Exam (elaborations)
Advanced Financial Accounting, 13th Edition By Theodore Christensen,
- Course
- Institution
- Book
Advanced Financial Accounting, 13th Edition By Theodore Christensen,
[Show more]
Connected book
Book Title:
Author(s):
- Edition:
- ISBN:
- Edition:
More summaries for
-
Advanced Financial Accounting
-
Advanced Financial
-
TEST BANK For Advanced Financial Accounting 13th Edition By Theodore Christensen
Seller
Follow
kushboopatel6867
Reviews received
Content preview
Test Bank For Advanced Financial Accounting, 13thEdition By Theodore Christensen, Complete Chapters 1 -
20, Verified Newest Version
Financial statements can be prepared: (3 things) - ANSWER:Monthly, quarterly,
annually
True or false: The business entity, and not the owners, are viewed as owning the
resources and as owing the debts of the business. - ANSWER:True
The heading of a balance sheet for a company that has been in business for years
and has a June 30, 2011 year end would have: (3 things) - ANSWER:The name of the
business
The title "Balance Sheet"
At June 30, 2011
X Company purchased $5000 of supplies on credit. What does this affect and in what
way on the balance sheet? - ANSWER:Result in an increase in Accounts Payable on
the balance sheet.
The sum of what two elements equals stockholders' equity? - ANSWER:Retained
earnings and common stock
The three activities used to categorize cash inflows and outflows on the statement of
cash flows includes: - ANSWER:Operating, investing, and financing
Match each user of financial information with the type of decision:
Creditors -
Regulators -
Customers -
Managers - - ANSWER:Creditors - Decide whether to lend money
Regulators - Decide on social welfare issues
Customers - Decide whether to purchase products
Managers - Decide production and expansion
Retained Earnings definition - ANSWER:Profits earned by a company that have not
been paid to stockholders
Net Income = - ANSWER:Revenues - Expenses
Assets are initially recorded at: - ANSWER:Historical cost
What information appears on the statement of stockholders' equity? -
ANSWER:Dividends, ending balance of retained earnings, net income, beginning
balance of retained earnings.
, At December 31, Equate, Inc.'s assets equal $50,000 and liabilities equal $30,000.
Stockholders' equity must equal: - ANSWER:$20,000
The two sources of stockholders' equity are amounts: - ANSWER:Earned by the
corporation and paid in from shareholders
Equipment, land, and cash are examples of: - ANSWER:Assets
Transaction analysis is based on which two principles? - ANSWER:1. The accounting
equation remains in balance with each transaction
2. Every transaction affects at least two accounts
What accounting cycle steps describes the summarizing in ledger accounts? -
ANSWER:Dollars amounts from journal entries are copied (posted) to the
appropriate accounts in the ledger, so that account balances can be totaled.
Assets appear on the ____ side of the accounting equation - ANSWER:Left
What order do the three steps for entering a transaction in a journal go in? -
ANSWER:1. Enter name of account(s) debited and their amount(s)
2. Enter name of account(s) credited and their amounts(s)
3. Enter explanation
On the balance sheet, contributed capital appears under..? - ANSWER:Stockholders'
equity
M Company purchased a $30,000 pizza delivery truck in exchange for a 4-year note.
The company recorded this as a $30,000 debit to the Truck account and a $30,000
credit to Cash. As a result this entry's: (2 things) - ANSWER:Total liabilities are too
low & total assets are too low
The contributed capital account is increased with an entry on the ____ side of the T-
account. - ANSWER:Right
Accounting transactions are classified as which of the following? - ANSWER:External
transactions and internal transactions
Account payable is increased with an entry on the ____ side of the account. -
ANSWER:Right
Land, equipment, and buildings would be under which activity on the balance sheet -
ANSWER:Investing
A company made a $1,000 payment on its $100,000, 20-year mortgage. The
decrease in liabilities would be recorded with a ____ to Notes payable. -
ANSWER:Debit
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller kushboopatel6867. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $17.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
78998 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now