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Homework Session 1 Spring 2010

Homework Session 1 Spring 2010 - Session 1 Homework Spring...

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Session 1 Homework Spring 09 ANSWERS TO MULTIPLE CHOICE 1. b) 2. d) 3. d) 4. c) 5. a) 6. c) 7. a) 8. a) 9. c) 10. b) M1–1. Element Financial Statement B (1) Expenses A. Balance sheet D (2) Cash flow from investing activities B. Income statement A (3) Assets C. Statement of retained earnings C* (4) Dividends D. Statement of cash flows B (5) Revenues D (6) Cash flow from operating activities A (7) Liabilities D (8) cash flow from financing activities *Dividends paid in cash are also subtracted in the Financing section of the Statement of Cash Flows
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E1–1. Term or Abbreviation Definition K G I E A D J F C L H B N M (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) SEC Audit Sole proprietorship Corporation Accounting Accounting entity Audit report Cost principle Partnership FASB CPA Unit of measure GAAP Publicly traded A. A system that collects and processes financial information about an organization and reports that information to decision makers. B. Measurement of information about an entity in the monetary unit–dollars or other national currency.
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