Chapter 1: A Framework for Financial AccountingAssignment
Profits earned by a company that have not been paid to stockholders are called
retained
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
Retained earnings represents
the total net income earned over the life of the company that has not been distributed as dividends.
