get answer in this question and multiple choise for tomorrow 12;00 p.m

Nombre:_____________________________ Nmero de Estudiante_________________ Fecha de Entrega: 9/4/2017 Contabilidad Bsica (ACCO 111) Prof. Carlos lvarez Programa Ahora /UMET ASIGNACIN #1 - Introduction to Accounting Resultado: _________________ puntos (mximo 25) ________Cierto y Falso (10) ________Preguntas de Mltiples Respuestas (10 ) ________ Ejercicio #1 (20) ________ Ejercicio #2 (13) TOTAL______________= % _____________de 25 Puntos (53) =__________ ACCO 111 (Asignacin #1) - Prof. Carlos Alvarez 1-1 Assignment 1 Introduction to Accounting Chapter #1 I. TRUE-FALSE STATEMENTS _____1. Accounting communicates financial information about a business enterprise to both internal and external users. _____2. Management of a business enterprise is the major external user of information. _____3. Financial statements are the major means of communicating accounting information to interested parties. _____4. Bookkeeping and accounting are one and the same because the bookkeeping function includes the accounting process. _____5. The origins of accounting are attributed to Luca Pacioli, a famous mathematician. _____6. The monetary unit assumption states that transactions that can be measured in terms of money should be recorded in the accounting records. _____7. The basic accounting equation states that Assets = Liabilities. _____8. The primary purpose of the statement of cash flows is to provide information about the cash receipts and cash payments of a company during a period. _____9. The economic entity assumption requires that the activities of an entity be kept separate and distinct from the activities of its owner and all other economic entities. _____10. Accountants record both internal and external transactions. 1-2 II. MULTIPLE CHOICE QUESTIONS _____1. a. b. c. d. _____2. a. b. c. d. _____3. a. b. c. d. The accounting process is correctly sequenced as identification, communication, recording. recording, communication, identification. identification, recording, communication. communication, recording, identification. Which of the following would not be considered an external user of accounting data for the XYZ Company? Internal Revenue Service Agent Management Creditors Customers Generally accepted accounting principles are income tax regulations of the Internal Revenue Service. standards that indicate how to report economic events. theories that are based on physical laws of the universe. principles that have been proven correct by academic researchers. _____ 4. The basic accounting equation may be expressed as a. b. c. d. _____5. a. b. c. d. Assets = Equities. Assets - Liabilities = Owner's Equity. Assets = Liabilities + Owner's Equity. all of these. The basic accounting equation cannot be restated as Assets - Liabilities = Owner's Equity. Assets - Owner's Equity = Liabilities. Owner's Equity + Liabilities = Assets. Assets + Liabilities = Owner's Equity. ACCO 111 (Asignacin #1) - Prof. Carlos Alvarez 1-3 _____6. a. b. c. d. _____7. a. b. c. d. _____8. a. b. c. d. _____9. a. b. c. d. Owner's equity is increased by drawings. revenues. expenses. liabilities. Owner's equity is decreased by assets. revenues. expenses. liabilities. Liabilities are future economic benefits. are existing debts and obligations. possess service potential. are things of value used by the business in its operation. Owner's equity can be described as creditorship claim on total assets. ownership claim on total assets. benefactor's claim on total assets. debtor claim on total assets. _____10. If supplies that have been purchased are used in the course of business, then a. b. c. d. 1-4 a liability will increase. an asset will increase. owner's equity will decrease. owner's equity will increase. III. EXCERSICES EX. 1 Analyze the transactions of a business organized as a proprietorship described below and indicate their effect on the basic accounting equation. Use a plus sign (+) to indicate an increase and a minus sign (-) to indicate a decrease. Assets = Liabilities + Owner's Equity 1. Received cash for services rendered. _______ ______ ____________ 2. Purchased office equipment on credit. ______ ______ ____________ 3. Paid employees' salaries. ______ ______ ___________ 4. Received cash from customer in payment on account. ______ ______ ___________ 5. Paid telephone bill for the month. ______ ______ ___________ 6. Paid for office equipment purchased in transaction 2. ______ ______ ___________ 7. Purchased office supplies on credit. ______ ______ ___________ 8. Owner withdrew cash for personal expenses. ______ ______ ___________ 9. Obtained a loan from the bank. ______ ______ ___________ 10. Billed customers for services rendered. ______ ______ ___________ EX. 2 Indicate in the space provided by each item whether it would appear on the Income Statement (IS), Balance Sheet (BS), or Owner's Equity Statement (OE): a. ____ Service Revenue g. ____ Accounts Receivable b. ____ Utilities Expense h. ____ James, Capital c. ____ Cash i. ____ Equipment d. ____ Accounts Payable j. ____ Advertising Expense e. ____ Office Supplies k. ____ James, Drawing f. ____ Wage Expense l. ____ Notes Payable ACCO 111 (Asignacin #1) - Prof. Carlos Alvarez 1-5