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TEST BANK - McGraw-Hill Financial Accounting 6th Edition By Spiceland, Thomas and Herrmann, Verified Chapters 1 - 12, Complete Version $18.49
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TEST BANK - McGraw-Hill Financial Accounting 6th Edition By Spiceland, Thomas and Herrmann, Verified Chapters 1 - 12, Complete Version
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TEST BANK - McGraw-Hill Financial Accounting 6th Edition By Spiceland, Thomas and Herrmann, Verified Chapters 1 - 12, Complete Version

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  • November 14, 2024
  • 218
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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,DOWNLOAD THE Test Bank for Financial Accounting 6th Edition Spiceland
pp pp pp pp pp pp pp pp pp




Financial Accounting 6th Edition by Spiceland CH01 pp pp pp pp pp pp




ESSAY. Write your answer in the space provided or on a separate sheet of paper.
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1) Match each business activity with its example.
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1.A) Purchase office building.
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2.B) Pay utilities.
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3.C) Receive investments from
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stockholders.Operating
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Financing p



Investing




2) Match each financial statement with the accounts reported on it:
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1.A) Dividends.
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2.B) Assets and liabilities.
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3.C) Revenues and
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expenses.Income statement
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Statement of stockholders' pp pp


equityBalance sheet
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3) Match each organization to its role: pp pp pp pp pp



1.A) Ensure that auditors follow strict guidelines when conducting their audits.
pp pp pp pp pp pp pp pp pp pp



2.B) Independent, private-sector group that is primarily responsible for setting
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financialreporting rules in the United States.
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3.C) Develop a single set of high-quality, understandable global accounting standards.
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4.D) Enforce proper application of financial reporting rules for companies whose
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securities arepublicly traded.
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Financial Accounting Standards Board pp pp pp



Public Company Accounting Oversight
pp pp pp pp


BoardInternational Accounting Standards
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Board Securities and Exchange
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Commission
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Version 1
1
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mynursytest.store

,DOWNLOAD THE Test Bank for Financial Accounting 6th Edition Spiceland
pp pp pp pp pp pp pp pp pp




Financial Accounting 6th Edition by Spiceland CH01
pp pp pp pp pp pp




4) Match each qualitative characteristic with its definition:
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1.A) All information necessary to describe an item is reported.
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2.B) Information provides feedback on past activities.
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3.C) Information is presented in time to make useful decisions.
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4.D) Information is useful in helping to forecast future outcomes.
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5.E) Measurements that independent parties would agree upon.
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6.F) Information that does not bias the decision
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maker.Predictive value
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Confirmatory
valueVerifiability
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Timeliness
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Neutrality
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Completeness
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5) For each transaction, indicate whether a company would classify the related account
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as anasset, liability, stockholders' equity, dividend, revenue, or expense.
pp pp p pp pp pp pp pp pp pp


Transactions Related Accounts pp



1. Receive cash from investors. pp pp pp Common Stock pp


2. Pay rent for the current period.
pp pp pp pp pp Rent Expense pp



3. Purchase office equipment. pp pp Equipment
4. Pay cash to stockholders.
pp pp pp Dividends
5. Provide services to customers. pp pp pp Service Revenue pp




Version 2
1
pp
mynursytest.store

, DOWNLOAD THE Test Bank for Financial Accounting 6th Edition Spiceland
pp pp pp pp pp pp pp pp pp




Financial Accounting 6th Edition by Spiceland CH01
pp pp pp pp pp pp




6) Account classifications include assets, liabilities, stockholders' equity,
pp pp pp pp pp pp



dividends,revenues, and expenses. Indicate the account classification for each
pp p pp pp pp pp pp pp pp pp



account name. Account Classifications
pp pp pp Accounts Related
pp p p


Transactions
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1. pp pp Common Stock Sell common stock to
pp pp pp pp


investors.
2. pp pp Cash Receive cash pp


fromcustomers. pp p


3. pp pp Salaries Payable Incur amounts owed to
pp pp pp pp


employees.
4. pp pp Service Revenue Sell services to
pp pp pp


5. pp pp customers.Utilities Expense
pp Incur cost of p pp p p pp pp


6. pp pp utilities.
pp



Supplies Purchase of pp


officesupplies. pp p


7. pp pp Advertising Pay for cost p pp pp


Expense ofadvertising. pp p


8. pp pp Buildings Purchase building pp


foroperations. pp p


9. pp pp Accounts Payable Purchase supplies on
pp pp pp


credit.
10. pp pp Dividends Distribute cash pp


tostockholders. pp p




7) Indicate whether a company would classify the transaction as financing,
pp pp pp pp pp pp pp pp pp



investing, oroperating.
pp pp p


Transactions
1. Receive cash from investors. pp pp pp



2. Pay rent for the current period.
pp pp pp pp pp



3. Purchase office equipment. pp pp


4. Pay cash to stockholders.
pp pp pp



5. Provide services to customers.pp pp pp




Version 3
1
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