INSTRUCTIONS: Answer the following questions or complete the statements by writing the appropriate words or amounts in the Answers column. Answers 0. An information system that provides essential information about the economic activities of an entity is called accounting ..... 1. A business owned by one individual is called a(n) 2. A business entity in which ownership is divided up into shares is called a(n) 3. Accountants who provide services to many clients are engaged in 4. Resources owned by a business are called 5. A business entity in which ownership is shared by several individuals is called a(n) 6. Principles that guide the conduct of businesses are referred to as 7. Rules of accounting and disclosure for financial reporting are 8. The expression "Assets = Liabilities + Owner's Equity" is known as the 9. The four most common financial statements for a proprietorship are: а. b. с. d. 10. Amounts owed by customers that result from sales on account are referred to as

INSTRUCTIONS: Answer the following questions or complete the statements by writing the appropriate words or amounts in the Answers column. Answers 0. An information system that provides essential information about the economic activities of an entity is called accounting ..... 1. A business owned by one individual is called a(n) 2. A business entity in which ownership is divided up into shares is called a(n) 3. Accountants who provide services to many clients are engaged in 4. Resources owned by a business are called 5. A business entity in which ownership is shared by several individuals is called a(n) 6. Principles that guide the conduct of businesses are referred to as 7. Rules of accounting and disclosure for financial reporting are 8. The expression "Assets = Liabilities + Owner's Equity" is known as the 9. The four most common financial statements for a proprietorship are: а. b. с. d. 10. Amounts owed by customers that result from sales on account are referred to as

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter1: Introduction To Accounting

Section: Chapter Questions

Problem 2SEB: ACCOUNTING PROCESS Match the following steps of the accounting process with their definitions....

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ACCOUNTING PROCESS Match the following steps of the accounting process with their definitions. Analyzinga. Telling the results Recordingb. Looking at events that have taken place and thinking about how they affect the business Classifying Summarizingc. Deciding the importance of the various reports Reportingd. Aggregating many similar events to provide information that is easy to understand Interpretinge. Sorting and grouping like items together f. Entering financial information into the accounting system
What is the accounting equation? List two examples of business transactions, and explain how the accounting equation would be impacted by these transactions.
List the three basic questions that must be answered when analyzing the effects of a business transaction on the accounting equation.
CHOOSE A, B,C OR D Management accounting serves following purposes:A. provision of information used by management of a business entity for decision making, planning and performance evaluationB. producing general purpose financial statementsC. meeting regulatory requirementsD. display the income and expenditure for the company and a summary of the assets, liabilities, and shareholders or owners’ equity of the company on the date the accounts were prepared to by usage of Double-entry accounting systemAnswer the question and explain why did you pick this answer
Directions: THE EVENTS COMMON TO THE ACCOUNTING FUNCTION OF A BUSINESS ENTITY ARE LISTED BELOW. ON THE NUMBERED SPACES PROVIDED, PLACE THE LETTERS OF THE EVENTS IN THE SEQUENCE IN WHICH THEY WOULD LOGICALLY OCCUR, 1 BEING THE FIRST, AND 10 THE LAST. ACCOUNTING FUNCTIONS A – Determining ledger account balances F – Posting from the journal to the ledger B – Analyzing the transactions G – Preparing a business document C – Preparing the Statement of Financial H – Preparing a Statement of Comprehensive Position Income D – Preparing the trial balance I - Journalizing the transactions E – Occurrence of a business transactions J - Preparing the statement of owner’s equity
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An information system that provides reports to stakeholders about the economic activities and condition of a business is called _______________________. Group of answer choices communication networking financial statements accounting
MULTIPLE CHOICE: 1. These users need accounting information in evaluating the stability of the business in so far as their job security, future remuneration, and career growth and opportunities are concerned. A. Employees B. Creditors C. Auditors D. Regulatory authorities 2. All of the following describe accounting describe accounting, except A. A service activity B. An information system C. A universal language of business D. An exact science rather than an art.
Private accounting as a sub-discipline of accounting, includes: Select one: a. Tax consultancy b. Management accounting c. Management advisory services d. External auditing Person who manages all of a firm's accounting activities. Select one: a. Controller b. Accounting staff c. Payroll manager The basic function of financial accounting is to Select one: a. Record all business transactions b. Interpret financial data c. Assist the management in performing functions effectively d. No correct answer
Centify which branch or field of accounting provides the functions and services stated below. Choose from the choices given. financial accounting management accounting tax accounting accounting education forensic accounting cost accounting government accounting auditing fiduciary accounting 1. Validation of financial statements 2. Preparation of tax returns 3. Presentation of cost incurred in business operations 4. Accounting for public funds 5. Recording and presentation of financial records to external users 6. Accounting to help managers and owners plan and manage their business 7. Development of accounting curriculum in educational institutions 8. Provision of guidance for compliance to tax obligations 9. Management of the business, possessions, and or property of another individual party 10. Branch of accounting involved in criminal or civil cases investigation
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