net income D) Stockholders' equity
Which financial statement is typically prepared first?A) Balance sheet B) Income statement C) Statement of stockholders' equity D) Statement of cash flows
In what order are the following financial statements prepared: (1) balance sheet, (2)income statement, and (3) statement of stockholders' equity?A) 1, 2, 3 B) 3, 2, 1 C) 1, 3, 2 D) 2, 3, 1
Which of the following is the correct order for preparing the financial statements listed?A) Balance sheet, statement of stockholders' equity, and income statement B) Balance sheet, income statement, and statement of stockholders' equity C) Statement of stockholders' equity, income statement, and
The financial statement(s) that record activity over an interval of time include the:A) Balance sheet.B) Balance sheet and statement of cash flows.C) Balance sheet and income statement.D) Income statement and statement of cash flows.
The total change in cash equals $44,000, net operating cash flows equals $22,000, and net investing cash flows equals ($13,000). What is net financing cash flows?A) $15,000 B) $35,000 C) $25,000 D) $45,000
Cash received from a bank borrowing would be reported on the statement of cash flows as what type of activity?A) Investing B) Merchandising C) Operating D) Financing
Financing cash flows in the statement of cash flows would include which of the following?A) Paying salaries for the month B) Purchase of land C) Paying dividends to stockholders D) Selling goods or services to customers
Lansing Company purchases additional office equipment to better serve its customers.This cash purchase is reported on the statement of cash flows as what type of activity?A) External activity B) Investing activity C) Financing activity D) Operating activity
Investing cash flows in the statement of cash flows would include which of the following?A) Paying salaries for the month B) Purchase of land C) Paying dividends to stockholders D) Selling goods or services to customers
How many of the following transactions would affect operating cash flows? (All transactions involve cash.)Repay $40,000 borrowed from the bank.Pay $11,000 in salaries to employees.Receive $25,000 from customers for services provided.Pay $750 for advertising.Purchase equipment for $15,000.Receive
Cash paid for which of the following activities would affect the amount reported for operating cash flows in the statement of cash flows?A) Issuing common stock B) Paying dividends C) Paying electricity bill for the month D) Borrowing cash from a bank to acquire a building
Which of the following is not a major section in the statement of cash flows?A) Operating cash flows B) Customer cash flows C) Financing cash flows D) Investing cash flows
Which of the following is not reported in the balance sheet?A) Assets B) Common stock C) Retained earnings D) Revenues
Which of the following financial statements reports a company's retained earnings?A) Income statement B) Balance sheet C) Statement of cash flows D) All of the other answers are financial statements that report retained earnings.
The balance sheet depicts which of the following equations?A) Net income = revenue − expenses B) Ending retained earnings = beginning retained earnings + net income − dividends C) Assets = liabilities + stockholders' equity D) Net cash flows = total cash inflows − total cash outflows
Which of the following statements is not correct about the financial statements?A) An income statement reports revenues, expenses, and net income information.B) The statement of stockholders' equity presents common stock, dividends, and retained earnings information.C) A balance sheet reports
Which of the following is a balance sheet item?A) Net Income B) Dividends C) Utilities Expense D) Cash
Which of the following is not reported in the balance sheet?A) Assets B) Retained Earnings C) Expenses D) Liabilities
The two categories of stockholders' equity usually found in the balance sheet of a corporation are:A) Common stock and liabilities.B) Assets and liabilities.C) Common stock and retained earnings.D) Revenues and expenses.
Consider the following account balances of the Shattuck Law Firm at the end of the year:Accounts Payable $ 4,400 Salaries Expense 12,800 Cash 1,700 Common Stock 2,400 Service Revenue 8,300 Supplies 4,300 Retained Earnings 1,100 Utilities Expense 5,000 How many of these accounts would appear in
Liabilities are reported on which of the following statements?A) Income statement B) Statement of cash flows C) Balance sheet D) Statement of stockholders' equity
The financial statement that represents activity over the entire life of the company is the:A) Income statement.B) Balance sheet.C) Statement of financial accounting.D) Statement of cash flows.
