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
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
3 Question: A service organized under state or federal statutes as a separate legal reality is a(n)____? Answer: coporation, group
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
5 Question: An info system that offers reports come stakeholders around the economic tasks and condition of a organization is _______? Answer: audit
6 Question: Moral principles that overview the command of individuals are dubbed _______? Answer: ethics
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
8 Question: A concept of accounting that requires that economic data be taped in dollars is the___ __ ____ concept. Answer: Unit of measure
9 Question: The resources owned through a service are called_______. Answer: assets
10 Question: The civil liberties of the owner are dubbed _______ _______. Answer: Owner’s same
11 Question: heritage = legal responsibility + owners equity is the ________ ________. Answer: bookkeeping Equation
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
13 Question: The liability created by a acquisition on account is referred to as a(n) ________ _________. Answer: Account Payable
14 Question: If liabilities room $85,000 and also owner’s equity is $45,000, the lot of the heritage is _______. Answer: $130,000
15 Question: If assets space $375,000 and owner’s equity is $295,000, the lot of the liabilities is ________. Answer: $80,000
16 Question: The lot a organization earns by selling items or solutions to its client is called _______. Answer: Revenue
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
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
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
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
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
22 Question: A type of service that changes straightforward inputs into assets that are offered to individual client is a(n) __________ business. Answer: production
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
24 Question: A business owned through one separation, personal, instance is referred to as a(n) Answer: single Proprietorship
25 Question: people whom the owners have actually authorized to operate the service are called Answer: supervisors
26 Question: Authoritative human body that has the main responsibility because that developing audit principles is the Answer: FASB
27 Question: FASB means what?? Answer: Financial accountancy Standards board
28 Question: The legal rights of creditors that represent debts that the service are called? Answer: legal responsibility
29 Question: Items such as supplies that will certainly be used in the business in the future are called Answer: Prepaid expenses
30 Question: A claim versus the client is referred to as an Answer: account Receivable
31 Question: If owner’s same is $46,000 and liabilities space $34,000, the lot of heritage is Answer: $80,000
32 Question: A summary of the revenue and expenses for a specific duration of time (month, year) is called a Answer: revenue Statement
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
34 Question: A list of assets, liabilities and owner’s equity together of a particular date is called Answer: Balance sheet
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
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
37 True or False Question:Accounting is often identified as the “language of business.”
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
39 True or False Question: Managerial bookkeeping uses estimated data instead of financial accounting data to run day-to-day operations
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.
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.
42 True or False Question:The debts of a service are called its accounts receivable.
43 True or False Question:A cooperation is owned by not less then 4 individuals.
44 True or False Question:A business transaction is the occurrence of an occasion or of a condition that should be recorded.
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.
46 True or False Question:A claim versus a customer because that sales make on credit transaction is an account payable.
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.
49 Earning Revenue rises assets, rises liabilities boosts one asset, decreases another asset to reduce assets, increases liabilities rises assets, boosts owner’s equity
50 Debts owed by a organization are described as heritage Liabilities equities revenue
51 Earning Revenue rises assets, increases liabilities rises one asset, decreases an additional asset decreases assets, increases liabilities boosts assets, rises owner’s equity
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
