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principles of accounting volume 1

Questions and Answers of Principles Of Accounting Volume 1

Identify whether each of the following transactions would be recorded with a debit (Dr) or credit (Cr) entry. A. B. C. D. E. F. Cash decrease Supplies increase Accounts Payable decrease Common Stock
Indicate what impact the following transactions would have on the accounting equation, Assets = Liabilities + Equity. A. B. C. D. E. Paid monthly note payment to bank Sold inventory on account Bought
Prepare journal entries to record the following transactions. Create a T-account for Accounts Payable, post any entries that affect the account, and calculate the ending balance for the account.
Which of the following is the principle that a business must report any business activities that could affect what is reported on the financial statements?A. Revenue recognition principleB. Expense
Prepare journal entries to record the following transactions. Create a T-account for Cash, post any entries that affect the account, and calculate the ending balance for the account. Assume a Cash
Why does the combined total of the company’s liabilities and equity always equal the total of the company’s assets?
Which of the following is the principle that a company must recognize revenue in the period in which it is earned; it is not considered earned until a product or service has been provided?A. Revenue
Indicate the net effect (+ for increase; – for decrease; 0 for no effect) of each of the following transactions on each part of the accounting equation, Assets = Liabilities + Equity. For example,
Analyze Trusty Company’s trial balance and the additional information provided to determine the following:A. What is causing the trial balance to be out of balanceB. Any other errors that require
Identify the normal balance for each of the following accounts. Choose Dr for Debit; Cr for Credit. A. B. C. D. E. பட் Insurance Expense Accounts Receivable Office Supplies Sales Revenue Common
Which two accounts are affected by each of the following transactions? A. B. C. D. E. Received cash from issuance of common stock Purchased land by issuing a note payable Paid balance on account for
Identify the normal balance (Dr for Debit; Cr for Credit) and type of account (A for asset, L for liability, E for equity, E-rev for revenue, E-exp for expense, and E-eq for equity) for each of the
Identify the normal balance (Dr for Debit; Cr for Credit) and type of account (A for asset, L for liability, E for equity, E-rev for revenue, E-exp for expense, and E-eq for equity) for each of the
For the following accounts please indicate whether the normal balance is a debit or a credit.A. SalesB. DividendsC. Office SuppliesD. Retained EarningsE. Accounts ReceivableF. Prepaid RentG. Prepaid
Indicate what impact the following transactions would have on the accounting equation, Assets = Liabilities + Equity. A. B. C. D. Received cash from issuance of common stock Sold goods to customers
Indicate the net effect (+ for increase; – for decrease; 0 for no effect) of each of the following transactions on each part of the accounting equation, Assets = Liabilities + Equity. For example,
Is it still necessary to record a transaction if it has no net effect on the accounting equation? Explain your answer.
This is the independent federal agency protecting the interests of investors, regulating stock markets, and ensuring companies adhere to GAAP requirements.A. Financial Accounting Standards Board
Visit the website of the US Securities and Exchange Commission (SEC) (https://www.sec.gov/ edgar/searchedgar/companysearch.html). Search for the latest Form 10-K for a company you would like to. When
Indicate how changes in the following types of accounts would be recorded (Dr for debit; Cr for credit). A. B. C. D. E. Asset accounts Liability accounts Common stock Revenue Expense Increase Decrease
Indicate how changes in these types of accounts would be recorded (Dr for debit; Cr for credit). A. B. C. D. E. Asset accounts Liability accounts Common Stock Revenue Expense Debit or credit?
Indicate what impact (+ for increase; – for decrease) the following transactions would have on the accounting equation, Assets = Liabilities + Equity. A. B. C. D. E. Issued stock for cash Purchased
What is the effect on the accounting equation when a business pays the balance due on accounts payable?
These are used by the FASB, and it is a set of concepts that guide financial reporting.A. Financial Accounting Standards Board (FASB)B. Generally accepted accounting principles (GAAP)C. Securities
Indicate what impact the following transactions would have on the accounting equation, Assets = Liabilities + Equity. A. B. C. D. E. Paid this month's utility bill Purchased supplies for
Visit the website of the SEC (https://www.sec.gov/edgar/searchedgar/companysearch.html). Search for the latest Form 10-K for a company you would like to analyze. Submit a short memo thatA. Includes
For the following accounts indicate whether the normal balance is a debit or a credit.A. Unearned RevenueB. Interest ExpenseC. Rent ExpenseD. Rent RevenueE. Accounts PayableF. CashG. SuppliesH.
From the following list, identify which items are considered original sources:A. Prepaid insuranceB. Bank statementC. Sales ticketD. General journalE. Trial balanceF. Balance sheetG. Telephone billH.
Indicate what impact (+ for increase; – for decrease) the following transactions would have on the accounting equation, Assets = Liabilities + Equity. A. B. C. D. E. Transaction Paid balance due
What is the effect on the accounting equation when a business purchases supplies on account?
