Test Bank for Financial Accounting, 6th Edition by David Spiceland

DOWNLOAD THE Test Bank for Financial Accounting 6th Edition Spiceland
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Financial Accounting 6th Edition by Spiceland CH01
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ESSAY.nWritenyournanswerninnthenspacenprovidednornonnanseparatensheetnofnpaper.
1) Matchneachnbusinessnactivitynwithnitsnexample.
1.A)nPurchasenofficenbuilding.
2.B)nPaynutilities.
3.C)nReceiveninvestmentsnfromnstockholders.n
Operating
Financingn
Investing




2) Matchneachnfinancialnstatementnwithnthenaccountsnreportednonnit:
1.A)nDividends.
2.B)nAssetsnandnliabilities.
3.C)nRevenuesnandnexpenses.n
Incomenstatement
Statementnofnstockholders'nequityn
Balancensheet




3) Matchneachnorganizationntonitsnrole:
1.A)nEnsurenthatnauditorsnfollownstrictnguidelinesnwhennconductingntheirnaudits.
2.B)nIndependent,nprivate-
sectorngroupnthatnisnprimarilynresponsiblenfornsettingnfinancialnreportingnrulesninnthenUnitednS
tates.
3.C)nDevelopnansinglensetnofnhigh-quality,nunderstandablenglobalnaccountingnstandards.
4.D)nEnforcenpropernapplicationnofnfinancialnreportingnrulesnforncompaniesnwhosensecuritiesnarenp
ubliclyntraded.
FinancialnAccountingnStandardsnBoardnPubli
cnCompanynAccountingnOversightnBoardnInter
nationalnAccountingnStandardsnBoardnSecuriti
esnandnExchangenCommission

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Financial Accounting 6th Edition by Spiceland CH01
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4) Matchneachnqualitativencharacteristicnwithnitsndefinition:
1.A)nAllninformationnnecessaryntondescribenannitemnisnreported.
2.B)nInformationnprovidesnfeedbacknonnpastnactivities.
3.C)nInformationnisnpresentedninntimentonmakenusefulndecisions.
4.D)nInformationnisnusefulninnhelpingntonforecastnfuturenoutcomes.
5.E)nMeasurementsnthatnindependentnpartiesnwouldnagreenupon.
6.F)nInformationnthatndoesnnotnbiasnthendecisionnmaker.n
Predictivenvalue
Confirmatorynvaluen
VerifiabilitynTimeli
nessnNeutralitynCo
mpleteness




5) Forneachntransaction,nindicatenwhethernancompanynwouldnclassifynthenrelatednaccountnasnanna
sset,nliability,nstockholders'nequity,ndividend,nrevenue,nornexpense.
Transactions RelatednAccounts
1. Receivencashnfromninvestors. CommonnStock
2. Paynrentnfornthencurrentnperiod. RentnExpense
3. Purchasenofficenequipment. Equipment
4. Payncashntonstockholders. Dividends
5. Providenservicesntoncustomers. ServicenRevenue




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Financial Accounting 6th Edition by Spiceland CH01
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6) Accountnclassificationsnincludenassets,nliabilities,nstockholders'nequity,ndividends,nr
evenues,nandnexpenses.nIndicatenthenaccountnclassificationnforneachnaccountnname.nAccou
ntnClassificationsn Accounts RelatednTransactions
1.nn CommonnStock Sellncommonnstocknto
investors.
2.nn Cash
Receivencashnfro
3.nn mncustomers.
SalariesnPayable Incurnamountsnowednto
4.nn employees.
5.nn ServicenRevenue
6.nn Sellnservicesntoncustomers.nU
tilitiesnExpensen Incurncostnofnutilities.
Supplies
Purchasenofnoffic
ensupplies.
7.nn Advertisingn Paynforncostnofna
Expense dvertising.
8.nn Buildings
Purchasenbuildingnfo
9.nn rnoperations.
AccountsnPayable Purchasensuppliesnon
10.nn credit.
Dividends
Distributencashnt
onstockholders.




7) Indicatenwhethernancompanynwouldnclassifynthentransactionnasnfinancing,ninvesting,norno
perating.
Transactions
1. Receivencashnfromninvestors.
2. Paynrentnfornthencurrentnperiod.
3. Purchasenofficenequipment.
4. Payncashntonstockholders.
5. Providenservicesntoncustomers.
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Financial Accounting 6th Edition by Spiceland CH01
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8) Belownarentypicalntransactionsnfornancompany.nIndicatenwhetherneachntransactionnisnc
lassifiednasnanfinancing,ninvesting,nornoperatingnactivity.
TypenofnBusinessnActivityn Transactions
1.nn Purchasenofficenbuilding.
2.nn Paynbuildingnmaintenancenfees.
3.nn Paynsalesntaxesntonthenlocalngovernment.nPro
4.nn videnservicesntoncustomers.
5.nn Borrownfromnthenbank.nPa
6.nn ynworkers'nsalaries.
7.nn Sellnequipmentnusedninnoperations.nSe
8.nn llncommonnstockntoninvestors.




9) Belownarentypicalntransactionsnfornancompany.nIndicatenwhetherneachntransactionnisnc
lassifiednasnanfinancing,ninvesting,nornoperatingnactivity.
TypenofnBusinessnActivity RelatednTransactions
1.nn Sellncommonnstockntoninvestors.nRe
2.nn ceivencashnfromncustomers.
3.nn Incurnamountsnowedntonemployees.nSe
4.nn llnservicesntoncustomers.
5.nn Incurncostnofnutilities.
6.nn Purchasenrentnonenyearninnadvance.nPa
7.nn ynforncostnofnadvertising.
8.nn Purchasenbuildingnfornoperations.nP
9.nn urchasensuppliesnonncredit.
10.nn Distributencashntonstockholders.




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