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Exam 1: Accounting in Business

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Question 41

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Accounts payable appear on which of the following statements?

A) Balance sheet.
B) Income statement.
C) Statement of owner's equity.
D) Statement of cash flows.
E) Transaction statement.

F) C) and D)
G) A) and D)

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Question 42

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What is the balance sheet? What is its purpose?

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The balance sheet is a listing of the ty...

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Question 43

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Strategic management is the process of determining the right mix of operating activities for the type of organization, its plans, and its markets.

An accounting information system communicates data to help businesses make better decisions.

If the liabilities of a company increased $74,000 during a period of time and equity in the company decreased $19,000 during the same period, what was the effect on the assets?

Discuss the relation between risk and return.

The first section of the income statement reports cash flows from operating activities.

The accounting assumption that requires every business to be accounted for separately from other business entities, including its owner or owners is known as the:

A company reported total equity of $145,000 at the beginning of the year. The company reported $210,000 in revenues and $165,000 in expenses for the year. Liabilities at the end of the year totaled $92,000. What are the total assets of the company at the end of the year?

Specific accounting principles are basic assumptions, concepts, and guidelines for preparing financial statements and arise out of long-used accounting practice.

Operating activities include long-term borrowing and repaying cash from lenders, and cash investments or withdrawals by the owner.

The statement of cash flows reports all of the following except:

Another name for equity is:

There are at least three types of partnerships that limit the partners' liability. They are 1) _______________________, 2) __________________, and 3) ______________________.

What distinguishes liabilities from equity?

______________ activities involve using resources to research, develop, purchase, produce, distribute, and market products and services.

Return on assets is also known as return on investment.

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

The accounting principle that requires accounting information to be based on actual cost and requires assets and services to be recorded initially at the cash or cash-equivalent amount given in exchange, is the:

The following schedule reflects shows the first month's transactions of the Bill Blue Real Estate Company: Provide descriptions for each transaction.