Which of the following statements is false concerning forms of business organization?
a. A corporation has tax advantages over the other forms of business organization.
Which of the following statements regarding business activities is true?
b. Financing activities include obtaining the funds necessary to begin and operate a business.
What is the total of Marker's current assets?
$14,500
What is Marker's stockholders' equity?
$17,500
Which of the following is not one of the four basic financial statements?
Auditor's report
Which of the following statements concerning retained earnings is true?
C. Retained earnings represents accumulation of the income that has not been distributed as dividends.
What is the stockholders' equity for Pitt at December 31?
$6,600
What was Grant's net income?
$12,900
Which of the following is NOT a qualitative characteristic of useful information?
Conservatism
What principle requires that expenses be recorded/reported during the same period as the revenues that it helped create?
Expense Recognition (Matching)
At what point would the event be recorded in Taylor's accounting system?
When Taylor receives the asset from the seller.
The effects of purchasing inventory on credit are to:
Increase assets and increase liabilities.
The effects of paying salaries for the current period are to:
Decrease assets and decrease stockholders' equity
Debits will:
Increase assets, expenses, and dividends
Accounts Receivable
Asset
Accounts Payable
Liability
Net Income
Stockholders' Equity (Retained Earnings)
Cash
Asset
Notes Payable
Liability
Unearned Revenue
Liability
Common Stock
Stockholders' Equity (Contributed Capital)
Dividends
Stockholders' Equity (Retained Earnings)
Equipment
Asset
Which of these is NOT a current asset?
Property, Plant, and Equipment