The equation best describing the balance sheet is:A) Assets = Liabilities + Stockholders' Equity.B) Revenues − Expenses = Net Income.C) Ending Retained Earnings + Dividends = Net Income.D) Revenues + Expenses = Net Income.
The financial statement that represents the accounting equation is the:A) Income statement.B) Statement of cash flows.C) Balance sheet.D) Statement of stockholders' equity.
On January 1, Barton Brothers, Incorporated started the year with a $492,000 balance in Retained Earnings and a $605,000 balance in Common Stock. During the year, the company reported net income of $92,000, paid a dividend of $15,200, and issued more common stock for$27,500. What is total
On January 1, Barton Brothers, Incorporated started the year with a $702,000 balance in Retained Earnings and a $591,000 balance in Common Stock. During the year, the company reported net income of $101,000, paid a dividend of $14,000, and issued more common stock for$28,000. What is total
Aikman Company paid dividends of $2,410, $0, $1,570 and $1,060 over the first four years of the company's existence, respectively. If Retained Earnings has an ending balance of$9,700 at the end of year four, what was the average annual amount of net income (loss) over the first four years for
Aikman Company paid dividends of $2,580, $0, $1,580 and $1,050 over the first four years of the company's existence, respectively. If Retained Earnings has an ending balance of$10,800 at the end of year four, what was the average annual amount of net income (loss) over the first four years for
Nina Corporation had the following net income (loss) for the first three years of operations, respectively: $7,100, ($1,600), and $3,600. If the Retained Earnings balance at the end of year three is $1,100, what was the total amount of dividends paid over these three years?A) $500 B) $0 C) $9,100
Nina Corporation had the following net income (loss) for the first three years of operations, respectively: $7,100, ($1,800), and $3,600. If the Retained Earnings balance at the end of year three is $1,300, what was the total amount of dividends paid over these three years?A) $8,900 B) $500 C) $0
For the past five years, Mookie Consulting Services reported the following annual net income and dividend amounts:Year Net Income Dividends 1 $ 22,000 $ 2,000 2 17,000 2,000 3 9,000 1,000 4 14,000 3,000 5 25,000 4,000 If Mookie had Retained Earnings of $88,000 at the end of year 5, what was the
Consider the information provided below:Beginning retained earnings $ 54,000 Ending retained earnings $ 110,000 Decrease in cash $ 10,000 Net income $ 84,000 Change in stockholders’ equity $ 15,000 What was the total amount of dividends the company paid to stockholders in the current period?A)
Consider the information provided below:Beginning retained earnings $ 45,000 Ending retained earnings $ 117,000 Decrease in cash $ 9,700 Net income $ 87,000 Change in stockholders’ equity $ 22,000 What was the total amount of dividends the company paid to stockholders in the current period?A) $0
The ending Retained Earnings balance of Carriage, Incorporated decreased by $1.0 million from the beginning of the year. The company declared a dividend of $5.4 million during the year. What was the net income for the year?A) $7.5 million B) $6.4 million C) $4.4 million D) $1.0 million
The ending Retained Earnings balance of Carriage, Incorporated decreased by $1.1 million from the beginning of the year. The company declared a dividend of $4.4 million during the year. What was the net income for the year?A) $1.1 million B) $3.3 million C) $5.5 million D) $1.6 million
Alpha Company has an ending Retained Earnings balance of $51,100. If, during the year, the company paid dividends of $4,300 and had net income of $22,500, then what was the beginning Retained Earnings balance?A) $24,300 B) $32,900 C) $300 D) $69,300
Alpha Company has an ending Retained Earnings balance of $52,000. If, during the year, the company paid dividends of $4,700 and had net income of $22,700, then what was the beginning Retained Earnings balance?A) $70,000 B) $34,000 C) $41,500 D) $24,600
Retained earnings at the end of the year is calculated using:A) Beginning retained earnings, net income, and dividends.B) Common stock and dividends.C) Stockholders' equity, net income, and dividends.D) Net income and dividends.
