DOWNLOAD THE Test Bank for Fundamentals of Financial Accounting 7th Editi
n n n n n n n n n n
on Phillips n
Fundamentals of Financial Accounting 7th Edition by
n n n n n n
Phillips CH01 n
ANSWERS ARE LOCATED AT THE END OF THIS DOCUMENT
n n n n n n n n
SHORTnANSWER.nWritenthenwordnornphrasenthatnbestncompletesneachnstatementnornanswer
snthenquestion.
1) Choosen then appropriaten lettern tonmatchnthencharacteristicsn withnthentypen ofncompany.nAng
ivenn characteristicn mayn matchn moren thann onen typen of n company.
CHARACTERISTIC
1. Issuesn sharesn of n stockn that n aren traded n onn an stockn exchangen suchn asn then NYSE
2. Then owner(s)n of n then businessn aren personallyn liablen forn then debtsn of n then company
3. Sharesn of n stockn must nbenpurchased n directlyn fromn current nownersnandn notnsold nonna
nn exchange
4. Cann raisen moren financialn capitaln byn sellingn stockn ton thengreatest nnumbern of ni
nvestors
5. Then easiest n formn of n businessn ton start
6. Then businessn ceasesn ton exist n uponn then departuren of n onen of n then owners
7. Then owner(s)n payn taxesn onn then profitsn of n then business
TYPEnOFnCOMPANY
A. Partnership
B. Publiclyn traded n corporation
C. Privatelyn traded n corporation
D. Solen Proprietorship
QuestionnDetails
AACSBn:nAnalyticalnThinking
n AICPAn : n FNn Reportingn Diffic
ulty n : n 2 n Medium n Bloom'sn :n A
nalyze
Accessibility n:nKeyboard nNavigation n Ty
pen :n Static
Gradablen :n manual
Accessibility n:nScreen nReadernCompatible
n Bloom'sn : n Understand
Topicn :n Organizationaln Forms
Learningn Objectiven :n 01-
01 n Describen variousn organizationaln formsn and n businessn decision n makers.n AICPAn :n BBn Legal
Sourcen :n Excluden LearnSmart
Versionn1 1
mynursytest.store
,DOWNLOAD THE Test Bank for Fundamentals of Financial Accounting 7th Editi
n n n n n n n n n n
on Phillips n
Fundamentals of Financial Accounting 7th Edition by
n n n n n n
Phillips CH01 n
2) Matchn then businessn activityntonthen appropriaten category.n
Then purchasen of n an new n linen of n assemblyn equipment
Companynpayment nof nandividendn
Then purchasen of n officen supplies
Then purchasen of n ann onlinen advertisingn slot n timen bynthencompanyn The
n buildingn of n an new n factoryn facility
Companyn repayment n of n then principaln amount n of n an bankn loan
A) Financingn activity
B) Operatingn activity
C) Investingn activity
QuestionnDetails
AACSBn:nAnalyticalnThinkingn
AICPAn :n FNn Reportingn Diffic
ulty n : n 2 n Medium
Learningn Objectiven :n 01-
02 n Describen then purpose,nstructure,n and ncontent nofnthenfourn basicn financialn sn Topicn :nFinancialn Stateme
nts
AICPAn :nBBn Resourcen Management
n Accessibility n: nKeyboard nNavigatio
n n Typen :n Static
Gradablen :n manual
Accessib ility n:nScreen nReadernCompatible
n Bloom'sn : n Understand
Sourcen :n Excluden LearnSmart
Versionn1 2
mynursytest.store
,DOWNLOAD THE Test Bank for Fundamentals of Financial Accounting 7th Editi
n n n n n n n n n n
on Phillips n
Fundamentals of Financial Accounting 7th Edition by
n n n n n n
Phillips CH01 n
3) Choosen then appropriaten lettern tonmatchnthentermsn tonthenblanksn below ntoncompleten then r
elevant n equationn forn eachn financialn statement.
FINANCIALn STATEMENTn EQUATION
Balancen Sheet n =n +n
n Incomen Statement n
=n −n
Statement n of n Retained n Earningsn =n +n −n
n Statement n of n Cashn Flowsn
=n +n +n +n
n TERM
A. Cashn at n beginningn of n year
B. Net n cashn flow n fromn operatingn activities
C. Balancen of n retained n earningsn fromn previousn year
D. Net n cashn flow n fromn investingn activities
E. Liabilities
F. Net n cashn flow n fromn financingn activities
G. Balancen of n retained n earningsn at n end n of n year
H. Net n income
I. Revenue
J. Assets
K. Stockholders'n equity
L. Expenses
M. Cashn at n end n of n year
N. Dividendsn paid
QuestionnDetails
AACSBn:nAnalyticalnThinkingn
AICPAn :n FNn Reportingn Diffic
ulty n : n 2 n Medium
Learningn Objectiven :n 01-
02 n Describen then purpose,nstructure,n and ncontent nofnthenfourn basicn financialn sn Topicn :nFinancialn Stateme
nts
AICPAn:nBBnResourcenManagementn Blo
om'sn :n Create
Accessibility n:nKeyboard nNavigation n
AACSBn :n Knowledgen Application n Ty
pen :n Static
Gradablen :n manual
Accessibility n:nScreen nReadernCompatible
n Bloom'sn : n Apply
Versionn1 3
mynursytest.store
, DOWNLOAD THE Test Bank for Fundamentals of Financial Accounting 7th Editi
n n n n n n n n n n
on Phillips n
Fundamentals of Financial Accounting 7th Edition by
n n n n n n
Phillips CH01 n
Sourcen :n Excluden LearnSmart
Versionn1 4
mynursytest.store
n n n n n n n n n n
on Phillips n
Fundamentals of Financial Accounting 7th Edition by
n n n n n n
Phillips CH01 n
ANSWERS ARE LOCATED AT THE END OF THIS DOCUMENT
n n n n n n n n
SHORTnANSWER.nWritenthenwordnornphrasenthatnbestncompletesneachnstatementnornanswer
snthenquestion.
