100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
TEST BANK - McGraw-Hill Financial Accounting 6th Edition By Spiceland, Thomas and Herrmann, Verified Chapters 1 - 12, Complete Version $18.49   Add to cart
Quickly navigate to
Preview
  2.  
  3. Spiceland, Financial Accounting 6th Edition
  4.  
  5. Spiceland, Financial Accounting 6th Edition

Exam (elaborations)

TEST BANK - McGraw-Hill Financial Accounting 6th Edition By Spiceland, Thomas and Herrmann, Verified Chapters 1 - 12, Complete Version
 0 view  0 purchase
  • Course
  • Spiceland, Financial Accounting 6th Edition
  • Institution
  • Spiceland, Financial Accounting 6th Edition

TEST BANK - McGraw-Hill Financial Accounting 6th Edition By Spiceland, Thomas and Herrmann, Verified Chapters 1 - 12, Complete Version

Preview 4 out of 218  pages

Document information

  • November 14, 2024
  • 218
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

Connected book

book image

Book Title:

Author(s):

  • Edition:
  • ISBN:
  • Edition:

More summaries for

All for this textbook (20)

Written for

  • Spiceland, Financial Accounting 6th Edition
  • Spiceland, Financial Accounting 6th Edition

Seller

avatar-seller
Nursestar1

Reviews received

Content preview

,DOWNLOAD THE Test Bank for Financial Accounting 6th Edition Spiceland
pp pp pp pp pp pp pp pp pp




Financial Accounting 6th Edition by Spiceland CH01 pp pp pp pp pp pp




ESSAY. Write your answer in the space provided or on a separate sheet of paper.
pp pp pp pp pp pp pp pp pp pp pp pp pp pp


1) Match each business activity with its example.
pp pp pp pp pp pp


1.A) Purchase office building.
pp pp pp



2.B) Pay utilities.
pp pp



3.C) Receive investments from
pp pp pp



stockholders.Operating
pp p


Financing p



Investing




2) Match each financial statement with the accounts reported on it:
pp pp pp pp pp pp pp pp pp



1.A) Dividends.
pp



2.B) Assets and liabilities.
pp pp pp


3.C) Revenues and
pp pp



expenses.Income statement
pp p pp



Statement of stockholders' pp pp


equityBalance sheet
pp p pp




3) Match each organization to its role: pp pp pp pp pp



1.A) Ensure that auditors follow strict guidelines when conducting their audits.
pp pp pp pp pp pp pp pp pp pp



2.B) Independent, private-sector group that is primarily responsible for setting
pp pp pp pp pp pp pp pp pp



financialreporting rules in the United States.
pp p pp pp pp pp pp



3.C) Develop a single set of high-quality, understandable global accounting standards.
pp pp pp pp pp pp pp pp pp pp


4.D) Enforce proper application of financial reporting rules for companies whose
pp pp pp pp pp pp pp pp pp pp



securities arepublicly traded.
pp pp p pp



Financial Accounting Standards Board pp pp pp



Public Company Accounting Oversight
pp pp pp pp


BoardInternational Accounting Standards
pp p pp pp


Board Securities and Exchange
pp pp pp pp



Commission
pp




Version 1
1
pp
mynursytest.store

,DOWNLOAD THE Test Bank for Financial Accounting 6th Edition Spiceland
pp pp pp pp pp pp pp pp pp




Financial Accounting 6th Edition by Spiceland CH01
pp pp pp pp pp pp




4) Match each qualitative characteristic with its definition:
pp pp pp pp pp pp



1.A) All information necessary to describe an item is reported.
pp pp pp pp pp pp pp pp pp


2.B) Information provides feedback on past activities.
pp pp pp pp pp pp


3.C) Information is presented in time to make useful decisions.
pp pp pp pp pp pp pp pp pp



4.D) Information is useful in helping to forecast future outcomes.
pp pp pp pp pp pp pp pp pp



5.E) Measurements that independent parties would agree upon.
pp pp pp pp pp pp pp


6.F) Information that does not bias the decision
pp pp pp pp pp pp pp


maker.Predictive value
pp p pp



Confirmatory
valueVerifiability
pp p



Timeliness
pp



Neutrality
pp


Completeness
pp




5) For each transaction, indicate whether a company would classify the related account
pp pp pp pp pp pp pp pp pp pp pp



as anasset, liability, stockholders' equity, dividend, revenue, or expense.
pp pp p pp pp pp pp pp pp pp


Transactions Related Accounts pp



1. Receive cash from investors. pp pp pp Common Stock pp


2. Pay rent for the current period.
pp pp pp pp pp Rent Expense pp



3. Purchase office equipment. pp pp Equipment
4. Pay cash to stockholders.
pp pp pp Dividends
5. Provide services to customers. pp pp pp Service Revenue pp




Version 2
1
pp
mynursytest.store

, DOWNLOAD THE Test Bank for Financial Accounting 6th Edition Spiceland
pp pp pp pp pp pp pp pp pp




Financial Accounting 6th Edition by Spiceland CH01
pp pp pp pp pp pp




6) Account classifications include assets, liabilities, stockholders' equity,
pp pp pp pp pp pp



dividends,revenues, and expenses. Indicate the account classification for each
pp p pp pp pp pp pp pp pp pp



account name. Account Classifications
pp pp pp Accounts Related
pp p p


Transactions
pp


1. pp pp Common Stock Sell common stock to
pp pp pp pp


investors.
2. pp pp Cash Receive cash pp


fromcustomers. pp p


3. pp pp Salaries Payable Incur amounts owed to
pp pp pp pp


employees.
4. pp pp Service Revenue Sell services to
pp pp pp


5. pp pp customers.Utilities Expense
pp Incur cost of p pp p p pp pp


6. pp pp utilities.
pp



Supplies Purchase of pp


officesupplies. pp p


7. pp pp Advertising Pay for cost p pp pp


Expense ofadvertising. pp p


8. pp pp Buildings Purchase building pp


foroperations. pp p


9. pp pp Accounts Payable Purchase supplies on
pp pp pp


credit.
10. pp pp Dividends Distribute cash pp


tostockholders. pp p




7) Indicate whether a company would classify the transaction as financing,
pp pp pp pp pp pp pp pp pp



investing, oroperating.
pp pp p


Transactions
1. Receive cash from investors. pp pp pp



2. Pay rent for the current period.
pp pp pp pp pp



3. Purchase office equipment. pp pp


4. Pay cash to stockholders.
pp pp pp



5. Provide services to customers.pp pp pp




Version 3
1
pp
mynursytest.store

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

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

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

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 Nursestar1. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $18.49. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

80467 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$18.49
  • (0)
  Add to cart