Presentation top top theme: "Chapter 1 test College Accounting. Question: An organization in which basic resources (inputs), such as materials and labor, are assembled and processed."— Presentation transcript:




You are watching: A type of business that changes basic inputs into products that are sold to individual customers.

1 thing 1 check College bookkeeping

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2 Question: An organization in which simple resources (inputs), such as materials and also labor, are assembled and processed to provide goods or solutions (outputs) to customers is a(n)__? Answer: company

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3 Question: A service organized under state or federal statutes as a separate legal reality is a(n)____? Answer: coporation, group

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4 Question: A human being or reality that has actually an attention in the economic performance the a service is referred to as a(n) _________? Answer: service Stakeholder

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5 Question: An info system that offers reports come stakeholders around the economic tasks and condition of a organization is _______? Answer: audit

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6 Question: Moral principles that overview the command of individuals are dubbed _______? Answer: ethics

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7 Question: A specialized field of accounting that uses estimated data to assist management in running day-to-day operations and also in plan future operations is dubbed _______ accounting. Answer: Managerial

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8 Question: A concept of accounting that requires that economic data be taped in dollars is the___ __ ____ concept. Answer: Unit of measure

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9 Question: The resources owned through a service are called_______. Answer: assets

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10 Question: The civil liberties of the owner are dubbed _______ _______. Answer: Owner’s same

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11 Question: heritage = legal responsibility + owners equity is the ________ ________. Answer: bookkeeping Equation

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12 Question: Carson available for sale at $75,000 floor that had actually been purchased because that $45,000. If Zimmer paid Carson $70,000 because that the floor – the amount Zimmer would document in the accountancy records is ______. Answer: $70,000

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13 Question: The liability created by a acquisition on account is referred to as a(n) ________ _________. Answer: Account Payable

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14 Question: If liabilities room $85,000 and also owner’s equity is $45,000, the lot of the heritage is _______. Answer: $130,000

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15 Question: If assets space $375,000 and owner’s equity is $295,000, the lot of the liabilities is ________. Answer: $80,000

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16 Question: The lot a organization earns by selling items or solutions to its client is called _______. Answer: Revenue

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17 Question: If operations because that an accounting period resulted in cash sales of $60,000, sales on account the $150,000, and also expenses paid in cash of $195,000, the net income or (net loss) because that the duration is ________. Answer: $15,000 Net income

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18 Question: A an overview of the transforms in the owner’s equity that have emerged during a specific period of time, such as a month or a year, is the _____ Answer: declare of Owner’s same

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19 Question: The owner’s same at the start of the period was $19,000; at the finish of the period, assets were $98,000 and also liabilities were $41,000. The owner made no extr investments or withdrawals throughout the period. The net revenue or (net loss) for the period is ___________. Answer: $38,000 Net income

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20 Question: The type of balance sheet the resembles the an easy format of the bookkeeping equation, with assets on the left side and also the liabilities and owner’s equity sections ~ above the ideal side, is called the ________ form. Answer: Account

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21 Question: If full assets boosted by $85,000 and also liabilities lessened by $9,000 during the period, the amount and direction (increase or decrease) that the period’s adjust in owner’s equity was _______. Answer: $94,000 increase

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22 Question: A type of service that changes straightforward inputs into assets that are offered to individual client is a(n) __________ business. Answer: production

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23 Question: A kind of business that purchases assets from various other businesses and also sells them to a client is a(n) _________ company Answer: Merchandising

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24 Question: A business owned through one separation, personal, instance is referred to as a(n) Answer: single Proprietorship

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25 Question: people whom the owners have actually authorized to operate the service are called Answer: supervisors

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26 Question: Authoritative human body that has the main responsibility because that developing audit principles is the Answer: FASB

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27 Question: FASB means what?? Answer: Financial accountancy Standards board

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28 Question: The legal rights of creditors that represent debts that the service are called? Answer: legal responsibility

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29 Question: Items such as supplies that will certainly be used in the business in the future are called Answer: Prepaid expenses

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30 Question: A claim versus the client is referred to as an Answer: account Receivable

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31 Question: If owner’s same is $46,000 and liabilities space $34,000, the lot of heritage is Answer: $80,000

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32 Question: A summary of the revenue and expenses for a specific duration of time (month, year) is called a Answer: revenue Statement

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33 Question: If operations because that an accounting duration resulted in cash sales the $90,000, sales ~ above account the $40,000, and also expenses payment in cash of $135,000, the net income or loss for the period is ? Answer: net loss that $5,000

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34 Question: A list of assets, liabilities and owner’s equity together of a particular date is called Answer: Balance sheet

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35 Question: The owner’s equity at the start of the period was $46,000; in ~ the end of the period, assets to be $99,000 and liabilities were $22,000. If the owner made an additional investment of $10,000, and also withdrew $8,000 during the period, the net income or net loss would certainly be Answer: $29,000 Net earnings

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36 Question: The audit concept the requires financial data be taped in dollars is A. Cost ide B. Objectivity principle C. Company entity concept D. Unit the measure principle

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37 True or False Question:Accounting is often identified as the “language of business.”

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38 True or False Question: Accountants that render bookkeeping services on a fee basis and also staff accountants employed by castle are stated to be involved in private bookkeeping

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39 True or False Question: Managerial bookkeeping uses estimated data instead of financial accounting data to run day-to-day operations

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40 True or False Question: The concept that expenses incurred in generating revenue have to be matched against the revenue in identify net earnings or net loss is dubbed the cost concept.

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41 True or False Question:The financing activities section the the statement of cash flows has cash transactions that go into into the determination of net income.

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42 True or False Question:The debts of a service are called its accounts receivable.

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43 True or False Question:A cooperation is owned by not less then 4 individuals.

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44 True or False Question:A business transaction is the occurrence of an occasion or of a condition that should be recorded.

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45 True or False Question:A an overview of the changes in the owner’s same of a organization entity the have emerged during a specific duration of time, such together a month or a year, is dubbed a declare of cash flows.

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46 True or False Question:A claim versus a customer because that sales make on credit transaction is an account payable.

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47 True or False Question: an account payable is a claim versus a customer arising from a sale that enables the client to pay later.

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48 True or False Question: If complete assets enhanced by $75,000 during a specific period and liabilities reduced by $10,000 during the exact same period, the period’s adjust in complete owner’s equity was an $85,000 increase.

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49 Earning Revenue rises assets, rises liabilities boosts one asset, decreases another asset to reduce assets, increases liabilities rises assets, boosts owner’s equity

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50 Debts owed by a organization are described as heritage Liabilities equities revenue

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51 Earning Revenue rises assets, increases liabilities rises one asset, decreases an additional asset decreases assets, increases liabilities boosts assets, rises owner’s equity

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52 how does the acquisition of supplies on account affect the audit equation? legacy increase; legal responsibility decrease heritage increase; owner’s equity boosts Assets increase; liabilities increase Liabilities increase; owner’s equity decreases

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