Question 1

​Match the accounting terminology with its definition and example.Note: Answers may be used more than once.
-​The section of the balance sheet is determined by three items: revenues,expenses,and dividends

Accepted Answer

Retained earnings are affected by revenues, expenses, and dividends, which are all elements that determine this section of the balance sheet.

Question 2

​Match the accounting terminology with its definition and example.Note: Answers may be used more than once.
-​Building,equipment,cash

Accepted Answer

Assets are resources owned by a business that have economic value and can be expressed in monetary terms. Examples include buildings, equipment, and cash.

Question 3

​Match the accounting terminology with its definition and example.Note: Answers may be used more than once.
-​The ownership claim on total assets

Accepted Answer

Stockholders' equity represents the ownership claim on a corporation's total assets. It is the amount of money that would be returned to shareholders if all of the company's assets were liquidated and all its debts were paid off.

Question 4

​Match the accounting terminology with its definition and example.Note: Answers may be used more than once.
-​Money borrowed (loans)to purchase major assets

Accepted Answer

Money borrowed to purchase major assets is typically documented as a note payable, which is a formal loan agreement indicating the borrower's intention to repay the borrowed amount along with interest.

Question 5

​Match the accounting terminology with its definition and example.Note: Answers may be used more than once.
-​The quality of service provided,the age and health of the owner,and employee morale are not included because they cannot be quantified in terms of money

Accepted Answer

The monetary unit assumption in accounting means that only transactions that can be expressed in terms of money are included in the accounting records. The exclusion of the quality of service, the owner's age and health, and employee morale from accounting records is because these factors cannot be quantified in monetary terms, aligning with the monetary unit assumption.

Question 6

​Match the accounting terminology with its definition and example.Note: Answers may be used more than once.
-​The value determined by the market for similar buildings/properties at the time of sale

Accepted Answer

Market value refers to the price at which similar assets, in this case, buildings or properties, are currently being sold in the market.

Question 7

​Match the accounting terminology with its definition and example.Note: Answers may be used more than once.
-​Law firms,medical practices,CPAs

Accepted Answer

The answer of ​Match the accounting terminology with its definition...

Question 8

​Match the accounting terminology with its definition and example.Note: Answers may be used more than once.
-​Money borrowed to purchase merchandise on credit

Accepted Answer

The answer of ​Match the accounting terminology with its definition...

Question 9

​Match the accounting terminology with its definition and example.Note: Answers may be used more than once.
-​Total amount paid in by stockholders

Accepted Answer

The correct match for "Total amount paid in by stockholders" is "(paid-in) capital." This term refers to the total amount of cash and other assets paid into the company by stockholders in exchange for shares of ownership.

Question 10

​Match the accounting terminology with its definition and example.Note: Answers may be used more than once.
-The medical office purchases office supplies,medications,utilities,and so on

Accepted Answer

The medical office's purchases of office supplies, medications, utilities, and so on are considered accounts payable, which are amounts the office owes to suppliers or creditors for goods and services received.

Question 11

​Match the accounting terminology with its definition and example.Note: Answers may be used more than once.
-​Creditors,mortgage,etc.

Accepted Answer

Liabilities are debts owed to creditors.

Question 12

​Match the accounting terminology with its definition and example.Note: Answers may be used more than once.
-​Resources owned by a business

Accepted Answer

Assets are resources owned by a business, such as cash, inventory, buildings, and equipment.

Question 13

​Match the accounting terminology with its definition and example.Note: Answers may be used more than once.
-​A business owned by one person,who is often the manager/operator of the business;the owner's net worth or equity (which consists of the amount by which the fair market value of all assets exceed liabilities)

Accepted Answer

A proprietorship is a business owned by one person, who is often the manager/operator, and the owner's equity is the net worth or equity, which is the amount by which the fair market value of all assets exceeds liabilities.

Question 14

​Match the accounting terminology with its definition and example.Note: Answers may be used more than once.
-​Personal living expenses are kept separate from the expenses of the business

Accepted Answer

The economic entity assumption is a fundamental accounting principle that states a business's financial transactions should be kept separate from the personal financial transactions of its owners or other businesses. This ensures clear and accurate financial reporting.

Question 15

​Match the accounting terminology with its definition and example.Note: Answers may be used more than once.
-​If an office building is bought for $700,000,this is what the amount you pay for it is called

Accepted Answer

The amount paid for an office building, or any asset, is referred to as its "cost." This term reflects the actual amount expended to acquire the asset.

Question 16

​Match the accounting terminology with its definition and example.Note: Answers may be used more than once.
-​Cash or other assets from stockholders in exchange for capital stock

Accepted Answer

NThe correct answers are J) (paid-in) capital and N) stockholders' equity. (Paid-in) capital refers to the funds received from stockholders in exchange for shares of the company's stock, which directly matches the definition provided. Stockholders' equity represents the ownership interest of shareholders in the corporation, which includes (paid-in) capital among other components.