Which of the following statements regarding financial reports is not correct?A) A balance sheet presents the financial position of the company on a particular date.B) An income statement shows revenues and expenses over an interval of time.C) A statement of stockholders' equity reports liabilities,
Which of the following best explains the meaning of total stockholders' equity?A) The difference between total revenues and total expenses, less dividends for the year B) The amount of common stock less dividends over the life of the company C) All revenues, expenses, and dividends over the life of
Which one of the following statements regarding financial reports is correct?A) The balance sheet classifies all assets according to operating, investing, and financing activities.B) The income statement is used to show that a company's total resources equal the sum of claims to those resources.C)
Which of the following accounts is reported on the statement of stockholders' equity?A) Supplies B) Cash C) Salaries Payable D) Retained Earnings
Which of the following accounts is reported on the statement of stockholders' equity?A) Accounts Payable B) Accounts Receivable C) Common Stock D) Supplies
Which of the following items is reported on the statement of stockholders' equity?A) Total assets B) Total expenses C) Net income D) Operating cash flows
Net income (loss) is reported on which of the following financial statement(s)?A) Balance sheet and income statement B) Income statement and statement of stockholders' equity C) Statement of stockholders' equity and balance sheet D) Net income is reported only on the income statement
A company had the following amounts at the end of the year:Cash $ 11,200 Supplies Expense 1,500 Dividends 2,600 Service Revenue 23,500 Prepaid Rent 4,300 Salaries Expense 8,200 Accounts Payable 12,700 Land 36,900 What amount would the company report for net income?A) $11,200 B) $6,900 C) $13,800 D)
Consider the information below that relates to the end of the current period:Accounts Receivable $ 14,700 Rent Expense 7,500 Insurance Expense 2,100 Common Stock 24,000 Service Revenue 28,300 Supplies 4,300 Equipment 21,600 Income Tax Expense 4,200 What is the amount of net income in the current
Consider the following account balances of the Shattuck Law Firm at the end of the year:Accounts Payable $ 4,400 Salaries Expense 12,800 Cash 1,700 Common Stock 2,400 Service Revenue 8,300 Supplies 4,300 Retained Earnings 1,100 Utilities Expense 5,000 How many of these accounts would appear in
Which of the following items would not appear in an income statement?A) Delivery Expense B) Accounts Payable C) Service Revenue D) Utilities Expense
Which of the following items would not appear in an income statement?A) Salaries expense B) Advertising expense C) Service revenue D) Cash
Which financial statement reports changes in equity that arise from nonowner sources?A) Balance sheet B) Income statement C) Statement of stockholders' equity D) Statement of comprehensive income
Expenses are reported on which of the following statements?A) Income statement B) Statement of cash flows C) Balance sheet D) Statement of stockholders' equity
The equation best describing the income statement is:A) Revenues − Expenses = Net Income.B) Assets = Revenues − Expenses.C) Assets = Liabilities + Stockholders' Equity.D) Revenues + Expenses = Net Income.
Dividends represent:A) Resources of the company.B) Distributions (most often cash) to the owners of the company.C) Amounts owed to creditors.D) Expenses of operating the company.
The account type that represents payments to stockholders is called:A) Liabilities.B) Assets.C) Stockholders' equity.D) Dividends.
Use the following appropriate amounts to calculate net income: Revenues, $12,000;Liabilities, $5,000; Expenses, $4,000; Assets, $19,000; Dividends, $4,000.A) $6,000 B) $8,000 C) $4,000 D) $14,000
Use the following appropriate amounts to calculate net income: Revenues, $11,500;Liabilities, $4,400; Expenses, $5,000; Assets, $18,300; Dividends, $1,200.A) $5,300 B) $9,550 C) $13,900 D) $6,500
Net income can best be described as:A) Net cash received by a company during the year.B) The difference between revenues and expenses.C) The profits retained in a company.D) Resources of a company.
The costs associated with producing revenues are referred to as:A) Dividends.B) Assets.C) Liabilities.D) Expenses.
The costs of providing goods and services to customers are referred to as:A) Assets.B) Expenses.C) Liabilities.D) Revenues.
