Homework Answers
Liability-
- A liability, in general, is an obligation to, or something that you owe somebody else.
- Liabilities are defined as a company's legal financial debts or obligations that arise during the course of business operations.
- They can be limited, or unlimited liability.
- Liabilities are settled over time through the transfer of economic benefits including money, goods, or services. Recorded on the right side of the balance sheet, liabilities include loans, accounts payable, mortgages, deferred revenues, earned premiums, unearned premiums, and accrued expenses. Even marriages can change your liability.
Stockholders' equity-
- Stockholders' equity is the total amount of capital given to a company by its shareholders in exchange for stock, plus any donated capital or retained earnings.
- In other words, stockholders' equity is the total amount of assets that the investors will own once debts and liabilities are paid off.
Add Answer to:
To what do the terms "liability and "stockholders equity refer? 15. What information is provided in...
21. Explain what is meant by Sustainable Business and how it relates to the going concern...
21. Explain what is meant by Sustainable Business and how it relates to the going concern concept.
What are the differences between the financial and managerial accounting? Discuss. Financial accounting is a language...
What are the differences between the financial and managerial accounting? Discuss. Financial accounting is a language used for communicating financial information that helps users make better economic decision. Discuss. What is meant by the accrual basis of accounting? Discuss. What are the differences between sole proprietorship, partnership, and corporations? Financial accounting information should have some characteristics in order to enhance the decision making. Discuss. Discuss how the choice of depreciation method can be used as a tool to increase reported...
15) Accounting is an information and measurement system that does all of the following except: A)...
15) Accounting is an information and measurement system that does all of the following except: A) Identifies business activities. B) Records business activities. C) Communicates business activities. D) Eliminates the need for interpreting financial data. E) Helps people make better decisions. 16) External users of accounting information include all of the following except: A) Shareholders. B) Customers. C) Purchasing managers. D) Government regulators. E) Creditors. 17) A corporation is: A) A business legally separate from its owners. B) Controlled by...
Practice 1(select one of the letters from above for each of the following situations): L A...
Practice 1(select one of the letters from above for each of the following situations): L A Relevance 8. Faithful representation C. Comparability D. Consistency E. Monetary unit assumption F. Economic entity assumption G. Periodicity assumption H. Going concern assumption istorical cost principle 3. Pl disclosure principle K. Materiality Cost Constraint L 1. Finandal statements are prepared at regular intervals. 2. Belief that a company will continue to operate for the foreseeable future. The desire to minimize errors and beas in...
What are the three basic activities of accounting? In which (may be more than one) do...
What are the three basic activities of accounting? In which (may be more than one) do you think the most errors or fraud occur? Why? Which financial statement do you find the most useful? Why? Would some users prefer different financial statements than other users? Explain your thoughts. Cash accounting is often used by small businesses, what are your thoughts about this? Could the statements be misleading if they were in accrual? How could cash or accrual be a preferred...
1.)External users are those within an organization who use financial information to make day-to-day decision. Group...
1.)External users are those within an organization who use financial information to make day-to-day decision. Group of answer choices True False 2)The four basic financial statements are Income Statement, Statement of Owner's Equity, Balance Sheet and the Chart of Accounts. Group of answer choices True False 3)Generally Accepted Accounting Principles (GAAP) are accounting principles, assumptions, concepts (the rules) that guide the preparation and presentation of financial statements. Group of answer choices True False 4)In double-entry bookkeeping, at least four accounts...
The business function designed to determine the wants and needs of consumers is referred to as:...
The business function designed to determine the wants and needs of consumers is referred to as: Group of answer choices a)Human Resources b)Finance c)Operations d)marketing The accounting concept requiring that an accounting system reflect information relating only to those economic events pertaining to a particular entity is the: Group of answer choices a)periodicity concept b)business entity concept c)going entity concept d)monetary unit concept For information to be useful, it must be relevant. Information is relevant when it Group of answer...
GAAP refers to: a. General Association of Accounting Professionals &
GAAP refers to: a. General Association of Accounting Professionals b. Generally Accepted Accounting Profession c. Rules that assure consistency in reporting financial history d. Rules that are set up to make sure each company reports their own financial history. Accounting is a process that: a. Reports the profit and loss a firm makes b. Reports the financial history of the firm c. Reports information to external users of the financial statements. d. Reports to the S.E.C. There are four basic financial statements required by GAAP. They are: a. Balance Sheet,...
