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