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Midterm 1 - murhn I III-inu flluh 10:qu urn-1m rinrnlmlru...

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Unformatted text preview: murhn I III-inu- flluh 10':qu urn-1m rinrnlmlru i: a list oltne mam smelawounl anyway-am wmI a ma Dalerlw Inll’liwulumenl mum? mum: Pam-a :1 upon; mum: flammable 955nm Emu-m: 8577.600: Gas i. moon: 0.1mm Capital 81 Manon: Eoulprrlanl Mm. Payabh worm: Hum—1 Eamlrll fixation and Suppl-d Slaslooo All-w" J ammo Momma Sl ammo 35: 1 now mum- 2 mm. mm. In ulna uni-1b.. n- tamnnlrl] uni-in ln named earnlrus was mam mm: the y-r: mu slams mm m- nus-Ira: sumo r-vlnul “Imam-nu Bxpsmes “rumour. mportm: anddrvdlrds “mum were and W was the snow behrlx ln marina-arming? mum. 4 mm: 96mm] 35mm] none or the above mum-I x mm mm. In pal-Ia air-1b.. nun-n; the yin, dish-hum lhodahnwui til-(minuu-fi by mum and H‘hflifiudmml by Sillflflw‘h-tm mun-n35»: nhunhnldm‘ “1qu fm my”? Answer Dacrsse sssnoo lmrease ear-mm Docrease W: l on J lrIcreese 51mm Gusher: 4 III-inu- Globe “13qu our-1b.. W are the m m rub: m1 nlll‘kllrul tr-zre mam pr-parl ammalsmmm mlh‘fl Answer .I use»? sac IoK Earnlrll Dalilnrs Gustav: x III-inu- amin- Inpuhk Ian-um. (hmpany ABC upon: comings «slum. Analysts proolod alarming: of $1 100. What rm the earnings sin-puss? Anml mmmgurura-won No gulp!!- J Meow" ”run" of- um rumour-above Gustav: e III-inu- amin- Inpuhk nan-1m Rmenins msuanm mm mm. mwncn 512mm m on mum am the mm m mm lFI mm Expenses were mam: mwnun ammo was unmum amlrn rest we: pull in man warms-:1 on Buchanan-1r: mantra behruslwr‘l mm: .1 lmr—I assets wagon: m..- IIbIIIt-s 59mm; lmr-fl- quay smnoo. men—n asset: Manon; mum Int-Imus tampon; mans equity srzuoo Imus: assms 5413:4411; Increase labllmes mom]: Increase nanny mam lmrllse asset: 32mm: thx-Ise lebllites swam; man equity 522 warpl- omin- 1o puma Question What is not an ind'cator ofa smsful lJusIness‘? All!!!" J lncrease In Expenses lncrsase in Net lnqurB lncrsase in Ravanlss lncrsase in Divitbnds mum-mau- mm question What Is the correctpurnal entry for the follovIIIru transaction: 'Tne firm buys $2000 ofsupplies on account'. NIH-f DR: Supplies $2.000; CR: Cash $2000 DR: Supplies $2.000; CR: Accounts Renewable $2000 J DR: Supplies $2.000; CR: Accounts Payable $2000 DR: Accounts Payable $2.000; CR: Supplies $2000 mumm- mm- question What Is the correctpurnal entry for the follovIIIru transaction: 'Tne firm sells Invanliory costIru $1.000 for $2000 on account': MN" I DR: mum: Ramnrabh $2,000 arl‘l COGS 51000: CR: RavanLla $2,000 arl‘l Inventory $2.000. DR: mum: Payable $2.000 am COGS 51000: CR: lnvantory $2000 and Revenue $1.000. DR: Cash 52.000 and COGS 51 on]; GR: Revenue $2.000 and Inventory $2.000. none oftne abova mumm- mm- Question MIattypeofactIvllydoes not relalieliownattnefirrn is In business todo? MN" I Protection amwt'as lnvestiru mtivitas Firamiru mtivltas Operatlng actIvIties mun-mu- mim- numb-I Til; two pans ofsl'aremthrs' equity are? “WW" 1 contrlbulai wprlal and refined earnirgs assets arlil liabilit'm ravanms arr] expenses mt irnonla arl‘l mrnrrnn stock mun-mu- mim- Question Financial Amuntiru is: NIH-f useful In profitable busInesses only -/ an Irmral part of busIness used only by CFAs unmarried only with internal reportirg of inforrnat'un mum-mau- mm question Whlcn financial statement is a snapshot oftne financial position ofa company at a specrfic poInt In tIrne‘? Answer J Balance Sheet Income Statement Statement of Gas h Flows Slaternent oananges In Snarenoloers' EquIly Mum-ma- mm- nu-tion any tne ioiiuwiru transactions smurred duriru tte year. inn-at airnunt 0f revenue woutd pa ringnized under urinal muntiru? - performed 5100.000 otsarvcas for customers on account - ieixived 933.200 fmm customers on account - performed 510.400 dfservtces fur a customer writcri wm mitected iri msri - reamed 57.000 for services to he prevded duriru the current and future aimuntiru period; pertormed10% dune services in the current period MW" 5110.200 5110.600 5113.000 J 3111.100 Ilium- clinic- 10 pol-its question ABCGompanv ponowed 55.000 ixsn iromtne bank. As a resuit omits Lmnsaction Ann-r J Lratulm wuuld increase by $5.000 Assets woud decrease nys5.000 Equity would imrmss ny 55.000 Revenues woutd increase pysapm mew-ub- Imm- Question 500.000dfservices were performed fora customer; 55.000 Minstiwm remived witntrie reston mum. wriicridfttie roimiru is the mrrectpurnaientry to regard this transaction under accrual ammuntiru? AIM-r DR: Casti $5.000. (1R. Revenue $5.000 DR: Gasti 35.000 and DR: Revenue grammar-1 CR: Accounts Receivapie 520.000 DR: Revenue $5.000; CR: Cast. $5.000 I 0R: Gasti 55.000 end DR: Amunts Reixivapte 523.000 end GR: Revenue 525.000. Inim- clinic- In pol-in Question Which is the correct accountiru equation? All-WI! Assets + Equty : L'apiiities J Assets : L'apiiities + Equity Assets + Lapiiities : Revenue Assets + Revenues = Expenses Ilium- clinic- 10 pol-its question wnicti statement s not correct- Ann-r Assets increase on tire dsbll side LapiiiLes decrease on me depii side I Assets decreasaontriedepitsde Equity increase on triecrediisde mum-mm- mm Question intricnettnetoiimiiru statement regardiru husirass activities is tatse? Anmr Finamiru saunas iriciude optairiiru the funds necessary to begin and operate a business. -/ operanru activites ImuMa puyiruttie assets triatercspte ammpany to generate revenues. investing activites wmm around earning interest on wmpany‘: investment Companies spend a ieiativety siriaiiairiount oitime on operating activites. Ilium- clinic- 10 pol-its question What type oiquestioiis do me financiai statements neip to answer.) Anmr is trie company petterotiattrie and otttie year trianattrie paginnirg ottrieyaar? wriat resources does tremmpany rave? wriatddtriemmpany use its msrirordurirutrieymr? -/ Alinnneapdve ...
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