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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
The first part of the accounting process isa. communicating.b. identifying.c. processing.
Which of the following is not part of the accounting process?a. Recordingb. Identifyingc. Financial decision-makingd. Communicating
A private accountant can perform many activities in a business organization but would not work ina. budgeting.b. accounting information systems.c. external auditing.d. tax accounting.
Preparing tax returns and engaging in tax planning is performed bya. public accountants only.b. private accountants only.c. both public and private accountants.d. IRS accountants only.
Which list below best describes the major services performed by public accountants?a. Bookkeeping, mergers, budgets.b. Employee training, auditing, bookkeeping.c. Auditing, taxation, management consulting.d. Cost accounting, production scheduling, recruiting.
All of the following are services offered by public accountants excepta. budgeting.b. auditing.c. tax planning.d. consulting.
At October 1, Arcade Fire Enterprises reported stockholders' equity of $70,000. During October, common stock of $10,000 was issued and the company posted a net loss of$4,000. If stockholders' equity at October 31 totals $70,000, what amount of dividends were paid during the month?a. $0b. $4,000c.
At October 1, Arcade Fire Enterprises reported stockholders' equity of $70,000. During October, common stock of $4,000 was issued and the company earned net income of$14,000. If stockholders' equity at October 31 totals $80,000, what amount of dividends were paid during the month?a. $0b. $4,000c.
At October 1, Arcade Fire Enterprises reported stockholders' equity of $72,000. During October, no stock was issued and the company posted a net loss of $8,000. If stockholders' equity at October 31 totals $64,000, what amount of dividends were paid during the month?a. $0b. $4,000c. $8,000d. $16,000
At October 1, Arcade Fire Enterprises reported stockholders' equity of $70,000. During October, no stock was issued and the company earned net income of $18,000. If stockholders' equity at October 31 totals $78,000, what amount of dividends were paid during the month?a. $0b. $8,000c. $10,000d.
During the year 2022, Dilego Company earned revenues of $90,000, had expenses of$56,000, purchased assets with a cost of $10,000 and paid dividends of $6,000. Net income for the year isa. $18,000.b. $24,000.c. $28,000.d. $34,000.
Stahl Consulting started the year with total assets of $60,000 and total liabilities of$15,000. During the year, the business recorded $48,000 in catering revenues and$30,000 in expenses. Stahl issued stock of $9,000 and paid dividends of $15,000 during the year. Stockholders' equity changed by
Stahl Consulting started the year with total assets of $60,000 and total liabilities of$15,000. During the year, the business recorded $48,000 in catering revenues and$30,000 in expenses. Stahl issued stock of $9,000 and paid dividends of $15,000 during the year. The net income reported by Stahl
Stahl Consulting started the year with total assets of $60,000 and total liabilities of$15,000. During the year, the business recorded $48,000 in catering revenues and$30,000 in expenses. Stahl issued stock of $9,000 and paid dividends of $15,000 during the year. The stockholders' equity at the end
On January 1, 2022, Cat Power Company reported stockholders' equity of $705,000.During the year, the company paid dividends of $30,000. At December 31, 2022, the amount of stockholders' equity was $825,000. What amount of net income or net loss would the company report for 2022?a. Net loss of
Teamboo Company’s stockholders' equity at the beginning of August 2022 was $750,000.During the month, the company earned net income of $175,000 and paid dividends of$75,000. At the end of August 2022, what is the amount of stockholders' equity?a. $675,000b. $750,000c. $825,000d. $850,000
Misra Company compiled the following financial information as of December 31, 2022:Revenues $340,000 Retained earnings (1/1/22) 60,000 Equipment 80,000 Expenses 250,000 Cash 90,000 Dividends 20,000 Supplies 10,000 Accounts payable 40,000 Accounts receivable 70,000 Common stock 80,000 Misra’s
Misra Company compiled the following financial information as of December 31, 2022:Revenues $340,000 Retained earnings (1/1/22) 60,000 Equipment 80,000 Expenses 250,000 Cash 90,000 Dividends 20,000 Supplies 10,000 Accounts payable 40,000 Accounts receivable 70,000 Common stock 80,000 Misra’s
Fat Possum’s Service Shop started the year with total assets of $330,000 and total liabilities of $240,000. During the year, the business recorded $630,000 in revenues,$420,000 in expenses, and paid dividends of $60,000.The net income reported by Fat Possum’s Service Shop for the year wasa.
