The ending retained earnings amount is shown on

Accountants refer to an economic event as a

Save Time On Research and Writing
Hire a Pro to Write You a 100% Plagiarism-Free Paper.
Get My Paper

a. purchase.

b. sale.

c. transaction.

d. change in ownership.

Save Time On Research and Writing
Hire a Pro to Write You a 100% Plagiarism-Free Paper.
Get My Paper

The accounting process involves all of the following except

a. identifying economic transactions that are relevant to the business.

b. communicating financial information to users by preparing financial reports.

c. recording nonquantifiable economic events.

d. analyzing and interpreting financial reports.

All of the following statements are correct except

a. Good decision-making depends on good information.

b. A vital element in communicating economic events is the accountant’s ability to analyze and interpret reported information.

c. The origins of accounting are generally attributed to Socrates, a classical Greek philosopher, who promoted accounting as a social contract.

d. The information that a user of financial information needs depends upon the kinds of decisions the user makes.

Which of the following is an external user of accounting information?

a. Labor unions.

b. Finance directors.

c. Company officers.

d. Managers.

The origins of accounting are generally attributed to the work of

a. Christopher Columbus.

b. Abner Doubleday.

c. Luca Pacioli.

d. Leonardo da Vinci.

Financial accounting provides economic and financial information for all of the following except

a. creditors.

b. investors.

c. managers.

d. other external users.

In order to increase comparability, in recent years, the FASB and IASB have made efforts to reduce the differences between U.S.GAAP and IFRS through a process known as

a. convergence

b. monetary unit assumption

c. the cost principle

d. the fair value principle

Generally accepted accounting principles are

a. income tax regulations of the Internal Revenue Service.

b. standards that indicate how to report economic events.

c. theories that are based on physical laws of the universe.

d. principles that have been proven correct by academic researchers.

The body of theory underlying accounting is not based on

a. physical laws of nature.

b. concepts.

c. principles.

d. definitions.

The SEC and FASB are two organizations that are primarily responsible for establishing generally accepted accounting principles. It is true that

a. they are both governmental agencies.

b. the SEC is a private organization of accountants.

c. the SEC often mandates guidelines when no accounting principles exist.

d. the SEC and FASB rarely cooperate in developing accounting standards.

GAAP stands for

a. Generally Accepted Auditing Procedures.

b. Generally Accepted Accounting Principles.

c. Generally Accepted Auditing Principles.

d. Generally Accepted Accounting Procedures.

Financial information that is capable of making a difference in a decision is

a. faithfully representative.

b. relevant.

c. convergent.

d. generally accepted.

The economic entity assumption requires that the activities

a. of different entities can be combined if all the entities are corporations.

b. must be reported to the Securities and Exchange Commission.

c. of a sole proprietorship cannot be distinguished from the personal economic events of its owners.

d. of an entity be kept separate from the activities of its owner.

A business organized as a corporation

a. is not a separate legal entity in most states.

b. requires that stockholders be personally liable for the debts of the business.

c. is owned by its stockholders.

d. terminates when one of its original stockholders dies.

John and Sam met at law school and decide to start a small law practice after graduation. They agree to split revenues and expenses evenly. The most common form of business organization for a business such as this would be a

a. joint venture.

b. partnership.

c. corporation.

d. proprietorship.

Which of the following is true regarding the corporate form of business organization?

a. Corporations are the most prevalent form of business organization.

b. Corporate businesses are generally smaller in size than partnerships and proprietor-ships.

c. The revenues of corporations are greater than the combined revenues of partnerships and proprietorships.

d. Corporations are separate legal entities organized exclusively under federal law.

The ending retained earnings amount is shown on

a. the balance sheet only.

b. the retained earnings statement only.

c. both the income statement and the retained earnings statement.

d. both the balance sheet and the retained earnings statement.

At October 1, Arcade Fire Enterprises reported stockholders’ equity of $35,000. During October, common stock of $2,000 was issued and the company earned net income of $7,000. If stockholders’ equity at October 31 totals $40,000, what amount of dividends were paid during the month?

a. $0

b. $2,000

c. $4,000

d. $5,000

The first part of the accounting process is

a. communicating.

b. identifying.

c. processing.

d. recording.

Calculate the price
Make an order in advance and get the best price
Pages (550 words)
*Price with a welcome 15% discount applied.
Pro tip: If you want to save more money and pay the lowest price, you need to set a more extended deadline.
We know how difficult it is to be a student these days. That's why our prices are one of the most affordable on the market, and there are no hidden fees.

Instead, we offer bonuses, discounts, and free services to make your experience outstanding.
How it works
Receive a 100% original paper that will pass Turnitin from a top essay writing service
step 1
Upload your instructions
Fill out the order form and provide paper details. You can even attach screenshots or add additional instructions later. If something is not clear or missing, the writer will contact you for clarification.
Pro service tips
How to get the most out of your experience with Homework Writing Services
One writer throughout the entire course
If you like the writer, you can hire them again. Just copy & paste their ID on the order form ("Preferred Writer's ID" field). This way, your vocabulary will be uniform, and the writer will be aware of your needs.
The same paper from different writers
You can order essay or any other work from two different writers to choose the best one or give another version to a friend. This can be done through the add-on "Same paper from another writer."
Copy of sources used by the writer
Our college essay writers work with ScienceDirect and other databases. They can send you articles or materials used in PDF or through screenshots. Just tick the "Copy of sources" field on the order form.
See why 20k+ students have chosen us as their sole writing assistance provider
Check out the latest reviews and opinions submitted by real customers worldwide and make an informed decision.
Outstanding clarity.
Customer 456665, April 21st, 2022
written to perfection. Thank you
Customer 463813, April 11th, 2023
Business and administrative studies
Use Grammarly on all your papers.
Customer 459947, March 28th, 2022
Art (Fine arts, Performing arts)
Great work, Thank you
Customer 462791, April 3rd, 2022
Well-researched content.
Customer 463473, October 25th, 2022
Customer 453391, May 8th, 2020
MGMT 221 Introduction to Management Information System
Thank you!
Customer 457731, February 2nd, 2022
Excellent. Thank you!
Customer 462787, August 23rd, 2022
Public Health
Good work
Customer 452657, February 14th, 2020
Short and precise as I wanted. Thank you!
Customer 462359, October 14th, 2022
Construction Management
Customer 462679, March 14th, 2022
Entertainment & Gaming
Good content.
Customer 452441, April 4th, 2022
Customer reviews in total
Current satisfaction rate
3 pages
Average paper length
Customers referred by a friend
15% OFF your first order
Use a coupon FIRST15 and enjoy expert help with any task at the most affordable price.
Claim my 15% OFF Order in Chat