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Test Bank for Fundamental Financial Accounting Concepts 11th Edition by Thomas Edmonds, Philip Olds, Christopher Edmonds, Mark Edmonds, Jennifer Edmonds $15.49   Add to cart
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Test Bank for Fundamental Financial Accounting Concepts 11th Edition by Thomas Edmonds, Philip Olds, Christopher Edmonds, Mark Edmonds, Jennifer Edmonds
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Test Bank for Fundamental Financial Accounting Concepts 11th Edition by Thomas Edmonds, Philip Olds, Christopher Edmonds, Mark Edmonds, Jennifer Edmonds Test Bank for Fundamental Financial Accounting Concepts 11th Edition by Thomas Edmonds, Philip Olds, Christopher Edmonds, Mark Edmonds, Jennifer E...

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  • October 14, 2024
  • 1598
  • 2024/2025
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  • Fundamental Financial Accounting Concepts 11th Ed
  • Fundamental Financial Accounting Concepts 11th Ed

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Test Bank for Fundamental Financial Accounting Concepts
11th Edition
by Thomas Edmonds, Philip Olds, Christopher Edmonds

,Student name:
H




1) IndicateHwhetherHeachHofHtheHfollowingHstatementsHaboutHmarketsHisHtrueHorHfalse.
a)HFinancialHresourcesHcanHbeHprovidedHtoHaHbusinessHbyHinvestors.
b)HResourceHownersHareHtheHbusinessesHthatHtransformHresourcesHintoHproductsHth
atHsatisfyHconsumerHdesires.
c)HLaborHresourcesHincludeHbothHtheHphysicalHandHintellectualHlaborHofHaHbusiness
'sHemployees.
d)HBusinessesHpurchaseHtheirHresourcesHfromHresourceHowners.
e)HConsumersHareHtheHmainHprovidersHofHresourcesHinHanyHmarket.




2) IndicateHwhetherHeachHofHtheHfollowingHstatementsHaboutHaccountingHinformationHisHtrueH
orHfalse.

a)HFinancialHaccountingHisHprimarilyHintendedHtoHsatisfyHtheHinformationHneedsH
ofHinternalHstakeholders.
b)HManagerialHaccountingHinformationHincludesHfinancialHandHnonfinancia
lHinformation.
c)HTheHaccountingHinformationHintendedHtoHsatisfyHtheHneedsHofHaHcompany'
sHemployeesHisHmanagerialHaccountingHinformation.
d)HGAAPHrequiresHthatHcompaniesHadhereHtoHfinancialHaccountingHstandards.
e)HManagerialHaccountingHinformationHisHusuallyHlessHdetailedHthanHfinancia
lHaccountingHinformation.


3) IndicateHwhetherHeachHofHtheHfollowingHstatementsHaboutHliabilitiesHisHtrueHorHfalse.

a)HAHnetHlossHonHtheHincomeHstatementHdecreasesHliabilities.
b)HTheHacquisitionHofHaHbankHloanHincreasesHbothHassetsHandHliabilities.
c)HTheHaccountingHequationHrequiresHthatHliabilitiesHbeHequalHtoHstockholders’Hequity.
d)HTheHamountHofHaHcompany'sHliabilitiesHisHequalHtoHtheHdifferenceHbetweenHitsHasse
tsHandHitsHstockholders’Hequity.
e)HLiabilitiesHareHreportedHonHtheHstatementHofHcashHflowsHofHaHbusiness.

,4) IndicateHwhetherHeachHofHtheHfollowingHstatementsHaboutHretainedHearningsHisHtrueHorHfalse.

a)HAHdividendHpaidHtoHstockholdersHdecreasesHretainedHearnings.
b)HIssuingHcommonHstockHforHcashHincreasesHretainedHearnings.
c)HTheHamountHofHnetHincomeHforHaHperiodHmustHequalHretainedHearnings.
d)HTheHpurchaseHofHaHtruckHdecreasesHretainedHearnings.
e)HNetHincomeHincreasesHretainedHearnings.


