Recitation #8 Answers
E16-18, E16-21, E16-25, P16-32A, P16-33A, P16-35A
MINERAL PLUS, INC
Statement of Cash Flows
Year Ended September 30, 2015
70-122 Introduction to Accounting Quiz #3
1) The revenue recognition principle guides accountants in:
A) ensuring only revenues received in cash are recorded.
B) determining when to record expenses.
C) determining when to record revenues
70-122 Introduction to Accounting Quiz #4
1) Which of the following steps must be completed before preparing the adjusted trial balance?
A) Prepare post-closing trial balance.0
B) Post journal entries to the accounts.
C) Prepare closing
70-122 Introduction to Accounting Quiz #1
1) GAAP are the rules that govern accounting in the United States. The acronym GAAP in this statement refers to:
A) Globally Accepted and Accurate Policies
B) Global Accommodation Accounting Prin
70-122 Introduction to Accounting Quiz #6
1) Which of the following principles states that a business's financial statements must report enough information for
outsiders to make knowledgeable decisions about the company?
A) accounting co
70-122 Introduction to Accounting Quiz #8
1) Operating activities on a statement of cash flows include activities that create revenue or expense in the entity's
business. TRUE / FALSE
2) A business's cash receipts and cash pa yments for
70-122 Introduction to Accounting Quiz #7
1) Plant assets are long-lived, tangible assets used in the operation of a business. TRUE / FALSE
2) Which of the following asset categories would include the cost of clearing land and removing u
70-122 Introduction to Accounting Quiz #2
1) Which of the following factors is assessed using the debt ratio?
2) Which of the following accounts has a normal debit balance?
B) Notes Pa
Recitation #7 Answers
E13-21, E13-23, E13-26, P13-37A, P13-40A
Accounts and Explanation
Common Stock ($1 per share 275 shares)
Paid-In Capital in Excess of ParCommon ($8,250 $275)
Issued common stock for c
Economicsthe study of the efficient allocation
of scarce resources.
Financethe study of tools to achieve the
efficient allocation of scarce resources
Accountingthe study of measurement and
institutions to achieve informed d
What Is an Account?
Each element of the Accounting Equation contains smaller elements called accounts.
Accountthe detailed record of all increases and decreases that have occurred in an individual
asset, liability, equity, revenue or expense during a sp