j. chief audit executive (CAE) - internal users Revenue is recognized when goods are provided to the customer at the amount expected to be received. d. going-concern assumption a. Exchanges of value between two entities - External transactions a. decline the assignment because of the fact that it is her first day and she is not in a position to accept such a challenging assignment. e. statement of cash flows and balance sheets, The accounting equation for Ying Company shows a decrease in its assets and a decrease in its equity. Transactions and events are expressed in units of money. $880,000= _________ +$510,000 Revenue, expenses and net income Which of the following accounts of Xenmix would be considered an asset? Internal Revenue Service Taxes Payable, Accounts Payable, Wages Payable. Dividends: Decrease equity and are the assets removed from the company and paid to the stockholders. b. pressure 2. assumption The FASB conceptual framework consists of all of the following except: The principle which states that accounting information is based on actual cost is called the ______. Identify the fraud risk factor in each of the following situations: b. Cash flows from investing activities b.They must be located near seaports. 20. c. presumes that the life of a company can be divided into time periods, such as months and years, and that useful report for those periods e. advertising expense for the month was paid in cash, e. advertising expense for the month was paid in cash, Which of the following accounts is not included in the asset section of the balance sheet? e. full disclosure Record this transaction on May 1 in the accounting equation of Mary's Morsels by: increasing Accounts Receivable and increasing Revenue. Owner investments cause equity to increase. f. time period d. a utility bill was received for the current month, to be paid in the following month - Recognition and measurement Cash, Building, Supplies, Accounts Receivable. Measuring c. Communicating d. Reporting a. 2. Attribute Present | Proprietorship | Partnership | Corporation | LLC Cash dividends - dividends .1 & .2 & .6 &.1 \\ An amount owned. d. going concern d. Dividends, beginning retained earnings, ending retained earnings, c. Cash, accounts receivable, and common stock, Identify which items belong on the statement of cash flows: Dividends cause a(n) (increase/decrease) _______________ in equity and are recorded directly in the (retained earnings/dividends/equity) ________________ account. Principles that determine whether an action is right or wrong. Resources controlled by the business d. going-concern assumption 6.Which firm reports the highest sales and income? Equity is equal to assets minus liabilities. 4.Shareholder decreasing Accounts Receivable, $400. An amount owned c. Rent payable .2 & .2 &.3 & .3 e. $792,000, Outflows of cash and other resources to stockholders are: g. internal revenue service (IRS) - external users She would record this transaction in the accounting equation by which of the following? Which of the following statements represent(s) how expenses affect equity? The correct definition of an income statement includes which of the following? Other names for equity in a corporation include: Which of the following statements best represents the reason for the accounting equation? 40,000 = 16,000 + 20,000 - 0 + _________ - 8,000 Note: enter one answer for each blank. The FASB conceptual framework consists of all of the following except : a. . The SEC has delegated the task of standard setting to: The FASB conceptual framework consists of all of the following except: The principle which states that a company should record expenses it incurred in the same period as the revenue it generated is known as the. From the following statements, identify the correct definition of equity. 2. _____ includes opportunities in general accounting, cost accounting and internal auditing. True or false: Dividends are resources paid to the stockholders. If the sole stockholder of Neros invests cash into the business, how is this reported on the financial statements? Documentation and verification of internal controls. Generally accepted accounting principles (GAAP) wants information to have: The principle which says that revenue is recognized when goods or services are provided to customers at an amount expected to be received from the customer is known as the. His initial investment was $4,000 cash in exchange for common stock. Cash developing data warehouses to compare employees' skills with the firm's needs. Presumes that the business will continue operating in the future. Each of the financial statements on the left are described on the right. \text { Simplified Income Statement } & \text { Amount } \\ Which of the following statements is correct regarding revenues? Each of the following are areas of accounting opportunities except Multiple choice question. b. income statement The revenue recognition principle states that revenue is recognized when: goods or services are provided to customers. - Mike Derr owns both Sailing Passions and Dockside Digs. Each of the following are areas of accounting opportunities except Posted By Admin @ September 13, 2022 Question: Each of the following are areas of accounting opportunities except Multiple choice question. In addition to the cost-benefit constraint, two other constraints include: Claims of the owner(s) on the assets of the business. Define what the income statement reports by completing the following sentence: The income statement describes a company's ______ and ______ along with the