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Exam 1: Accounting As a Form of Communication

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Question 1

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Which one of the following is not one of the three activities included in the definition of accounting?

A) Communicating
B) Identifying
C) Measuring
D) Operating

E) A) and C)
F) A) and B)

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Question 2

Multiple Choice

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Which one of the following is a correct expression of the accounting equation?

A) Assets + Liabilities = Owners' Equity
B) Assets = Liabilities ­ Owners' Equity
C) Assets + Owners' Equity = Liabilities
D) Assets = Liabilities + Owners' Equity

E) A) and B)
F) A) and C)

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Question 3

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Read the information for Taryn Corporation.Prepare an income statement for Taryn Corporation in good form.

The time period assumption assumes a company prepares financial statements every month.

Bondholders are internal users of company's accounting information.

The federal government agency with the ultimate authority to determine the rules in preparing statements for companies whose stock is sold to the public is the __________________________________________________.

The following information is provided by the Centos Corporation: What is the net income for Centos Corp.?

The independent auditor's report conveys whether or not the business is a good investment.

The term used to refer to an asset's original cost is "historical cost."

Which one of the following items appears on a balance sheet?

The three forms of business entities are:

The Internal Revenue Service IRS) recognizes the separate existence of a proprietorship from its owner.

The amount of earnings distributed to stockholders can be found in the income statement.

The statement of retained earnings accomplishes which of the following?

The inflow of assets resulting from the sale of products and services is called an)

All of the following are examples of retailers except:

GAAP stands for Generally Accepted Auditing Procedures.

Native Mike's Consultants had the following balance sheet amounts at the beginning of the year: During the year, total assets increased by $100,000 and total liabilities increased by $40,000.The company also paid $30,000 in dividends.No other transactions occurred except revenues and expenses.How much is net income for the year?

Which of the following statements best describes the term "revenues"?

A liability is a future economic benefit to a business.