C213 Pre Assessment
What does accounting focus on? The impact a business's activities have on its overall financial performa
Which report summarizes cash statement of cash flows
collections and cash expenditures
from operating, investing, and
financing activities over a period of
time?
Which users would have a primary Employees
concern with an organization's ability
to provide healthcare benefits?
Which benefit does a corporation An increase in its comparability to other companies
gain by following Generally Accepted
Accounting Principles (GAAP)
Which body regulates a certified Public Company Accounting Oversight Board (PCAOB)
public accounting firm's audit
practices when the firm is auditing a
large publicly traded company?
What has had the most significant information technology
impact on accounting practices?
, C213 Pre Assessment
What two items of information are Debt, Ownership
revealed on the balance sheet?
Which term is defined as the residual owner's equity
interest in the net assets of a
company?
A corporation has total liabilities of $350 Million. Combine the liabilities with assets.
$300 million, total owners' equity of
$100 million, and current assets of $50
million.
What is the value of the firm's long-
term assets?
, C213 Pre Assessment
Which situation should result in Answer C
revenue recognition on the income
statement for the year ending 12/31/14
if the firm is using accrual-basis
accounting?
A. In 2014, a company enters into a
contract whereby it agrees to provide
services to customer next year (2015)
B. In 2014, a company collects cash
from a customer for services it will
provide next year(2015)
C. In 2014, a company provides
services to a customer for which cash
will be collected the next year (2015)
Which category on the statement of Cash flows from financing activities
cash flows summarizes cash receipts
and payments to owners and
creditors of the company?
What does accounting focus on? The impact a business's activities have on its overall financial performa
Which report summarizes cash statement of cash flows
collections and cash expenditures
from operating, investing, and
financing activities over a period of
time?
Which users would have a primary Employees
concern with an organization's ability
to provide healthcare benefits?
Which benefit does a corporation An increase in its comparability to other companies
gain by following Generally Accepted
Accounting Principles (GAAP)
Which body regulates a certified Public Company Accounting Oversight Board (PCAOB)
public accounting firm's audit
practices when the firm is auditing a
large publicly traded company?
What has had the most significant information technology
impact on accounting practices?
, C213 Pre Assessment
What two items of information are Debt, Ownership
revealed on the balance sheet?
Which term is defined as the residual owner's equity
interest in the net assets of a
company?
A corporation has total liabilities of $350 Million. Combine the liabilities with assets.
$300 million, total owners' equity of
$100 million, and current assets of $50
million.
What is the value of the firm's long-
term assets?
, C213 Pre Assessment
Which situation should result in Answer C
revenue recognition on the income
statement for the year ending 12/31/14
if the firm is using accrual-basis
accounting?
A. In 2014, a company enters into a
contract whereby it agrees to provide
services to customer next year (2015)
B. In 2014, a company collects cash
from a customer for services it will
provide next year(2015)
C. In 2014, a company provides
services to a customer for which cash
will be collected the next year (2015)
Which category on the statement of Cash flows from financing activities
cash flows summarizes cash receipts
and payments to owners and
creditors of the company?
