Question 1

______________________ are procedures set up to protect company property and equipment,ensure reliable accounting reports,promote efficiency,and encourage adherence to company policies.

Accepted Answer

The answer of ______________________ are procedures set up to protect...

Question 2

Accounting is a ______________________ that identifies,records,and communicates relevant,reliable,and comparable information about an organization's economic activities.

Accepted Answer

The answer of Accounting is a ______________________ that identifies,records,and communicates...

Question 3

______________ is the area of accounting aimed at serving external users.

Accepted Answer

The answer of ______________ is the area of accounting aimed...

Question 4

__________________________ is the recording of transactions or events and is just one part of accounting.

Accepted Answer

The answer of __________________________ is the recording of transactions or...

Question 5

The records of Skymaster Airplane Rentals show the following information as of December 31,2014:
 $\begin{array}{|l|r|l|r|}
\hline \text { Accounts payable } & \$ 36,000 & 2014 \text { wages expense } & \$ 75,000 \
\hline \text { Insurance expense } & 2,000 & 2014 \text { advertising expense } & 22,000 \
\hline \text { Accounts receivable } & 24,00 & \text { Cash } & 11,000 \
\hline \text { Retained earnings, } & & \text { Common stock } & 20,000 \
\text { December } 31,2013 & 130,000 & \text { Office furniture } & 15,000 \
\hline \text { Airplanes } & 150,000 & 2014 \text { maintenance expense } & 39,000 \
\hline \text { Notes payable } & 47,000 & 2014 \text { revenues } & 217,000 \
\hline \text { Hangar } & 60,000 & &\
\hline
\end{array}$

Dividends of $52,000 were paid during 2014.
Using the above information,prepare a statement of retained earnings for 2014.

Accepted Answer

The answer of The records of Skymaster Airplane Rentals show...

Question 6

The records of Skymaster Airplane Rentals show the following information as of December 31,2014:
 $\begin{array}{|l|r|l|r|}
\hline \text { Accounts payable } & \$ 36,000 & 2014 \text { wages expense } & \$ 75,000 \
\hline \text { Insurance expense } & 2,000 & 2014 \text { advertising expense } & 22,000 \
\hline \text { Accounts receivable } & 24,000 & \text { Cash } & 11,000 \
\hline \text { Retained earnings, } & & \text { Common stock } & 20,000 \
\text { December } 31,2013 & 130,000 & \text { Office furniture } & 15,000 \
\hline \text { Airplanes } & 150,000 & 2014 \text { maintenance expense } & 39,000 \
\hline \text { Notes payable } & 47,000 & 2014 \text { revenues } & 217,000 \
\hline \text { Hangar } & 60,000 & &\
\hline
\end{array}$ 
Dividends of $52,000 were paid during 2014.
Using the above information,prepare an income statement for 2014.

Accepted Answer

The answer of The records of Skymaster Airplane Rentals show...

Question 7

The records of Skymaster Airplane Rentals show the following information as of December 31,2014:
 $\begin{array}{|l|r|l|r|}
\hline \text { Accounts payable } & \$ 36,000 & 2014 \text { wages expense } & \$ 75,000 \
\hline \text { Insurance expense } & 2,000 & 2014 \text { advertising expense } & 22,000 \
\hline \text { Accounts receivable } & 24,00 & \text { Cash } & 11,000 \
\hline \text { Retained earnings, } & & \text { Common stock } & 20,000 \
\text { December } 31,2013 & 130,000 & \text { Office furniture } & 15,000 \
\hline \text { Airplanes } & 150,000 & 2014 \text { maintenance expense } & 39,000 \
\hline \text { Notes payable } & 47,000 & 2014 \text { revenues } & 217,000 \
\hline \text { Hangar } & 60,000 & &\
\hline
\end{array}$ 
Dividends of $52,000 were paid during 2014.
Using the above information,prepare a balance sheet at December 31,2014.

Accepted Answer

The answer of The records of Skymaster Airplane Rentals show...

Question 8

A ____________________ is a noncorporate business that is owned by only one person.

Accepted Answer

The answer of A ____________________ is a noncorporate business that...

Question 9

Match between columns
                        Premises:  Paid utilities expenses
 Sale of used equipment
 Paid employee wages
 Purchase of land
 Dividends paid to stockholders
 Borrowed money from a bank on a long-term note

Accepted Answer

The Answer of Operating and Financing and Investing is...

Question 10

Match between columns
                        Premises:  Cash received from a one-time sale of used office equipment.
 Cash received from customers.
 Cash paid for utilities.
  Cash paid for dividends.
 Cash paid for a delivery van to be used in the business.
 Cash received from stockholders from issuance of stock.

