Acc 5110 - Study guides, Class notes & Summaries

Liabilities are a. any accounts having credit balances after closing entries are made. b. deferred credits that are recognized and measured in conformity with generally accepted accounting principles. c. obligations to transfer ownership shares to other entities in the future. d. obligations arising from past transactions and payable in assets or services in the future. - ANSd Which of the following is a current liability? a. A long-term debt maturing currently, which is to be paid wit...

Which of the following is a limitation of the balance sheet? a. Many items that are of financial value are omitted. b. Judgments and estimates are used. c. Current fair value is not reported. d. All of these - ANSd The balance sheet is useful for analyzing all of the following except a. liquidity. b. solvency. c. profitability. d. financial flexibility. - ANSc The net assets of a business are equal to a. current assets minus current liabilities. b. total assets plus total liabi...

legal capital is best defined as a. the amount of capital the state of incorporation allows the company to accumulate a corporate form of business organization, legal capital is best defined as over its existence. b. the par value of all capital stock issued. c. the amount of capital the federal government allows a corporation to generate. d. the total capital raised by a corporation within the limits set by the Securities and Exchange Commission. - ANSb. the par value of all capital st...

Nina Corp. had the following net income (loss) the first three years of operation: $7,200, ($1,000), and $2,400. If the Retained Earnings balance at the end of year three is $500, what was the total amount of dividends paid over these three years? - ANS$8,100 (7200-1000+2400-500) Use the following appropriate amounts to calculate net income: Revenues, $11,300; Liabilities, $4,800; Expenses, $4,100; Assets, $17,400; Dividends, $1,700. - ANSNet Income = Revenues ($11,300) − Expenses ($4,100...

Which of the following is not considered cash for financial reporting purposes? a. Petty cash funds and change funds b. Money orders, certified checks, and personal checks c. Coin, currency, and available funds d. Postdated checks and I. O. U.'s - ANSd Which of the following is considered cash? a. Certificates of deposit (CDs) b. Money market checking accounts c. Money market savings certificates d. Postdated checks - ANSb Travel advances should be reported as a. supplies. b. ...