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.