Which of the following best describes revenue?A) Resources of a company B) An amount recognized when the company sells products or provides services to a customer C) Cash received from a customer D) Dividends paid to stockholders
Using the information below from the accounting records of Thomas Corporation, owners’ claims to the company's resources amount to:Assets $ 1,200,000 Liabilities $ 800,000 Net income $ 100,000 Retained earnings $ 250,000 A) $1,200,000 B) $800,000 C) $250,000 D) $400,000
Owners’ claims to the company's resources are referred to as:A) Stockholders' equity.B) Revenues.C) Assets.D) Liabilities.
The stockholders' interest in a corporation is called:A) Dividends.B) Assets.C) Liabilities.D) Stockholders' equity.
Liabilities can be best described as:A) The total amount of costs used over the past year.B) Amounts expected to be distributed to stockholders.C) Amounts owed to creditors.D) The total amount of services provided to customers during the year.
The accounts that typically include claims that must be paid by a specific date are called:A) Assets.B) Liabilities.C) Dividends.D) Stockholders' equity.
Which of the following does not represent a liability of a company?A) Salaries owed to employees B) Taxes owed to the government C) Amounts owed to suppliers D) All of the other answers are liabilities
Amounts owed to suppliers for supplies purchased on account are an example of a(n):A) Revenue.B) Asset.C) Liability.D) Expense.
Liabilities are best defined as:A) Amounts the company expects to collect in the future from customers.B) Amounts owed to creditors.C) The amounts that owners have invested in the business.D) Payments to stockholders.
Creditors' claims to a company’s resources are referred to as:A) Dividends.B) Assets.C) Liabilities.D) Stockholders' equity.
Which of the following does not represent an asset of a company?A) Supplies held by the company B) Amounts owed to suppliers C) Equipment owned and used for operations D) Land owned by the company
Which of the following accounts represents a resource of the company?A) Common stock B) Service revenue C) Supplies D) Salaries expense
The assets of a company represent:A) Amounts owed to creditors.B) Sales of goods or services to customers.C) Total resources of a company.D) Investments by stockholders.
The accounts that represent the resources of the company are called:A) Liabilities.B) Revenues.C) Expenses.D) Assets.
An alternative form of the accounting equation is:A) Net Income = Revenues − Expenses.B) Stockholders' Equity = Assets + Liabilities.C) Assets = Liabilities − Stockholders' Equity.D) Assets − Liabilities = Stockholders' Equity.
Emmitt had the following final balances after the first year of operations: assets, $55,000;stockholders' equity, $25,000; dividends, $3,000; and net income, $10,000. What is the amount of Emmitt's liabilities?A) $55,000 B) $30,000 C) $13,000 D) $7,000
Emmitt had the following final balances after the first year of operations: assets, $36,500;stockholders' equity, $13,900; dividends, $2,800; and net income, $10,700. What is the amount of Emmitt's liabilities?A) $18,600 B) $22,600 C) $36,500 D) $9,100
If a company has stockholders' equity of $60,000 at the end of the year, which of the following statements must be true?A) The company's assets exceed liabilities by $60,000.B) The company has issued $60,000 of common stock.C) Net income for the year equals $60,000.D) Total revenues during the year
Which statement below best describes the accounting equation?A) The change in retained earnings equals net income less dividends.B) Revenue and expense transactions tend to equal out over time.C) The total resources of the company equals creditors' and owners' claims to those resources.D) Financing
The accounting equation is defined as:A) Assets = Liabilities + Stockholders' Equity.B) Assets = Liabilities − Stockholders' Equity.C) Net Income = Revenues − Expenses.D) Liabilities + Revenues = Assets.
Financing activities include:A) The purchase of equipment.B) Issuing common stock to stockholders.C) Transactions with company employees.D) Selling goods or services to customers.
Financing activities include:A) Primary operations such as selling goods to customers.B) Transactions with company employees.C) Transactions the company has with investors and creditors.D) The purchase and sale of resources that are expected to benefit the company for several years.
Cash transactions of a company with lenders and with stockholders are referred to as:A) Investing activities.B) Financing activities.C) External activities.D) Operating activities.
McGill purchases additional office equipment to better serve its customers. This purchase is classified as what type of activity?A) Company activity B) Financing activity C) Investing activity D) Operating activity

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