Presentation top top theme: "Chapter 1 check College Accounting. Question: An company in which simple resources (inputs), such as materials and labor, space assembled and processed."— Presentation transcript:
You are watching: A(n) _________________ changes basic inputs into products that are sold to customers.
1 thing 1 test College accountancy
2 Question: An company in which straightforward resources (inputs), such together materials and also labor, room assembled and also processed to carry out goods or solutions (outputs) to customers is a(n)__? Answer: organization
3 Question: A organization organized under state or federal statutes as a separate legal entity is a(n)____? Answer: corporation
4 Question: A human or entity that has an attention in the economic performance the a business is called a(n) _________? Answer: company Stakeholder
5 Question: An information system that offers reports to stakeholders around the economic activities and problem of a business is _______? Answer: audit
6 Question: Moral ethics that guide the conduct of individuals are referred to as _______? Answer: values
7 Question: A committed field of bookkeeping that uses approximated data to help management in running day-to-day operations and also in to plan future work is referred to as _______ accounting. Answer: Managerial
8 Question: A principle of audit that requires that economic data be taped in dollars is the___ __ ____ concept. Answer: Unit of measure up
9 Question: The sources owned by a company are called_______. Answer: assets
10 Question: The civil liberties of the owner are called _______ _______. Answer: Owner’s same
11 Question: heritage = legal responsibility + owners equity is the ________ ________. Answer: audit Equation
12 Question: Carson offered for sale at $75,000 land that had actually been purchased for $45,000. If Zimmer paid Carson $70,000 for the floor – the amount Zimmer would record in the bookkeeping records is ______. Answer: $70,000
13 Question: The liability created by a purchase on account is described as a(n) ________ _________. Answer: Account Payable
14 Question: If liabilities are $85,000 and also owner’s same is $45,000, the quantity of the heritage is _______. Answer: $130,000
15 Question: If assets space $375,000 and also owner’s equity is $295,000, the amount of the legal responsibility is ________. Answer: $80,000
16 Question: The lot a business earns through selling products or solutions to its client is dubbed _______. Answer: Revenue
17 Question: If operations for an accounting period resulted in cash sales of $60,000, sales on account of $150,000, and expenses paid in cash that $195,000, the net revenue or (net loss) for the duration is ________. Answer: $15,000 Net revenue
18 Question: A review of the changes in the owner’s equity the have emerged during a specific duration of time, such as a month or a year, is the _____ Answer: statement of Owner’s equity
19 Question: The owner’s same at the start of the duration was $19,000; in ~ the finish of the period, assets were $98,000 and also liabilities were $41,000. The owner make no additional investments or withdrawals during the period. The net earnings or (net loss) for the duration is ___________. Answer: $38,000 Net income
20 Question: The type of balance sheet that resembles the straightforward format the the accountancy equation, through assets top top the left side and also the liabilities and owner’s same sections top top the appropriate side, is referred to as the ________ form. Answer: Account
21 Question: If total assets increased by $85,000 and also liabilities lessened by $9,000 throughout the period, the amount and also direction (increase or decrease) that the period’s adjust in owner’s equity to be _______. Answer: $94,000 boost
22 Question: A form of service that changes basic inputs into products that are marketed to individual client is a(n) __________ business. Answer: production
23 Question: A kind of service that purchases commodities from various other businesses and also sells them come a customer is a(n) _________ service Answer: Merchandising
24 Question: A service owned through one individual is dubbed a(n) Answer: single Proprietorship
25 Question: people whom the owners have authorized to run the organization are referred to as Answer: supervisors
26 Question: Authoritative body that has the primary responsibility for developing bookkeeping principles is the Answer: FASB
27 Question: FASB stands for what?? Answer: Financial audit Standards plank
28 Question: The civil liberties of creditor that represent debts of the business are called? Answer: legal responsibility
29 Question: Items together as offers that will be supplied in the organization in the future are called Answer: Prepaid prices
30 Question: A claim against the client is referred to as an Answer: accounts Receivable
31 Question: If owner’s same is $46,000 and liabilities are $34,000, the lot of assets is Answer: $80,000
32 Question: A an overview of the revenue and expenses because that a specific duration of time (month, year) is dubbed a Answer: income Statement
33 Question: If operations because that an accounting period resulted in cash sales that $90,000, sales ~ above account that $40,000, and also expenses paid in cash the $135,000, the net income or loss for the period is ? Answer: net loss of $5,000
34 Question: A list of assets, liabilities and also owner’s equity as of a particular date is dubbed Answer: Balance paper
35 Question: The owner’s same at the beginning of the period was $46,000; at the end of the period, assets were $99,000 and liabilities were $22,000. If the owner made second investment of $10,000, and withdrew $8,000 during the period, the net income or net loss would be Answer: $29,000 Net income
36 Question: The audit concept the requires financial data be taped in dollars is A. Cost concept B. Objectivity ide C. Business entity principle D. Unit of measure concept
37 True or False Question:Accounting is often defined as the “language that business.”
38 True or False Question: Accountants who render bookkeeping services ~ above a dues basis and staff accountants work by them are said to be engaged in private audit
39 True or False Question: Managerial accounting uses approximated data rather of financial bookkeeping data to operation day-to-day operations
40 True or False Question: The principle that prices incurred in generating revenue need to be matched versus the revenue in determining net earnings or network loss is called the price concept.
41 True or False Question:The financing activities section that the statement of cash flows has cash transactions that go into into the decision of network income.
42 True or False Question:The fan of a service are called its account receivable.
43 True or False Question:A partnership is own by not less then four individuals.
44 True or False Question:A organization transaction is the event of an event or of a condition that should be recorded.
45 True or False Question:A review of the changes in the owner’s same of a company entity the have occurred during a specific period 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 for sales made on credit transaction is an account payable.
47 True or False Question: one account payable is a claim versus a customer emerging from a revenue that enables the client to salary later.
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48 True or False Question: If complete assets boosted by $75,000 throughout a specific duration and liabilities diminished by $10,000 throughout the very same period, the period’s change in full owner’s equity to be an $85,000 increase.
49 Earning Revenue rises assets, boosts liabilities rises one asset, decreases another asset to reduce assets, rises liabilities increases assets, rises owner’s same
50 Debts fan by a organization are referred to as heritage Liabilities equities revenue
51 Earning Revenue boosts assets, rises liabilities rises one asset, decreases an additional asset reduce assets, rises liabilities increases assets, boosts owner’s same
52 how does the acquisition of gives on account influence the accounting equation? assets increase; liabilities decrease legacy increase; owner’s equity boosts Assets increase; liabilities rise Liabilities increase; owner’s equity decreases