STUDY PROBLEM 1-15 MULTIPLE CHOICE QUESTIONS ONS urred while earning revenues arned, and reported 1. The...
STUDY PROBLEM 1-15 MULTIPLE CHOICE QUESTIONS ONS urred while earning revenues arned, and reported 1. The principle stating that all expenses incurred while earnin should be identified with the revenues when they are earned for the same time period is the: A. Cost Principle B. Revenue Principle SVP TO C. Expenses Principle 10 mobilo MSTURE D. Matching Principle n E. Timing Principle 2. The distinct The distinction between a current asset and other assets: A. is based on how long...
QUESTIONS 1. What is a conceptual framework? Why is a conceptual frameworke ry in financial accounting?...
QUESTIONS 1. What is a conceptual framework? Why is a conceptual frameworke ry in financial accounting? 2. What is the primary objective of financial reporting? 3. What is meant by the term qualitative characteristics of accounting informat "? 4. Briefly describe the two fundamental qualities of useful accounting information 62 Chapter 2 Conceptual Framework for Financial Reporting 5. How is materiality for immateriality) related to the proper presentation of financial statements? What factors and mesures should be considered in essing...
21. Explain what is meant by Sustainable Business and how it relates to the going concern concept.
15) Accounting is an information and measurement system that does all of the following except: A) Identifies business activities. B) Records business activities. C) Communicates business activities. D) Eliminates the need for interpreting financial data. E) Helps people make better decisions. 16) External users of accounting information include all of the following except: A) Shareholders. B) Customers. C) Purchasing managers. D) Government regulators. E) Creditors. 17) A corporation is: A) A business legally separate from its owners. B) Controlled by...
Practice 1(select one of the letters from above for each of the following situations): L A Relevance 8. Faithful representation C. Comparability D. Consistency E. Monetary unit assumption F. Economic entity assumption G. Periodicity assumption H. Going concern assumption istorical cost principle 3. Pl disclosure principle K. Materiality Cost Constraint L 1. Finandal statements are prepared at regular intervals. 2. Belief that a company will continue to operate for the foreseeable future. The desire to minimize errors and beas in...
STUDY PROBLEM 1-15 MULTIPLE CHOICE QUESTIONS ONS urred while earning revenues arned, and reported 1. The principle stating that all expenses incurred while earnin should be identified with the revenues when they are earned for the same time period is the: A. Cost Principle B. Revenue Principle SVP TO C. Expenses Principle 10 mobilo MSTURE D. Matching Principle n E. Timing Principle 2. The distinct The distinction between a current asset and other assets: A. is based on how long...
QUESTIONS 1. What is a conceptual framework? Why is a conceptual frameworke ry in financial accounting? 2. What is the primary objective of financial reporting? 3. What is meant by the term qualitative characteristics of accounting informat "? 4. Briefly describe the two fundamental qualities of useful accounting information 62 Chapter 2 Conceptual Framework for Financial Reporting 5. How is materiality for immateriality) related to the proper presentation of financial statements? What factors and mesures should be considered in essing...
Most questions answered within 3 hours.
-
When 60.1 gg of calcium is reacted with nitrogen gas, 31.7 gg of
calcium nitride is...
asked 1 minute ago -
The random variable X is exponentially distributed, where X
represents the time it takes for a...
asked 16 minutes ago -
a) Write a verilog module for 1:4 Demultiplexer using verilog
primitives.
b) Design 1-to-4 DEMUX using...
asked 10 minutes ago -
MATLAB
write a MATLAB function (1) output a third-order polynomial
function with the coefficients as the...
asked 23 minutes ago -
A z-score
communicates a raw score’s "relative standing"
under the normal curve in relation to:
asked 32 minutes ago -
An object is vibrating on a spring with the following equation
of motion:
?=(30 ??)cos((2?)/(160)?)
a)...
asked 31 minutes ago -
Vulcan Flyovers offers scenic overflights of Mount St. Helens,
the volcano in Washington State that explosively...
asked 33 minutes ago -
If organizations do not adapt fast enough and move incrementally
from the twentieth-century model to the...
asked 34 minutes ago -
A helium balloon with 2.5L of gas has a gauge pressure of 10,000
Pa. The balloon...
asked 38 minutes ago -
What is responsible for Jupiter's enormous magnetic field?
asked 54 minutes ago -
At the end of the year, a company offered to buy 5,000 units of
a product...
asked 55 minutes ago -
Implement C++ program for each of the following.
Let D = [-48, -14, -8, 0, 1,...
asked 1 hour ago