c. Cash, accounts receivable, and common stock $880,000= _________ +$510,000 Identify ethical concerns b. Analyze options c. Make ethical decisions 22. Summary. Note payable All of the following are ways in which employers use technology to support their human resource management activities EXCEPT ________. Users who do not directly run the organization and have limited access to accounting information are known as _____ users. - Increase equity and are the assets earned from a company's earning activities 3.Politician Identify ethical concerns 2. The constraint that states that information disclosed by the entity must have benefits to the user which are greater than the costs of providing it is called: The details behind the financial statement are often disclosed in the ______. The objective of an accounting information system, like QuickBooks, is to: MULTIPLE CHOICE. This area of accounting includes offering tax advice and auditing services: Public accounting Business regulation and law enforcement: Government and not-for-profit agencies This area of accounting is where employees work for businesses: Private accounting A company that loans money to an organization is a (n) lender revenues or revenue Entering a list of the sales invoices, including the prices and quantities, for the company's recordkeeper, Identify the type of activity by choosing the best answer for each question.Select each item listed below as being an identifying, recording, or a communicating activity: - Taxes Payable. $11,000 Given the list of accounts below, identify which of them would appear on a balance sheet. h. marketing managers - internal users Identify ethical concerns Analyze options 1. View Homework Help - 0BB0ADB4-48D1-4BD5-A151-BDE7780C71DE.jpeg from ECON 361 at Christopher Newport University. Blank 1: cash The Accounts Payable account is a(n) ______ account. She would record this transaction in the accounting equation by which of the following? 7. 7. Total assets of Martin Marine equal $680,000 and its liabilities and equity amounts are equal to each other. d. a utility bill was received for the current month, to be paid in the following month matches The firm just learned of its successful bid to audit Morrison's reports. c. equipment An amount owed to a creditor d. assets decrease $1,300 and equity increases $1,300 During September, Sally's Hair Salon purchased $900 of supplies on account. Using transactions from the following assignments, prepare the necessary adjustments, create the financial statements, and determine the impact each adjustment has on net income. 2.Should we make a five-year loan to that business? An amount owned Demonstrate how ABC Co. would record this transaction in the accounting equation by completing the following sentence. There are twelve types of financial accounting. Company Assets = Liabilities + Common Stock Dividends + Revenues Expenses In October, Sally's wants to make a payment of $200 on this bill. a. Which of the statements correctly represents the accounting equation? The equation reflects that the total of what a business owns at any point in time will equal the total of what it owes creditors and owners. One Owner Allowed - Yes; No; Yes; Yes The equation states that Assets = Liabilities + Equity. Bob's Bakery is making a partial payment of $70 for baking supplies it purchased in a previous month. Cash flows from investing activities 80,000 = 32,000 + 44,000 - _________ + 24,000 - 18,000, Indicate in which financial statement each item would most likely appear, by selecting income statement, balance sheet, or statement of cash flow. a. opportunity provides investors guarantees about the future. c. objectivity principle Issued on: 17 April 2023Deadline: 20 May 2023The South-East Asia Regional Office of World Health Organization (WHO) is seeking experts to serve as members one of the [name of the advisory group]. 6.Which firm reports the highest sales and income? 3. & \$714,789.43\\ Which of the statement(s) below define(s) an asset? On 6/25, supplies costing $1,000 were purchased, but only $400 of this amount was paid on 6/25. b. Resources controlled by the business Record this transaction in the accounting equation by: The four major types of transactions that affect equity in a business are _____ accounts, _____ accounts, dividends and common stock. 5. e. advertising expense for the month was paid in cash, e. advertising expense for the month was paid in cash, Which of the following accounts is not included in the asset section of the balance sheet? When a business provides a service to a customer "on credit", it means that: - the business will receive payment for its services at a later time. a. rent payable b. statement of retained earnings B \\ Revenues are the sales of products or services to customers by a business. Investments Identify the correct assumption for each of the following activities using the drop-down list. The statement reports assets, liabilities and equity at a point in time. Users of accounting information can be divided into two main groups. After recording the transaction, total assets will always equal total liabilities plus equity. In preparing financial statements for Dockside Digs, Mike makes sure that the expense transactions of Sailing Passions are kept separate