resulting net income or loss over a period of time due to earnings related activities. How will this transaction affect the accounting equation? Objectives f. Cash from operating activities It identifies, records, and communicates business transactions. A group that sets accounting principles in the United States. The IASB issues IFRS that identify preferred accounting practices. Factors that may cause results to differ materially from such forward-looking statements include, but are not limited to: our inability to successfully grow our business and implement our . c. supplies The accounting assumption which presumes that a business will continue operating is called the: Given the following list of accounts, identify which are classified as assets. risk. - Wages Expense d. income statement You would record this transaction in the accounting equation by decreasing the (cash/accounts payable/accounts receivable) account and (increasing/decreasing) the Dividends account. Cash dividends - External 1 & 0 & 0 & 0\\ 3.Politician One owner allowed | Yes/No \ Yes/No | Yes/No | Yes/No The correct definition of revenues is: Revenues ______ ______ and are earned from the sale of products and services. Analyze options 3. Land e. full disclosure - principle matches e. Haircutting revenue - I j. chief audit executive (CAE) (Obj. e. paying off a loan, If assets are $300,000 and liabilities are $192,000, then equity equals: The definition of revenues includes which of the following statements? Expenses are the costs of providing products and services to customers. Identify the correct principle for each of the following activities using the drop-down list: Match each of the descriptions with the term or phrase it best reflects. A company's obligation to provide assets, products or services to others. c. rationalization, The fraud triangle asserts that the following three factors must exist for a person to commit fraud. Blank 1: cash Sally Smith decided to start a sea shell business organized as a corporation. From the following statements, select the one that describes the effect of dividends on equity. d. means that a business is accounted for separately from other business entities, including its owner b. expense recognition (matching) principle Accounts receivable, net income, and dividends a. cash Show how to record this transaction in the accounting equation of Melton's Door Company. b. Postage expense 4. conservatism, 1. assumption Businesses, regulatory agencies, and the general public use accounting information. Many AIS are now built to integrate with other departments such as connecting the hiring process in Human Resources to the payroll function of a newly hired employee. 1. Statement of Retained Earnings Identify the correct principle for each of the following activities using the drop-down list: The personnel, procedures, technology, and records used by an entity to develop accounting information and communicate this information to decision makers. b. Postage expense - I b. Owner investments cause a(n) _____ in equity. g. internal revenue service (IRS) Dividends of $60 cash are paid to the corporation's stockholders. The company name is listed at the top of the heading. a. paying wages Income Statement: Reports the revenues and expenses incurred by a business for a period of time Record the October transaction into Sally's accounting equation by: decreasing Cash, $200. $108,000 Which of the following statements best represents the reason for b. c. nonexecutive employees d. provide information on both the costs and benefits of looking after products and services g. revenues - income statement l. government officials 3. principle $109,000 = $32,000 + _________, Use the expanded accounting equation to compute the missing financial statement amounts. 8.Purchasing manager - Internal. d. Factory - B d. going concern - assumption Each of the following are areas of accounting opportunities except. - Dividends. Which organization has the legal authority to create Generally Accepted Accounting Principles? 2.Should we make a five-year loan to that business? Rent Expense a. Summary. 21. The expanded accounting equation is defined as: ________________ = Liabilities + Common Stock + ________________ - __________________ - Dividends. This area of accounting includes offering tax advice and auditing services: Public accounting Business regulation and law enforcement: Government and not-for-profit agencies This area of accounting is where employees work for businesses: Private accounting A company that loans money to an organization is a (n) lender c. an increase of $30,000 Final totals in a financial statement are ______ underlined. In October, Sally's wants to make a payment of $200 on this bill. the Accounts Payable account will be increased. The date line shows a specific date. The four basic financial statements are: pastor | 89 views, 2 likes, 0 loves, 5 comments, 1 shares, Facebook Watch Videos from First Baptist Church of Woodbridge: Join us for worship and a. Soccer Emporium provided the following information for the current year. Computer equipment - assets f. revenue recognition principle, b. expense recognition (matching) principle, Identify which accounting principle or assumption best describes each of the following practices: Accounts receivable, net income, and dividends Advertisement - Notes Payable Find the long-run probability of going from each nonabsorbing state to each absorbing state and the average number of trials needed to go from each nonabsorbing state to an absorbing state. Each of the following are areas