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business
principles of accounting volume 1

Questions and Answers of Principles Of Accounting Volume 1

Explain the concept of equity, and identify some activities that affect equity of a business.
For each of the following independent transactions, indicate whether there was an increase, a decrease, or no impact for each financial statement element. Transaction Paid cash for expenses Sold
For each of the following items, identify whether the item is considered current or noncurrent, and explain why. Inventory Buildings Accounts Receivable Cash Trademarks Accounts Payable Wages
For each independent situation below, place an (X) by the transactions that would be included in the statement of cash flows. Sold items on account Transaction Wrote check to pay utilities Received
Each of the following situations relates to a different company.A. For each of these independent situations, find the missing amounts.B. How would stakeholders view the financial performance of each
Identify one similarity and one difference between expenses and losses. Why is this distinction important to stakeholders?
For each of the following independent situations, place an (X) by the transactions that would be included in the statement of cash flows. Purchased supplies with check Received inventory (a bill was
Each of the following situations relates to a different company.A. For each of these independent situations, find the missing amounts.B. How would stakeholders view the financial performance of each
The following information is from a new business. Comment on the year-to-year changes in the accounts and possible sources and uses funds (how were the funds obtained and used). End of Year 1 End of
For each independent situation below, calculate the missing values. Assets $ 81,600 430,185 44,625 ? 974,534 Liabilities $ 17,000 ? 42,917 591,600 ? Owner's Equity ? $373,065 ? 843,285 319,439
The balance sheet lists which of the following?A. assets, liabilities, and owners’ equityB. revenues, expenses, gains, and lossesC. assets, liabilities, and investments by ownersD. revenues,
For each independent situation below, calculate the missing values for owner’s equity Beginning Balance + Investments - Distributions = Ending Balance $ 0 $
Identify one similarity and one difference between revenues and gains. Why is this distinction important to stakeholders?
A trademark is an intangible asset that has value to a business. Assume that you are an accountant with the responsibility of valuing the trademark of a well-known company such as Nike or
Identify the correct components of the income statement.A. Revenues, losses, expenses, and gainsB. Assets, liabilities, and owner’s equityC. Revenues, expenses, investments by owners, distributions
Define the term stakeholders. Identify two stakeholder groups, and explain how each group might use the information contained in the financial statements.
Assume you purchased ten shares of Roku during the company’s IPO. Comment on why this might be a good investment. Consider factors such as what you expect to get from your investment, why you think
For each of the following ten independent transactions, provide a written description of what occurred in each transaction. Figure 2.4 might help you.Data from in Figure 2-4 1 234567890 10 Cash
Each situation below relates to an independent company’s Owners’ Equity.A. Calculate the missing values.B. Based on your calculations, make observations about each company. Co.1 Co.2 Co.3
For each independent situation below, calculate the missing values for Owner’s Equity. Beginning Balance + Investments - Distributions = Ending Balance $ 0 $
Each situation below relates to an independent company’s owners’ equity.A. Calculate the missing values.B. Based on your calculations, make observations about each company. Co.1 Co.2 Co.3
For each independent situation below, calculate the missing values. Revenues $ 1,250 ? 75,560 26,390 872,300 - Expenses $ 1,100 100,755 68,600 ? 856,995 + Gains $ 125 0 ? 320 11,000 Losses $
Stakeholders are less likely to include which of the following groups?A. OwnersB. EmployeesC. Community leadersD. Competitors
Identify the four financial statements and describe the purpose of each.
Choose three stakeholders (or stakeholder groups) for Walmart and prepare a written response for each stakeholder. In your written response, consider the factors about the business the particular
The following information is taken from the records of Rosebloom Flowers for the year 2019.A. Calculate net income or net loss for January.B. Calculate net income or net loss for February.C.
The following information is taken from the records of Baklava Bakery for the year 2019.A. Calculate net income or net loss for January.B. Calculate net income or net loss for February.C. Calculate
For each independent situation below, calculate the missing values. Revenues 1,813 ? $ 109,562 38,266 1,264,835 Expenses $ 1,595 146,095 99,470 ? 1,242,643 Gains $ 181 $ 0 ? 464 15,950 Losses $
Which of these statements is not one of the financial statements?A. Income statementB. Balance sheetC. Statement of cash flowsD. Statement of owner investments
Assume you are considering earning a master’s degree (or even doctorate) after earning your bachelor’s degree. One option is to continue directly into a master’s program and then enter the
Most states require 150 semester hours of college credit for which professional certification?A. Certified Management Accountant (CMA)B. Certified Internal Auditor (CIA)C. Certified Public Accountant
Accounting is not the only profession to offer professional certifications. Many other professions have certifications that are either required or encouraged for entry or advancement in the
The Certified Public Accountant (CPA) exam is a uniform exam that is administered by a national organization. Licenses, however, are issued by individual states.A. Explain why you think each state is
