A PLUS EXCEL

1. If the assets of a business increased $89,000 during a period of time and its liabilities increased $67,000 during the same period, equity in the business must have: - Increased $22,000 Identify the statement below that is true: - The trial balance is a list of all accounts from the ledger with their balances at a point in time. On May 31 of the current year, the assets and liabilities of Riser, Inc. are as follows: Cash $20,500; Accounts Receivable $7,250; Supplies $650; Equipment $12,...

cost - The cost principle requires that when assets are acquired, they be recorded at ___________ the same on the date of acquisition - The cost of an asset and its fair value are physical laws of nature - The body of theory underlying accounting is not based on convergence - In order to increase comparability, in recent years, the FASB and IASB have made efforts to reduce the differences between U.S.GAAP and IFRS through a process known as cost principle - Martin Corporation purchas...

Investing activities include - collecting cash on loans made. The current ratio would be of most interest to - short-term creditors. Comprehensive income would not include - dividends declared. Which of the following statements is not true about a 2-for-1 stock split? - Total paid-in capital increases The following information pertains to Unique Company. Assume that all balance sheet amounts represent both average and ending balance figures. Assume that all sales were on credit. Ass...

Financial accounting provides: A. budgets and forecasts of future business operations B. detailed management reports designed to control and manage company assets C. information to investors and creditors D. all of the above are true E. none of the above are true - C. information to investors and creditors Which of the following financial statements reflect activity for a period of time? A. both the income statement and the balance sheet B. only the balance sheet C. only the incom...

Who is managerial accounting for? - managers and internal users Managerial Accounting A) Is governed by generally accepted accounting principles B) Places emphasis on special-purpose information C) Pertains to the entity as a whole and is highly aggregated D) Is limited to cost data - B) Places emphasis on special-purpose information Managerial Accounting is a field of accounting that provides economic information for external users. (True/False) - False The primary users of manag...

Which of the following entities pays federal income taxes? - Corporation Shareholders of a corporation: - have limited liability for the corporationʹs debts. The accounting assumption that states that the business, rather than its owners, is the reporting unit is the: - entity assumption. The CEO of Clarkson Company owns a vacation home in Hawaii. Clarkson Company owns a factory in Detroit where it is headquartered. Which of these properties is considered to be asset(s) of the busines...

The objective of general-purpose financial reporting is to provide financial information about a reporting entity to each of the following except a. potential equity investors b. potential lenders c. present investors d. all of these are correct - d. all of these are correct Which of the following basic elements of financial statements is more associated with the balance sheet than the income statement? a. equity b. revenue c. gains d. expenses - a. equity In classifying the el...

Managerial accounting reports must be prepared according to generally accepted accounting principles. True False - false Managerial accounting information includes both historical and estimated data. True False - true A staff department or unit is one that provides services, assistance, and advice to the departments with line or other staff responsibilities. True False - true Which of the following statements is false? a.Financial accounting must conform to GAAP. b.Managerial ac...

Which of the following is not a step in the accounting process? - verification The first activity of the accounting process is - identification Ethics are the standards of conduct by which one's actions are judged as - honest or dishonest, right or wrong, fair or unfair, and honest or dishonest. Generally Accepted Accounting Principles are - standards that indicate how to report economic events. The primary accounting standard-setting body in the United States is the - Financial Acc...

Indicate which accounts should be debited and credited. Purchased inventory for cash. - Debit inventory, credit cash Indicate which accounts should be debited and credited. Paid a cash dividend. - Debit Retained earnings, credit cash Indicate which accounts should be debited and credited. Paid rent for the next three months. - Debit Prepaid rent, credit cash Indicate which accounts should be debited and credited. Sold goods to customers on account. (To record sale of goods to customers....