Alexa's First Job Alexa has just earned her undergraduate degree in accounting and has successfully completed the CPA exam.She recently interviewed with a relatively small and new company and was offered a job.The offer sounded very promising;the job had opportunities to grow with the company and provided diverse challenges.Alexa accepted the job. Once Alexa started working,she realized that the owners and employees did not have a general understanding of accounting.She had to teach them the steps in an accounting cycle so they would be able to understand how she was going to create reports.When she talked about the statement of financial position,they had no idea what she was talking about.She was the qualified individual responsible for accounting.No one else working with her had much knowledge.They did not even know the different financial ratios that someone could use to understand the financial standing of a company.Alexa knows it will be a challenge to keep everyone on the same page when it comes to numbers and reports.
-Refer to Alexa's First Job.When Alexa explained the asset side of the statement,she included which of the following?
A) Retained earnings
B) Notes payable
C) Merchandise inventory
D) Long-term liabilities
E) Stockholders' equity

Question

Alexa's First Job ​Alexa has just earned her undergraduate degree in accounting and has successfully completed the CPA exam.She recently interviewed with a relatively small and new company and was offered a job.The offer sounded very promising;the job had opportunities to grow with the company and provided diverse challenges.Alexa accepted the job. Once Alexa started working,she realized that the owners and employees did not have a general understanding of accounting.She had to teach them the steps in an accounting cycle so they would be able to understand how she was going to create reports.When she talked about the statement of financial position,they had no idea what she was talking about.She was the qualified individual responsible for accounting.No one else working with her had much knowledge.They did not even know the different financial ratios that someone could use to understand the financial standing of a company.Alexa knows it will be a challenge to keep everyone on the same page when it comes to numbers and reports.
-Refer to Alexa's First Job.When Alexa explained the asset side of the statement,she included which of the following?
A) Retained earnings
B) Notes payable
C) Merchandise inventory
D) Long-term liabilities
E) Stockholders' equity

Quizplus · Accepted Answer

Since Alexa is explaining the asset side of the statement of financial position (also known as the balance sheet), she would include items such as merchandise inventory, cash, accounts receivable, and property, plant, and equipment. Retained earnings, notes payable, long-term liabilities, and stockholders' equity are all items found on the liability and equity side of the statement.

Alexa's First Job ​Alexa Has Just Earned Her Undergraduate Degree

Alexa's First Job Alexa Has Just Earned Her Undergraduate Degree