Fat Possum’s Service Shop started the year with total assets of $330,000 and total liabilities of $240,000. During the year, the business recorded $630,000 in revenues,$420,000 in expenses, and paid dividends of $60,000.Stockholders' equity at the end of the year wasa. $90,000.b. $240,000.c.
Barsuk Company began the year with stockholders' equity of $108,000. During the year, Barsuk issued shares of stock for $147,000, recorded expenses of $420,000, and paid dividends of $28,000. If Barsuk’s ending stockholders' equity was $290,000, what was the company’s revenue for the year?a.
Centro-matic Company began the year with stockholders' equity of $30,000. During the year, Centro-matic issued additional shares of stock in exchange for cash of $42,000, recorded expenses of $120,000, and paid dividends of $8,000. If Centro-matic’s ending stockholders' equity was $112,000, what
Kennedy Company issued stock to Ed Kennedy in exchange for his investment of $75,000 cash in the business. The company recorded revenues of $555,000, expenses of$420,000, and had paid dividends of $30,000. What was Kennedy's net income for the year?a. $105,000.b. $135,000.c. $165,000.d. $180,000.
Black Keys Company began the year with stockholders' equity of $280,000. During the year, the company recorded revenues of $375,000, expenses of $285,000, and paid dividends of $30,000. What was Black Keys’ stockholders' equity at the end of the year?a. $280,000.b. $340,000.c. $370,000.d.
The ending retained earnings amount is shown ona. the balance sheet only.b. the retained earnings statement only.c. both the income statement and the retained earnings statement.d. both the balance sheet and the retained earnings statement.
All of the financial statements are for a period of time except thea. income statement.b. retained earnings statement.c. balance sheet.d. statement of cash flows.
The primary purpose of the statement of cash flows is to reporta. a company's investing transactions.b. a company's financing transactions.c. information about cash receipts and cash payments of a company.d. the net increase or decrease in cash.
The balance sheet is frequently referred to asa. an operating statement.b. the statement of financial position.c. the statement of cash flows.d. the statement of retained earnings.
Mofro’s Computer Repair Shop started the year with total assets of $300,000 and total liabilities of $200,000. During the year, the business recorded $500,000 in computer repair revenues, $300,000 in expenses, and Mofro paid dividends of $50,000. Mofro's stockholders' equity changed by what
Mofro’s Computer Repair Shop started the year with total assets of $300,000 and total liabilities of $200,000. During the year, the business recorded $500,000 in computer repair revenues, $300,000 in expenses, and Mofro paid dividends of $50,000. The net income reported by Mofro's Computer Repair
Mofro’s Computer Repair Shop started the year with total assets of $300,000 and total liabilities of $200,000. During the year, the business recorded $500,000 in computer repair revenues, $300,000 in expenses, and Mofro paid dividends of $50,000. Stockholders'equity at the end of the year wasa.
If the retained earnings account increases from the beginning of the year to the end of the year, thena. net income is less than dividends.b. a net loss is less than dividends.c. the company must have sold stock.d. net income is greater than dividends.
An income statementa. summarizes the changes in retained earnings for a specific period of time.b. reports the changes in assets, liabilities, and stockholders' equity over a period of time.c. reports the assets, liabilities, and stockholders' equity at a specific date.d. presents the revenues and
A balance sheet showsa. revenues, liabilities, and stockholders' equity.b. expenses, dividends, and stockholders' equity.c. revenues, expenses, and dividends.d. assets, liabilities, and stockholders' equity.
Retained earnings at the end of the period is equal toa. retained earnings at the beginning of the period plus net income minus liabilities.b. retained earnings at the beginning of the period plus net income minus dividends.c. net income.d. assets plus liabilities.
