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Exam 1: Introduction to Accounting and Business

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Question 51

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An account receivable is a claim against a customer resulting from a sale on account.

A) True
B) False

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Question 52

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Selected transaction data of a business for September are summarized below.Determine the following amounts for September: (a)total revenue,(b)total expenses,(c)net income.

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Question 53

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The assets and liabilities of Rocky's Day Spa at December 31 and expenses for the year are listed below.The stockholders' equity was $68,000 ($48,000 in Common Stock and $20,000 in Retained Earnings)at January 1.The shareholders invested in an additional $10,000 of common stock during the year.Net income for the year is $45,625. ​ Prepare a statement of retained earnings for Rocky's Day Spa for the current year ended December 31.

Which of the following groups of companies are all examples of a merchandising business?

Prepare an income statement for the current year ended March 31.

Assets are

Revenue is earned only when money is received.

Given the following data: Dec.31,Year 2 Dec.31,Year 1 Total liabilities $128,250 $120,000 Total stockholders' equity 95,000 80,000 (a)Compute the ratio of liabilities to stockholders' equity for each year.Round your answer to two decimal places. (b)Has the creditors' risk increased or decreased from December 31,Year 1,to December 31,Year 2?

Discuss the characteristics of a limited liability company (LLC).

Financial reports are used by

Determine the missing amount "X" for each of the following:

Two common areas of accounting that respectively provide information to internal and external users are

The debt created by a business when it makes a purchase on account is referred to as an

Many countries outside the United States use financial accounting standards issued by the

Which of the following financial statements reports information as of a specific date?

There are four transactions that affect stockholders' equity. ​ (a)What are the two types of transactions that increase stockholders' equity? (b)What are the two types of transactions that decrease stockholders' equity?

Prepare a balance sheet for the current year ended March 31.

Land,originally purchased for $30,000,is sold for $62,000 in cash.What is the effect of the sale on the accounting equation?

Financial accounting provides information to all users,while the main focus for managerial accounting is to provide information to the management.

For each of the following,determine the amount of net income or net loss for the year.