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Exam 1: Introducing Accounting in Business

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Question 71

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Which of the following is the correct sequence for the heading for ABC Company's 2010 Balance Sheet?

A) ABC Company,For the year ended 12/31/10,Balance Sheet
B) For the year ended 12/31/10,Balance Sheet,ABC Company
C) Balance Sheet,12/31/10,ABC Company
D) 12/31/10,ABC Company,Balance Sheet
E) ABC Company,Balance Sheet,12/31/10

F) B) and D)
G) B) and E)

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Question 72

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Identify and describe the four basic financial statements.

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The four basic financial statements are ...

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Question 73

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Viscount Company collected $42,000 cash on its accounts receivable.How does this transaction affect the company's accounting equation?

A company purchases supplies on account,what is the effect on the accounting equation?

Distributions of assets by a business to its stockholders are called:

An example of an investing activity is:

Cool Tours had beginning equity of $72,000; net income of $25,000 and dividends of $9,000.Calculate the ending equity.

A corporation:

The records of Skymaster Airplane Rentals show the following information as of December 31,2011 $\begin{array}{|l|r|l|r|}\hline\text { Accounts payable } & \$ 36,000 & \text { 2011 Wages expense } & \$ 75,000 \\\hline \text { Insurance expense } & 2,000 & \text { 2011 Advertising expense } & 22,000 \\\hline \text { Accounts receivable } & 24,000 & \text { Cash } & 11,000 \\\hline \text { Retained earnings, } & & \text { Common stock } & 20,000 \\\text { December } 31,2010 & 130,000 & \text { Office furniture } & 15,000\\\hline \text { Airplanes } & 150,000 & \text { 2011 Maintenance expense } & 39,000 \\\hline \text { Notes payable } & 47,000 & 2011 \text { Revenues } & 217,000 \\\hline \text { Hangar } & 60,000 & &\\\hline\end{array}$ Dividends of $52,000 were paid during 2011. Using the above information,prepare a balance sheet at December 31,2011.

If Beginning Retained Earnings was $184,300,the company distributed $46,000 in dividends and Ending Retained Earnings was $345,000,what was the net income for the period?

Select the appropriate financial statement(s)for each of the following accounts. Some items may appear on more than one financial statement.

The organization that attempts to create more harmony among the accounting practices of different countries by identifying preferred practices and encouraging their worldwide acceptance is the:

The statement of cash flows shows the net effect of revenues and expenses for a reporting period.

A company paid its landlord $15,000 cash for this month's rent.Enter the appropriate amounts that reflect this transaction into the accounting equation format shown below. $\begin{array} { | c | c | c | } \hline \text { Assets } = & \text { Liabilities } + & \text { Equity } \\\hline & & \\\hline\end{array}$

Identifying business activities requires selecting transactions and events relevant to an organization.Which of the following events would be recorded in the accounting records of Acme Car Wash?

If equity is $300,000 and liabilities are $192,000,then assets equal:

How would the accounting equation of Boston Company be affected by the billing of a client for $10,000 of consulting work completed?

Fast-Forward has net income of $18,955 and assets at the beginning of the year of $200,000.Its assets at the end of the year total $246,000.Compute its return on assets.

At the beginning of the year,a company had $120,000 worth of liabilities.During the year,assets increased by $160,000 and at year-end they equaled $360,000.Liabilities decreased $20,000 during the year.Calculate the beginning and ending values of equity.

Creditors' claims on the assets of a company are called: