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Exam 1: Introduction to Accounting and Business

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Question 31

True/False

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Net income and net profit do not mean the same thing.

A) True
B) False

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Question 32

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Determine the missing amount for each of the following:

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Question 33

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Which of the following is the best description of accounting's role in business?

An account receivable is typically classified as a revenue.

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

Match each transaction with its effect on the accounting equation. Each letter may be used more than once. -Cash withdrawal by owner

Which of the following would not normally operate as a service business?

Which of the following is a guideline for behaving ethically?I.Identify the consequences of a decision and its effect on others.II.Consider your obligations and responsibilities to those affected by the decision.III.Identify your decision based on personal standards of honesty and fairness.

Match each transaction with its effect on the accounting equation. Each letter may be used more than once. -Borrowed money from a bank

What are the three sections of the statement of cash flows?

The cost concept is the basis for entering the purchase price into the accounting records.

Collins Landscape Company purchased various landscaping supplies on account to be used for landscape designs for its customers.How will this business transaction affect the accounting equation?

Match the following business types with each business listed below. Each may be used more than once. -A supermarket

An income statement is a summary of the revenues and expenses of a business as of a specific date.

Which of the following is most likely to obtain large amounts of resources by issuing stock?

If total liabilities decreased by $46,000 during a period of time and owner's equity increased by $60,000 during the same period,the amount and direction (increase or decrease) of the period's change in total assets would be a

If total assets decreased by $30,000 during a specific period and owner's equity decreased by $35,000 during the same period,the period's change in total liabilities was a $65,000 increase.

Match each transaction with its effect on the accounting equation. Each letter may be used more than once. -Purchased supplies on credit

Abbie Marson is the sole owner and operator of Great Plains Company.As of the end of its accounting period,December 31,Year 1,Great Plains Company has assets of $940,000 and liabilities of $300,000.During Year 2,Marson invested an additional $73,000 and withdrew $33,000 from the business.What is the amount of net income during Year 2,assuming that as of December 31,Year 2,assets were $995,000 and liabilities were $270,000?

Match the following characteristics with the form of business entity that best describes it. Each may be used more than once. -Used by large business