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fundamentals of financial accounting
Terms in this set (11)
If you buy a car and pay 10 percent of the cost in cash, and take out a loan for the remaining 90 percent, which part of the accounting equation will contain the loan?
Which financial report consists of a list of assets and liabilities?
when creating a statement of cash flow, where would you put the cash used to pay employee wages?
cash form operating activities
when reading a company's income statement, which item contains the money the company paid to buy the inventory that will be sold in their stores?
cost of sales
if the owner of a company invests $1000 in the company, how is that money recorded on a balance sheet?
if an expense item increases on the income statement and a current liability is created on the balance sheet, which one of the following is true : money is borrowed (1), an expense is paid (2), the payment of an expense is postponed to the future (3), unearned revenue is recognized (4)
if a company creates new shares, what will be the impact on the accounting equation at the item of the shares? increases in share capital (1), increase in liabilities + increases in dividends + increase in cash (2), increase in revenue + increase in cash (3), increase in share capital + increase in cash (4)
company alpha sells widgets for $10,000. Alpha's customer paid immediately $5,000 in cash. the $5,000 remaining amount if billed to customer on account. the correct entry is : +$5,000 in cash + $5,000 in A/P (1), +$10,000 in Revenue, +$5,000 in cash, + $5,000 in A/P (2), +$10,000 in revenues, +$5,000 in cash, +$5,000 in A/R (3), +$5,000 in cash, +$5,000 in A/R
(3) +$10,000 in revenues, +$5,000 in cash, +$5,000 in A/R
The accountant has recorded a transaction like that : an increase in equipment and an increase in account payable for the same amount. What is the transaction? (a) the company purchases a machine for 10000 in cash (b) the company purchases suppliers for 10000 on account (c) the company purchases suppliers in cash (d) the company purchases a machine for 10000 on account
the company purchases a machine for $10,000 on account (d)
after one year, company alpha gives the following information. total revenue $240,000, total employees' wages $125,000, interest on financial debt $720, total rent for the building $32,000, equipment $7,500, cash $125,000, financial debt $10,000. Alpha's net income equity is $204,740 (a), $82,250 (b), $72,280 (c), $83,000 (d)
on may, 31st, company ABC pays $9,000 to an insurance company, with the following details $2,000 related to the postponed payement of April, $3,500 for may, and $3,500 for June. downing that the insurance company prepares financial statements only at the end of the month and in this case on April 20, what does the accounting information system on the insurance company records on June 30? -$3,500 in unearned revenue and -$3,500 in revenue (a), - no entry (b), -$3,500 in account payable, -$3,500
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