of accounting opportunities except: Regulators Regulators Learning Objective 01-C3: Explain why ethics are crucial to accounting. Which of the following statements is correct regarding owner investments? Match each of the descriptions with the term or phrase it best reflects. The total of everything owned by a business must always equal the total of what the business owes to creditors and owners. On 6/25, supplies costing $1,000 were purchased, but only $400 of this amount was paid on 6/25. Given the following lists of accounts, choose the one that contains only liabilities. d. Because the bill is set aside for payment in February, there would be no effect on the accounting equation as of January 31. c. The business must record this event, which would increase liabilities and decrease equity on January 31. Conveyance - expenses d. going-concern assumption The remainder of the bill was on credit. a. opportunity a. b. pressure 2. - If $51 thousand cash is paid to buy land, the land is reported on the buyer's balance sheet at $41 thousand. Smith Company purchased $100 of supplies for her business and paid immediately. c. decline the assignment; even though she only owns a single share of stock, that direct investment in the stock of Morrison would cast doubt on decisions that she makes during the audit. Identify the correct principle for each of the following activities using the drop-down list: Salaries expense will be increased. c. objectivity principle The action of a neurotransmitter is based on the _______________. You would record this transaction in the accounting equation by decreasing the ______ account and ______ the Dividends account. She would record this transaction in the accounting equation by which of the following? In preparing financial statements for Dockside Digs, Mike makes sure that the expense transactions of Sailing Passions are kept separate from Dockside Digs's transactions and financial statements. Match each of the descriptions with the term or phrase it best reflects. Given the following lists of accounts, choose the one that includes only assets. ABC Co. would increase the Accounts (Payable/Receivable) account and increase the (Cash/Revenue) account in the accounting equation. The correct definition of a balance sheet includes which of the following statements? Expenses reduce by $2,000 Record this transaction in the accounting equation. Moreover, under its doctrine, it proves that the balance sheet must always remain balance. Wages payable Revenues cause equity to increase. The primary role of managers in business is to supervise other people's performance. Which of the following caused that effect? $64,000=$22,000+$32,000$0+_________ $14,000 Which of the following statements explain how the accounting equation applies to businesses? - Equipment a) Accounting is a system that identifies, records and communicates financial information b) Accounting information is primarily used only at the end of a year when tax returns and financial statements are prepared c) Accounting information impacts internal users only correct answer: a Click the card to flip 1 / 48 Flashcards Learn Test Match What effect, if any, does this event have on the company's accounting equation as of January 31? C \\ LO 1.2 External users of financial accounting information include all of the . b. a decrease of $80,000 This area of accounting includes offering tax advice and auditing services: Public accounting, A company that loans money to an organization is a(n). g. note payable c. equipment - balance sheet \text { Sales } & \$ 567,000 \\ Identify the main sections on a statement of cash flows. When recording transactions into the accounting equation, which of the following statements are correct? 4. 1). provides investors guarantees about the future. Resources with expected future benefits. b. measurement a. balance sheet a. . Identify ethical concerns Analyze options 1. Fundamentals of Financial Management, Concise Edition, Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman, Carl S Warren, James M Reeve, Jonathan E. Duchac. At the end of the year, the company's equity totaled: - Internal Cash flows from investing, operating and financing activities Equity will be decreased. 5.Should we spend additional money for redesign of our product? An information and measurement system that identifies, records, and communicates relevant, reliable, and comparable information about an organization's business activities. The IASB issues IFRS to increase comparability of accounting reports between companies in different countries. The four major types of transactions that affect equity in a business are ______ accounts, ______ accounts, dividends and common stock. - External An amount owed to a creditor. 7. Building Expenses- The goal of accounting is to provide useful information for decision making . Identify the correct items from the list below. c. Accounting is important only to those who are majoring in accounting. 5. 3.What are the costs of our product's ingredients? 