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Exam 1: Accounting in Business

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Question 121

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Planning activities are the means an organization uses to pay for resources like land,buildings,and equipment to carry out its plans.

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Question 122

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The assumption that requires that a business be accounted for separately from its owners is the __________________ assumption.

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Question 123

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Creditors claims on assets that reflect obligations to transfer assets are called ________.

_________ are beliefs that separate right from wrong.

Distributions of assets by a business to its owners are called:

Identify several opportunities in accounting and its related fields.

As a general rule,revenues should not be recognized in the accounting records until it is received in cash.

Accounting is an information and measurement system that does all of the following except:

Unlimited liability is an advantage of a sole proprietorship.

________________ activities involve the acquisition and disposal of resources that an organization uses to acquire and sell its products or services.

The balance sheet is based on the accounting equation.

Return on assets is useful to decision makers for evaluating management,analyzing and forecasting profits,and in planning activities.

The Financial Accounting Standards Board is the private group that sets both broad and specific accounting principles.

In accounting,the rule that requires that assets,services,and liabilities be recorded initially at the cash or cash-equivalent value of what was given up or of the item received is called the ______________________________.

The question of when revenue should be recognized on the income statement (according to GAAP) is addressed by the:

FastLane has net income of $18,955,and assets at the beginning of the year of $200,000.Assets at the end of the year total $246,000.Compute its return on assets.

From the information given below,prepare a November income statement,a November statement of owner's equity,and a November 30 balance sheet.On November 1 of the current year,Lois Bell began Lois Bell,Interior Design with an initial investment of $50,000 cash.On November 30,her records showed the following (alphabetically arranged)items and amounts.

Every business transaction leaves the accounting equation in balance.

The accountant of Magic Video Games prepared a balance sheet immediately after each transaction was recorded.During September,the first month of operation,the following balance sheets were prepared: Required: Describe the nature of each of these five transactions for the month of September.

External users of accounting information include all of the following except: