Homework Answers
16) Option - B - Accounting is defined as an information system that provides reports to the stakeholders about the economic activities and conditions of a business.
17). Option - B. General Accounting equation is (
Assets = Liabilities + Owners equity). Option - B can't be expressed as an accounting equation.
18) Option - A
Business transaction means all transactions can be stated in terms of changes in the elements of the accounting equation.
19)Option - D.
The financial statements are prepared in the order of Income statement, Statement of owners equity, Balance sheet and then statement of cash flows.
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16. Accounting is defined as a. The detailing of right and wrong in a situation. b....
Accounting 11 NAME MIDTERM For B CLASS SEAT# PART I-ANSWER THESE QUESTION ON SCANTRON (use pencil)...
Accounting 11 NAME MIDTERM For B CLASS SEAT# PART I-ANSWER THESE QUESTION ON SCANTRON (use pencil) For questions, 1-5 select one of the choices A-E for categories on a Classified Balance Sheet: A. Current liabilities D. On Income Statement E. On Statement of Owner's Equity B. Long-term liabilities C. Owner's equity 1. Accounts Payable 2. Notes payable due in 10 years 3. Owner's Withdrawals 4. Service Revenues 5. Unearned Revenue For questions, 6-10 select one of the choices A-E for...
c. partnership d. governmental unit 58. Accumulated Depreciation appears on the a. balance sheet in the...
c. partnership d. governmental unit 58. Accumulated Depreciation appears on the a. balance sheet in the current assets section b. balance sheet in the property, plant, and equipment section c. balance sheet in the long-term liabilities section d. income statement as an operating expense 59. The first item appearing on the statement of owner's equity is a. net income b. the ending balance of owner's equity c. owner withdrawals d. the beginning balance of owner's equity What 60. In the...
1.Which of the following is not a principle financial statement? a. Group of answer choices b....
1.Which of the following is not a principle financial statement? a. Group of answer choices b. Income Statement c. Statement of Resources Owned d. Statement of Owner’s Equity e. Statement of Cash Flows f. Balance Sheet 2. Transactions affecting owner's equity include: a. owner's investments and payment of liabilities b. owner's investments and owner's withdrawals, revenues, and expenses c. owner's investments, revenues, expenses, and collection of accounts receivable d. owner's withdrawals, revenues, expenses, and purchase of supplies on account 3....
Purchase-Related Transactions Illustrate the effects on the accounts and financial statements of ...
Purchase-Related Transactions Illustrate the effects on the accounts and financial statements of the following related transactions of Bowen Inc. If no account or activity is affected, select "No effect" from the dropdown list and leave the corresponding number entry box blank. Enter account decreases and cash outflows as negative amounts a. Purchased $400,000 of merchandise from Swanson Co. on account, terms 1/10, n/30. Balance Sheet Statement of Income Assets Liabilities + Stockholders' Equity Cash Flows Statement No Effect + Inventory...
1. Accounting transactions and financial statements (45 marks) Luxury Moment is a small business selling luxury...
1. Accounting transactions and financial statements (45 marks) Luxury Moment is a small business selling luxury candles and home fragrance. The balance sheet at the end of December 2019 is shown below. Luxury Moment - Balance Sheet as at 31 December, 2019 Assets Liabilities & Owner's Equity Current Assets: Current Liabilities: Cash $58,150 Accounts Payable $4,600 Accounts Receivable $19,600 Inventory $20,000 Non-current Assets: Non-current Liabilities: Computer - Cost $2,000 Bank Loan $65,000 Less Accumulated ($150) Depreciation Computer - Net $1,850...
QUESTION 20 After the closing entries have been posted, which of the following accounts would still...
QUESTION 20 After the closing entries have been posted, which of the following accounts would still have a balance? a. Salaries Expense b. Miscellaneous Revemes Oc Supplies Expense d. Accumulated Depreciation Equipment QUESTION 21 After the closing entries are journalized and posted, which of the following accounts would NOT have a balance? a. Service Revenue b. Cash c. Accounts Payable d. Office Supplies QUESTION 22 After the accounts are closed and the journal entries have been posted, which of the...
A set of financial statements includes three related accounting reports, or statements. List the names of...
A set of financial statements includes three related accounting reports, or statements. List the names of three primary statements, and give a brief description of the accounting information contained in each. Then, chose three important stakeholders a business can have and discuss which Financial statements and which items would they mostly be interested in and why (you may refer to ratios etc.) Answer key: * Balance sheet. A report showing at a specific date the financial position of the company...
Calculator DolCor, Inc. is an accounting firm and began operations on January 1, 2020. The company...
Calculator DolCor, Inc. is an accounting firm and began operations on January 1, 2020. The company used the cash basis of accounting to record the following transactions during its first month of operations: a. Received $500 in exchange for capital stock from owners. b. Received $6,000 cash on January 15 for services provided to customers. c. Purchased office equipment for $2,000 cash, d. Took out a cash loan with the bank for $8,000 to finance operations, e. Paid cash for...