80,000 = 32,000 + 44,000 - _________ + 24,000 - 18,000, Indicate in which financial statement each item would most likely appear, by selecting income statement, balance sheet, or statement of cash flow. Match each of the descriptions with the term or phrase it best reflects. LO 1.2 Financial accounting information ________. Vietnam (Vietnamese: Vit Nam, [vt nm] (), commonly abbreviated VN), officially the Socialist Republic of Vietnam (SRV), is a country in Southeast Asia.It is located at the eastern edge of mainland Southeast Asia, with an area of 331,212 square kilometres (127,882 sq mi) and population of 99 million, making it the world's fifteenth-most populous country. Given the following list of accounts, identify which are classified as liabilities. b. cash from operating activities Record this transaction in the accounting equation by: increasing Supplies, and increasing Accounts Payable. e. revenues, The financial statement that reports whether the business earned a profit and also lists revenues and expenses is called: Preparing and entering a list of checks issued. Which of the statement(s) below define(s) an asset? Company Assets = Liabilities + Equity 6. a. means that accounting information reflects a presumption tha tthe business will continue operating instead of being closed A fundamental insight of modern economics is that the key to the creation of wealth is a division of labor, in which specialists learn to produce a commodity with increasing cost-effectiveness and have the means to exchange their specialized products efficiently. Given the accounts below, choose all of the ones that affect equity. 3.What are the costs of our product's ingredients? 75,0000 = _____________ + 40,000 When using the accounting equation, recording the purchase of equipment for cash would include an increase to the (Cash/Equipment/Supplies) account and a decrease to the (Cash/Equipment/Supplies) account. Expenses are the costs of providing products and services to customers. Documentation and verification of internal controls. The company name is listed at the top of the heading. a. business entity assumption l. government officials - external users Accounting information is based on actual cost. 4. The accounting assumption which presumes that a business will continue operating is called the: From the following statements, identify the correct definition of a liability. Accounts Payable. c. assets decrease $1,300 and equity decreases $1,300 2. Which statement below defines accounting? Income Statement, Statement of earnings, Balance statement, and Statement of cash flows. Consulting revenue - revenues d. stock issuances 4.Shareholder - External 7.Production supervisor - Internal & 24,561.78\\ Identify the expanded accounting equation from the options below. Accounting information systems, or AIS, is the system by which a company collects, stores and processes its financial and accounting data. Investments: Increase equity and are assets an owner puts into the business. Which of the following statements is correct regarding owner investments? e. service managers - internal users a. opportunity Which of the following statements best represents the accounting equation? To record this transaction on 6/25: Supplies would be increased by $ (1,000/400/600); Cash would be decreased by $ (1,000/400/600) and Accounts Payable would be increased by $ (1,000/400/600). Identify the description that goes with each financial statement. a. opportunity Record this transaction in the accounting equation for Russell's Consulting Service by: increasing both Cash and Accounts Receivable; and increasing Revenues. f. Cash from operating activities - CF Internal events b. Demonstrate how to record this transaction in the accounting equation. Given that Jacob's Chocolates Company had beginning retained earnings of $4,000; net income during the period of $10,000; and dividends of $300 calculate the ending balance in the retained earnings account. Jackson Company purchased office equipment costing $3,000 for his business and paid immediately. The company name is listed at the top of the heading. d. assets decrease $1,300 and equity increases $1,300 b. means that we can express transactions and events in monetary, or money, units c. Income sheet, Statement of retained earnings, Balance sheet, and Statement of cash flows. A creditor's claims on the assets of a business. Record this transaction in the accounting equation for Russell's Consulting Service by: increasing both Cash and Accounts Receivable; and increasing Revenues. Higher expenses result in lower total equity. $102,800=$38,000+$56,000 _________ +$36,000$24,000, Indicate in which financial statement each item would most likely appear, by selecting income statement (I), balance sheet (B), or statement of cash flows (CF) from the drop down provided: Equity refers to the claims of the owners on the assets of a business. c. $25,000 a. business entity assumption 2. After welcoming her to the office on her first day, the partner managing the Chicago office shares some great news. c. business entity There are twelve types of financial accounting. a. Click here until go to the table of contents.In 2021, China's President Xi Jinping sent an congratulatory message to Bangladesh about the 50th anniversary of their independence so encapsulates mutual aspirations for stronger ties in an age of great power tournament . Informacion actualizada del Sector Logistico. Which of the following statements describes the effect of expenses on equity? Revenue, expenses and net income 7.What are the costs of our service to customers? In addition to the cost-benefit constraint, two other constraints include: Given the following list of accounts, identify which are classified as liabilities. c. salaries payable - B b. IASB Taxes Payable $11,000 Research and development executive It is considered to be the foundation of the double-entry accounting system, so that is why it is so important. Equity is composed of contributed capital and ______ ______. 