accounting exam #1

Which of these would be found on a company's balance sheet? (Select all that apply.) Multiple select question. - Sales revenue - Accounts receivable - Equipment - Notes payable - Depreciation expense

- Accounts receivable - Equipment - Notes payable

Management discussion and analysis and note disclosures to the financial statements are included in the _______________________ __________________________

- Annual Report

Information that best explains companies' stock price performance is reported in the _________________ ______________________

- Income - Statement

Primary financial statements

- Income statement - Statement of stockholders' equity - Balance sheet - Statement of cash flows

Which of the following is classified as an investing activity on the statement of cash flows? Multiple choice question. - Purchase of land - Payment of dividend - Purchase of inventory - Cash sale to customers

- Purchase of land

Dividends

- are distributions to stockholders,usually in the form of cash payments. Dividendsare not expenses

Financial statements

- are periodic reports published by the company for the purpose of providing information to external users.

Net income

- is the difference between revenuesand expenses. Other common names for netincome include earnings or profit.

is the common abbreviation for the Board that currently establishes global accounting and reporting standards.

IASB

_____________ is the amount recorded as a result of the sale of products or services to customers.

Revenue

Stockholders' equity is: - the owners' claims to resources of the corporation. - the resources owned by a corporation. - amounts owed by a corporation.

the owners' claims to resources of the corporation.

Keepers, Inc.'s balance sheet reported retained earnings as $10,000 at December 31, 2020 and $12,000 at the December 31, 2021. The income statement reported net income of $3,000 for the year ended December 31, 2021. Dividends declared for the year ended December 31, 2021 must equal $________________

-1,000

The financial statement that displays a firm's financial position on a particular date is the ___________________ ____________________ . (Enter one word per blank)

-Balance -Sheet

Which of the following appear(s) on the balance sheet? Multiple select question. -Salaries expense -Common stock -Utilities payable -Net income -Accounts receivable

-Common stock -Utilities payable -Accounts receivable

Which item is classified as an operating activity on the statement of cash flows? -Borrowing on note payable -Payment of salaries -Purchase of land -Issuance of stock

-Payment of salaries

Revenues

-are the amounts recognized when thecompany sells products or provides services tocustomers.

Expenses

-are the costs of providing products and services and other business activities during the current period

Select all that apply Cash is reported on the Blank______. Multiple select question. - balance sheet - statement of cash flows - statement of stockholders' equity - income statement

-balance sheet -statement of cash flows

The balance sheet shows that a company's resources equal Blank______ claims to those resources. Multiple choice question. -owners' -creditors -creditors claims minus owners' -creditors claims plus owners'

-creditors claims plus owners'

Liabilities

-creditors' claims to resources.

What is the effect of dividends paid on the expanded accounting equation?

-decrease retained earnings. -decrease assets

Measuring business activities and reporting those measurements to external parties is the function of Blank______ accounting. Multiple choice question. -both financial and managerial -financial -managerial

-financial

Stockholders' equity

-owners' claims to resources

Assets

-resources of the company

Profits earned by a company that have not been paid to stockholders are called ________________ earnings. (Enter only one word.)

-retained

Net income equals: Multiple choice question. -revenues minus expenses minus dividends -revenues plus expenses -assets minus liabilities -revenues minus expenses

-revenues minus expenses

Revenues are: Multiple choice question. -the amount of cash a company has left after it has paid its obligations -amounts that owners have contributed directly to the business -amounts owed to creditors -sales of goods or services to customers -cash payments that a business has made directly to its owners

-sales of goods or services to customers