quizzes accounting - The financing functions of a business...

quizzes accounting
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The financing functions of a business include: Selling common stock Recording the items on the financial statements in dollars is: Monetary unit principle The Maximum Experience Company acquired a building for $500,000. Maximum Experience had an appraisal done and found that the building was worth $575,000. The seller had paid $300,000 for the building 6 years ago. Which accounting principle would prescribe that Maximum Experience record the building on its records at $500,000? Cost Principle On December 15, 2008, Myers Legal Services signed a $50,000 contract with a client to provide legal services to the client in 2009. Which accounting principle would require Myers Legal Services to record the legal fees revenue in 2009 and not 2008? Revenue recognition principle A limited partnership: Includes a general partner with unlimited liability Increases in retained earnings from a company's earnings activities are: Revenues A financial statement providing information that helps users understand a company's financial status and which lists the types and amounts of assets, liabilities and equity as of a specific date is called a(n): Balance Sheet Ending Liabilities are 67,000, Beginning Equity was $87,000, Common Stock sold during year totaled $31,000, Expenses for the year were $22,000, Dividends declared totaled $13,000, Ending Equity for the year is $181,000 and Beginning Assets for the year were $222,000. What was Revenue for the year? 181,000 + 13,000 + 22,000 - 31,000 - 87,000 = 98,000
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