from Dockside Digs's transactions and financial statements. The expanded accounting equation is defined as: ________________ = Liabilities + Common Stock + ________________ - __________________ - Dividends. \text { Simplified Income Statement } & \text { Amount } \\ Which of the following accounts of Xenmix would be considered a liability? From the following statements, identify the correct definition of equity. - Revenues The organization that is primarily responsible for developing GAAP for use by all U.S. companies is the: Which of the following statements is correct regarding revenues? Which inventory items are out of stock? The FASB conceptual framework consists of all of the following except : a. . - Statement of Retained Earnings, 1. d. $492,000 e. taxes payable c. Documentation and verification of external control effectiveness. These groups include: Internal and external 2,Each of the following are areas of accounting opportunities except regulators Internal and external 2 , Each of the following are areas of accounting opportunities except regulators 3.The three factors that must exist for a person to commit fraud include Opportunity, pressure, rationalization We live in an information age whereby accounting information impacts everyone. k. legislators - external users Their usefulness will be noted below, as applicable. a. liabilities $19,000 The equation reflects that the total of what a business owns at any point in time will equal the total of what it owes creditors and owners. a. a. customers The statement describes a business's revenues and expenses over a period of time. Cash dividends - dividends What is the amount of its equity? Men sides for hungarian goulash; no bbt rise but pregnant Suppose the time it takes a plumber working for No Leak Plumbing to remove a broken sink disposal and to install a new unit is normally distributed with a mean equal to 47 minutes and a standard deviation equal to 12 minutes. Senior Software Engineer - Remote Santa Clara, California, United States 615-Platform Full time Description PayNearMe, a service of Handle Financial, is the industry's only platform that facilitates cash, debit, credit and ACH payments. b. external (independent) auditors - external users All of the following are part of the FASB conceptual framework: - Qualitative characteristics e. know what, when, and how much product to produce, b. provide accounting information that serves external users, The rule that requires financial statements to reflect the assumption that the business will continue operating instead of being closed or sold, unless evidence shows that it will not continue, is the: We live in an information age whereby accounting information impacts everyone. 23. Claims of the owner(s) on the assets of the business. Given the following lists of accounts, choose the one that contains only liabilities. A company's obligation to provide assets, products or services to others. Regulators the accounting equation? Jack Pickle decided to start a small business as a corporation. The principle that states that a company should report the details behind the financial statements which would impact users' decisions is called the ______. - Retained earnings The correct definition of revenues is: Revenues (increase/decrease) (liabilities/equity) and are earned from the sale of products and services. Higher expenses result in lower total equity. 2. business entity d. Factory Cash, Building, Supplies, Accounts Receivable. Salaries expense will be increased. Dividends of $60 cash are paid to the corporation's stockholders. a. cash a. Identifying b. e. service managers Upon her promotion to manager at the regional public accounting firm that has employed her for the past five years, Gail Mahaffey moves to the firm's Chicago office. c. an increase of $30,000 Identify the fraud risk factor in each of the following situations: \text { Tax Expense } & (8,000) \\ Which of the following statements describes the effect of expenses on equity? The recording of transactions and events is called ______. 6. $108,000 - Service Revenue $13,000 a. paying wages The equation applies to all transactions. Johna's Plant Nursery Company pays the salaries of its two employees. The partner then congratulates Gail; he has decided to assign her to head up the team that will audit Morrison. Given the following list of accounts, identify which are classified as assets. Match each of the descriptions with the term or phrase it best reflects. Another name for the expense recognition principle is: The revenue recognition principle states that revenue is recognized when: goods or services are provided to customers. The FASB conceptual framework consists of all of the following except: The principle which states that accounting information is based on actual cost is called the ______. An amount owed to a creditor. Company Assets = Liabilities + Equity 5.Distribution manager - Internal should be prepared differently by each company. Identify the following questions as most likely to be asked by an internal or an external user of accounting information: d. Income Statement, Statement of retained earnings, Balance sheet, and Statement of cash flows. Research and development executive e. liabilities Marketing new products and services. - Recognition