Ch.1 pr-assignment
A(n)______ changes basic inputs into products that are sold to customers -correct
answer_Manufacturing business _____ sell products purchased from other businesses
to make their objectives of maximizing their profits -correct answer_Merchandising
business The area of accounting with providing internal users with information is
called -correct answer_Managerial accounting Equipment with a sales price of
$100,000 is purchased at a discount of 10% by Aaron company. At what values should
the equipment be recorded in Aaron company's records? -correct answer_$90,000 —
On August 1, Harvey company offered to pay )13,000 for equipment that was
advertised as being sold for $19,000 by Carrone Company. The equipment had a retail
value of $23,000 on that day. On August 10, Carrone company offered to sell the
equipment for $14,700 and Harvey company agreed to buy it at that price. At what
value will Harvey company record the equipment on the books? -correct
answer_$14,700 — according to the cost principle, the accounting records will show
assets recorded at the exchange price or cost Emily owns three businesses: a dry
cleaner, a market and a candy store. The dry cleaner has revenue of $5,000; the market
has revenue of $10,000; and the candy store has revenue of $7,000. Under the
business entity assumption, Emily should record -correct answer_None of these
choices are correct — under the business entity assumption, emily should record
$5,00 of revenue in the records of the dry cleaner, $10,000 of revenue for the market
and $7,000 for the candy store
A(n)______ changes basic inputs into products that are sold to customers -correct
answer_Manufacturing business _____ sell products purchased from other businesses
to make their objectives of maximizing their profits -correct answer_Merchandising
business The area of accounting with providing internal users with information is
called -correct answer_Managerial accounting Equipment with a sales price of
$100,000 is purchased at a discount of 10% by Aaron company. At what values should
the equipment be recorded in Aaron company's records? -correct answer_$90,000 —
On August 1, Harvey company offered to pay )13,000 for equipment that was
advertised as being sold for $19,000 by Carrone Company. The equipment had a retail
value of $23,000 on that day. On August 10, Carrone company offered to sell the
equipment for $14,700 and Harvey company agreed to buy it at that price. At what
value will Harvey company record the equipment on the books? -correct
answer_$14,700 — according to the cost principle, the accounting records will show
assets recorded at the exchange price or cost Emily owns three businesses: a dry
cleaner, a market and a candy store. The dry cleaner has revenue of $5,000; the market
has revenue of $10,000; and the candy store has revenue of $7,000. Under the
business entity assumption, Emily should record -correct answer_None of these
choices are correct — under the business entity assumption, emily should record
$5,00 of revenue in the records of the dry cleaner, $10,000 of revenue for the market
and $7,000 for the candy store
