PAIL ASSIGNMENT- Chapter 12
1. What is a statement of cash flows?
A statement of cash flows is what reports cash receipts and cash payments from operating,
investing, and financing activities during a period of time. This has to be formatted to reconcile
Characteristics of a corporation
Created by law as a legal entity, has most of the rights and
privileges of a person
o Exceptions include right thats can be exercised by a
living person (vote or hold pubic office)
Must abide by law and pay ta
CHAPTER 10 ACCOUNTING NOTES
Creditors claims on total assets
Existing debts and obligations
Paid by transferring assets or services
Maturity date when they are due or payable
Debt that a company reasonably expects to pa
PAIL ASSIGNMENT- Chapter 2
1. Define current assets. What basis is used for ordering individual items within the current
Current assets are assets that the company plans to use up or turn into cash within one year or
its operating cycle, w
PAIL ASSIGNMENT- Chapter 7
1. Fraud experts often say that there are three primary factors that contribute to employee
fraud. Identify the three factors and explain what is meant by each.
The three primary factors that contribute to employee fraud include
PAIL ASSIGNMENT- Chapter 11
1. Explain the following characteristics of a corporation:
a. Separate legal existence.
b. Limited liability of stockholders.
c. Transferable ownership rights.
A separate legal existence is basically describing the corporation
PAIL ASSIGNMENT- Chapter 5
1. Explain the primary difference between the perpetual inventory system and the periodic
inventory system and the potential benefits of a perpetual inventory system.
The primary difference between perpetual and periodic invento
PAIL ASSIGNMENT- Chapter 3
1. Can a business enter into a transaction that affects only the left side of the basic accounting
equation? If so, give an example.
Yes! When purchasing equipment for a company only the assets side of the accounting equation
Primary Source Exercise 4
September 24, 2015
Not Even a Dog That Kills Chickens Could Be Convicted
Sacco and Vanzetti were two Italian radical men, who were wrongly accused,
convicted, and executed in the Braintree and Bridgew
PAIL ASSIGNMENT- Chapter 9
1. How is the cost for a plant asset measured in a cash transaction? In a noncash transaction?
Cost for plant asset is measured in a cash transaction by the cash paid. In a noncash transaction
cost is measured by the cash equiva
PAIL ASSIGNMENT- Chapter 10
1. A company obtains $20,000 in cash by signing a 9%, 6-month, $20,000 note payable to First
Bank on July 1. The companys fiscal year ends on September 30. What information should be
reported for the note payable in the annual
Continuing Cookie Chronicle Project
A. Natalie should start a sole proprietorship or a partnership if her long time friend or
grandmother would like to start a business too. Some of the benefits of a sole
PAIL ASSIGNMENT- Chapter 4
1. Identify and state two generally accepted accounting principles that relate to adjusting the
The revenue recognition principle and the expense recognition principle both relate to the
adjustment of accounts.
Primary Source Exercise 5
October 8, 2015
1. What is Roosevelts overlying theme in his address?
Roosevelts overlying theme of his first fireside chat was to provide reassurance to the
American people about the banking system.