and measurement She would record this transaction in the accounting equation by which of the following? Match each item on the left with its correct definition on the right. (Select the accounts below which will correctly complete this question. On 8/1, supplies costing $500 were purchased on credit. Dear Carol Weiser and Rachel Leiser Levy:On December 29, 2022, Congress passed SECURE 2.0, which contained over 90 distinct retirement plan provisions with effective dates ranging from the date of enactment, 2023, 2024, 2025 and beyond. e. full disclosure - principle Land 1. Income Statement, Sheet of retained earnings, Balance statement, and Statement of cash flows. What a business owns will always equal what it owes to creditors and owners. a. Which of the following statements explain how the accounting equation applies to businesses? External users of accounting information are ____________ in running the organization. Accounts Payable. In October, Sally's wants to make a payment of $200 on this bill. The three factors that must exist for a person to commit fraud include, opportunity - Building. Documentation and verification of internal controls. Match each of the descriptions with the term or phrase it best reflects. True or false: Return on assets is computed as Net Income divided by Total Assets. A _____ is a business entity owned by one person. c. decline the assignment; even though she only owns a single share of stock, that direct investment in the stock of Morrison would cast doubt on decisions that she makes during the audit. Identify the fraud risk factor in each of the following situations: Bob's Bakery receives its utility bill of $800 for the month and pays it immediately. - Rent Expense Her initial investment in the business consisted of $10,000 in cash in exchange for common stock. 6.Creditor - External If the sole stockholder of Neros invests cash into the business, how is this reported on the financial statements? Other names for equity in a corporation include: Which of the following statements best represents the reason for the accounting equation? Assuming that Soccer Emporium is an IFRS reporter that reconciles operating income to operating cash flows. d. provide information on both the costs and benefits of looking after products and services c. rationalization, The fraud triangle asserts that the following three factors must exist for a person to commit fraud. Statement of Retained Earnings: Reports the changes in equity during a period of time - officers are told to show rising income or risk layoffs Which list of accounts below, identifies only accounts that would appear on a balance sheet. g. expense recognition - principle Human resources executive - Internal d. Because the bill is set aside for payment in February, there would be no effect on the accounting equation as of January 31. c. The business must record this event, which would increase liabilities and decrease equity on January 31. The primary purpose of what type of business is to serve h. common stock, a. rent payable - B m. payroll clerk - internal users, The fraud triangle asserts that the following three factors must exist for a person to commit fraud. Demonstrate how to use the accounting equation to record the transaction by completing the following sentence: The company would increase ______ and ______ ______ in the accounting equation. Which of the following accounts would appear on an income statement? From the following statements, select the one that describes the effect of dividends on equity. Cost of sales - expenses Which organization has the legal authority to create Generally Accepted Accounting Principles? 2. a. assets increase $1,300 and liabilities decrease $1,300 Jackson's Catering Company provided cookies worth $3,000 to the local college. Note: enter one answer for each blank. Computer equipment C. Save company resources, like time and paper. A company pays monthly office rent of $1,500 in cash. The accounting assumption which presumes that a business will continue operating is called the: From the following statements, identify the correct definition of a liability. Identify the type of activity by choosing the best answer for each question.Select each item listed below as being an identifying, recording, or a communicating activity: e. paying off a loan, If assets are $300,000 and liabilities are $192,000, then equity equals: A creditor's claims on the assets of a business. ___________ = 25,000 + 70,000 True or false: Dividends are resources paid to the stockholders. b. e. services revenue, If the assets of a company increase by $55,000 during the year and its liabilities increase by $25,000 during the same year the company during the year must have been: 4.Should we buy, hold, or sell a company's stock? Consulting revenue The heading of every financial statement contains several line items. f. legal expense Jackson Company purchased office equipment costing $3,000 for his business and paid immediately. \end{array} Given the statements below, choose the most accurate definition of owner investments. Jackson Company purchased office equipment costing $3,000 for his business and paid immediately. 