Test Bank for Fundamentals Of Financial Accounting, 7th Canadian Edition by Fred Phillips.pdf

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ANSWERS ARE LOCATED AT THE END OF THIS DOCUMENT
m m m m m m m m




SHORTmANSWER.mWritemthemwordmormphrasemthatmbestmcompletesmeachmstatementmormans
wersmthemquestion.
1) Choosemthemappropriatemlettermtommatchmthemcharacteristicsmwithmthemtypemof mcompany.
mA mgivenmcharacteristicmmaymmatchmmoremthanmonemtypemof mcompany.

CHARACTERISTIC
1. Issuesmsharesmof mstockmthat maremtraded monmamstockmexchangemsuchmasmthemNYSE
2. Themowner(s)mof mthembusinessmarempersonallymliable mformthemdebtsmof mthemcompany
3. Sharesmof mstockmmust mbempurchased mdirectlymfrommcurrent mownersmand mnot msold m
onmanmexchange
4. Canmraisemmoremfinancialmcapitalmbymsellingmstockmtomthemgreatest mnumberm
of minvestors
5. Themeasiest mformmof mbusinessmtomstart
6. Thembusinessmceasesmtomexist muponmthemdeparturemof monemof mthemowners
7. Themowner(s)mpaymtaxesmonmthemprofitsmof mthembusiness
TYPEmOFmCOMPANY
A. Partnership
B. Publiclymtraded mcorporation
C. Privatelymtraded mcorporation
D. SolemProprietorship




QuestionmDetails
AACSBm:mAnalyticalmThinkin
gmAICPAm:mFNmReportingmDi
fficulty m:m2 mMedium m Bloom's
m: mAnalyze

Accessibility m:mKeyboard mNavigation mT
ypem: mStatic
Gradablem:mmanual
Accessibility m:mScreen mReadermCompatibl
emBloom'sm:mUnderstand
Topicm:mOrganizationalmForms
LearningmObjectivem:m01-
01 mDescribemvariousmorganizationalmformsmand mbusinessmdecision mmakers.mAICPAm:mBBmLegal
Sourcem:mExcludemLearnSmart




Versionm1 1
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,DOWNLOAD THE Test Bank for Fundamentals of Financial Accounting 7th Editi
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Fundamentals of Financial Accounting 7th Edition by
m m m m m m



Phillips CH01 m


2) Matchmthembusinessmactivitymtomthemappropriatemcategor
y.mThempurchasemof mamnew mlinemof massemblymequipment

Companympayment mof mamdividen

d mThempurchasemof mofficemsuppli

es

Thempurchasemof manmonlinemadvertisingmslot mtimembymthemcompanym

Thembuildingmof mamnew mfactorymfacility

Companymrepayment mof mthemprincipalmamount mof mambankmloan

A) Financingmactivity
B) Operatingmactivity
C) Investingmactivity




QuestionmDetails
AACSBm:mAnalyticalmThinkin
gmAICPAm:mFNmReportingmDi
fficulty m:m2 mMedium
LearningmObjectivem:m01-
02 mDescribemthempurpose,mstructure,mand mcontent mofmthemfourmbasicmfinancialmsmTopicm:mFinancialmSta
tements
AICPAm:mBBmResourcemManageme
ntmAccessibility m:mKeyboard mNaviga
tion mTypem:mStatic
Gradablem:mmanual
Accessib ility m:mScreen mReadermCompatibl
emBloom'sm:mUnderstand
Sourcem:mExcludemLearnSmart




Versionm1 2
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,DOWNLOAD THE Test Bank for Fundamentals of Financial Accounting 7th Editi
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Fundamentals of Financial Accounting 7th Edition by
m m m m m m



Phillips CH01 m


3) Choosemthemappropriatemlettermtommatchmthemtermsmtomthemblanksmbelow mtomcompletemt
hemrelevant mequationmformeachmfinancialmstatement.

FINANCIALmSTATEMENTmEQUATION
BalancemSheet m =m +m
mIncomemStatement m

=m −m
Statement mof mRetained mEarningsm =m +m −m
mStatement mof mCashmFlowsm


=m +m +m +m
mTERM


A. Cashmat mbeginningmof myear
B. Net mcashmflow mfrommoperatingmactivities
C. Balancemof mretained mearningsmfrommpreviousmyear
D. Net mcashmflow mfromminvestingmactivities
E. Liabilities
F. Net mcashmflow mfrommfinancingmactivities
G. Balancemof mretained mearningsmat mend mof myear
H. Net mincome
I. Revenue
J. Assets
K. Stockholders'mequity
L. Expenses
M. Cashmat mend mof myear
N. Dividendsmpaid




QuestionmDetails
AACSBm:mAnalyticalmThinkin
gmAICPAm:mFNmReportingmDi
fficulty m:m2 mMedium
LearningmObjectivem:m01-
02 mDescribemthempurpose,mstructure,mand mcontent mofmthemfourmbasicmfinancialmsmTopicm:mFinancialmSta
tements
AICPAm:mBBmResourcemManagement mB
loom'sm:mCreate
Accessibility m:mKeyboard mNavigation
mAACSB m: mKnowledge mApplication m

Typem:mStatic
Gradablem:mmanual
Accessibility m:mScreen mReadermCompatibl
emBloom'sm:mApply
Versionm1 3
mynursytest.store

, DOWNLOAD THE Test Bank for Fundamentals of Financial Accounting 7th Editi
m m m m m m m m m m

on Phillips m


Fundamentals of Financial Accounting 7th Edition by
m m m m m m



Phillips CH01 m

Sourcem:mExcludemLearnSmart




Versionm1 4
mynursytest.store