Question 17

​Match the accounting terminology with its definition and example.Note: Answers may be used more than once.
-​Business owned by two or more persons;each person is generally personally liable for the debts of this entity

Accepted Answer

A partnership is defined as a business owned by two or more persons, where each person is generally personally liable for the debts of the entity. This matches the description provided.

Question 18

​Match the accounting terminology with its definition and example.Note: Answers may be used more than once.
-​One of two main assumptions in GAAP,requiring that transaction data can only be expressed in terms of money

Accepted Answer

The answer of ​Match the accounting terminology with its definition...

Question 19

​Match the accounting terminology with its definition and example.Note: Answers may be used more than once.
-​Business organized under state law as a separate legal entity,with ownership divided into transferable shares of stock.

Accepted Answer

JNThe correct answers are C) corporation, J) (paid-in) capital, and N) stockholders' equity. A corporation is a business organized under state law as a separate legal entity with ownership divided into transferable shares of stock. (Paid-in) capital refers to the funds raised by the corporation through the issuance of shares to investors. Stockholders' equity represents the owners' claims on the assets of the corporation, which includes (paid-in) capital and retained earnings.

Question 20

​Match the accounting terminology with its definition and example.Note: Answers may be used more than once.
-​Most large companies: Wal-Mart,General Motors,General Electric,Intel,Apple,etc.

Accepted Answer

A corporation is a legal entity that is separate and distinct from its owners. It is owned by shareholders who have limited liability for the debts and obligations of the corporation.

Quiz 34: Accounts Payable and Accounting Procedures

Match the accounting terminology with its definition and example.Note: Answers may be used more than once. -The section of the balance sheet is determined by three items: revenues,expenses,and dividends

Match the accounting terminology with its definition and example.Note: Answers may be used more than once. -Building,equipment,cash

Match the accounting terminology with its definition and example.Note: Answers may be used more than once. -The ownership claim on total assets

Match the accounting terminology with its definition and example.Note: Answers may be used more than once. -Money borrowed (loans) to purchase major assets

Match the accounting terminology with its definition and example.Note: Answers may be used more than once. -The quality of service provided,the age and health of the owner,and employee morale are not included because they cannot be quantified in terms of money

Match the accounting terminology with its definition and example.Note: Answers may be used more than once. -The value determined by the market for similar buildings/properties at the time of sale

Match the accounting terminology with its definition and example.Note: Answers may be used more than once. -Law firms,medical practices,CPAs

Match the accounting terminology with its definition and example.Note: Answers may be used more than once. -Money borrowed to purchase merchandise on credit

Match the accounting terminology with its definition and example.Note: Answers may be used more than once. -Total amount paid in by stockholders

Match the accounting terminology with its definition and example.Note: Answers may be used more than once. -The medical office purchases office supplies,medications,utilities,and so on

Match the accounting terminology with its definition and example.Note: Answers may be used more than once. -Creditors,mortgage,etc.

Match the accounting terminology with its definition and example.Note: Answers may be used more than once. -Resources owned by a business

Match the accounting terminology with its definition and example.Note: Answers may be used more than once. -Personal living expenses are kept separate from the expenses of the business

Match the accounting terminology with its definition and example.Note: Answers may be used more than once. -If an office building is bought for $700,000,this is what the amount you pay for it is called

Match the accounting terminology with its definition and example.Note: Answers may be used more than once. -Cash or other assets from stockholders in exchange for capital stock

Match the accounting terminology with its definition and example.Note: Answers may be used more than once. -Business owned by two or more persons;each person is generally personally liable for the debts of this entity

Match the accounting terminology with its definition and example.Note: Answers may be used more than once. -One of two main assumptions in GAAP,requiring that transaction data can only be expressed in terms of money

Match the accounting terminology with its definition and example.Note: Answers may be used more than once. -Business organized under state law as a separate legal entity,with ownership divided into transferable shares of stock.

Match the accounting terminology with its definition and example.Note: Answers may be used more than once. -Most large companies: Wal-Mart,General Motors,General Electric,Intel,Apple,etc.