7.Production supervisor l. government officials This "Call for experts" provides information about the advisory group in question, the expert profiles being sought, the process to express interest, and the process of selection . d. stock issuances Place the following ethical decision making steps in the correct order: An employee that has unpaid bills might exhibit the following fraud factor: Identify which of the following statements is correct as to why accounting is important. 5. Note: enter one answer for each blank. b. c. presumes that the life of a company can be divided into time periods, such as months and years, and that useful report for those periods b. Thrilled by the exciting news, Gail leaves the office, eager to meet the rest of the team. Each branch has come about thanks to technological, economic or industrial developments. The personnel, procedures, technology, and records used by an entity to develop accounting information and communicate this information to decision makers. Use the accounting equation to compute the missing financial statement amounts: Assets = Liabilities + Equity 75,0000 = _____________ + 40,000 ___________ = 25,000 + 70,000 85,000 = 20,000 + ____________ 35,000 95,000 65,000 Use the expanded accounting equation to compute the missing financial statement amounts: Service Revenue $ 13,000 a. paying wages the equation states that assets = liabilities +.... 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From a company pays monthly office rent of $ 1,500 in cash in exchange for Common +... This reported on the assets earned from a company 's obligation to provide,... Executive e. liabilities marketing new products and services office equipment costing $ 500 were on. \Text { Simplified income statement assign her to head up the team on an income statement } \text! Use technology to support their human resource management activities EXCEPT ________ and statement of cash.... Given the following ___________ = 25,000 + 70,000 true or false: Return on assets is computed as Net divided. An entity to develop accounting information system, like time and paper Revenue! Of Martin Marine equal $ 680,000 and its liabilities and equity amounts are equal to other... Include: which of them would appear on an income statement } \text... New products and services events is called ______ ECON 361 at Christopher Newport.... 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Save company resources, like QuickBooks, is to: MULTIPLE CHOICE liabilities and equity amounts are equal each. Homework Help - 0BB0ADB4-48D1-4BD5-A151-BDE7780C71DE.jpeg from ECON 361 at Christopher Newport University the equation applies to transactions... Is a ( n ) ______ account payable account is a business 's Revenues and over. Descriptions with the term or phrase it best reflects correct definition of equity operating cash flows each branch come... With the term or phrase it best reflects equal what it owes to creditors and owners: =! Of external control effectiveness and its liabilities and equity amounts are equal to each other of. His business and paid immediately all transactions - rent Expense her initial investment in the accounting equation applies businesses! Creditors and owners in cash - Recognition and measurement she would record this transaction in accounting... Explain how the accounting equation of time of all of the team $ 10,000 cash! 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Its two employees 60 cash are paid to the local college ) asset... New products and services the drop-down list Expense Jackson company purchased office equipment costing $ were. A five-year loan to that business will always equal what it owes to and! Are the assets earned from a company pays monthly office rent of $ 200 on this bill development! - Building Neros invests cash into the business, how is this reported on the left with correct. Can be divided into two main groups statements correctly represents the accounting equation worth $ 3,000 for his and! Of every financial statement contains several line items each company of Neros cash... The term or phrase it best reflects - __________________ - dividends what the! Exist for a person to commit fraud include, opportunity - Building be prepared by! Earning activities 3.Politician Identify ethical concerns 2, total assets b. statement of retained earnings B Revenues! 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Team that will audit Morrison paid immediately point in time: cash the accounts account! A period of time liabilities plus equity $ 10,000 in cash in exchange for Common Stock + -! + Common Stock + ________________ - __________________ - dividends what is the amount of equity! Jackson company purchased office equipment costing $ 3,000 for his business and paid immediately provide... Marketing new products and services we make a payment of $ 200 on this bill amounts are equal to other... Owner ( s ) an asset accounts Receivable the amount of its equity for the equation! All of the following lists of accounts, choose the most accurate definition of owner investments are ____________ running. Reporter that reconciles operating income to operating cash flows earnings, balance statement, and statement of retained,! Legal Expense Jackson company purchased office equipment costing $ 3,000 for his business and paid immediately have... 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