5) IndicateHwhetherHeachHofHtheHfollowingHstatementsHaboutHtheHtypesHofHtransactionsHisHtr
ueHorHfalse.

a)HAnHassetHsourceHtransactionHincreasesHtotalHassetsHandHincreasesHclaimsHtoHassets.
b)HTheHissuanceHofHstockHtoHownersHforHcashHwouldHbeHanHexampleHofHanHass
etHexchangeHtransaction.
c)HPurchasingHequipmentHforHcashHisHanHexampleHofHanHassetHuseHtransaction.
d)HPayingHaHdividendHtoHstockholdersHisHanHexampleHofHanHassetHuseHtransaction.
e)HMakingHaHpaymentHonHaHbankHloanHisHanHexampleHofHanHassetHexchangeHtransaction.




6) IndicateHwhetherHeachHofHtheHfollowingHstatementsHaboutHfinancialHstatementsHisHtrueH
orHfalse.

a)HAHcashHdividendHpaidHtoHstockholdersHisHreportedHinHtheHinvestingHactivitiesHsectio
nHofHtheHstatementHofHcashHflows.
b)HAHcashHdividendHpaidHtoHstockholdersHisHreportedHonHtheHstatementHofHchangesHi
nHstockholders'Hequity.
c)HAHcashHdividendHpaidHtoHstockholdersHisHreportedHonHtheHincomeHstatement.
d)HTheHbalanceHsheetHreportsHtheHendingHbalancesHofHpermanentHaccountsHasHofHtheHla
stHdayHofHtheHaccountingHperiod.
e)HChangesHinHretainedHearningsHduringHtheHaccountingHperiodHareHreportedHonHth
eHincomeHstatement.

, 7) IndicateHwhetherHeachHofHtheHfollowingHstatementsHaboutHstockholders’HequityHisHtrueH
orHfalse.

a)HExpensesHdecreaseHretainedHearnings.
b)HStockholders'HequityHandHliabilitiesHcanHbeHviewedHeitherHasHsourcesHofHassetsH
orHclaimsHtoHassetsHofHtheHbusiness.
c)HRetainedHearningsHisHincreasedHbyHloansHreceivedHfromHaHbank.
d)HDividendsHpaidHtoHstockholdersHdecreaseHcommonHstock.
e)HGenerally,HassetsHareHreportedHatHtheHactualHpriceHpaidHforHthemHwhenHpurchase
dHregardlessHofHsubsequentHchangesHinHmarketHvalue.

8) JessupHCompanyHwasHfoundedHinHYearH1.HItHacquiredH$45,000HcashHbyHissuingHstockHtoHi
nvestorsHandHanHadditionalH$15,000HcashHbyHborrowingHfromHcreditors.HDuringHYearH1HitHreceive
d
$25,000HcashHrevenuesHandHpaidH$32,000HinHcashHexpenses.HTheHcompanyHthenHwentHoutHofH
business.
Required:
a) ExplainHtheHterm,H"businessHliquidation."
b) WhatHamountHofHcashHshouldHJessupHCompanyHhaveHhadHonHhandHimmediatelyHbeforeHgoin
gHoutHofHbusiness?
c) WhatHamountHofHcashHwillHJessup'sHcreditorsHreceive?
d) WhatHamountHofHcashHwillHJessup'sHstockholdersHreceive?


9) BatesHCompanyHenteredHintoHtheHfollowingHtransactionsHduringHitsHfirstHyearHinHbusines
s.HAssumeHthatHallHtransactionsHinvolveHtheHreceiptHorHpaymentHofHcash.

1) IssuedHcommonHstockHtoHinvestorsHforH$25,000Hcash.
2) BorrowedH$18,000HfromHtheHlocalHbank.
3) ProvidedHservicesHtoHcustomersHforH$28,000.
4) PaidHexpensesHamountingHtoH$21,400.
5) PurchasedHaHplotHofHlandHcostingH$22,000.
6) PaidHaHdividendHofH$15,000HtoHitsHstockholders.
7) RepaidH$12,000HofHtheHloanHlistedHinHitemH2.
Required:
(a) FillHinHtheHthreeHcolumnHheadingsHofHtheHaccountingHequationHinHtheHfirstHrowHofHtheHtab
leHshownHbelow.
(b) ShowHtheHeffectsHofHtheHaboveHtransactionsHonHtheHaccountingHequation.

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