Quiz 34: Accounts Payable and Accounting Procedures

​Match the accounting terminology with its definition and example.Note: Answers may be used more than once. -​The section of the balance sheet is determined by three items: revenues,expenses,and dividends

​Match the accounting terminology with its definition and example.Note: Answers may be used more than once. -​Building,equipment,cash

​Match the accounting terminology with its definition and example.Note: Answers may be used more than once. -​The ownership claim on total assets

​Match the accounting terminology with its definition and example.Note: Answers may be used more than once. -​Money borrowed (loans) to purchase major assets

​Match the accounting terminology with its definition and example.Note: Answers may be used more than once. -​The quality of service provided,the age and health of the owner,and employee morale are not included because they cannot be quantified in terms of money

​Match the accounting terminology with its definition and example.Note: Answers may be used more than once. -​The value determined by the market for similar buildings/properties at the time of sale

​Match the accounting terminology with its definition and example.Note: Answers may be used more than once. -​Law firms,medical practices,CPAs

​Match the accounting terminology with its definition and example.Note: Answers may be used more than once. -​Money borrowed to purchase merchandise on credit

​Match the accounting terminology with its definition and example.Note: Answers may be used more than once. -​Total amount paid in by stockholders

​Match the accounting terminology with its definition and example.Note: Answers may be used more than once. -The medical office purchases office supplies,medications,utilities,and so on

​Match the accounting terminology with its definition and example.Note: Answers may be used more than once. -​Creditors,mortgage,etc.

​Match the accounting terminology with its definition and example.Note: Answers may be used more than once. -​Resources owned by a business

​Match the accounting terminology with its definition and example.Note: Answers may be used more than once. -​Personal living expenses are kept separate from the expenses of the business

​Match the accounting terminology with its definition and example.Note: Answers may be used more than once. -​If an office building is bought for $700,000,this is what the amount you pay for it is called

​Match the accounting terminology with its definition and example.Note: Answers may be used more than once. -​Cash or other assets from stockholders in exchange for capital stock

​Match the accounting terminology with its definition and example.Note: Answers may be used more than once. -​Business owned by two or more persons;each person is generally personally liable for the debts of this entity

​Match the accounting terminology with its definition and example.Note: Answers may be used more than once. -​One of two main assumptions in GAAP,requiring that transaction data can only be expressed in terms of money

​Match the accounting terminology with its definition and example.Note: Answers may be used more than once. -​Business organized under state law as a separate legal entity,with ownership divided into transferable shares of stock.

​Match the accounting terminology with its definition and example.Note: Answers may be used more than once. -​Most large companies: Wal-Mart,General Motors,General Electric,Intel,Apple,etc.

Match the accounting terminology with its definition and example.Note: Answers may be used more than once. -The section of the balance sheet is determined by three items: revenues,expenses,and dividends

Match the accounting terminology with its definition and example.Note: Answers may be used more than once. -Building,equipment,cash

Match the accounting terminology with its definition and example.Note: Answers may be used more than once. -The ownership claim on total assets

Match the accounting terminology with its definition and example.Note: Answers may be used more than once. -Money borrowed (loans) to purchase major assets

Match the accounting terminology with its definition and example.Note: Answers may be used more than once. -The quality of service provided,the age and health of the owner,and employee morale are not included because they cannot be quantified in terms of money

Match the accounting terminology with its definition and example.Note: Answers may be used more than once. -The value determined by the market for similar buildings/properties at the time of sale

Match the accounting terminology with its definition and example.Note: Answers may be used more than once. -Law firms,medical practices,CPAs

Match the accounting terminology with its definition and example.Note: Answers may be used more than once. -Money borrowed to purchase merchandise on credit

Match the accounting terminology with its definition and example.Note: Answers may be used more than once. -Total amount paid in by stockholders

Match the accounting terminology with its definition and example.Note: Answers may be used more than once. -The medical office purchases office supplies,medications,utilities,and so on

Match the accounting terminology with its definition and example.Note: Answers may be used more than once. -Creditors,mortgage,etc.

Match the accounting terminology with its definition and example.Note: Answers may be used more than once. -Resources owned by a business

Match the accounting terminology with its definition and example.Note: Answers may be used more than once. -Personal living expenses are kept separate from the expenses of the business

Match the accounting terminology with its definition and example.Note: Answers may be used more than once. -If an office building is bought for $700,000,this is what the amount you pay for it is called

Match the accounting terminology with its definition and example.Note: Answers may be used more than once. -Cash or other assets from stockholders in exchange for capital stock

Match the accounting terminology with its definition and example.Note: Answers may be used more than once. -Business owned by two or more persons;each person is generally personally liable for the debts of this entity

Match the accounting terminology with its definition and example.Note: Answers may be used more than once. -One of two main assumptions in GAAP,requiring that transaction data can only be expressed in terms of money

Match the accounting terminology with its definition and example.Note: Answers may be used more than once. -Business organized under state law as a separate legal entity,with ownership divided into transferable shares of stock.

Match the accounting terminology with its definition and example.Note: Answers may be used more than once. -Most large companies: Wal-Mart,General Motors,General Electric,Intel,Apple,etc.