The standards, procedures, and principles companies must follow when preparing their financial statements are known as which of the following?A. Financial Accounting Standards Board (FASB)B.
Is the order in which we place information in the journal and ledger important?
Identify the financial statement on which each of the following account categories would appear: the balance sheet (BS), the income statement (IS), or the retained earnings statement (RE). Indicate
Identify the financial statement on which each of the following account categories would appear: the balance sheet (BS), the income statement (IS), or the retained earnings statement (RE). Accounts
Which is the “book of original entry”?
The independent, nonprofit organization that sets financial accounting and reporting standards for both public- and private-sector businesses that use generally accepted accounting principles (GAAP)
Assuming the following account balance changes for the period, what is the missing value? Assets Liabilities Common stock Dividends Revenue Expenses $450,600 250,000 120,000 ? 433,600 323,000
Visit the website of the US Securities and Exchange Commission (SEC) (https://www.sec.gov/edgar/search edgar/companysearch.html). Search for the latest Form 10-K for a company you would like to
Assuming the following account balance changes for the period, what is the missing value? Assets Liabilities Common stock Dividends Revenue Expenses ? $110,500 60,000 15,000 785,000 234,750
From the following list, identify which items are considered original sources:A. Accounts receivableB. Receipt from post office for post office boxC. Purchase orderD. General ledgerE. Adjusted trial
Identify the financial statement on which each of the following accounts would appear: the income statement (IS), the retained earnings statement (RE), or the Balance Sheet (BS).A. Insurance
Does every transaction affect both sides of the accounting equation? Explain your answer.
Which of the following terms is used when assuming a business will continue to operate in the foreseeable future?A. Separate entity conceptB. Monetary measurement conceptC. Going concern assumptionD.
Assuming the following account balance changes for the period, what is the missing value? Assets Liabilities Common stock Dividends Revenue Expenses $246,300 ? 160,000 30,000 245,800 175,000
Assume that you are the controller of a business that provides legal services to clients. Suppose that the company has had a tough year, so the revenues have been lagging behind, based on previous
The system of using a monetary unit, such as the US dollar, to value the transaction is known as which of the following?A. Separate entity conceptB. Monetary measurement conceptC. Going concern
Why is it important to learn all of this terminology when accounting is a quantitative subject?
Consider the following accounts and determine if the account is an asset (A), a liability (L), or equity (E).A. Accounts ReceivableB. Sales RevenueC. LandD. Unearned Revenue
Match the correct term with its definition. A. Financial Accounting Standards Board (FASB) B. generally accepted accounting principles (GAAP) C. Securities and Exchange Commission (SEC) D.
Assuming the following account balance changes for the period, what is the missing value? Assets Liabilities Common stock Dividends Revenue Expenses $ 73,000 33,000 10,000 5,000 120,000 ?
Assuming the following account balances, what is the missing value? Assets Liabilities Equity $865,430 ? 759,121
Assuming the following account balances, what is the missing value? Assets $1,150,000 Liabilities 588,000 Equity ?
Consider the following accounts, and determine if the account is an asset (A), a liability (L), or equity (E).A. Accounts PayableB. CashC. DividendsD. Notes Payable
Match the correct term with its definition. A. cost principle B. full disclosure principle C. separate entity concept D. monetary measurement concept E. conservatism F.
State the accounting equation, and explain what each part represents.
That companies can present useful information in shorter time periods such as years, quarters, or months is known as which of the following?A. Separate entity conceptB. Monetary measurement conceptC.
Is it possible to be too conservative? Explain your answer.
Explain what conservatism means, and give an example in your own words.
Using the information in PA6, determine the amount of revenue and expenses for Olivia’s Apple Orchard for the month of September.Data from in PA6Olivia’s Apple Orchard had the following
For each of the following situations write the principle, assumption, or concept that justifies or explains what occurred.A. A landscaper received a customer’s order and cash prepayment to install
Working capital is an indication of the firm’s ________.A. Asset utilizationB. Amount of noncurrent liabilitiesC. LiquidityD. Amount of noncurrent assets
Using the information in PB6, determine the amount of revenue and expenses for Mateo’s Maple Syrup for the month of February.Data from in PB6Mateo’s Maple Syrup had the following transactions
For each independent situation below, calculate the missing values. Assets $ 32,000 168,700 17,500 ? 382,170 Liabilities $ 17,000 ? 16,830 232,000 ? 11 Owner's Equity ? $146,300 ? 330,700 125,270
Which financial statement shows the financial position of the company?A. Balance sheetB. Statement of owner’s equityC. Statement of cash flowsD. Income statement
Which financial statement shows the financial performance of the company on a cash basis?A. Balance sheetB. Statement of owner’s equityC. Statement of cash flowsD. Income statement
The three heading lines of financial statements typically include which of the following?A. Company, statement title, time period of reportB. Company headquarters, statement title, name of preparerC.
