Accounting Essay 7

At the end of 2011, contain gain for the Bisk political party was $1,750. taxation earned by the company in 2011 was $2,000, expenses give during the stop consonant were $1,100, and dividends give during the period were $500. Based on this tuition al unitary, retained meshwork at the ancestry of 2011 was pic pic $850. picpic $1,350. pic $4,000. pic $2,150. primarily accepted report principles stands for pic pic Generall(a)y permit Auditing Principles pic Government Authorized account logical argument Procedures pic Generally Applied Accounting Procedures picpic Generally Accepted Accounting Principles The thorough equity of Timberlake ph integrityr at the beginning of 2011 arriveed to $3,500.During 2011 the company reported net income of $1,800 and paid a $500 dividend. If retained earnings at the end of 2011 is $2,cc, what was beginning contributed cap? pic pic $2,100 pic $3,100 pic $four hundred picpic $2,600 Which of the by-line could represent the effect of an plus source transaction on a companys pecuniary statements? pic pic pic pic pic pic picpic pic pic pic The Mason Company is a manufacturer of fine billet furnishings.Which term best describes Masons role in society? pic pic Regulatory Agency picpic renewing Agent pic Consumer pic Resource Owner Which of the by-line could describe the effects of an asset commutation transaction on a companys pecuniary statements? pic pic pic pic pic pic picpic pic pic pic Which of the following groups has the primary responsibility for establishing generally accepted accounting principles for business entities in the United States? pic pic U. S. Congress. pic Internal Revenue Service. picpic monetary Accounting Standards Board. pic International Accounting Standards Board. During 2011, Childress Company earned $800 of cash revenue, paid $400 of cash expenses, and paid a $200 cash dividend to its owners. Based on this information alone, pic pic net income amoun ted to $400. pic total assets increased by $200. picpic cash inflow from operating activities was $400. pic all of these are correct. Dividends paid by a company are shown on the pic pic income statement. picpic statement of changes in stockholders equity. pic statement of cash flows. pic two b and c. Asset use proceeding always involve the payment of cash. pic picpic certain pic wrong The Sarbanes-Oxley Act includes several world-shaking reforms that affect the auditing profession, but it did not trend an audit firms ability to provide non-audit function to its audit clients. pic pic True picpic ill-judged Which of the following is not a common own of ethical misconduct? pic pic The capacity to rationalize. pic The mien of an opportunity. pic The mankind of pressure leading to an incentive. picpic The existence of a strong system of midland controls. after(prenominal) closing, only balance airplane accounts rich person non-zero balances. pic picpic True pic False After closing, only balance sheet accounts fork out non-zero balances. pic picpic True pic False Policies and procedures designed to quail the opportunities for fraud are often called pic picpic sexual controls pic accounting principles pic asset source transactions pic financial systems Aaronson Company experienced an accounting event that affected its financial statements as indicated below pic Which of the following accounting events could have authord these effects on ABCs statements? pic pic accepted accrued salaries owed to employees. picpic Earned revenue on account. pic Issued common stock. pic bargain ford equipment on account. The ethical standards for cognizant public accountants simply require that such accountants comply with applicable laws and regulations. pic pic True picpic False Which of the following is not a atom of the fraud triangle? pic pic Rationalization pic instancy pic Opportunity picpic Trust The purpose of the accum ulation basis of accounting is to pic pic Improve the companys earnings per share. picpic Report revenue when received. pic Improve the interconnected of revenue and expense in the comme il faut period. pic Report expenses when cash disbursements are made. A liability account normally has a account balance. pic pic True picpic False The financial statement ratio that may be of greatest interest to a companys stockholders is the amount of its return on equity. pic picpic True pic False A high value of the debt to asset ratio may indicate that a company has a high take of debt risk. pic picpic True pic False Which of the following errors would cause the debit berth of a streamlet balance to be larger than the recognition incline? pic pic Revenue earned on account was recorded with a debit to Cash and a deferred payment to Revenue. pic Purchase of supplies on account was recorded with a attribute to Supplies and a debit to Accounts Payable. picpic orbit purchased with cash was recorded with a debit to the Land account and a credit to Accounts Payable. pic None of these. The Armstrong Corporation recorded a business event using T-accounts as follows pic Which of the following reflects how this event affects the companys financial statements? pic pic picpic pic pic pic pic pic pic pic When a company receives cash in pass around from a customer, it should debit Cash and credit Accounts Receivable. pic pic True picpic False The left human face of a T-account is known as the pic pic Claims side picpic Debit side pic Credit side pic Equity side Debits decrease asset accounts. pic pic True picpic False Double immersion accounting requires that every entry must include at least one debit and at least one credit. pic picpic True pic False KMR Company provided restore service of $2,800 to a customer who paid $1,300 and promised to pay the remainder next month. Which of the following journal entries correctly records this transact ion? pic pic pic picpic pic pic pic pic pic