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Financial Accounting

Final Study guide

TermDefinition
a debt that can reasonably be expected to be paid within one year or the operating cycle, whichever is longer. A current liability
The entry to record the issuance of an interest-bearing note credits Notes Payable for the note's face value.
A note payable is in the form of a written promissory note.
Sales taxes collected by a retailer are recorded by crediting Sales Taxes Payable.
Sales taxes collected by a retailer are expenses of the customers
Employee payroll deductions include each of the following except federal unemployment taxes
Which one of the following payroll taxes does not result in a payroll tax expense for the employer? Federal income tax.
Which one of the following would not be considered an advantage of the corporate form of organization? Government regulation.
The two ways that a corporation can be classified by purpose are profit and not-for-profit.
Jason Thomas has invested $200,000 in a privately held family corporation. The corporation does not do well and must declare bankruptcy.
The primary purpose of the statement of cash flows is to provide information about the cash receipts and cash payments during a period
Financing activities involve issuing debt.
Investing activities include collecting cash on loans made
Cash receipts from interest and dividends are classified as operating activities.
The contractual interest rate is always stated as a (n) annual rate.
Bonds that mature at a single specified future date are called term bonds.
The two ways that a corporation can be classified by ownership are publicly held and privately held
A legal document which summarizes the rights and privileges of bondholders as well as the obligations and commitments of the issuing company is called a bond indenture
The dominant form of business organization in the United States in terms of dollar sales volume, earnings, and employees is the corporation.
Stockholders of a corporation directly elect the board of directors
The chief accounting officer in a company is known as the controller
A factor which distinguishes the corporate form of organization from a sole proprietorship or partnership is that a corporation is subject to more federal and state government regulations
What amount does T Thomas stand to lose? Up to his total investment of $200,000.
Which of the following statements is not considered a disadvantage of the corporate form of organization? Limited liability of stockholders.
The par value of a stock is legally significant
The statement of cash flows summarizes the operating, financing, and investing activities of an entity.
Created by: haleybergeron