Chapter 1: A Framework for Financial AccountingAssignment

Which of the following are financial statements? (Select all that apply.) Statement of corporate responsibility Income statement Balance sheet Statement of stockholders' equity Statement of assets

1. Income statement 2. Balance sheet 3. Statement of stockholders' equity

Select all that apply The four financial statements published to provide information to external users include which of the following? Multiple select question. Statement of Assets Statement of Business Activities Statement of Cash Flows Statement of Stockholders' Equity Income Statement Balance Sheet

1. Statement of Cash Flows 2. Statement of Stockholders' Equity 3. Income Statement 4. Balance Sheet

The two sources of stockholders' equity are amounts ______.

1. earned by the corporation 2. paid in from shareholders

The four financial statements published to provide information to external users include which of the following? Multiple select question. Statement of Stockholders' Equity Income Statement Statement of Cash Flows Statement of Assets Statement of Business Activities Balance Sheet

1. income statement 2. balance sheet 3. statement of cash flows 4. statement of stockholders equity

statement of cash flows

A financial statement that provides financial information about the CASH RECEIPTS AND CASH PAYMENTS of a business for a specific period of time.

Which of the following appear on the statement of stockholders' equity? (Select all that apply.) Multiple select question. Cash received during the accounting period Dividends Net income Beginning balance of retained earnings Property, plant, and equipment

Dividends Net income Beginning balance of retained earnings

____ Statements represent a company's primary means of communicating information to external users. (Enter one word per blank.)

Financial

Identify the three most common forms of business organization. Multiple select question. Sole proprietorship Partnership Enterprise entity Unlimited stock entity Corporation

Sole proprietorship Partnership Corporation

statement of stockholder's equity

a financial statement that summarizes the changes in stockholder's equity over an interval of time stockholder's equity = common stock + retained earnings retained earnings = all net income - all dividends

The system that maintains records of a company's operations and then communicates that information to decision makers is referred to as ___. (Enter one word per blank)

accounting

The system that maintains records of a company's operations and then communicates that information to decision makers is referred to as ____. (Enter one word per blank)

accounting

balance sheet

financial statement that presents the financial position of the company ON A PARTICULAR DATE assets = liabilites + stockholder's equity

income statement

financial statement that reports the comapany's REVENUES AND EXPENSES over an interval of time revenues - expenses = net income

Companies communicate information about their business activities primarily through public relations announcements. financial statements. their tax return.

financial statements

The financial statement that summarizes revenues and expenses for a period of time is the ____. (One word per blank)

income statement

The financial statement that summarizes the profit-generating activities of a company during a particular period of time is the statement of cash flows. balance sheet. income statement. statement of stockholders' equity.

income statement

The primary functions of accounting are to: Multiple select question. measure a company's activities. communicate information to decision makers. increase a company's profitability. increase a company's stock market valuation. provide information to taxing authorities.

measure a company's activities. communicate information to decision makers.

financial accounting

measure business activities of a company and then to communicate those measurements to external parties for decision-making purposes

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

retained

Retained earnings represents

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