DOWNLOADgTHEgTestgBankgforgFundamentalsgofgFinancialgAccountingg7thgEdit
iongPhillips
Fundamentals of Financial Accounting 7th Edition by
g g g g g g
Phillips CH01g
ANSWERSgAREgLOCATEDgATgTHEgENDgOFgTHISgDOCUMENT
SHORTgANSWER.gWritegthegwordgorgphrasegthatgbestgcompletesgeachgstatementgorgansw
ersgthegquestion.
1) Choosegthegappropriateglettergtogmatchgthegcharacteristicsgwithgthegtypegofgcompany.g
Aggivengcharacteristicgmaygmatchgmoregthangonegtypegofgcompany.
CHARACTERISTIC
1. IssuesgsharesgofgstockgthatgaregtradedgongagstockgexchangegsuchgasgthegNYSE
2. Thegowner(s)gofgthegbusinessgaregpersonallygliablegforgthegdebtsgofgthegcompany
3. Sharesgofgstockgmustgbegpurchasedgdirectlygfromgcurrentgownersgandgnotgsoldgo
ngangexchange
4. Cangraisegmoregfinancialgcapitalgbygsellinggstockgtogtheggreatestgnumbergo
fginvestors
5. Thegeasiestgformgofgbusinessgtogstart
6. Thegbusinessgceasesgtogexistgupongthegdeparturegofgonegofgthegowners
7. Thegowner(s)gpaygtaxesgongthegprofitsgofgthegbusiness
TYPEgOFgCOMPANY
A. Partnership
B. Publiclygtradedgcorporation
C. Privatelygtradedgcorporation
D. SolegProprietorship
QuestiongDetails
AACSBg:gAnalyticalgThinkin
ggAICPAg:gFNgReportinggDif
ficultyg:g2gMediumg Bloom'sg
:gAnalyze
Accessibilityg:gKeyboardgNavigationgT
ypeg:gStatic
Gradableg:gmanual
Accessibilityg:gScreengReadergCompatibl
egBloom'sg:gUnderstand
Topicg:gOrganizationalgForms
LearninggObjectiveg:g01-
01gDescribegvariousgorganizationalgformsgandgbusinessgdecisiongmakers.gAICPAg:gBBgLegal
Sourceg:gExcludegLearnSmart
Versiong1 1
mynursytest.store
,DOWNLOADgTHEgTestgBankgforgFundamentalsgofgFinancialgAccountingg7thgEdit
iongPhillips
Fundamentals of Financial Accounting 7th Edition by
g g g g g g
Phillips CH01 g
2) Matchgthegbusinessgactivitygtogthegappropriategcategory
.gThegpurchasegofgagnewglinegofgassemblygequipment
Companygpaymentgofgagdividend
gThegpurchasegofgofficegsupplies
ThegpurchasegofgangonlinegadvertisinggslotgtimegbygthegcompanygT
hegbuildinggofgagnewgfactorygfacility
Companygrepaymentgofgthegprincipalgamountgofgagbankgloan
A) Financinggactivity
B) Operatinggactivity
C) Investinggactivity
QuestiongDetails
AACSBg:gAnalyticalgThinking
gAICPAg:gFNgReportinggDiffi
cultyg:g2gMedium
LearninggObjectiveg:g01-
02gDescribegthegpurpose,gstructure,gandgcontentgofgthegfourgbasicgfinancialgsgTopicg:gFinancialgStat
ements
AICPAg:gBBgResourcegManagemen
tgAccessibilityg:gKeyboardgNavigati
ongTypeg:gStatic
Gradableg:gmanual
Accessibilityg:gScreengReadergCompatibl
egBloom'sg:gUnderstand
Sourceg:gExcludegLearnSmart
Versiong1 2
mynursytest.store
,DOWNLOADgTHEgTestgBankgforgFundamentalsgofgFinancialgAccountingg7thgEdit
iongPhillips
Fundamentals of Financial Accounting 7th Edition by
g g g g g g
Phillips CH01 g
3) Choosegthegappropriateglettergtogmatchgthegtermsgtogthegblanksgbelowgtogcompletegth
egrelevantgequationgforgeachgfinancialgstatement.
