Accounting 210 Chapter 1 Margarita
What are some financial statements?
- Income statements - Statements of stockholder equity - Balance sheet
Which of the following appears on the statement of stockholders' equity?
- Net income -Dividends -Beginning balance of retained earnings
The heading of the balance sheet for the 2018 fiscal period will include which of the following?
-The name of the business -The title "balance sheet" -December 31, 2018
Financial accounting should provide information that:
-is useful to investors and creditors in making decisions -helps to predict cash flows -tells about economic resources, claims to resources, and changes in resources and claims
What is the proper order applied in ethical decision making?
1. Identify the ethical issue and stakeholders 2. Specify the alternative courses of action 3. Evaluate the courses of action in terms of their impact on stakeholders 4. Make a decision
The financial statement that displays a firm's financial position on a particular date is the ____________ _____________.
Balance sheet
The form of business organization where an entity is legally separate from its owners and issues shares of stock is a
Corporation
A net loss ___________ retained earnings
Decreases
The assumption that a business entity will continue to operate indefinitely in the future refers to what assumption?
Going concern
The financial statement that summarizes the profit-generating activities of a company during a particular period of time is the:
Income statement
In financial accounting, which of the following are three types of business activities of a company?
Investing activities, operating activities, and financing activities
The _____________ assumptions allows the life of a company to be divided into artificial time periods to provide timely information.
Periodicity
Careers for accounting professionals typically include a choice between public and _____________ accounting.
Private
The fundamental model of business valuation is commonly referred to as the:
accounting equation