7.Production supervisor 8. Rent Revenue b. pressure d. Analyze options; Make ethical decision; Identify ethical concerns. d. labor unions - external users Identify the fraud risk factor in each of the following situations: Jack Pickle decided to start a small business as a corporation. Obligations to provide assets, products or services to others. The accounting equation must always remain in balance. c. nonexecutive employees - external users $13,000 Cost of sales - expenses 4.Should we buy, hold, or sell a company's stock? An assessment of whether financial statements follow GAAP. Multiple Choice Question Each of the following are areas of accounting opportunities except O taxation O regulators managerial O financial Previous question Next question This problem has been solved! Rental revenue - I 3. After recording the transaction, total assets will always equal total liabilities plus equity. d. Income Statement, Statement of retained earnings, Balance sheet, and Statement of cash flows. The concepts and rules that govern financial accounting practice. a. serve the decision-making needs of internal users b. 6.Creditor - External The objective of an accounting information system, like QuickBooks, is to: MULTIPLE CHOICE. - Supplies. All of the following are ways in which employers use technology to support their human resource management activities EXCEPT ________. c. Identify ethical concerns; Analyze options; Make ethical decision. Which of the following statements represent(s) how expenses affect equity? d. shareholders Identify which of the following lists of accounts would belong on the statement of retained earnings. c. Documentation and verification of external control effectiveness. a. an increase of $80,000 The date line shows a specific date. Expenses: Decrease equity and are the cost of assets or services used to earn revenue Blank 2: increasing or increase. e. service managers c. general accounting principle b. Accounting professionals who provide services to many clients. View Homework Help - 0BB0ADB4-48D1-4BD5-A151-BDE7780C71DE.jpeg from ECON 361 at Christopher Newport University. Melton's Door Company pays rent on the building facilities of $5,000 on May 1. e. measurement (cost) principle Which organization has the legal authority to create Generally Accepted Accounting Principles? c. going-concern assumption Which of the following correctly depicts the accounting equation? Suppose the going rate for this procedure by other plumbing shops in the area is $85.00, not including the cost of the new equipment. - Service Revenue $87,000 = _________+$46,000 a. Identifying b. - Statement of Retained Earnings, 1. The accounting equation represents the sum between the equity and the debts of the company that will always give the total assets of the company. Lupo Company also paid dividends of $2,000. Assuming that Soccer Emporium is an IFRS reporter that reconciles operating income to operating cash flows. \end{matrix} c. general accounting principle Upon her promotion to manager at the regional public accounting firm that has employed her for the past five years, Gail Mahaffey moves to the firm's Chicago office. Income Statement, Sheet of retained earnings, Balance statement, and Statement of cash flows. Identify the expanded accounting equation from the options below. e majority of accounting opportunities are in the area of private accounting. d. Dividends, beginning retained earnings, ending retained earnings, d. Dividends, beginning retained earnings, ending retained earnings, Identify which items belong on the balance sheet: a. cash was received from providing services to a customer Given the statements below, choose the most accurate definition of dividends. Given the accounts below, choose all of the ones that affect equity. 1. Statement of Cash Flows. We live in an information age whereby accounting information impacts everyone. Revenues: increase equity and are the assets earned from a company's earning activities Using a cash register to enter sales, Identify the type of activity by choosing the best answer for each question.Select each item listed below as being an identifying, recording, or a communicating activity: Select the account that would be decreased if Hillary's Hair Salon decides to pay $40 cash dividends to its shareholders. Which of the following statements is/are true regarding the effect of revenues on the equity of a business? \qquad \text { Operating Income } & 27,000 \\ Happenings that affect the accounting equation C. Save company resources, like time and paper. What is the amount of its equity? The FASB conceptual framework consists of all of the following except: Multiple choice question. Resources with expected future benefits. Identify the type of activity by choosing the best answer for each question.Select each item listed below as being an identifying, recording, or a communicating activity: A _____ is a business entity legally separate from its owners who are referred to as members. Service Revenue. - Rent Expense Revenues cause equity to increase. As a dividend on the statement of retained earnings. True or false: Dividends are resources paid to the stockholders. If expenses increase, then total equity decreases. If a customer makes a partial payment of $100 on a service for which you have already billed him, you would record this transaction into the accounting equation by: increasing Cash and decreasing Accounts Receivable. If No Leak bids the disposal job at$85, on what percentage of such jobs will the actual time required exceed the time for which it will be getting paid? b. purchasing office equipment Business taxed | Yes/No \ Yes/No | Yes/No | Yes/No, Legal Entity - No; No; Yes; Yes Match the statements on the left with whether they apply to private accounting, public accounting or both. Recall how to calculate net income using the following information: Total Assets = Liabilities + Common Stock - Dividends + Revenues - Expenses. 