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

The records of Skymaster Airplane Rentals show the following information as of December 31,2014:
  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 3

The records of Skymaster Airplane Rentals show the following information as of December 31,2014:
  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 4

From the information given,prepare a November 30 balance sheet.
On November 1 of the current year,Lois Bell began Lois Bell,Interior Design as a corporation with an initial investment of $50,000 cash.On November 30 her records showed the following (alphabetically arranged) selected accounts and amounts:

Accepted Answer

The answer of From the information given,prepare a November 30...

Question 5

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

Accepted Answer

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

Question 6

Prepare a December 31 balance sheet in proper form for Surety Insurance from the following items and amounts:

Accepted Answer

The answer of Prepare a December 31 balance sheet in...

Question 7

Janelle McKnight starts a business called Newberry Cleaning.The following events occurred during its first month of business.Show the effects of each transaction using the accounting equation by completing the table below.The effects of the first transaction are shown as an example.

Accepted Answer

The answer of Janelle McKnight starts a business called Newberry...

Question 8

Prepare a November 30 balance sheet in proper form for Green Bay Delivery Service from the following alphabetical list of the accounts at November 30:

Accepted Answer

The answer of Prepare a November 30 balance sheet in...

Question 9

Maslow's Consulting Inc.had retained earnings of $172,500 at December 31,2013.Net income for 2014 amounted to $56,400.Dividends during 2014 were $48,000.Prepare the statement of retained earnings for 2014.

Accepted Answer

The answer of Maslow's Consulting Inc.had retained earnings of $172,500...

Question 10

From the information given,prepare a November statement of retained earnings.
On November 1 of the current year,Lois Bell began Lois Bell,Interior Design as a corporation with an initial investment of $50,000 cash.On November 30,her records showed the following (alphabetically arranged) selected accounts and amounts:

Accepted Answer

The answer of From the information given,prepare a November statement...

Question 11

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

Accepted Answer

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

Question 12

FastForward has the following beginning cash balance and cash transactions for the month of January.Using this information,prepare a statement of cash flows.

Accepted Answer

The answer of FastForward has the following beginning cash balance...

Question 13

Data for Madison Realty are as follows:
  Madison Realty paid dividends of $30,000 during 2014.From the above data,prepare Madison Realty's statement of retained earnings for the year ended December 31,2014.

Accepted Answer

The answer of Data for Madison Realty are as follows:
...

Question 14

Match between columns
                        Premises: Financing activities
Ethics
Recordkeeping
Investing activities
Accounting
Operating activities
Social responsibility
Cost principle
Internal users
External users

Accepted Answer

The Answer of An information and measurement system that identifies, is...

Question 15

Match between columns
                        Premises: Liabilities
Managerial accounting
Planning
Risk
Financial accounting
Expenses
Revenues
Events
Net income
Return on assets

Accepted Answer

The Answer of Costs of assets or services used to is...

Question 16

Match between columns
                        Premises: Suppliers
Shareholders
Employees
Lenders
Production managers

Accepted Answer

The Answer of Measuring risk and return of loans. and is...

Question 17

Match between columns
                        Premises: Cost principle
Revenue recognition principle
Monetary unit principle
Business entity principle
Objectivity principle

Accepted Answer

The Answer of Helen Cho, a sole proprietor, pays for is...

Question 18

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

Accepted Answer

The Answer of Revenue recognition principle and Accounting equation and is...

Question 19

Match between columns
                        Premises: Investing
Financing
Operating
Investing
Financing
Operating

Accepted Answer

The Answer of Paid utilities expenses and Paid employee wages is...

Question 20

Match between columns
                        Premises: Balance sheet
Statement of cash flows
Income statement
Balance sheet
Balance sheet
Income statement
Statement of cash flows
Statement of retained earnings

Accepted Answer

The Answer of Cash from operating activities and Cash dividends is...

Quiz 1: Introducing Financial Accounting

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

The records of Skymaster Airplane Rentals show the following information as of December 31,2014: Dividends of $52,000 were paid during 2014. Using the above information,prepare a balance sheet at December 31,2014.

The records of Skymaster Airplane Rentals show the following information as of December 31,2014: Dividends of $52,000 were paid during 2014. Using the above information,prepare an income statement for 2014.

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

Prepare a December 31 balance sheet in proper form for Surety Insurance from the following items and amounts:

Janelle McKnight starts a business called Newberry Cleaning.The following events occurred during its first month of business.Show the effects of each transaction using the accounting equation by completing the table below.The effects of the first transaction are shown as an example.

Prepare a November 30 balance sheet in proper form for Green Bay Delivery Service from the following alphabetical list of the accounts at November 30:

Maslow's Consulting Inc.had retained earnings of $172,500 at December 31,2013.Net income for 2014 amounted to $56,400.Dividends during 2014 were $48,000.Prepare the statement of retained earnings for 2014.

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

FastForward has the following beginning cash balance and cash transactions for the month of January.Using this information,prepare a statement of cash flows.

Data for Madison Realty are as follows: Madison Realty paid dividends of $30,000 during 2014.From the above data,prepare Madison Realty's statement of retained earnings for the year ended December 31,2014.

Match the following terms with the appropriate definition:

Match each of the following terms with the most appropriate definition:

The following is a list of selected users of accounting information.Match the appropriate user to the following information needs:

Match each of the following transactions and events to the accounting principle applicable to recording and reporting them:

Match the following definitions with the terms.

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

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.