ACCT 201 Final Exam

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Which of the following appears on a balance sheet?

Accounts receivable; utilities payable; common stock

Which of the following are found On a balance sheet?

Assets, liabilities, stockholders' equity

The 4 financial statements published to provide information to external users include which of the following?

Balance sheet, income statement, statement of stock holders equity, statement of cash flows

Which of the following accounts is on the statement of stockholders equity?

Common stock

Which of the following are stockholders equity accounts?

Common stock; retained earnings

The two primary functions of financial accounting are to:

Communicate measurements to external parties; measure business activities

The form of business organization where an entity is legally separate from its owners and issues shares of stock is a:

Corporation

Which of the following appear on the Statement of stockholders equity?

Dividends; net incomes; beginning balance of retained earnings

The 2 sources of stockholders equity are amounts:

Earned by the corporation; paid from shareholders

The private sector organization that is currently responsible for setting accounting standards in the United States in the

Financial Accounting Standards Board (FASB)

Which financial statement reports revenues and expenses?

Income statement

Assets =

Liabilities + Stockholders' Equity

(Blank) accounting deals with the concepts and methods used to provide information to an organizations internal users

Managerial

Pizza aroma generated $11,000 in revenues and had expenses of $6,000. Pizza aroma's net income/lost is?

Net income of $5,000

An income statement reports:

Net income/loss, expenses, revenue

Which of the following are financial statements?

Statement of stockholders equity; income statement; balance sheet

Which financial statements shows the changes in common stock and retained earnings?

Statement of stockholders' equity

The heading of an income statement should include what?

The accounting period covered by the statement; the name of the business; the title of the financial statement

Retained earnings represents

The total net income earned over the life of the company that has not been distributed as dividends

What are limited liability companies (LLCs)?

a company where owners are called members, but the members are not personally liable for busin

The two main functions of ______ are to (1) measure business activities and (2) to communicate those measurements to investors and creditors.

accounting

management discussion, analysis, and note disclosures to the financial statements are included in the _________ __________ (2 words)

annual report

The financial statement that displays a firm's financial position on a particular date is the (blank) (blank)

balance sheet

What does private accounting primarily provide to society?

budgeting; information systems design; cost accounting; internal auditing

How do we define a proprietorship?

business has a single owner that is legally not separate from owner and the owner is personally liable for business debts

How do we define a partnership?

business has two or more owners and each owner is personally liable for the business debts

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

communicate information to investors and creditors; measure business activities

What does public accounting primarily provide to society?

consulting; assurance services (auditing); tax accounting

Financial accounting provides information for ________ this can includes people such as _________

external users; investors, bankers, and government agencies

(Blank) statements represent a company's primary means of communicating information to external users

financial

Companies communicate information about their business activities primarily through

financial statements

Where is the time period covered by the income statement found?

in the heading

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

income statement

The financial statement that summarizes the profit-generating activities of a company during a particular period of time is the

income statement

information that best explains companies' stock price performance is reported in the

income statement

When a company earns net income, its retained earnings:

increases

Who are the users of accounting information?

individuals, taxing authorities, investors, creditors, nonprofit organizations

Management accounting provides information for ________ this can include people such as ___________

internal users; managers

Accounting is an information system that:

measures business activities, processes data into reports, and communicates results to decision makers

If revenues are less than expenses, a company has:

net loss

What are the two types of accounting?

private and public

How do we organize the types of business's we have in our world?

proprietorships -> partnerships -> corporations

An advantage of the corporate form of organization is that a corporation

provides limited liability to stockholders.

U.S. companies are required to report _________ and __________ information.

relevant and reliable

Profits earned by a company that has not been paid to stockholders are called?

retained earnings

The accumulated net income earned since the inception of the corporation and not yet paid to shareholders is referred to as (blank) (blanks)

retained earnings

Which of the following appears on the balance sheet: a) salaries expense b) utilities payable c) accounts receivable d) net income e) common stock

utilities payable; accounts receivable; common stock


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