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F. Naz
F. Naz, Chartered Accountant
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Experience:  Experience with chartered accountancy
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HOMEWORK

Customer Question

1.     
     
     The International Accounting Standards Board (IASB)
Answer               
     

     Hopes to create harmony among accounting practices of different countries

     Is the government group that establishes reporting requirements for companies that issue stock to the public.

     Has the authority to impose its standards on companies.

     Is the only source of generally accepted accounting principles (GAAP).

     Only applies to companies that are members of the European Union.
               
1 points   
Question 2
1.     
     
     Viscount Company collected $42,000 cash on its accounts receivable. The effects of this transaction as reflected in the accounting equation are:
Answer               
     

     Total assets decrease and equity increases.

     Both total assets and total liabilities decrease.

     Total assets, total liabilities, and equity are unchanged.

     Both total assets and equity are unchanged and liabilities increase.

     Total assets increase and equity decreases.
               
1 points   
Question 3
1.     
     
     FastForward has net income of $18,955, and assets at the beginning of the year of $200,000. Assets at the end of the year total $246,000. Compute its return on assets.
Answer               
     

     7.7%.

     8.5%.

     9.5%.

     11.8%.

     13.0%.
               
1 points   
Question 4
1.     
     
     A company reported total equity of $145,000 on its December 31, 2008 balance sheet. The following information is available for the year ended December 31, 2009:

   

What are the total assets of the company at December 31, 2009?
Answer               
     

     $45,000.

     $92,000.

     $98,000.

     $210,000.

     $282,000.
               
1 points   
Question 5
1.     
     
     Net Income:
Answer               
     

     Decreases equity.

     Represents the amount of assets owners put into a business.

     Equals assets minus liabilities.

     Is the excess of revenues over expenses.

     Represents owners' claims against assets.
               
1 points   
Question 6
1.     
     
     Accounting
Answer               
     

     Is an information and measurement system.

     Identifies, records, and communicates information about business activities

     Helps people make better decisions

     Involves interpreting information and designing information systems to provide useful reports that monitor and control a company's activities.

     All of these
               
1 points   
Question 7
1.     
     
     The primary objective of financial accounting is:
Answer               
     

     To serve the decision-making needs of internal users.

     To provide financial statements to help external users analyze an organization's activities.

     To monitor and control company activities.

     To provide information on both the costs and benefits of looking after products and services.

     To know what, when, and how much to produce.
               
1 points   
Question 8
1.     
     
     On June 30 of the current year, the assets and liabilities of Phoenix Phildell are as follows: Cash $20,500; Accounts Receivable, $7,250; Supplies, $650; Equipment, $12,000; Accounts Payable, $9,300. What is the amount of owner's equity as of July 1 of the current year?
Answer               
     

     $8,300

     $13,050

     $20,500

     $31,100

     $40,400
Question 9
1.     
     
     How would the accounting equation of Boston Company be affected by the billing of a client for $10,000 of consulting work completed?
Answer               
     

     +$10,000 accounts receivable, -$10,000 accounts payable.

     +$10,000 accounts receivable, +$10,000 accounts payable.

     +$10,000 accounts receivable, +$10,000 cash.

     +$10,000 accounts receivable, +$10,000 revenue.

     +$10,000 accounts receivable, -$10,000 revenue.
               
1 points   
Question 10
1.     
     
     A company borrows $125,000 from the Eastside Bank and receives the loan proceeds in cash. This represents a(n):
Answer               
     

     Revenue activity.

     Operating activity.

     Expense activity.

     Investing activity.

     Financing activity.
               
1 points   
Question 11
1.     
     
     Flash has beginning equity of $257,000, net income of $51,000, withdrawals of $40,000 and investments by owners of $6,000. Its ending equity is:
Answer               
     

     $223,000.

     $240,000.

     $268,000.

     $274,000.

     $208,000.
               
1 points   
Question 12
1.     
     
     Internal users of accounting information include:
Answer               
     

     Shareholders.

     Managers.

     Lenders.

     Suppliers.

     Customers.
               
1 points   
Question 13
1.     
     
     If a parcel of land that was originally purchased for $85,000 is offered for sale at $150,000, is assessed for tax purposes at $95,000, is recognized by its purchasers as easily being worth $140,000, and is sold for $137,000, the land account transaction amount to handle the sale of the land in the seller's books is:
Answer               
     

     $85,000 increase

     $85,000 decrease

     $137,000 increase

     $137,000 decrease

     None of these
               
1 points   
Question 14
1.     
     
     Nike had income of $350 million and average invested assets of $2,000 million. Its ROA is:
Answer               
     

     1.8%.

     35%.

     17.5%.

     5.7%.

     3.5%.
Submitted: 6 years ago.
Category: Homework
Expert:  F. Naz replied 6 years ago.
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