1) Choosen then appropriaten lettern tonmatchnthencharacteristicsn withnthentypen ofncompany.nAng
ivenn characteristicn mayn matchn moren thann onen typen of n company.
CHARACTERISTIC
1. Issuesn sharesn of n stockn that n aren traded n onn an stockn exchangen suchn asn then NYSE
2. Then owner(s)n of n then businessn aren personallyn liablen forn then debtsn of n then company
3. Sharesn of n stockn must nbenpurchased n directlyn fromn current nownersnandn notnsold nonna
nn exchange
4. Cann raisen moren financialn capitaln byn sellingn stockn ton thengreatest nnumbern of ni
nvestors
5. Then easiest n formn of n businessn ton start
6. Then businessn ceasesn ton exist n uponn then departuren of n onen of n then owners
7. Then owner(s)n payn taxesn onn then profitsn of n then business
TYPEnOFnCOMPANY
A. Partnership
B. Publiclyn traded n corporation
C. Privatelyn traded n corporation
D. Solen Proprietorship
QuestionnDetails
AACSBn:nAnalyticalnThinking
n AICPAn : n FNn Reportingn Diffic
ulty n : n 2 n Medium n Bloom'sn :n A
nalyze
Accessibility n:nKeyboard nNavigation n Ty
pen :n Static
Gradablen :n manual
Accessibility n:nScreen nReadernCompatible
n Bloom'sn : n Understand
Topicn :n Organizationaln Forms
Learningn Objectiven :n 01-
01 n Describen variousn organizationaln formsn and n businessn decision n makers.n AICPAn :n BBn Legal
Sourcen :n Excluden LearnSmart
Versionn1 1
mynursytest.store
,DOWNLOAD THE Test Bank for Fundamentals of Financial Accounting 7th Editi
n n n n n n n n n n
on Phillips n
Fundamentals of Financial Accounting 7th Edition by
n n n n n n
Phillips CH01 n
2) Matchn then businessn activityntonthen appropriaten category.n
Then purchasen of n an new n linen of n assemblyn equipment
Companynpayment nof nandividendn
Then purchasen of n officen supplies
Then purchasen of n ann onlinen advertisingn slot n timen bynthencompanyn The
n buildingn of n an new n factoryn facility
Companyn repayment n of n then principaln amount n of n an bankn loan
A) Financingn activity
B) Operatingn activity
C) Investingn activity
QuestionnDetails
AACSBn:nAnalyticalnThinkingn
AICPAn :n FNn Reportingn Diffic
ulty n : n 2 n Medium
Learningn Objectiven :n 01-
02 n Describen then purpose,nstructure,n and ncontent nofnthenfourn basicn financialn sn Topicn :nFinancialn Stateme
nts
AICPAn :nBBn Resourcen Management
n Accessibility n: nKeyboard nNavigatio
n n Typen :n Static
Gradablen :n manual
Accessib ility n:nScreen nReadernCompatible
n Bloom'sn : n Understand
Sourcen :n Excluden LearnSmart
Versionn1 2
mynursytest.store
,DOWNLOAD THE Test Bank for Fundamentals of Financial Accounting 7th Editi
n n n n n n n n n n
on Phillips n
Fundamentals of Financial Accounting 7th Edition by
n n n n n n
Phillips CH01 n
3) Choosen then appropriaten lettern tonmatchnthentermsn tonthenblanksn below ntoncompleten then r
elevant n equationn forn eachn financialn statement.
FINANCIALn STATEMENTn EQUATION
Balancen Sheet n =n +n
n Incomen Statement n
=n −n
Statement n of n Retained n Earningsn =n +n −n
n Statement n of n Cashn Flowsn
=n +n +n +n
n TERM
A. Cashn at n beginningn of n year
B. Net n cashn flow n fromn operatingn activities
C. Balancen of n retained n earningsn fromn previousn year
D. Net n cashn flow n fromn investingn activities
E. Liabilities
F. Net n cashn flow n fromn financingn activities
G. Balancen of n retained n earningsn at n end n of n year
H. Net n income
I. Revenue
J. Assets
K. Stockholders'n equity
L. Expenses
M. Cashn at n end n of n year
N. Dividendsn paid
QuestionnDetails
AACSBn:nAnalyticalnThinkingn
AICPAn :n FNn Reportingn Diffic
ulty n : n 2 n Medium
Learningn Objectiven :n 01-
02 n Describen then purpose,nstructure,n and ncontent nofnthenfourn basicn financialn sn Topicn :nFinancialn Stateme
nts
AICPAn:nBBnResourcenManagementn Blo
om'sn :n Create
Accessibility n:nKeyboard nNavigation n
AACSBn :n Knowledgen Application n Ty
pen :n Static
Gradablen :n manual
Accessibility n:nScreen nReadernCompatible
n Bloom'sn : n Apply
Versionn1 3
mynursytest.store
, DOWNLOAD THE Test Bank for Fundamentals of Financial Accounting 7th Editi
n n n n n n n n n n
on Phillips n
Fundamentals of Financial Accounting 7th Edition by
n n n n n n
Phillips CH01 n
Sourcen :n Excluden LearnSmart
Versionn1 4
mynursytest.store
