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Emily
Created on January 26, 2024
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Transcript
Bowling for profits
Chapters 3 & 4
START
What is the most important element of the income statement?
Reporting of profitability
Reporting of expenses
Reporting of paid tax amount
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In a not-for-profit business, net income is typically or can be called:
Excess of revenues over expenses or change in assets
All of the above
Revenues over expenses
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The requirement to provide financial accounting information driven by the need of outsiders to have reliable information regarding the financial status of an organization.
True
False
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A complete set of financial statements include: Balance sheet, Income statement, Statement of changes in equity, Statement of cash flows, and notes.
SOS, I have no idea.
True
False
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The Notes section provides which of the following additional information?
Accounting practices, composition of long-term debt, pension plan status and amount of charity care provided
Pension Plan Status and amount of charity care provided
Accounting practices & composition of long-term debt
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An item that either possesses or creates economic value for an organization is:
Assets
Liabilities & Equity
Assets & Expenses
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The cost of doing business; the dollar value of resources used to provide goods or servcies is
Assets
Expenses
Equity
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Assets minus liabilities; in other words, the "book value" of the ownership position of a business is:
Equity
Assets
Liabilities
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Inflows of assets resulting from the exchange of goods or services with customers is:
Revenues
Expenses
Assets
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10
A fixed financial obligation or an organization is:
Equity
Expenses
Liabilities
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START OVER?
11
Which accounting method recognizes an event when a cash obligation is created?
Accrual accounting
Cash accounting
Modified cash accounting
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12
Which accounting method recognizes an event when a cash transaction takes place?
Accrual accounting
Modified cash accounting
Cash accounting
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13
The income statement provides information about a business's operations and:
Inventory
Types of financing
Economic profitability
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14
The income statement is often called:
Statement of operations
Both answers
Statement of activities
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15
Which best describes a balance sheet?
A snapshot of the financial position of an organization at a given point in time
Results of operations over a period of time
A receipt of a transaction for an item purchased
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16
Which formula is best used when describing the characteristics of a balance sheet?
Assets = Liabilities + Equity
Assets = Profit - Liabilities
Assets = Net - Taxes
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17
Which term best describes the following: net assets, stockholders' equity, and proprietor's net worth?
Equity
Liabilities
Profits
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18
What is defined by the structure of the liabilities and equity side of the balance sheet of an organization?
The statement of cash flows
The statement of operating activity
The capital structure
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19
What does the balance sheet represent?
A snapshot of the financial position at a specific point in time
A historical record of financial transactions
A projection of future revenues
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20
According to the accounting identity, what must equal assets?
Equity
Liabilities
Both liabilities and equity
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