Question 1

Here is a list of accounts and their balances that appear on the Thomas Company's income statement and balance sheet.  
REQUIRED:
Identify which of these are:
a) Assets
b) Liabilities
c) Expenses
d) Revenues

Accepted Answer

The answer of Here is a list of accounts and...

Question 2

The various methods, rules, practices, and other procedures that have evolved over time in response to the need to regulate the preparation of financial statements are called
__________________________________________________.

Accepted Answer

The answer of The various methods, rules, practices, and other...

Question 3

Meredith Corporation is in the business of providing dog and cat grooming services to customers within the city of New York.The following information concerning financial activities during 2014 is available at December 31, 2014:  
A.Calculate net income for 2014
B.Prepare a statement of retained earnings for the year ended December 31, 2014.
C.What information can you derive from the statement of retained earning concerning this company? Explain.

Accepted Answer

The answer of Meredith Corporation is in the business of...

Question 4

means the presentation of information is free from bias toward a particular result.

Accepted Answer

The answer of means the presentation of information is free...

Question 5

In 2002, Congress passed the Act to bring reform to corporate accountability and stewardship in the wake of a number of major corporate scandals.

Accepted Answer

The answer of In 2002, Congress passed the Act to...

Question 6

Owners of corporations are called ____________________.

Accepted Answer

The answer of Owners of corporations are called ____________________....

Question 7

The concept that assumes that assets are recorded at the amount to acquire them is called the
_________________________.

Accepted Answer

The answer of The concept that assumes that assets are...

Question 8

is the type of accounting used by nonbusiness entities.

Accepted Answer

The answer of is the type of accounting used by...

Question 9

According to the accounting profession, the purpose of financial reporting is to provide information about a company that investors, lenders, and other creditors can use when deciding whether to provide resources to the entity.

Accepted Answer

This is a widely accepted purpose of financial reporting by the accounting profession.

Question 10

A is a certificate that represents a corporation's promise to repay a certain amount of money and interest in the future.

Accepted Answer

The answer of A is a certificate that represents a...

Question 11

The federal government agency with the ultimate authority to determine the rules in preparing statements for companies whose stock is sold to the public is the
__________________________________________________.

Accepted Answer

The answer of The federal government agency with the ultimate...

Question 12

consists of all activities necessary to provide the members of an economic system with goods and services.

Accepted Answer

The answer of consists of all activities necessary to provide...

Question 13

The private sector group with authority to set accounting standards is the
__________________________________________________.

Accepted Answer

The answer of The private sector group with authority to...

Question 14

The three types of business activities in which all corporations engage are ,
______________________, and _____________________.

Accepted Answer

The answer of The three types of business activities in...

Question 15

South Corporation has been in the business of delivering small packages for local companies within the city of Atlanta, Georgia, since 1960.The following information concerning financial activities during 2015 is available at December 31, 2015:  
A.Prepare an income statement for the year ended December 31, 2015.
B.If you were a bank loan officer and South Corporation wanted to borrow
$100,000 from your bank, would you lend the money? Explain.
C.Calculate retained earnings at December 31, 2015.

Accepted Answer

The answer of South Corporation has been in the business...

Question 16

The process of identifying, measuring, and communicating economic information to various users is called
____________________.

Accepted Answer

The answer of The process of identifying, measuring, and communicating...

Question 17

The names of the four financial statements are ________________________________,
________________________________, ________________________________, and
________________________________.

Accepted Answer

The answer of The names of the four financial statements...

Question 18

Good quality information should be both and present a .

Accepted Answer

The answer of Good quality information should be both and...

Question 19

Another name for profits or earnings of a business is .

Accepted Answer

The answer of Another name for profits or earnings of...

Question 20

The concept that assumes that an entity is not in the process of liquidation is .

Accepted Answer

The answer of The concept that assumes that an entity...

Quiz 1: Accounting As a Form of Communication

Here is a list of accounts and their balances that appear on the Thomas Company's income statement and balance sheet. REQUIRED: Identify which of these are: a) Assets b) Liabilities c) Expenses d) Revenues

The various methods, rules, practices, and other procedures that have evolved over time in response to the need to regulate the preparation of financial statements are called __________________________________________________.

means the presentation of information is free from bias toward a particular result.

In 2002, Congress passed the Act to bring reform to corporate accountability and stewardship in the wake of a number of major corporate scandals.

Owners of corporations are called ____________________.

The concept that assumes that assets are recorded at the amount to acquire them is called the _________________________.

is the type of accounting used by nonbusiness entities.

According to the accounting profession, the purpose of financial reporting is to provide information about a company that investors, lenders, and other creditors can use when deciding whether to provide resources to the entity.

A is a certificate that represents a corporation's promise to repay a certain amount of money and interest in the future.

The federal government agency with the ultimate authority to determine the rules in preparing statements for companies whose stock is sold to the public is the __________________________________________________.

consists of all activities necessary to provide the members of an economic system with goods and services.

The private sector group with authority to set accounting standards is the __________________________________________________.

The three types of business activities in which all corporations engage are , __, and _.

The process of identifying, measuring, and communicating economic information to various users is called ____________________.

The names of the four financial statements are , , , and .

Good quality information should be both and present a .

Another name for profits or earnings of a business is .

The concept that assumes that an entity is not in the process of liquidation is .

Quiz 1: Accounting As a Form of Communication

Here is a list of accounts and their balances that appear on the Thomas Company's income statement and balance sheet. REQUIRED: Identify which of these are: a) Assets b) Liabilities c) Expenses d) Revenues

The various methods, rules, practices, and other procedures that have evolved over time in response to the need to regulate the preparation of financial statements are called __________________________________________________.

means the presentation of information is free from bias toward a particular result.

In 2002, Congress passed the Act to bring reform to corporate accountability and stewardship in the wake of a number of major corporate scandals.

Owners of corporations are called ____________________.

The concept that assumes that assets are recorded at the amount to acquire them is called the _________________________.

is the type of accounting used by nonbusiness entities.

According to the accounting profession, the purpose of financial reporting is to provide information about a company that investors, lenders, and other creditors can use when deciding whether to provide resources to the entity.

A is a certificate that represents a corporation's promise to repay a certain amount of money and interest in the future.

The federal government agency with the ultimate authority to determine the rules in preparing statements for companies whose stock is sold to the public is the __________________________________________________.

consists of all activities necessary to provide the members of an economic system with goods and services.

The private sector group with authority to set accounting standards is the __________________________________________________.

The three types of business activities in which all corporations engage are , ______________________, and _____________________.

The process of identifying, measuring, and communicating economic information to various users is called ____________________.

The names of the four financial statements are ________________________________, ________________________________, ________________________________, and ________________________________.

Good quality information should be both and present a .

Another name for profits or earnings of a business is .

The concept that assumes that an entity is not in the process of liquidation is .

The three types of business activities in which all corporations engage are , __, and _.

The names of the four financial statements are , , , and .