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Exam 1: Accounting Information and Decision Making

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Question 81

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Which financial statement reports a company's retained earnings?

A) Income statement.
B) Balance sheet.
C) Statement of cash flows.
D) All of the above.

E) B) and C)
F) B) and D)

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Question 82

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The form of business organization that is legally separate from its owners is a:

A) Partnership.
B) Sole proprietorship.
C) Corporation.
D) Separation entity.

E) A) and D)
F) B) and C)

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Question 83

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Which of the following is the correct order for preparing the financial statements?

The ending Retained Earnings balance of Boomer Inc. decreased by $1.0 million from the beginning of the year. The company declared a dividend of $5.4 million during the year. What was the net income earned during the year?

DW has an ending Retained Earnings balance of $51,100. If during the year DW paid dividends of $4,300 and had net income of $22,500, then what was the beginning Retained Earnings balance?

Which of the following is not a balance sheet item?

What is the primary purpose of financial accounting?

The accounts that represent resources owed to creditors are called:

Of the following, the most important objective for financial reporting is to provide information useful for:

The assumption that the assets and liabilities of the business are accounted for on the books of the company but not included in the records of the owner is the:

Which accounting number has the single greatest impact on stock prices?

How many of the following transactions are operating activities? Borrowed $50,000 from the bank Purchased $12,000 in supplies Provide services to customers for $27,000 Paid the utility bill of $750 Purchased a delivery truck for $12,000 Received $25,000 from issuing common stock

Public accounting firms are professional service firms that traditionally have focused on three areas: auditing, tax preparation/planning, and business consulting.

Retained earnings represents the cumulative amount of net income earned over the life of the company that has not been distributed to stockholders as dividends.

Financial statements are periodic reports published by the company for the purpose of providing information to managers.

The rules of financial accounting are called Generally Accepted Accounting Principles (GAAP).

The financial statement that represents the accounting equation is the:

Thomason Financial has the following cash transactions for the year. Assume cash at the beginning of the period is $6,000. Prepare a statement of cash flows.

Today, financial accounting and reporting standards in the United States are established primarily by the Financial Accounting Standards Board (FASB).

On January 1, 2012, Gucci Brothers Inc. started the year with a $492,000 balance in Retained Earnings and a $605,000 balance in Common Stock. During 2012, the company earned net income of $92,000, paid a dividend of $15,200, and issued more common stock for $27,500. What is total stockholders' equity on December 31, 2012?