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T or F. Accounting provides the principal medium for communicating financial info of a business to all interested parties True
T or F. Identifying is the process of keeping a chronological diary of events measured in dollars and cents False. Identifying is selecting those events that are considered evidence of economic activity relevant to a particular business organization. What was described is is called recording.
Customers and regulatory agencies are external users of accounting data. True
Internal users of accounting information are managers, production supervisors, and finance directors. True
The FASB has been granted the power from the SEC to establish GAAP True
GAAP is an acronym for "Generally accepted accounting principals" True
Under the economic entity assumption, it is assumed that the company is separate and distinct from its owner(s) True
The monetary unit assumption requires that all dollar amounts be rounded to the nearest dollar. False. The monetary unit assumption requires that only transaction data capable of being expressed in terms of money be included in the accounting records of the economic entity.
At the time as asset is acquired, cost and value should be the same. True
Proprietors are liable only for the amount the have invested in the business. False. A proprietor has unlimited liability for the debts incurred by the business. The stockholders of a company have limited liability.
An asset may be intangible and represent nonphysical rights. True
Stockholders' equity is the stockholders' claim on total assets. true
Expenses are the decreases in stockholders' equity that result from operating the business. True
If a liability increases, there would either have to be an equal decrease in another liability, a decrease in an asset, or an increase in stockholders' equity for the basic accounting equation to remain equal. False. If a liability increases, there would have to be an equal decrease in another liability, an increase in an asset, or a decrease in stockholders' equity for the basic accounting equation to remain equal.
The basic accounting equation is in balance when the creditor and ownership claims against the business equal the total assets. True
External transactions involve economic events between the company and some other enterprise or party. True
In the retained earnings statement, revenues are listed first, followed by expenses, and net income/loss. False. It is the income statements which has revenues listed first, followed by expenses, and then net income/loss.
The balance sheet is often referred to as the operating statements. False. The income statement is often reffered to as the operating statement.
Management consulting includes examining the financial statements of companies and expressing an opinion as to the fairness of their presentation. False. Managing consulting provides advice to managers of companies concerning various aspects of a company's operations. The one described is is the field of auditing.
Which of the following is not part of the accounting process? Recording, identifying, financial decision making, or communicating.
Internal users of accounting data include:
The organization that has primary responsibility for creating international accounting standards is
The monetary unit assumption:
A proprietorship is a business:
A net loss qill result during a time period when:
A company might carry on many activities that do not represent business transactions such as:
An example of an internal transaction is the:
The Relias Uptown Grill receives a bill of $400 from an advertising agency. The owner, John Relias, is postponing payment of the bill until a later date. The effect on specific items in the basic accounting equation is:
James, the inventory clerk, indicates that $975 of supplies were used during the period. The effect on specific items in the basic accounting equation is:
A company pays a dividend of $500 in cash. The effect on the specific items in the basic accounting equation is:
Company A purchases $600 of equipment from another company B for cash. the effects on the component of the basic accounting equation of Company A is:
Comp. A at Sept 17: As. 13,000; liab. 8000; equity 5000; on sept 18, company A receives 500 of cash revenue and earns 200 on credit. An employee works 8 hrs and receives 10 per hr. He will not get paid until sept 21. At the end of sept 18 totals are:
As of Dec 31, 2013, Company A has liab. 5000 and equity of 7000. It received revenues of 23000 during the year ended dec. 31, 2013. What are the assets for Company A as of that date?
The statements that report revenues and expenses is the
Company A buys a 12000 van on credit. This transaction will affect the:
The financial statement that summarizes the financial position of a company is the:
Which of the following would not appear on a balance sheet? Accounts receivable, retained earnings, utilities expense, or wages payable?
Auditing is:
The private accountant might be involved in:
Created by: pmp116
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