Net income results whena. Assets > Liabilities.b. Revenues = Expenses.c. Revenues > Expenses.d. Revenues < Expenses.
Which of the following events is not a business transaction?a. Issuance of stock in exchange for cashb. Hired employeesc. Incurred utility expenses for the monthd. Earned revenue for services provided
As of December 31, 2022, Calexico Company has assets of $42,000 and stockholders'equity of $20,000. What are the liabilities for Calexico Company as of December 31, 2022?a. $22,000b. $20,000c. $42,000d. $62,000
If supplies that have been purchased are used in the course of business, thena. a liability will increase.b. an asset will increase.c. stockholders' equity will decrease.d. stockholders' equity will increase.
If a corporation distributes cash to its stockholders, thena. there has been a violation of accounting principles.b. stockholders' equity will increase.c. stockholders' equity will decrease.d. there will be a new liability showing the stockholders owe money to the business.
If expenses are paid in cash, thena. assets will increase.b. liabilities will decrease.c. stockholders' equity will increase.d. assets will decrease.
If services are rendered on account, thena. assets will decrease.b. liabilities will increase.c. stockholders' equity will increase.d. liabilities will decrease.
If an individual asset account is increased, thena. there may be an equal decrease in a specific liability account.b. there may be an equal decrease in stockholders' equity.c. there may be an equal decrease in another asset account.d. All of these answers are possible.
Revenues area. the cost of assets consumed during the period.b. gross increases in stockholders' equity resulting from business activities.c. the cost of services used during the period.d. actual or expected cash outflows.
Collection of a $1,000 Accounts Receivablea. increases an asset $1,000; decreases an asset $1,000.b. increases an asset $1,000; decreases a liability $1,000.c. decreases a liability $1,000; increases stockholders' equity $1,000.d. decreases an asset $1,000; decreases a liability $1,000.
If total liabilities increased by $8,000, thena. assets must have decreased by $8,000.b. stockholders' equity must have increased by $8,000.c. assets must have increased by $8,000, or stockholders' equity must have decreased by $8,000.d. assets and stockholders' equity each increased by $4,000.
Stockholders' equity is decreased bya. assets.b. revenues.c. expenses.d. liabilities.
Stockholders' equity is increased bya. dividends.b. revenues.c. expenses.d. liabilities.
As of June 30, 2022, Actual Tigers Company has assets of $100,000 and stockholders'equity of $40,000. What are the liabilities for Actual Tigers Company as of June 30, 2022?a. $40,000b. $60,000c. $100,000d. $140,000
The accounting equation for Quattro Enterprises is as follows:If Quattro purchases office equipment on account for $25,000, the accounting equation will change to Assets Liabilities Stockholders' Equity $120,000 = $60,000 + $60,000
If the transaction causes an asset account to decrease, which of the following related effects may occur?a. An increase of equal amount in the common stock accountb. An increase in a liability accountc. An increase of equal amount in another asset accountd. An increase in the combined total of
The amount of stockholders' equity in a business is not affected bya. the percentage of total assets held in cash.b. assets consumed in the process of earning revenues.c. the profitability of the business.d. the amount of dividends declared and paid to stockholders.
Which of the following will not cause a change in the stockholders' equity of a business?a. An increase in prepaid expenses.b. An increase in retained earnings.c. The sale of common stock.d. The declaration and payment of dividends.
If total assets equal $345,000 and total stockholders' equity equal $140,000, then total liabilities must equala. $485,000.b. $205,000.c. $140,000.d. There is not enough information given to determine this.
If total liabilities increased by $25,000 during a period of time and stockholders' equity decreased by $9,000 during the same period, then the amount and direction (increase or decrease) of the period’s change in total assets is a(n)a. $34,000 decrease.b. $16,000 decrease.c. $16,000 increase.d.
