These are the resources owned or controlled by a business.
What is an ASSET
100
what is one example of a liability account.
What is accounts payable, wages payable,
100
Ownership of a corporation is divided into units called....
What is shares of stock
100
These three items make up the accounting equation.
What is A = L + E
100
This is the result of REVENUES exceeding EXPENSES
What is NET INCOME
200
A parcel of land is: offered for sale at $150,000, assessed for tax purposes at $95,000, recognized by its purchasers as being worth $140,000, and purchased for $137,000. The land should be recorded in the purchaser's books at:
What is $137,000.
200
what is the term for a liability the promises a future outflow of resources.
What is a payable.
200
The difference between a company's assets and its liabilities is:
What is Equity
200
This is an agency of the federal government that establishes reporting requirements for companies that issue stock to the public.
What is the SEC (Securities and exchange commission)
200
This financial statement is based on the accounting equation.
What is the balance sheet.
300
The distribution of assets to stockholders is called a(n
What is Dividend
300
Photometer Company paid off $30,000 of its accounts payable in cash. What would be the effects of this transaction on the accounting equation?
What is decrease liabilities by $30,000 and decrease Assets by $30,000.
300
If the assets of a business increased $89,000 during a period of time and its liabilities increased $67,000 during the same period, equity in the business must have:
What is Increased $22,000
300
In this area of accounting, information is provided to internal users to assist the decision making needs within a company.
What is Managerial Accounting
300
If equity is $300,000 and liabilities are $192,000, then assets equal:
What is $492,000.
400
Assets created by selling goods and services on credit are:
What is Accounts Receivable
400
If the assets of a business increased $15,000 during a period of time and its equity decreased $4,000 during the same period, liabilities in the business must have:
What is Increased $19,000
400
if a company pays $10,000 in dividends on 12/31/2013, this will have ____ impact on equity. (increase/decrease/no impact)
What is DECREASE equity.
400
this private group sets both broad and specific accounting principles.
What is the financial accounting standards board
400
which financial statement reports how retained earnings changes over a period of time.
What is the statement of retained earnings.
500
Viscount Company collected $42,000 cash on its accounts receivable. How does this transaction affect the company's accounting equation?
What is Assets, liabilities, and equity are unchanged
500
If the liabilities of a business increased $75,000 during a period of time and the equity in the business decreased $30,000 during the same period, the assets of the business must have:
What is Increased $45,000
500
If a company has $100,000 in sales and $80,000 in expenses, this will have ____ impact on equity (increase/decrease/no impact)
What is INCREASE (NET INCOME = REVENUES - EXPENSES)
500
These are the concepts and rules for preparing financial statements.
What is Generally accepted accounting principles.
500
How would the accounting equation of Boston Company be affected by the billing of a client for $10,000 of consulting work completed?
What is +$10,000 accounts receivable, +$10,000 consulting revenue.