100% tevredenheidsgarantie Direct beschikbaar na betaling Zowel online als in PDF Je zit nergens aan vast
logo-home
Test Bank for Fundamentals of Financial Accounting, 8th Edition by Fred Phillips €28,05   In winkelwagen

Tentamen (uitwerkingen)

Test Bank for Fundamentals of Financial Accounting, 8th Edition by Fred Phillips

 22 keer bekeken  0 keer verkocht
  • Vak
  • Advanced Accounting
  • Instelling
  • Advanced Accounting

Test Bank for Fundamentals of Financial Accounting 8e 8th Edition by Fred Phillips, Shana Clor-Proell, Robert Libby and Patricia Libby. Full Chapters test bank are included (Chapter 1 to 13) 1 Business Decisions and Financial Accounting 2 The Balance Sheet 3 The Income Statement 4 Adjustme...

[Meer zien]

Voorbeeld 4 van de 847  pagina's

  • 29 mei 2024
  • 847
  • 2023/2024
  • Tentamen (uitwerkingen)
  • Vragen en antwoorden
  • Advanced Accounting
  • Advanced Accounting
avatar-seller
Test Bank Fundamentals of Financial Accounting 8th Edition by Phillips



Chapter 01 8e Phillips All Chapters ✅
1) Creditors are owners of a corporation.
⊚ true
⊚ false Answers Included ✅


2) All corporations acquire financing by issuing stock on public stock exchanges.
⊚ true
⊚ false



3) You paid $10,000 to buy 1% of the stock in a corporation that is now bankrupt. The company
owes $10 million dollars to its creditors. As a result of the bankruptcy, you are responsible
for paying $100,000 (or $10 million × 1%) of the amount owed to the creditors.
⊚ true
⊚ false



4) Cash paid for wages is an example of an operating activity on the statement of cash flows.
⊚ true
⊚ false



5) Borrowing money from a bank is a financing activity on the statement of cash flows.
⊚ true
⊚ false



6) The daily business activities involved in running a business, such as buying supplies and
paying salaries and wages, are classified as operating activities on the statement of cash
flows.
⊚ true
⊚ false



7) Stockholders' equity is the difference between a company's assets and its liabilities.
⊚ true
⊚ false




1

,8) A company owes $200,000 on a bank loan. It will be reported by the company as Accounts
Payable.
⊚ true
⊚ false



9) The amounts reported on financial statements are sometimes rounded to the nearest thousand
or million.
⊚ true
⊚ false



10) Accounts Payable, Notes Payable, and Salaries and Wages Payable are examples of
liabilities.
⊚ true
⊚ false



11) Dividends are subtracted from revenues on the income statement.
⊚ true
⊚ false



12) If a company reports net income on the income statement, then the statement of cash flows
will report the same amount as cash flows from operating activities for the period.
⊚ true
⊚ false



13) Revenue is reported on the income statement only if cash was received at the point of sale.
⊚ true
⊚ false



14) Generally Accepted Accounting Principles (GAAP) require profitable companies to
distribute some of their earnings to their stockholders.
⊚ true
⊚ false




2

,15) Common Stock is reported as an asset on the balance sheet.
⊚ true
⊚ false



16) Investors are mainly interested in the profitability of a company.
⊚ true
⊚ false



17) A stock that does not pay a dividend is an undesirable investment.
⊚ true
⊚ false



18) To ensure that companies produce useful information, it must have two fundamental
characteristics: reliability and understandability.
⊚ true
⊚ false



19) The Securities and Exchange Commission (SEC) is the government agency that has primary
responsibility for setting accounting standards in the U.S.
⊚ true
⊚ false



20) The Sarbanes-Oxley Act (SOX) requires top management of companies to sign a report
certifying that the financial statements are free of error.
⊚ true
⊚ false



21) Companies must use a December 31st year-end for all financial statements.
⊚ true
⊚ false




3

, 22) Public corporations are businesses:
A) owned by two or more people, each of whom is personally liable for the debts of the
business.
B) whose stock is bought and sold on a stock exchange.
C) whose stock is bought and sold privately.
D) where stock is not used as evidence of ownership.



23) The owner(s) of a business are not taxed on the profits of the business if the business is a:
A) sole proprietorship.
B) partnership.
C) corporation.
D) public partnership.



24) Which of the following is typically considered a disadvantage of sole proprietorships?
A) Income taxes are paid by both the business and its owner.
B) The business is considered a separate legal entity from its owner.
C) Establishing the business usually requires legal assistance.
D) Owner is personally liable for all debts of the business.



25) Considering the targeted audience for financial accounting reports, which of the following
parties is not an external user?
A) Directors of the company issuing the reports
B) Creditors of the company issuing the reports
C) Managers of the company issuing the reports
D) Stockholders of the company issuing the reports



26) Accounting systems:
A) are summarized in publicly published reports.
B) analyze, record, and summarize the activities affecting its financial condition and
performance.
C) monitor business activities only in financial terms.
D) capture only the information that is needed by the owners of the company.




4

Voordelen van het kopen van samenvattingen bij Stuvia op een rij:

Verzekerd van kwaliteit door reviews

Verzekerd van kwaliteit door reviews

Stuvia-klanten hebben meer dan 700.000 samenvattingen beoordeeld. Zo weet je zeker dat je de beste documenten koopt!

Snel en makkelijk kopen

Snel en makkelijk kopen

Je betaalt supersnel en eenmalig met iDeal, creditcard of Stuvia-tegoed voor de samenvatting. Zonder lidmaatschap.

Focus op de essentie

Focus op de essentie

Samenvattingen worden geschreven voor en door anderen. Daarom zijn de samenvattingen altijd betrouwbaar en actueel. Zo kom je snel tot de kern!

Veelgestelde vragen

Wat krijg ik als ik dit document koop?

Je krijgt een PDF, die direct beschikbaar is na je aankoop. Het gekochte document is altijd, overal en oneindig toegankelijk via je profiel.

Tevredenheidsgarantie: hoe werkt dat?

Onze tevredenheidsgarantie zorgt ervoor dat je altijd een studiedocument vindt dat goed bij je past. Je vult een formulier in en onze klantenservice regelt de rest.

Van wie koop ik deze samenvatting?

Stuvia is een marktplaats, je koop dit document dus niet van ons, maar van verkoper Tutor247. Stuvia faciliteert de betaling aan de verkoper.

Zit ik meteen vast aan een abonnement?

Nee, je koopt alleen deze samenvatting voor €28,05. Je zit daarna nergens aan vast.

Is Stuvia te vertrouwen?

4,6 sterren op Google & Trustpilot (+1000 reviews)

Afgelopen 30 dagen zijn er 84669 samenvattingen verkocht

Opgericht in 2010, al 14 jaar dé plek om samenvattingen te kopen

Start met verkopen
€28,05
  • (0)
  Kopen