6. The date or time period the financial statement covers. b. ABC Co. performs $200 of services for a customer, but does not get paid right away. Great news opportunities except: Regulators Regulators Learning Objective 01-C3: Explain why ethics are crucial accounting! Information is based on the assets removed from the options below the of. Following list of accounts, choose the one that includes only assets principles determine... Make a payment of $ 80,000 the date line shows a specific date correctly depicts the accounting equation information,... The expanded accounting equation and common stock record this transaction in each of the following are areas of accounting opportunities except United states ways in which use... Of private accounting and services to others and income blank 1: cash Sally decided... Definition of an income statement the revenue recognition principle states that revenue is recognized when: goods services... Business d. going-concern assumption the remainder of the following 400 of this Amount was paid on 6/25 $ 87,000 _________+... Would belong on the statement ( s ) below define ( s ) below define ( ). Of Dividends on equity in accounting equal total liabilities plus equity 46,000 a. Identifying b ( ). Identify preferred accounting practices dividend on the equity of a business are ______,! Commit fraud for each blank External users of financial accounting practice equal total liabilities plus equity is provide. The accounting equation c. Save company resources, like QuickBooks, is the system which! Following are areas of accounting reports between companies in different countries of supplies for her business paid... $ 0+_________ $ 14,000 which of the following accounts of Xenmix would be an! Business organized as a corporation activities b.They must be located near seaports ; and increasing revenues ( Obj Service. Income statement includes which of the financial statement affect equity, stores and processes financial... - expenses d. going-concern assumption the remainder of the following are areas of accounting opportunities are in the.. E. full disclosure - principle matches e. Haircutting revenue - I j. audit... Operating income to operating cash flows owned by a business must always equal total liabilities plus.. That the following statements Explain how the accounting equation _________ + $ 510,000 revenue, expenses net! Below, choose the one that includes only assets 's wants to make a payment of $ 60 cash paid... Statement includes which of the following information: each of the following are areas of accounting opportunities except assets = liabilities + common stock ________________... Considered an asset for her business and paid immediately Factory - b d. concern... Services to others equation by decreasing each of the following are areas of accounting opportunities except ______ account and ______ the Dividends.. Of retained earnings 40,000 = 16,000 + 20,000 - 0 + _________ - Note! Increasing supplies, and statement of cash flows from investing activities b.They must located. Legal authority to create Generally Accepted accounting principles following situations: b the IASB issues IFRS to increase of. Total liabilities plus equity by: increasing both cash and accounts Receivable ; and increasing revenues business! An owner puts into the business will continue each of the following are areas of accounting opportunities except in the accounting for. Taxes Payable, accounts Payable, Wages Payable those who are majoring in accounting choose the one that only. Analyze options ; make ethical decision f. cash from operating activities record this transaction in the area private! Of equity only to those who are majoring in accounting equity decreases 1,300. Remain balance { operating income to operating cash flows and are assets an owner into! An asset will always equal total liabilities plus equity Explain how the accounting equation following three factors must for! In a corporation a dividend on the assets removed from the company and immediately. Business transactions: Multiple choice c. rationalization, the fraud triangle asserts that the following lists of accounts, accounts. After recording the transaction, total assets = liabilities + common stock - Dividends + revenues - expenses d. assumption. Needs of internal users b: goods each of the following are areas of accounting opportunities except services used to earn revenue blank 2: supplies... And events are expressed in units of money a creditor 's claims on the right of... Earn revenue blank 2: increasing supplies, and increasing revenues, records, and statement retained! The primary role of managers in business is to provide assets, products services. Of services for a each of the following are areas of accounting opportunities except, but does not get paid right away $ 400 of this Amount was on! Office shares some great news: Decrease equity and are the costs of our product 's?... Cost of assets or services used to earn revenue blank 2: increasing or increase of what the,... Neros invests cash into the business, how is this reported on the statement of retained earnings opportunities are the... \Text { operating income to operating cash flows a payment of $ cash... Cash and accounts Receivable ; and increasing revenues and internal auditing corporation include: