![]() LO 2.As many of you know, the wages and benefits expense category on our income (profit and loss) statements represents the largest expense incurred in operating a veterinary facility. LO 2.3Explain the purpose of the statement of cash LO 2.3Explain how the following items affectĮquity: revenue, expenses, investments by owners, and distributions LO 2.3Identify the order in which the fourįinancial statements are prepared, and explain how the first three ![]() LO 2.2What is the “accounting equation”? List twoĮxamples of business transactions, and explain how the accountingĮquation would be impacted by these transactions. Describe one advantage and one disadvantage of each. ![]() LO 2.2Name the three types of legal business LO 2.2Identify/discuss one similarity and oneĭifference between tangible and intangible assets. LO 2.2Explain the difference between current and Some activities that affect equity of a business. LO 2.1Explain the concept of equity, and identify Why is this distinction important toīetween expenses and losses. LO 2.1Identify one similarity and one differenceīetween revenues and gains. Identify two stakeholder groups, andĮxplain how each group might use the information contained in the LO 2.1Identify the four financial statements and LO 2.3Working capital is an indication of the LO 2.3Which financial statement shows the name of auditor, statement title, fiscal year end.statement title, time period of report, name of preparer.company headquarters, statement title, name of preparer.company, statement title, time period of report.Statements typically include which of the following? LO 2.3The three heading lines of financial income statement, balance sheet, statement of cash flows,.income statement, balance sheet, statement of owner’s equity,.income statement, statement of owner’s equity, balance sheet,.income statement, statement of cash flows, balance sheet,.LO 2.3Which of the following is the correct order future potential sales price of inventory.LO 2.3Which of the following is not an element of acquisitions of assets by incurring liabilities.LO 2.2All of the following increase owner’s equity There is no relationship between assets and equity.LO 2.2Exchanges of assets for assets have what LO 2.2Which of the following decreases owner’s ![]() Assets = Liabilities + Investments by Owners.Assets – Noncurrent Assets = Liabilities.LO 2.2The accounting equation is expressed as There is liability in every legal business structure.LO 2.2Owners have no personal liability under Tangible assets will be consumed in over a year.Tangible assets have physical substance.Tangible assets will be consumed in a year or less.Tangible assets lack physical substance.LO 2.2Which of the following statements is The transaction would not be reported because the cash was not.$350 would show up on the statement of cash flows as a cash.$350 would show up on the income statement as a sale.$350 would show up on the balance sheet as a sale.How would the transaction appear if the business LO 2.1Assume a company has a $350 credit (notĬash) sale. revenues, expenses, gains, and distributions to owners.assets, liabilities, and investments by owners.assets, liabilities, and owners’ equity.LO 2.1The balance sheet lists which of the revenues, expenses, investments by owners, distributions to.assets, liabilities, and owner’s equity.LO 2.1Identify the correct components of the LO 2.1Stakeholders are less likely to include
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