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Exam 1: Accounting and Business

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Question 121

Multiple Choice

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Match the following characteristics with the form of business entity that best describes it. Each may be used more than once. -Organized as a separate legal taxable entity

A) Proprietorship
B) Partnership
C) Corporation

D) B) and C)
E) A) and C)

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Question 122

Multiple Choice

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Which of the following groups are considered to beinternal users of accounting information?

A) employees and customers
B) customers and vendors
C) employees and managers
D) government entities and banks

E) A) and C)
F) B) and D)

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Question 123

Multiple Choice

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Match each transaction with its effect on the accounting equation. Each letter may be used more than once. -Payment of dividends

There are four transactions that affect stockholders' equity. ​ (a) What are the two types of transactions that increase stockholders' equity? (b) What are the two types of transactions that decrease stockholders' equity?

Which type of accountant typically practices as an individual or as a member of a public accounting firm?

The assets and liabilities of a company are $128,000 and $84,000, respectively. Stockholders' equity should equal

If total assets increased by $190,000 during a specific period and liabilities decreased by $10,000 during the same period, the period's change in total stockholders' equity was a $200,000 increase.

Which of the following are guidelines for behaving ethically? I.Identify the consequences of a decision and its effect on others. II.Consider your obligations and responsibilities to those affected by the decision. III.Identify your decision based on personal standards of honesty and fairness.

Collins Landscape Company purchased various landscaping supplies on account to be used for landscape designs for its customers. How will this business transaction affect the accounting equation?

Generally accepted accounting principles regulate how and what financial information is reported by businesses.

Determine the missing amount for each of the following: $\begin{array} { c c c } \text { Assets } & \text { Liabilities } & \text { Stockholders' Equity } \\\text { (a) } & \$ 38,000 & \$ 45,000 \\\$ 30,000 & ( b ) & \$ 22,000 \\\$ 53,000 & \$ 32,000 & \text { (c) }\end{array}$

Match each transaction with its effect on the accounting equation. Each letter may be used more than once. -Received utility bill to be paid next month

The second statement prepared

At December 31 of the current year, Martin Consultants has assets of $430,000 and liabilities of $205,000. Using the accounting equation and considering each case independently, determine the following: (a) stockholders' equity, as of December 31. (b) stockholders' equity, as of December 31 of the next year, assuming that assets increased by $12,000 and liabilities increased by $15,000. (c) stockholders' equity, as of December 31 of the next year, assuming that assets decreased by $8,000 and liabilities increased by $14,000.

On July 1 of the current year, the assets and liabilities of John Wong, DVM, are as follows: Cash, $27,000; Accounts Receivable, $12,300; Supplies, $3,100; Land, $35,000; Accounts Payable, $13,900. What is the amount of stockholders' equity as of July 1 of the current year?

Match the following business types with each business listed below. Each may be used more than once. -A hospital

Receiving a bill or otherwise being notified that an amount is owed is not recorded until the amount is paid.

The initials GAAP stand for

Match each transaction with its effect on the accounting equation. Each letter may be used more than once. -Contribution of land by stockholder

How does receiving a bill to be paid next month for services received affect the accounting equation?