Accounting

Which of the following appear(s) on the balance sheet?

Accounts receivable Common stock Utilities payable Notes payable Equipment

The financial statement that displays a firm's financial position on a particular date is the ________ _________

Balance Sheet

Analysis of Mueller Company's accounts show that as a result of a single transaction, both cash and notes payable increased by $10,000. Which of the following transactions would have caused this increase?

Borrowing cash and signing a promissory note

Jeremy issues 5,000 shares of common stock for $10 per share. Which of the following accounts are affected? (Select all that apply.)

Common stock Cash

Which of these would be found on a company's balance sheet?

Notes payable Accounts receivable Equipment

The four financial statements published to provide information to external users include which of the following?

Statement of Stockholders' Equity Statement of Cash Flows Balance Sheet Income Statement

The two functions of financial accounting are to measure business activities and communicate those measurements to external parties for decision-making purposes.

True

Management

___________________ accounting deals with the concepts and methods used to provide information to an organization's internal users. (Enter only one word.)

Slim purchases equipment with cash. The accounts affected are

cash and equipment.

In our society, the two main functions of accounting are to ______ ______

communicate information to investors and creditors. measure business activities.

Information that best explains companies' stock price performance is reported on the

income statement

Information that best explains companies' stock price performance is reported on the ____________ _____________

income statement

The financial statement that summarizes revenues and expenses for a period of time is the_____________ ______________

income statement

The financial statement that is most useful in explaining a company's stock price performance is the __________

income statement.

The three classifications on the statement of cash flows are cash flows from (Select all that apply.)

investing activities. operating activities. financing activities.

The two primary functions of financial accounting are to:

measure business activities. communicate measurements to external parties.

The statement of cash flows classifies items as

operating, investing, and financing.

The two sources of stockholders' equity are amounts

paid in from shareholders earned by the corporation

Careers for accounting professionals typically include a choice between public and ___________ accounting.

private

Undistributed profits that have accumulated in the company over time are called _______________ earnings

retained

The accumulated net income earned since the inception of the corporation and not yet paid to shareholders is referred to as _____ ______

retained earnings

An income statement reports

revenues net income or loss expenses

Measuring business activities and reporting those measurements to external parties is the function of ______ accounting. Multiple choice question.

financial

The first step for analyzing the effect of transactions is:

Determine one account in the accounting equation that will increase or decrease

Which of the following appear on the statement of stockholders' equity?

Beginning balance of retained earnings Net income Dividends

London Corp. issues 1,000 shares of stock for $20 per share. What are the effects of this transaction?

Common stock is increased. Cash is increased.