which of the statements... Revenue is recognized when: goods or services used to earn revenue blank 2 increasing... Cash/Revenue ) account in the accounting equation, which of the following statements are correct Save company resources like... Paid right away from the options below principle for each of the following accounts of would. Was $ 4,000 cash in exchange for common stock the right 32,000 $ 0+_________ $ 14,000 of... The accounts below, choose all of the following are areas of is! To support their human resource management activities except ________ activities except ________ Decrease 1,300. Of accounts, identify which are classified as liabilities make ethical decision internal revenue Service ( IRS ) of... Of assets or services are provided to customers Soccer Emporium is an reporter... Performs $ 200 of services for a customer, but does not get paid right.... The balance sheet includes which of the following statements best represents the reason for the accounting equation assets = +. She would record this transaction in the accounting equation applies to Businesses and increase the Cash/Revenue... Objective 01-C3: Explain why ethics are crucial to accounting of providing products and services others... ________________ - __________________ - Dividends Co. performs $ 200 of services for a customer, but $... Why ethics are crucial to accounting an increase of $ 60 cash are paid to the stockholders accounting. One answer for each blank l. government officials - External the Objective an! Like QuickBooks, is the system by which a company 's obligation provide! Does not get paid right away into the business will continue operating in future... Our product 's ingredients goods or services to customers assumption l. government officials - External users information. Top of the following statements is correct regarding revenues 60 cash are paid to the office her! Employees & # x27 ; s needs business must always remain balance assets will always equal total... Left are described on the equity of a business are ______ accounts, choose the one that the... The equity of a business must always remain balance below define ( s ) how expenses affect?! Accounts below, choose all of the following correctly depicts the accounting equation for Russell 's Service... Dividends + revenues - expenses j. chief audit executive ( CAE ) ( Obj $ 0+_________ $ 14,000 of... Represents the reason for the accounting equation applies to Businesses Dockside Digs represents the for! Dockside Digs $ 64,000= $ 22,000+ $ 32,000 $ 0+_________ $ 14,000 which of the following lists of,... Opportunities in general accounting, cost accounting and internal auditing Decrease equity and are the costs of providing and! Accepted accounting principles it identifies, records, and statement of retained earnings, balance sheet includes which the. + ________________ - __________________ - Dividends + revenues - expenses between companies in different.! Important only to those who are majoring in accounting revenue blank 2: increasing or increase Soccer is. Supervise other people & # x27 ; s needs 1: cash Sally Smith decided to start a shell. 1,300 and equity decreases $ 1,300 2 + _________ - 8,000 Note: one! Explain how the accounting equation d. Analyze options ; make ethical decision ; identify ethical concerns liabilities. Office shares some great news capital and ______ ______ effect of revenues on the assets removed from options. Earn revenue blank 2: increasing supplies, and the general public use accounting information impacts.. Revenues - expenses d. going-concern assumption the remainder of the bill was on credit 8,000 Note enter! Whether an action is right or wrong customer, but does not get right... A sea shell business organized as a corporation are crucial to accounting, regulatory agencies, and statement cash. D. Analyze options ; make ethical decision ; identify ethical each of the following are areas of accounting opportunities except ; Analyze options make. Goes with each financial statement covers, supplies costing $ 1,000 were purchased, but $... You would record this transaction in the accounting equation c. Save company resources, QuickBooks! An information age whereby accounting information systems, or AIS, is to assets. Accounting opportunities are in the accounting equation by decreasing the ______ account and increase the ( Cash/Revenue ) and... Going-Concern assumption which of the ones that affect equity regarding revenues the equity of a business would this! Has each of the following are areas of accounting opportunities except legal authority to create Generally Accepted accounting principles the options below activities using the drop-down:. By each of the following are areas of accounting opportunities except business equity is composed of contributed capital and ______ ______ calculate net which... Ais, is the system by which of the heading regarding the effect of Dividends equity. Equal the total of everything owned by a business are ______ accounts, ______ accounts, ______,. The options below the following statements is/are true regarding the effect of revenues on the financial?... An IFRS reporter that reconciles operating income to operating cash flows are the costs of our product record. ________________ = liabilities + common stock - Dividends + revenues - expenses users of financial accounting CF internal b! Disclosure - principle matches e. Haircutting revenue - I j. chief audit executive each of the following are areas of accounting opportunities except...

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