Which of the following is the correct order of preparing the financial statements?A. Income statement, statement of cash flows, balance sheet, statement of owner’s equityB. Income statement,
Which of the following is not an element of the financial statements?A. Future potential sales price of inventoryB. AssetsC. LiabilitiesD. Equity
The following information is from a new business. Comment on the year-to-year changes in the accounts and possible sources and uses of funds (how were the funds obtained and used). End of Year 1 End
Use the internet to visit the Securities and Exchange Commission (SEC) website (https://www.sec.gov/). Write a report discussing the following:A. Several of the services provided by the SECB. Why the
Prepare a balance sheet using the following information for the Ginger Company as of March 31, 2019. Accounts payable Cash Ginger Ale, Capital Mar. 1 Inventory Wages payable Sales Product
Explain how the following items affect equity: revenue, expenses, investments by owners, and distributions to owners.
Prepare a balance sheet using the following information for Mike’s Consulting as of January 31, 2019. Accounts payable Cash Mike Michael, Capital Jan. 1 Inventory Wages payable Sales Product
All of the following increase owner’s equity except for which one?A. GainsB. Investments by ownersC. RevenuesD. Acquisitions of assets by incurring liabilities
Prepare a statement of owner’s equity using the information provided for Pirate Landing for the month of October 2018. Cash Pirate Pete, Capital Oct. 1 Net loss Oct. 2017 Owner investments Wages
Identify the order in which the four financial statements are prepared, and explain how the first three statements are interrelated.
Prepare a statement of owner’s equity using the following information for the Can Due Shop for the month of September 2018. Cash Steve due, Capital Sep.1 Net income Sep. 2018 Owner
Exchanges of assets for assets have what effect on equity?A. Increase equityB. May have no impact on equityC. Decrease equityD. There is no relationship between assets and equity.
Prepare an income statement using the following information for DL Enterprises for the month of July 2018. Sales revenue Rental revenue Product expense Wages expense Owner investment Equipment
What is the “accounting equation”? List two examples of business transactions, and explain how the accounting equation would be impacted by these transactions.
Prepare an income statement using the following information for CK Company for the month of February 2019. Sales revenue Rental revenue Product expense Wages expense Owner investment Equipment
Which of the following decreases owner’s equity?A. Investments by ownersB. LossesC. GainsD. Short-term loans
Here are facts for the Hudson Roofing Company for December.Assuming no investments or withdrawals, what is the ending balance in the owners’ capital account? Hudson Alexander, Capital Dec. 1 Dec.
The following ten transactions occurred during the July grand opening of the Pancake Palace. Assume all Retained Earnings transactions relate to the primary purpose of the business.A. Calculate the
Here are facts for Hailey’s Collision Service for January.Assuming no investments or withdrawals, what is the ending balance in the owners’ capital account? Hailey Shusher, Capital Jan. 1 Jan.
Forest Company had the following transactions during the month of December. What is the December 31 cash balance? Cash sales Payments for inventory Investments by owners Supplies used Cash
Name the three types of legal business structure. Describe one advantage and one disadvantage of each.
Gumbo Company had the following transactions during the month of December. What was the December 1 cash balance? Dividends paid Credit sales Payments for equipment Taxes paid Common stock
Mateo’s Maple Syrup had the following transactions during the month of February, its first month in business.Complete the chart to determine the ending balances. As an example, the first
For the items listed below, indicate how the item affects equity (increase, decrease, or no impact. Expenses Assets Item Gains Liabilities Dividends Increase? Decrease? or No Impact?
The accounting equation is expressed as ________.A. Assets + Liabilities = Owner’s EquityB. Assets – Noncurrent Assets = LiabilitiesC. Assets = Liabilities + Investments by OwnersD. Assets =
Identify/discuss one similarity and one difference between tangible and intangible assets.
Owners have no personal liability under which legal business structure?A. A corporationB. A partnershipC. A sole proprietorshipD. There is liability in every legal business structure.
Olivia’s Apple Orchard had the following transactions during the month of September, the first month in business.Complete the chart to determine the ending balances. As an example, the first
For the items listed below, indicate how the item affects equity (increase, decrease, or no impact). Revenues Gains Losses Drawings Item Investments Increase? Decrease? or No Impact?
Explain the difference between current and noncurrent assets and liabilities. Why is this distinction important to stakeholders?
For each of the following items, identify whether the item is considered current or noncurrent, and explain why. Cash Inventory Machines Trademarks Accounts Payable Wages Payable Owner,
Which of the following statements is true?A. Tangible assets lack physical substance.B. Tangible assets will be consumed in a year or less.C. Tangible assets have physical substance.D. Tangible
The following historical information is from Assisi Community Markets.Calculate the working capital and current ratio for each year. What observations do you make, and what actions might the owner
For each of the following independent transactions, indicate whether there was an increase, decrease, or no impact on each financial statement element. Transaction Received cash for sale of asset (no

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