If total liabilities decreased by $30,000 and stockholders' equity decreased by $20,000 during a period of time, then total assets must change by what amount and direction during that same period?a. $50,000 decreaseb. $10,000 decreasec. $10,000 increased. $50,000 increase
If total liabilities decreased by $50,000 and stockholders' equity increased by $30,000 during a period of time, then total assets must change by what amount and direction during that same period?a. $80,000 decreaseb. $20,000 decreasec. $20,000 increased. $80,000 increase
If total liabilities decreased by $30,000 and stockholders' equity increased by $20,000 during a period of time, then total assets must change by what amount and direction during that same period?a. $50,000 decreaseb. $10,000 decreasec. $10,000 increased. $50,000 increase
If total liabilities increased by $30,000 and stockholders' equity increased by $20,000 during a period of time, then total assets must change by what amount and direction during that same period?a. $50,000 decreaseb. $10,000 decreasec. $10,000 increased. $50,000 increase
A net loss will result during a time period whena. liabilities exceed assets.b. dividends exceed investments.c. expenses exceed revenues.d. revenues exceed expenses.
Stockholders' equity is decreased by all of the following excepta. sales of stock.b. net losses.c. expenses.d. dividends.
The basic accounting equation cannot be restated asa. Assets – Liabilities = Stockholders' Equity.b. Assets – Stockholders' Equity = Liabilities.c. Stockholders' Equity + Liabilities = Assets.d. Assets + Liabilities = Stockholders' Equity.
Sources of increases to stockholders’ equity area. additional investments by owners.b. purchases of merchandise.c. dividends.d. expenses.
Revenues would not result from thea. sale of merchandise.b. issuance of common stock.c. performance of services.d. rental of property.
A dividend isa. a distribution of the company's earnings to its stockholders.b. equal to liabilities minus stockholders' equity.c. equal to assets minus stockholders' equity.d. equal to revenues less expenses.
When assets are distributed to the owners of a corporation, these distributions are termeda. depletions.b. consumptions.c. dividends.d. a credit line.
Stockholders' equity is often referred to asa. residual equity.b. leftovers.c. spoils.d. second equity.
Stockholders' equity can be described asa. creditorship claim on total assets.b. ownership claim on total assets.c. benefactor's claim on total assets.d. debtor claim on total assets.
Liabilities of a company are owed toa. debtors.b. benefactors.c. creditors.d. underwriters.
Liabilities of a company would not includea. notes payable.b. accounts payable.c. salaries and wages payable.d. cash.
Liabilitiesa. are future economic benefits.b. are existing debts and obligations.c. possess service potential.d. are things of value used by the business in its operation.
The basic accounting equation may be expressed asa. Assets = Equities.b. Assets – Liabilities = Stockholders' Equity.c. Assets = Liabilities + Stockholders' Equity.d. All of these answers are correct.
Owner's equity is best depicted by the following:a. Assets = Liabilities.b. Liabilities + Assets.c. Residual equity + Assets.d. Assets – Liabilities.
The common characteristic possessed by all assets isa. long life.b. great monetary value.c. tangible nature.d. future economic benefit.
A problem with the monetary unit assumption is thata. the dollar is not always stable over time.b. the dollar has been stable over time.c. the dollar is a common medium of exchange.d. it is impossible to account for international transactions.
Owners enjoy limited liability in aa. proprietorship.b. partnership.c. corporation.d. sole proprietorship.
The assumption that the unit of measure remains relatively constant over time is part of thea. economic entity assumption.b. cost principle.c. historical cost principle.d. monetary unit assumption.
A basic assumption of accounting assumes that the dollar isa. unrelated to business transactions.b. a poor measure of economic activities.c. the common unit of measure for all business transactions.d. useless in measuring an economic event.
Ted Leo is the proprietor (owner) of Ted's, a retailer of golf apparel. When recording the financial transactions of Ted's, Ted does not record an entry for a car he purchased for personal use. Ted took out a personal loan to pay for the car. What accounting concept guides Ted's behavior in this
A basic assumption of accounting that requires that the activities of an entity be kept separate from the activities of its owner is referred to as thea. stand alone concept.b. monetary unit assumption.c. corporate form of ownership.d. economic entity assumption.
