Refer to Samsung’s 2013 balance sheet in Appendix A near the end of the book. Confirm that its total assets equal its total liabilities plus total equity.

Describe the three major business activities in organizations.

The following is selected financial information for Safari Company as of December 31, 2015: liabilities, $64,000; equity,$50,000; assets, $114,000.

Required Prepare the balance sheet for Safari Company as of December 31, 2015.

Many accounting professionals work in one of the following three areas: A. Financial accounting B. Managerial accounting C. Tax accounting

Identify the area of accounting that is most involved in each of the following responsibilities:

Identify four kinds of external users and describe how they use accounting information.

The following is selected financial information for Armani Company as of December 31, 2015: liabilities, $44,000; equity,$46,000; assets, $90,000.

Required Prepare the balance sheet for Armani Company as of December 31, 2015.

If the assets of a company increase by $100,000 during the year and its liabilities increase by$35,000 during the same year, then the change in equity of the company during the year must have been: a. An increase of $135,000. b. A decrease of$135,000. c. A decrease of $65,000. d. An increase of$65,000. e. An increase of $100,000.

Define return and risk. Discuss the trade-off between them.

Define and explain return on assets.

The statement of cash flows reports on what major activities?

What information is reported in a balance sheet?

What is the purpose of the statement of owner’s equity?

Give two examples of expenses a business might incur

What information is reported in an income statement?