Financial reporting rules for financial accounting are set forth by which of the following? Show Choose one answer.
. . Which of the following covers a stated period of time and reports the company's revenues, expenses, and net income? Choose one answer.
. . Fill in the blanks. _________________ accounting involves preparing reports for external use, while __________________ accounting provides information for internal management. Choose one answer.
. . All of the following are types of assets EXCEPT: Choose one answer.
. . Complete the following statement. Under the revenue recognition principle, revenues should be earned and realized: Choose one answer.
. . Expenses must match with related expenses, in accordance with which of the following principles? Choose one answer.
. . Fill in the blank. Happy Burger purchases a $40,000 food truck to expand its business. The owner calculates the useful life of the food truck to be 15 years, after which it will be completely depreciated. In this scenario, depreciation would be considered a(n) __________ item. Choose one answer.
. . Fill in the blanks. In T-accounts, credits are listed _________________, while debits are listed ________________. Choose one answer.
. . Fill in the blanks. You collect $1,000 in cash from a customer. This entry would be recorded as a ________________ on the _________________ side of a T-account. Choose one answer.
. . The owner's interest in a corporation would be recorded under what category on the Balance Sheet? Choose one answer.
. . Things of value owned by a business are also known as? Choose one answer.
. . What are the two types of adjusting entries commonly identified in financial accounting? Choose one answer.
. . Which of the following accurately presents the fundamental accounting equation? Choose one answer.
. . Which of the following best defines a liability? Choose one answer.
. . Which of the following contribute to shareholder's equity? Choose one answer.
. . Which of the following is an example of a liability? Choose one answer.
. . Which of the following are steps in the accounting cycle? Choose one answer.
. . Fill in the blank. The fundamental difference between indirect and direct cash flow statements is how _____________ activities are recorded. Choose one answer.
. . Income and expense accounts are examples of what type of account, and why? Choose one answer.
. . Sip and Slurp is a local convenient store that has opened its first store. The owners have decided to record all transactions when they occur, even if cash is not exchanged. What type of accounting system is being used by this company? Choose one answer.
. . To prepare a balance sheet from T-accounts, you should do which of the following? Choose one answer.
. . To prepare an income statement from T-accounts, you should do which of the following? Choose one answer.
. . Which of the following best describes what pro forma statements are and what information they convey? Choose one answer.
. . Which of the following would be a transaction recorded on the statement of cash flows? Choose one answer.
. . Which scenario is an example that may lead to a non-recurring item on the income statement? Choose one answer.
. . XYZ Enterprise had the following balances on its statement of cash flows. What can be concluded about its business activities between 2011 and 2012?  Choose one answer.
. . When closing T-accounts, which of the following steps must be taken? Choose one answer.
. . Complete the following statement. The direct write-off method can only be used if the bad debt is: Choose one answer.
. . Helping Hands, a construction company, recorded the following for the current fiscal year: $220,000 in credit sales; $125,000 in cash sales; a $350,000 ending accounts receivable balance; and a $145,000 ending accounts payable balance. What is the accounts receivable turnover for Helping Hands? Choose one answer.
. . Ice Ice Cream, a new ice cream restaurant, allows customers to order food and pay with their Ice Ice Cream credit card. Currently there are 5 customers who have an outstanding balance that has not been paid for 9 months or more. What should the company do about these unreceived funds? Choose one answer.
. . Which of the following statements regarding how writing off a bad debt expense affects a company's accounts receivable balance is true? Choose one answer.
. . A customer purchases a computer from your retail store. The selling price is $1,200. The customer pays $200 in cash and charges the remaining balance on the store's credit card. The $1,000 charged would be recorded in which account? Choose one answer.
. . Community Builders is a local company that builds pine wood sheds to sell to homeowners. On February 15th, the company purchased $1,000 of pine wood ($1.25 per wood plank), and then the company purchased $850 more inventory when prices fell in April to $0.85 per wood plank. In the first 6 months of the current fiscal year, Community Builders sold 30 sheds (each shed uses 40 wood planks). What is the LIFO reserve for this inventory? Choose one answer.
. . Complete the following statement. The fundamental difference between FIFO and LIFO cost assumptions is: Choose one answer.
. . How are LIFO inventory numbers converted into FIFO inventory numbers? Choose one answer.
. . Which of the following best describes the difference between merchandising and manufacturing firms? Choose one answer.
. . Which of the following is NOT a type of inventory reporting method for a merchandising firm? Choose one answer.
. . You purchase a shipment of inventory on January 31st and another shipment March 15th of the same year. If you use the January 31st inventory first and record its price, then what type of inventory reporting method are you most likely using? Choose one answer.