Which of the following is true regarding the corporate form of business organization?a. Corporations are the most prevalent form of business organization.b. Corporate businesses are generally smaller in size than partnerships and proprietorships.c. The revenues of corporations are greater than the
John and Sam met at law school and decide to start a small law practice after graduation.They agree to split revenues and expenses evenly. The most common form of business organization for a business such as this would be aa. joint venture.b. partnership.c. corporation.d. proprietorship.
A small neighborhood barber shop that is operated by its owner would likely be organized as aa. joint venture.b. partnership.c. corporation.d. proprietorship.
Which of the following is not an advantage of the corporate form of business organization?a. Limited liability of stockholdersb. Transferability of ownershipc. Unlimited personal liability for stockholdersd. Unlimited life
The partnership form of business organizationa. is a separate legal entity.b. is a common form of organization for service-type businesses.c. enjoys an unlimited life.d. has limited liability.
A business organized as a corporationa. is not a separate legal entity in most states.b. requires that stockholders be personally liable for the debts of the business.c. is owned by its stockholders.d. terminates when one of its original stockholders dies.
The economic entity assumption requires that the activitiesa. of different entities can be combined if all the entities are corporations.b. must be reported to the Securities and Exchange Commission.c. of a sole proprietorship cannot be distinguished from the personal economic events of its
The fair value principle is applied fora. all assets.b. current assets.c. buildings.d. investment securities.79.The proprietorship form of business organizationa. must have at least three owners in most states.b. represents the largest number of businesses in the United States.c. combines the
The Duce Company has five plants nationwide that cost a total of $100 million. The current fair value of the plants is $500 million. The plants will be recorded and reported ata. $100 million.b. $600 million.c. $400 million.d. $500 million.
Financial information that is capable of making a difference in a decision isa. faithfully representative.b. relevant.c. convergent.d. generally accepted.
GAAP stands fora. Generally Accepted Auditing Procedures.b. Generally Accepted Accounting Principles.c. Generally Accepted Auditing Principles.d. Generally Accepted Accounting Procedures.
The SEC and FASB are two organizations that are primarily responsible for establishing generally accepted accounting principles. It is true thata. they are both governmental agencies.b. the SEC is a private organization of accountants.c. the SEC relies on FASB to develop accounting standards.d. the
The body of theory underlying accounting is not based ona. physical laws of nature.b. concepts.c. principles.d. definitions.73.The private sector organization involved in developing accounting principles is thea. Feasible Accounting Standards Body.b. Financial Accounting Studies Board.c. Financial
The cost of an asset and its fair value area. never the same.b. the same when the asset is sold.c. irrelevant when the asset is used by the business in its operations.d. the same on the date of acquisition.
The historical cost principle requires that when assets are acquired, they are recorded ata. appraisal value.b. cost.c. market price.d. book value.
Generally accepted accounting principles area. income tax regulations of the Internal Revenue Service.b. standards that indicate how to report economic events.c. theories that are based on the physical laws of the universe.d. principles that have been proven correct by academic researchers.
Andre Dickinson, owner of Andre's Fine Wines, also owns a personal residence that cost$475,000. The market value of his residence is $625,000. During preparation of the financial statements for Andre's Fine Wines, the accounting concept most relevant to the presentation of Andre's home isa. the
Martin Corporation purchased land in 2013 for $290,000. In 2022, it purchased a nearly identical parcel of land for $460,000. In its 2022 balance sheet, Martin valued these two parcels of land at a combined value of $920,000. By reporting the land in this manner, Martin Corp. has violated thea.
In order to increase comparability, the FASB and IASB have made efforts to reduce the differences between U.S. GAAP and IFRS through a process known asa. convergence.b. monetary unit assumption.c. the cost principle.d. the fair value principle.
All of the following are steps in analyzing ethics cases in financial reporting excepta. identify and analyze the principle elements in the situation.b. contact law enforcement regarding any violations of corporate ethics codes.c. identify the alternatives and weigh the impact of each alternative
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