hw_2 - BUSINESS CYCLE ACCOUNTING HOMEWORK #2 (with key) 1....

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BUSINESS CYCLE ACCOUNTING – HOMEWORK #2 (with key) 1. This question focuses on the financial statements. Indicate the letter that best applies to each statement in the blank provided. A. Does not apply to a corporation. B. Reports the results of operations. C. Reports retained earnings and changes in contributed capital. D. Reports cash inflows and outflows. E. Reports financial position. F. None of the above. ____ 1. Income statement ____ 2. Balance sheet ____ 3. Statement of cash flows ____ 4. Statement of stockholders’ equity ____ 5. Statement of partners’ equity Difficulty: Easy L.O.: 3
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2. Match the following conceptual definitions with the elements of financial statements by entering appropriate letters in the blanks provided. A. Probable future economic benefits owned by the entity from past transactions. B. Outflows, using up of assets, or incurrence of liabilities for delivery of goods or services. C. Increase in net assets from peripheral or incidental transactions. D. Residual interest of owners after all debts are paid. E. Cash received during the accounting period. F. Inflows of net assets or settlements of liabilities from the sale of goods and services; based on the ongoing operations. G. Probable future sacrifices of economic benefits as a result of past transactions; involves transfer of assets or services. H. Cash actually paid out during the accounting period. I. Decrease in net assets from peripheral or incidental transactions. ____ 1. Revenues ____ 2. Expenses ____ 3. Gains ____ 4. Losses ____ 5. Assets ____ 6. Liabilities ____ 7. Stockholders’ Equity ____ 8. Sources of cash (cash inflows) ____ 9. Uses of cash (cash outflows) Difficulty: Medium L.O.: 3
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3. Match the following terms with their definitions by placing the letter that identifies the best definition in the blank next to the term. A. Current assets divided by current liabilities. B. Accumulated earnings minus accumulated dividends. C. A gain or loss that is unusual in nature and infrequent in occurrence. D. Total assets minus total liabilities. E. Government agency that regulates financial disclosures for publicly traded companies. F. Information that is accurate, unbiased, and verifiable. G. Obligations to be paid with current assets normally within one year. H.
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This note was uploaded on 10/28/2010 for the course ACF ALW380 taught by Professor Henry during the Fall '10 term at Seneca.

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hw_2 - BUSINESS CYCLE ACCOUNTING HOMEWORK #2 (with key) 1....

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