The Accounting Equation The details of the activities of a company, or transactions, are recorded in...
The Accounting Equation The details of the activities of a company, or transactions, are recorded in a company's accounting system.These transactions are summarized in a set of reports known as the financial statements. The foundation for the accounting system and the financial statements is the accounting equation. Assets = Liabilities + Owner’s Equity The left side of the accounting equation shows the assets of the company: What the company owns. = The right side of the accounting equation summarizes who...
An analysis of the transactions made by Sandhill & Co., a certified public accounting firm, for...
An analysis of the transactions made by Sandhill & Co., a
certified public accounting firm, for the month of August is shown
below. The expenses were $550 for rent, $4,300 for salaries and
wages, and $500 for utilities.
Cash
+
Accounts
Receivable
+
Supplies
+
Equipment
=
Accounts
Payable
+
Owner’s
Capital
–
Owner’s
Drawings
+
Revenues
–
Expenses
1.
$14,600
$14,600
2.
–2,900
$5,000
$2,100
3.
–850
$850
4.
5,400
$3,000
$8,400
5.
–1,600
–1,600
6.
–1,400
–$1,400
7....
Accounting 11 NAME MIDTERM For B CLASS SEAT# PART I-ANSWER THESE QUESTION ON SCANTRON (use pencil) For questions, 1-5 select one of the choices A-E for categories on a Classified Balance Sheet: A. Current liabilities D. On Income Statement E. On Statement of Owner's Equity B. Long-term liabilities C. Owner's equity 1. Accounts Payable 2. Notes payable due in 10 years 3. Owner's Withdrawals 4. Service Revenues 5. Unearned Revenue For questions, 6-10 select one of the choices A-E for...
c. partnership d. governmental unit 58. Accumulated Depreciation appears on the a. balance sheet in the current assets section b. balance sheet in the property, plant, and equipment section c. balance sheet in the long-term liabilities section d. income statement as an operating expense 59. The first item appearing on the statement of owner's equity is a. net income b. the ending balance of owner's equity c. owner withdrawals d. the beginning balance of owner's equity What 60. In the...
Purchase-Related Transactions Illustrate the effects on the accounts and financial statements of the following related transactions of Bowen Inc. If no account or activity is affected, select "No effect" from the dropdown list and leave the corresponding number entry box blank. Enter account decreases and cash outflows as negative amounts a. Purchased $400,000 of merchandise from Swanson Co. on account, terms 1/10, n/30. Balance Sheet Statement of Income Assets Liabilities + Stockholders' Equity Cash Flows Statement No Effect + Inventory...
1. Accounting transactions and financial statements (45 marks) Luxury Moment is a small business selling luxury candles and home fragrance. The balance sheet at the end of December 2019 is shown below. Luxury Moment - Balance Sheet as at 31 December, 2019 Assets Liabilities & Owner's Equity Current Assets: Current Liabilities: Cash $58,150 Accounts Payable $4,600 Accounts Receivable $19,600 Inventory $20,000 Non-current Assets: Non-current Liabilities: Computer - Cost $2,000 Bank Loan $65,000 Less Accumulated ($150) Depreciation Computer - Net $1,850...
QUESTION 20 After the closing entries have been posted, which of the following accounts would still have a balance? a. Salaries Expense b. Miscellaneous Revemes Oc Supplies Expense d. Accumulated Depreciation Equipment QUESTION 21 After the closing entries are journalized and posted, which of the following accounts would NOT have a balance? a. Service Revenue b. Cash c. Accounts Payable d. Office Supplies QUESTION 22 After the accounts are closed and the journal entries have been posted, which of the...
Calculator DolCor, Inc. is an accounting firm and began operations on January 1, 2020. The company used the cash basis of accounting to record the following transactions during its first month of operations: a. Received $500 in exchange for capital stock from owners. b. Received $6,000 cash on January 15 for services provided to customers. c. Purchased office equipment for $2,000 cash, d. Took out a cash loan with the bank for $8,000 to finance operations, e. Paid cash for...
An analysis of the transactions made by Sandhill & Co., a
certified public accounting firm, for the month of August is shown
below. The expenses were $550 for rent, $4,300 for salaries and
wages, and $500 for utilities.
Cash
+
Accounts
Receivable
+
Supplies
+
Equipment
=
Accounts
Payable
+
Owner’s
Capital
–
Owner’s
Drawings
+
Revenues
–
Expenses
1.
$14,600
$14,600
2.
–2,900
$5,000
$2,100
3.
–850
$850
4.
5,400
$3,000
$8,400
5.
–1,600
–1,600
6.
–1,400
–$1,400
7....
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