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Exam 1: Accounting Information and Decision Making

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Question 81

Multiple Choice

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Which of the following is not a balance sheet item?

A) Assets.
B) Common stock.
C) Retained earnings.
D) Revenues.

E) All of the above
F) C) and D)

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Question 82

Multiple Choice

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The ending Retained Earnings balance of Boomer Inc. decreased by $1.0 million from the beginning of the year. The company declared a dividend of $5.4 million during the year. What was the net income earned during the year?

A) $7.5 million.
B) $6.4 million.
C) $4.4 million.
D) $1.0 million.

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

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Question 83

Multiple Choice

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The accounts that represent resources owed to creditors are called:

How many of the following transactions are operating activities? Borrowed $50,000 from the bank Purchased $12,000 in supplies Provide services to customers for $27,000 Paid the utility bill of $750 Purchased a delivery truck for $12,000 Received $25,000 from issuing common stock

Public accounting firms are professional service firms that traditionally have focused on three areas: auditing, tax preparation/planning, and business consulting.

The financial statement that represents the accounting equation is the:

On January 1, 2012, Gucci Brothers Inc. started the year with a $492,000 balance in Retained Earnings and a $605,000 balance in Common Stock. During 2012, the company earned net income of $92,000, paid a dividend of $15,200, and issued more common stock for $27,500. What is total stockholders' equity on December 31, 2012?

Financial statements are periodic reports published by the company for the purpose of providing information to managers.

Retained earnings represents the cumulative amount of net income earned over the life of the company that has not been distributed to stockholders as dividends.

Which financial statement reports a company's retained earnings?

The form of business organization that is legally separate from its owners is a:

DW has an ending Retained Earnings balance of $51,100. If during the year DW paid dividends of $4,300 and had net income of $22,500, then what was the beginning Retained Earnings balance?

Today, financial accounting and reporting standards in the United States are established primarily by the Financial Accounting Standards Board (FASB).

Which of the following is the correct order for preparing the financial statements?

Of the following, the most important objective for financial reporting is to provide information useful for:

Thomason Financial has the following cash transactions for the year. Assume cash at the beginning of the period is $6,000. Prepare a statement of cash flows.

The assumption that the assets and liabilities of the business are accounted for on the books of the company but not included in the records of the owner is the:

What is the primary purpose of financial accounting?

Which accounting number has the single greatest impact on stock prices?

The rules of financial accounting are called Generally Accepted Accounting Principles (GAAP).