Accepted Answer

The Answer of Investing activity and Financing activity and Operating is...

Question 11

Match between columns
                        Premises:  Accounts Receivable
 Cash
 Fees Earned
  Notes Payable
 Common Stock
 Net Financing Cash Flow
 Rent Expense
 Supplies Expense

Accepted Answer

The Answer of Balance sheet and Statement of cash flows is...

Question 12

Match between columns
                        Premises:  Revenues
 Cash from investing activities
 Assets
 Cash from operating activities
 Total equity
 Liabilities
 Cash dividends paid
 Costs and expenses

Accepted Answer

The Answer of Balance sheet and Statement of retained earnings is...

Question 13

Match between columns
                        Premises:  A financial statement that lists cash inflows (receipts) and cash outflows (payments); the cash flows are arranged by operating, investing, and financing activities.
 An exchange of value between two parties.
 The principle that assumes transactions and events can be expressed in money units.
 The principle that requires a business to be accounted for separately from its owners.
 The principle that revenue is recognized when earned.
 The relation between a company's assets, liabilities and equity.
 A financial statement that reports the changes in retained earnings over the reporting period; adjusted for increases from net income and for decreases such as dividends or net loss.
 The cost of assets or services used to earn revenue.
  Creditor's claims on assets.

Accepted Answer

The Answer of Monetary unit principle and Expenses and Statement is...

Question 14

Match between columns
                        Premises:  Monitor costs and ensure quality.
 Judge the soundness of a customer before making sales on credit.
 Measuring risk and return of loans.
 Assessing employment opportunities.
 Assessing the risk and return of acquiring shares.
  An insurance company receives insurance premiums for six future months’ worth of coverage.
 Helen Cho, a sole proprietor, pays for her daughter's preschool out of business funds.
 Mayan Imports receives a shipment from Mexico, which contains an invoice that is stated in pesos.
 A building is for sale at $480,000. An appraisal is given for $450,000.
 To make the balance sheet look better, Helen Cho added several thousand dollars to the Equipment account that she believed was undervalued.

Accepted Answer

The Answer of Production managers and Suppliers and Employees and is...

Question 15

Match between columns
                        Premises:   Amount received from selling products and services.
 Those happenings that affect an entity's accounting equation and can be reliably measured.
 Area of accounting aimed at serving external users.
 Costs of assets or services used to earn revenues.
 The uncertainty about the expected return to be earned.
  Defining the idea, goals, and actions of an organization.
 A financial ratio useful in evaluating management, analyzing, and forecasting profits and planning activities.
 Area of accounting aimed at serving the decision-making needs of internal users.
 Creditors' claims on a company's assets.
  The excess of revenue over expenses.

Accepted Answer

The Answer of Risk and Managerial accounting and Return on is...

Question 16

Match between columns
                        Premises:   An information and measurement system that identifies, records, and communicates relevant, reliable, and comparable information about an organization's business activities.
 The use of resources to research, develop, purchase, produce, distribute, and market products and services.
 The acquisition and disposal of resources that an organization uses to acquire and sell products and services.
  The idea that accounting information is based on actual cost.
  Source of the means organizations use to pay for resources such as land, buildings, and equipment to carry out plans.
 Persons using accounting information who are not directly involved in the running of the organization.
  The part of accounting that involves recording transactions and events, either electronically or manually.
  Beliefs that distinguish right from wrong.
  Persons using accounting information who are directly involved in managing the organization.
  Concern for the impact of actions on society.

Accepted Answer

The Answer of Accounting and Recordkeeping and External users and is...

Question 17

______________ users of accounting information are users that are not directly involved in running the organization.

Accepted Answer

The answer of ______________ users of accounting information are users...

Quiz 1: Introducing Accounting in Business

______________________ are procedures set up to protect company property and equipment,ensure reliable accounting reports,promote efficiency,and encourage adherence to company policies.

Accounting is a ______________________ that identifies,records,and communicates relevant,reliable,and comparable information about an organization's economic activities.

______________ is the area of accounting aimed at serving external users.

__________________________ is the recording of transactions or events and is just one part of accounting.

A ____________________ is a noncorporate business that is owned by only one person.

Match each of the following with the appropriate section of the statement of cash flows

. Classify the following activities according to the appropriate section of the statement of cash flows:

Select the appropriate financial statement(s) for each of the following accounts

Match each of the following items with the financial statement in which each item would most likely appear. An item may appear on more than one statement.

Match the following definitions with the terms.

Match the appropriate user to the following information needs:

Match the following definitions with the appropriate term

Match the following definitions with the appropriate term

______________ users of accounting information are users that are not directly involved in running the organization.