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glencoe accounting first year course

Questions and Answers of Glencoe Accounting First Year Course

Imagine that you are the manager of Valley Skateboard Shop. The accountant for the business has delivered the news that sales are down by 15 percent compared to last month. She also reports that the
The three forms of business organization follow:• A sole proprietorship is owned by one person.• A partnership is owned by two or more persons. Partners usually enter into a written, legal
a. Describe each of the three forms of business organization. b. What is the purpose of a partnership agreement?
A ________ buys raw materials and transforms them into finished products.a. Merchandising businessb. Manufacturing business
Consider the businesses at your local mall. What type of business operation is the most popular? How do you think most of the businesses are organized?
Interview two or three local entrepreneurs. If you need help finding entre preneurs, contact your local chamber of commerce or other business organizations.After writing your profile, decide whether
Imagine that you work for a local day-care center. You attend a company meeting to discuss new services that would help the center stand out from its competition. You think you can use the services
Suppose you work for a company called Greenwood Sky Divers as a sky-diving instructor. Since you have your pilot’s license, you also give flying lessons on the side. You and the owner of Greenwood
Each of the three business forms has certain advantages and disadvantages as summarized here. Sole Proprietorship Partnership Advantages Easy to set up All profits go to owner Owner has total
a. List two advantages and two disadvantages of each business form.b. What disadvantage do a sole proprietorship and partnership share?
The business entity concept means thata. A business exists.b. The business’s and owner’s personal records should not be mixed.c. A business is successful.d. None of the above.
Imagine that you work for a local day-care center. You attend a company meeting to discuss new services that would help the center stand out from its competition. You think you can use the services
Accounting provides financial information that is used to make decisions. To ensure that all financial information is presented in a consistent manner, accountants apply generally accepted accounting
a. Describe the purpose of accounting.b. What does the accounting system do?
A set of rules used by all accountants to provide a consistent form in which to provide financial information is referred to asa. American CPA Rules.b. GAAP.c. Financial Accounting.d. Management
Think of a business you would like to start. Describe the business operation and choose the best form of organization for your new business. Why did you choose this particular form of business
Imagine that you work for a local day-care center. You attend a company meeting to discuss new services that would help the center stand out from its competition. You think you can use the services
In your working papers, indicate the assumption from the list below that best matches each numbered statement. 1. Accounting reports may cover a month, a quarter, or a year.2. Accountants expect
Financial accounting provides information to external users, people outside the business. Management accounting provides information to internal users, people inside the business.
a. What is the major difference between financial accounting and management accounting?b. Explain how managers use the information in accounting reports.
Evaluate the going concern principle. Why should we use it if many businesses fail within the first five years?
Mary Torres owns and operates a bakery. During the past week, she sold 500 loaves of bread at $2.25 per loaf. The raw materials for each loaf cost Ms. Torres $1.80.In your working papers, write the
Three basic accounting assumptions follow:• Business entity is the assumption that for accounting purposes, a business exists separately from the personal holdings of its owner. The owner’s
a. What is meant by the term assumption?b. What are three important assumptions of accounting, and what does each mean?
Match the letter next to each form of business with the appropriate items in the following list of advantages and disadvantages. You may use a letter more than once. Use the form provided in your
Using the form in your working papers, identify each of the following as an advantage or disadvantage of being an entrepreneur. For each item you label a disadvantage, decide what actions you would
A successful career begins with insight into your own personal skills, interests, goals, and lifestyle preferences. Get to know yourself. What you value plays a vital role in deciding what you want
Think about the things you like to do and your particular skills. Make a list of at least five personal interests or skills. After you complete your list, use the career resource materials described
Suppose you are preparing to interview a person who works in the accounting field. On a separate sheet of paper, write a list of questions that you will ask in the interview. Incorporate each of the
a. Explain how your interests, skills, and values will affect your career choice.b. What are six common values that people have?
Researching career possibilities can include meeting with a guidance counselor, networking with friends and family, reading books and magazines, doing research on the Internet, and seeking
Persons who plan, summarize, analyze, and interpret accounting information are called.a. Accountants.b. Audit supervisors.c. Bookkeepers.d. Accounting clerks.e. None of these answers.
What term describes the way you use your time, energy, and resources?
List the businesses that advertise in a local or regional newspaper. You may want to use a Sunday issue since it is usually packed with ads.
a. Describe at least three categories of career information resources.b. Describe how networking is beneficial to career planning.
Compare and contrast the tasks of an accounting clerk and a certified public accountant. How are they similar? How are they different?
Use these strategies to set and accomplish career goals:• Map out a plan.• Consider the education required.• Find a part-time job to get some on-the-job training.• Check into internships
a. What is meant by mapping out a career plan?b. Describe five steps that are helpful in achieving career goals.
An employee earns $2,300 each pay period. He is paid on the first and fifteenth of each month. How much does he earn in one year?a. $55,200b. $59,800c. $27,600d. $55,220
You have just graduated from high school and have found out about an opening for a summer job as an accounting clerk for a popular family-owned restaurant. Using the six components of personal
Write a summary of your findings, and describe the accounting career opportunities you think these businesses and organizations might offer.
Using the three career examples described in this section, make a list of the personal interests and skills of the accountants described in each situation. Compare the list to your own interests and
Accounting career opportunities vary from the entry-level accounting clerk to the accountant who handles a wide range of responsibilities. Some accountants work for public accounting firms and are
a. What does an accountant do?b. Name “The Big Four” accounting firms from which you could likely obtain information about current career opportunities.
Solve: 150% of $84a. $42b. $72c. $126d. $168
How do the alternatives affect the parties?
Surf the Internet or conduct research in your library to find information about “The Big Four” accounting firms. Create a table of information about each firm and the services the firm provides.
Accountants work for almost any organization you can think of. Find a company you are interested in, and you can bet there is an accountant in the picture planning for next year’s budget, chasing
a. List and describe three types of organizations that offer accounting career opportunities.b. What task can be performed only by certified public accountants employed by public accounting firms?
What is $580 increased by 1/5 of itself?a. $116b. $145c. $696d. $725
A friend with an interest in an accounting career asked you for advice about the type of job to pursue. You know she has helped organize fund-raising events at school for diabetes research, and that
Interview members of the accounting field to investigate entry-level job requirements, career tracks for the profession, and projected trends for the future. Write a short report about your findings.
For-profit businesses operate to earn money for their owners. Not-for-profit organizations operate for other reasons such as charitable or educational purposes. Most not-for-profit organizations have
a. What type of organization exists to earn money for the owners?b. Why would a not-for-profit organization need an accounting professional?
Make a list of the different ways discussed in this chapter to research careers. Create a table that compares advantages and disadvantages of each of these research options. Which one works best for
Complete your research project using these steps.1. Using a reference book (such as the Occupational Outlook Handbook), choose a career area that interests you.2. Research the skills, education, and
Follow these steps to organize employment information.1. Review the employment ads in a local or regional newspaper.2. Collect information on at least 10 job titles plus the skills and education
Profit, which is the money left after the owner pays all operating costs, is required so that a business can continue to operate and be successful. Entrepreneurs play an important role in business by
Complete an assessment of your personal skills and interests by answering the questions in your working papers. Use the survey included in the working papers, or you can ask your guidance counselor
As an accountant for a large business, you might be put in charge of training new hires in the accounting department. Or you might be asked to discuss project cost over runs with a department manager
Arrange to interview someone who currently works in a career area that interests you. Before the interview prepare a list of the questions you want to ask. You may wish to cover the following
Choose a local company that interests you, and find out who works as an accountant for the company. Call and ask whether you can observe the person at work for part of a day. Write a summary of your
Many U.S. businesses operate in the global economy, which means they need accountants who understand international business. Find a local company that imports or exports products to or from one or
a. What is one measure of the success of a business?b. What is an entrepreneur? List two characteristics of an entrepreneur.
Which accounting assumption separates the owner’s personal finances from the financial activities of the business?
Interview two or three local entrepreneurs. If you need help finding entrepreneurs, contact your local chamber of commerce or other business organizations.Prepare questions such as these• How did
Mr. Tirado relies on you for accuracy. Write a memo to him explaining what has occurred and your plan for correcting the problem.
On a separate sheet of paper, write a brief definition for each of the following terms: accounting period accounting system business entity charter computerized accounting

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