. . Which of the following are needed to generate an income statement for a merchandising firm? Choose one answer.
. . Fill in the blanks. Depreciation is to ________________ as amortization is to __________________. Choose one answer.
. . How is impairment loss recorded in a T-account for a piece of machinery equipment? Choose one answer.
. . Using, straight-line depreciation, how much depreciation would be recorded each year for the value loss for a $10,000 school bus with a useful life of 15 years? Choose one answer.
. . Fill in the blanks. A company is able to _____________ the cost of acquiring a resource if the resource will provide the company with a tangible benefit for more than one fiscal year. Companies _________ costs that provide only one fiscal year's worth of benefits. Choose one answer.
. . How are indefinite-life intangible assets recorded on a company's balance sheet? Choose one answer.
. . Which of the following are examples of identified intangible assets? Choose one answer.
. . Which of the following best describes goodwill? Choose one answer.
. . Why would a company want to capitalize an intangible asset? Choose one answer.
. . Which of the following is NOT an example of an intangible asset? Choose one answer.
. . Complete the following statement. A bond issued with a coupon rate higher than the current interest rate is said to be issued at: Choose one answer.
. . How are bond prices calculated? Choose one answer.
. . Fill in the blank. A loan that has a payment life of 10 years is considered to be a(n) _______________ liability. Choose one answer.
. . Fill in the blank. Toys-A-Bunch's 2012 financial statements were recently released to the public. Revenues totaled $14.8 million, current assets totaled $21.89 million, current liabilities totaled $3.45 million, and long-term liabilities remained unchanged at $5.35 million. Toys-A-Bunch's ________ ratio was found to be 6.34. Choose one answer.
. . In 2011, Utility Queen recorded an EBIT (Earning before Income Tax) of $505,000; accounts receivables balance of $500,000; $25,000 in interest expenses; and $315,000 in long-term debt. What was the company's interest coverage ratio for 2011? Choose one answer.
. . In 2012, company AlphaBites generated a total revenue of $125,000 with $500,000 of total assets on the company's financial statements. The total overall expense for the fiscal year was recorded as $88,500. What was the asset turnover for this firm? Choose one answer.
. . In 2012, Utility Queen recorded an EBIT (Earning before Income Tax) of $535,000; $1.35 million in shareholder's equity; an accounts payable balance of $250,000; and $385,000 in total liabilities. What was the company's debt-to-equity ratio for 2011? Choose one answer.
. . Toys-A-Bunch's 2012 financial statements were recently released to the public. Revenues totaled $14.8 million, current assets totaled $21.89 million, current liabilities totaled $3.45 million, and long-term liabilities remained unchanged at $5.35 million. What is Toys-A-Bunch's working capital? Choose one answer.
. . Which of the equations is commonly used to determine a company's long-term solvency? Choose one answer.
. . In 2012, company AlphaBites generated a total revenue of $125,000 with $500,000 of total assets on the company's financial statements. The total overall expense for the fiscal year was recorded as $88,500. What was the ROA for this firm? Choose one answer.
. . Historical financial statement ratios are often used to generate future financial statements when financial analysts conduct which of the following? Choose one answer.
. . Platinum Enterprises, Inc. had a net income in 2010 of $1.2 million. In 2011, operations suffered after several plants were destroyed following an earthquake, and net income dropped to $650,000. How would this affect the return on equity ratio for 2011? (Assume shareholders' equity remains constant.) Choose one answer.
. . Review the following income statement for ABCD Builders. What can be concluded from the financial data? Choose one answer.
. . Which of the following is NOT a ratio that can be calculated to determine a company's profitability? Choose one answer.
. . A financial analyst examined the financial statements of a company from fiscal years: 2009, 2010, 2011, and 2012. This would be an example of which type of financial statement analysis? Choose one answer.
. . Which of the following is not part of measuring external transactions?Which of the following is not part of measuring external transactions? Making payments on all amounts owed.
Which of the following would usually not happen in a single transaction?Answer and Explanation: Reason: It is not possible that in single transaction assets increase and liability decrease because if assets increase and liability decrease then the accounting equation will get disbalance which is incorrect according to accounting rules and regulation.
Which step in the process of measuring external transactions?Answer and Explanation: The answer is b. Prepare a trial balance. Trial balance tests the equality of total debits and credits of all the accounts had reported during the period.
What is the major difference between an exchange transaction and a non?An exchange or exchange-like transaction is one in which each party receives and sacrifices something of approximate equal value. A non-exchange transaction is one in which one party receives something of value without directly giving value in exchange.
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Which of the following transactions would not be considered an external exchange?
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