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Exam 1: Accounting in Business

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Question 81

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Describe the three types of activities reported on the statement of cash flows.

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The three types of activities reported i...

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Question 82

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The income statement shows the financial position of a business on a specific date.

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Question 83

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An example of a financing activity is:

The description of the relation between a company's assets, liabilities, and equity, which is expressed as Assets = Liabilities + Equity, is known as the:

When expenses exceed revenues, the resulting change in equity is called:

Return on assets is often stated in ratio form as the amount of average total assets divided by income.

General accounting principles stem from long-used accounting practices.

Prepare a December 31 balance sheet in proper form for Smokey River Supplies from the following list of the accounts: $\begin{array}{llr} \text { Cash.} &\$10,000\\ \text { Accounts receivable} &8,000\\ \text { Supplies } &12,000\\ \text { Equipment. } &35,000\\ \text { Land.} &18,000\\ \text { Accounts payable. } &13,000\\ \text { Notes payable. } &41,000\\ \text { L. Marks, Capital } &29,000\\\end{array}$

________, which is one part of accounting, is the recording of transactions and events, either manually or electronically.

If the assets of a company increase by $55,000 during the year and its liabilities increase by $25,000 during the same year, then the change in equity of the company during the year must have been:

All of the following regarding a Certified Public Accountant are true except:

What is the purpose of return on assets as an analytical tool?

Define risk and return and discuss the relation between them.

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

The income statement reports all of the following except:

If assets are $99,000 and liabilities are $32,000, then equity equals:

From the information given below, prepare a November income statement, a November statement ^{of owner's equity, and a November 30 balance sheet}. ^{On November 1 of the current year, Victoria} Garza began Garza Décor with an initial investment of $50,000 cash. On November 30, her records showed the following (alphabetically arranged) items and amounts. $\begin{array}{|l|c|l|}\hline \text { Accounts payable. } & \$ 12,000 &\text { Oftice furnishings. } & \$ 40,000 \\\hline \text { Accounts receivable. } & 19,000 &\text { Owner's withdrawals} & 6,000 \\\hline \text { Cash } & 21,200 &\text { Rent expense} & 9,600 \\\hline \text { Fees earned. } & 34,000& \text { Salaries expense. } & 4,200 \\\hline \text { Notes payable} & 4,250 & \text { Telephone expense } & 250 \\\hline\end{array}$

The financial statement that reports whether the business earned a profit and also lists the revenues and expenses is called the:

The independent group that is attempting to harmonize accounting practices of different countries is the:

There are three major types of business activities. ________ activities involve using resources to research, develop, purchase, produce, distribute, and market products and services and receiving amounts from selling products and services.