What type of organization primarily offers tax compliance, auditing, and consulting services?A. CorporationsB. Public accounting firmsC. Governmental entitiesD. Universities
Typical accounting tasks include all of the following tasks except ________.A. AuditingB. Recording and tracking costsC. Tax compliance and planningD. ConsultingE. Purchasing direct materials
Many professional certifications now have requirements for ethics training.A. Define ethics.B. Why does the accounting profession put so much emphasis on acting ethically?
Which of the following is typically required for entry-level positions in the accounting profession?A. Bachelor’s degreeB. Master’s degreeC. Certified Public Accountant (CPA)D. Certified
The Dow Jones Industrial Average (DJIA) is often cited as a key metric for business activity. The average is a mathematical formula that uses the stock prices of thirty companies traded on the New
Which of the following skills/attributes is not a primary skill for accountants to possess?A. Written communicationB. Verbal communicationC. Ability to work independentlyD. Analytical thinkingE.
According to a company press release, on January 5, 2012, Hansen Natural Corporation changed its name to Monster Beverage Corporation. According to Yahoo Finance, on that day the value of the company
The accounting information of a privately held company is generally available to all of the following except for ________.A. Governmental agenciesB. InvestorsC. Creditors and lendersD. Competitors
All of the following are sustainable methods businesses can use to raise capital (funding) except for ________.A. Borrowing from lendersB. Selling ownership sharesC. Profitable operationsD. Tax
Which of the following sell stock on an organized stock exchange such as the New York Stock Exchange?A. Publicly traded companiesB. Not-for-profit businessesC. Governmental agenciesD. Privately held
Charity Navigator (https://www.charitynavigator.org) is a website dedicated to providing information regarding not-for-profit charitable organizations.A. After reviewing the website, explain how
Stockholders can best be defined as which of the following?A. Investors who lend money to a business for a short period of timeB. Investors who lend money to a business for a long period of timeC.
How would you categorize or classify a company like Disney?
Which of the following is not considered a stakeholder of an organization?A. CreditorsB. LendersC. EmployeesD. Community residentsE. A business in another industry
Uber and Lyft are two popular ride-sharing services. Imagine that you are visiting New York City for a family vacation. You are trying to decide whether to use one of these ride-sharing services to
Which of the following is likely not a type of not-for-profit entity?A. Public libraryB. Community foundationC. UniversityD. Local movie theater
A governmental agency can best be described by which of the following statements?A. Has a primary purpose of making a profitB. Has a primary purpose of using taxpayer funds to provide servicesC.
Use the internet to research one manufacturing, one retail (or merchandising), and one service business. For each business, describe the following:A. The primary purpose of the entityB. The types of
Which of the following is not an example of a retailer?A. Electronics storeB. Grocery storeC. Car dealershipD. Computer manufacturerE. Jewelry store
Use the internet to research one for-profit, one governmental, and one not-for-profit entity. For each entity, describe the following:A. The primary purpose of the entityB. The types of activities
The following chart shows the price of Netflix stock for the six month period from August 2017 to January 2018.Assume you are considering purchasing Netflix stock. What considerations would influence
The primary purpose of what type of business is to serve a particular need in the community?A. For-profitB. Not-for-profitC. ManufacturingD. Retail
The following information was taken from the Netflix financial statements.For Netflix, sales is the product of the number of subscribers and the price charged for each subscription. What observations
Which of the following is not true?A. Organizations share a common purpose or mission.B. Organizations have inflows and outflows of resources.C. Organizations add value to society.D. Organizations
All of the following are examples of managerial accounting activities except ________.A. Preparing external financial statements in compliance with GAAPB. Deciding whether or not to use automationC.
Computerized accounting systems help businesses efficiently record and utilize financial information. QuickBooks is a popular software package for small businesses. Explore the QuickBooks website at
Think about a recent purchase you made. Describe what financial and nonfinancial factors went into that purchase. Rank the factors, and explain how you made the final decision to purchase the item.
External users of financial accounting information include all of the following except ________.A. Lenders such as bankersB. Governmental agencies such as the IRSC. Employees of a businessD.
Using the same top five career choices, identify nonfinancial factors that might influence your career choice. The following websites might be helpful in answering this question.• Occupational
Financial accounting information ________.A. Should be incomplete in order to confuse competitorsB. Should be prepared differently by each companyC. Provides investors guarantees about the futureD.
Research your top five career choices. Identify financial factors that might influence your career choice. The following websites might be helpful in answering this question.• Occupational Outlook
Accounting is sometimes called the “language of _____.”A. Wall StreetB. BusinessC. Main StreetD. Financial statements

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