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ACC 556 WEEK 1 HOMEWORK CHAPTER 1 • Question 1 A business organized as a separate legal entity owned by stockholders is a partnership. • Question 2 Accounting communicates financial information about a business to both internal and external users. • Question 3 The primary purpose of the statement of cash flows is to provide information about the cash receipts and cash payments of a company for a specific period of time. • Question 4 One way of stating the accounting equation is: Assets + Liabilities = Stockholders’ Equity. • Question 5 Claims of creditors and owners on the assets of a business are called liabilities. • Question 6 A business organized as a corporation • Question 7 The accounting equation may be expressed as • Question 8 Which of the following activities involves collecting the necessary funds to support the business? • Question 9 Which of the following is an asset? • Question 10 Which of the following would not be considered an external user of accounting data for the Julian Company? • Question 11 Ashley’s Accessory Shop started the year with total assets of $140,000 and total liabilities of $80,000. During the year the business recorded $220,000 in revenues, $110,000 in expenses, and dividends of $40,000. The net income reported by Ashley’s Accessory Shop for the year was • Question 12 Stockholders’ equity is comprised of • Question 13 Marvin Services Corporation had the following accounts and balances: Accounts payable $18,000 Equipment $21,000 Accounts receivable 3,000 Land 21,000 Buildings ? Unearned service revenue 6,000 Cash 9,000 Total stockholders’ equity ? If the balance of the Buildings account was $42,000 and $3,000 of Accounts Payable were paid in cash, what would be the balance of the total stockholders’ equity? Selected Answer: $72,000 • Question 14 All of the following are interrelationships that are important to understand when preparing financial statements except • Question 15 1 out of 1 points External users want answers to all of the following questions except Selected Answer: Will the company be able to afford employee pay raises this year? • Question 16 1 out of 1 points Which of the following statements is not true regarding the Sarbanes-Oxley Act (SOX)? Selected Answer: The Act calls for decreased independence of outside auditors reviewing corporate financial statements. • Question 17 When expenses exceed revenues, which of the following is true? • Question 18 The financial statement that summarizes the changes in retained earnings for a specific period of time is the • Question 19 Which of the following is not a common way that managers use the balance sheet? • Question 20 Match the items below by entering the appropriate code letter in the space provided. Distributions of cash from a corporation to its stock holders. I. Dividends Consumed assets or services. F. Expenses Ownership is limited to one person. H. Sole proprietorship Officers and others who manage the business. D. Internal users Creditor claims against the assets of the business. A. Liabilities A separate legal entity under state laws. E. Corporation A report prepared by management that presents financial information. C. Annual report A section of the annual report that presents management’s views. B. Management discussion and analysis Future economic benefits. J. Assets Involves acquiring the resources necessary to run the business. G. Investing activities Accounting Assignment Help, Accounting Homework help, Accounting Study Help, Accounting Course Help


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