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Which of the following is a separate legal entity? a) Proprietorship b) Sole proprietorship c) Corporation d) Partnership correct answers Corporation A financial statement that reports accounting data at a specific date is the: a) balance sheet b) retained earnings statement c) income statement d)statement of cash flows correct answers balance sheet Which of the following is NOT considered an external user of accounting information? a) Bankers b) Taxing Authority c) Manage...

What is earnings per share? correct answers the amount of income earned per share of a company's outstanding common stock How do you calculate earnings per share? correct answers net income - preferred dividends / the weighted-average common shares outstanding What is premium on stock? correct answers when a corporation sells its stock for more than par (or stated) value What journal entry would you use to record issuing par value stock at premium? correct answers debit cash credit ...

Which of the following is true about an income statement? a.It reports revenues and expenses. b.It reports dividends declared. c.It reports activity for a period of time. d.Only a. and c. are true. e.All of the above are true. correct answers d.Only a. and c. are true. How many of the following accounts would be reported on a firm's balance sheet? ·Accounts Receivable ·Cash ·Equipment ·Deferred Revenue ·Depreciation Expense ·Dividends ·Notes Payable ·Retained Earnings ...

managerial accounting correct answers accounting used to provide information and analyses to managers inside the organization to assist them in decision making -planning, controlling, decision-making manufactoring costs correct answers direct materials direct labor manufactoring overhead non manufactoring costs correct answers selling costs administrative costs direct costs correct answers costs that can be easily and accurately traced to a cost object indirect costs correct answ...

accounting equation correct answers assets = liabilities + equity assets correct answers resources a company owns/controls; holds a future benefit receivable: used to refer to an asset that promises a future inflow of resources company provides services/products on credit --> account receivable from customer liabilities correct answers what is owed to creditors reflects a company's obligation to provide assets, products, or services to others payable: refers to a liabilit...

Accounting Definition correct answers The language of business It's an information and measurement system that identifies, records, and communicates External Users correct answers Not directly involved in running the organization (FINANCIAL ACCOUNTING, lenders, shareholders, governments, consumer groups, external auditors, customers) Internal Users correct answers Directly involved in managing and operating an organization (MANAGERIAL ACCOUNTING, officers, managers, internal auditors...

Effect on accounting equation when a company receives cash payment from a client for services provided (what increases or decreases (assets, liabilities or equity) Example: If a company receives $12,200 from a client for services provided, the effect on the accounting equation would be: correct answers Increase in Cash(asset), increase in Revenue(equity) EX answer: Asset increase by $ 12,200 and Equity increase by $ 12,200 What does a credit increase and what does a credit decrease? correct a...

Generally accepted accounting principles (GAAP) correct answers a set of rules financial accounting is governed by Generally accepted accounting principles (GAAP) identify three major characteristics of information: correct answers 1. Relevant- impacts the decision of the informed user for financial information. 2. Reliable. 3. Comparability- helps us compare financial information from one period with that of the next period. Assets correct answers resources owned or controlled by a co...

MFT: Reviewing financial statements for criminal investigations correct answers Financial accounting MFT: Planning transactions to minimize taxes correct answers Tax accounting MFT: Tax consulting correct answers Tax accounting MFT: Investigating tax fraud correct answers Tax accounting MTF: Enforcing tax laws correct answers Tax accounting MFT: Cost accounting correct answers Managerial accounting MFT: Estate planning correct answers Tax accounting MFT: Consulting with trea...

Going Concern Assumption correct answers the business is presumed to continue operating into the foreseeable future Revenue Recognition Principle correct answers revenue is recognized when goods or services are provided to customers Expense Recognition Principle correct answers a company records its expense incurred in the same period as the revenue it generated Buisness Entity Assumption correct answers a business is accounted for separately from other business entities, including its ...

What is the Accounting Equation? correct answers Assets= Liabilities-Equity Is Accounts Payable an asset, liability, or stockholder's equity? correct answers asset Is cash an asset, liability, or stockholder's equity? correct answers Asset Are fees earned an asset, liability, or stockholders' equity? correct answers stockholders' equity is land an asset, liability, or stockholders' equity? correct answers asset Are Supplies an asset, liability, or stockholders' e...

Primary purpose of accounting correct answers To identify, record, and communicate business transactions Technological advancement correct answers Has freed accounting professionals to concentrate more on the analysis and interpretation of information Internal users of accounting information include: correct answers Production managers The primary objective of financial accounting is correct answers To provide financial statements to help external users analyze and interpret an organiza...

Debit correct answers Left column of T chart Credit correct answers Right column of T chart Debit correct answers What type of transaction is an increase in assets (debit or credit)? Credit correct answers What type of transaction is a decrease in assets (debit or credit)? Ledger correct answers What you call a recorded group of accounts for a business entity Asset correct answers What type of account are prepaid expenses/insurance placed with? Liability correct answers What ty...

Accounting correct answers An information system that provides reports to users about the economic activities and condition of a business. GAAP (Generally Accepted Accounting Principles) correct answers Defines how financial information will be reported. - Accounting Standards: rules that determine the accounting for individual business transactions. - Accounting Principles and Assumptions: provide the framework upon which accounting standards are constructed. Financial Information corre...

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Higher price correct answers Lower revenue as not many people would want to spend that much money when they could get a similar thing for much cheaper Cost based (or cost-plus) approach correct answers focused on the cost of producing a product or rendering a service that can deliver expected return on the investment benefit of a cost-based (cost-plus) approach correct answers easy to calculate and provide quick and accurate basis for pricing and focuses on businesses cost which many incen...

What is Corporate Social Responsibility (CSR) correct answers The responsibility an organisation accepts to various stakeholders and the environment over and above their legal obligations Components of CSR reporting correct answers Social reporting and Environmental reporting What is Social Reporting? correct answers provides information about an organisations impact upon particular people and societies What is Environmental Reporting? correct answers provides information about an organ...

Under the accounting standard governing the presentation of the statement of profit or loss, the item that is not required to be presented on the face of the statement for a retail entity is: correct answers depreciation Equity is decreased by: correct answers expenses Which of these would not be recorded as increasing income on 13 January? correct answers Cash sale on 31 January The statement of profit or loss: correct answers presents the income and expenses of an entity for a specifi...

Financial accountant vs management correct answers The financial accountant would perform activities such as preparation of financial reports i.e. statement of profit or loss, balance sheet and the statement of cash flows in accordance with generally accepted accounting principles, which are represented by accounting standards including those issued by both the XRB and the IASB and the Companies Act. The management accountant would perform activities such as capital budgeting for future store...

Why should you prepare a budget? correct answers - Essential for efficient operations and organisational survival - Provide means of operationalising the organisation's strategic plan - Create a framework to understand the interconnectivity of various activities - Provide an early warning when resource constraints may need to be enforced - Provide a basis of evaluating future performance What is a Master Budget? correct answers A comprehensive set of budgets that provide coverage of an...