FINANCIALgSTATEMENTgEQUATION
BalancegSheetg =g +g
gIncomegStatementg
=g −g
StatementgofgRetainedgEarningsg =g +g −g
gStatementgofgCashgFlowsg
=g +g +g +g
gTERM
A. Cashgatgbeginninggofgyear
B. Netgcashgflowgfromgoperatinggactivities
C. Balancegofgretainedgearningsgfromgpreviousgyear
D. Netgcashgflowgfromginvestinggactivities
E. Liabilities
F. Netgcashgflowgfromgfinancinggactivities
G. Balancegofgretainedgearningsgatgendgofgyear
H. Netgincome
I. Revenue
J. Assets
K. Stockholders'gequity
L. Expenses
M. Cashgatgendgofgyear
N. Dividendsgpaid
QuestiongDetails
AACSBg:gAnalyticalgThinking
gAICPAg:gFNgReportinggDiffi
cultyg:g2gMedium
LearninggObjectiveg:g01-
02gDescribegthegpurpose,gstructure,gandgcontentgofgthegfourgbasicgfinancialgsgTopicg:gFinancialgStat
ements
AICPAg:gBBgResourcegManagementgBl
oom'sg:gCreate
Accessibilityg:gKeyboardgNavigation
gAACSBg:gKnowledgegApplicationg
Typeg:gStatic
Gradableg:gmanual
Accessibilityg:gScreengReadergCompatibl
egBloom'sg:gApply
Versiong1 3
mynursytest.store
, DOWNLOADgTHEgTestgBankgforgFundamentalsgofgFinancialgAccountingg7thgEdit
iongPhillips
Fundamentals of Financial Accounting 7th Edition by
g g g g g g
Phillips CH01g
Sourceg:gExcludegLearnSmart
Versiong1 4
mynursytest.store
iongPhillips
Fundamentals of Financial Accounting 7th Edition by
g g g g g g
Phillips CH01g
ANSWERSgAREgLOCATEDgATgTHEgENDgOFgTHISgDOCUMENT
SHORTgANSWER.gWritegthegwordgorgphrasegthatgbestgcompletesgeachgstatementgorgansw
ersgthegquestion.
1) Choosegthegappropriateglettergtogmatchgthegcharacteristicsgwithgthegtypegofgcompany.g
Aggivengcharacteristicgmaygmatchgmoregthangonegtypegofgcompany.
CHARACTERISTIC
1. IssuesgsharesgofgstockgthatgaregtradedgongagstockgexchangegsuchgasgthegNYSE
2. Thegowner(s)gofgthegbusinessgaregpersonallygliablegforgthegdebtsgofgthegcompany
3. Sharesgofgstockgmustgbegpurchasedgdirectlygfromgcurrentgownersgandgnotgsoldgo
ngangexchange
4. Cangraisegmoregfinancialgcapitalgbygsellinggstockgtogtheggreatestgnumbergo
fginvestors
5. Thegeasiestgformgofgbusinessgtogstart
6. Thegbusinessgceasesgtogexistgupongthegdeparturegofgonegofgthegowners
7. Thegowner(s)gpaygtaxesgongthegprofitsgofgthegbusiness
TYPEgOFgCOMPANY
A. Partnership
B. Publiclygtradedgcorporation
C. Privatelygtradedgcorporation
D. SolegProprietorship
QuestiongDetails
AACSBg:gAnalyticalgThinkin
ggAICPAg:gFNgReportinggDif
ficultyg:g2gMediumg Bloom'sg
:gAnalyze
Accessibilityg:gKeyboardgNavigationgT
ypeg:gStatic
Gradableg:gmanual
Accessibilityg:gScreengReadergCompatibl
egBloom'sg:gUnderstand
Topicg:gOrganizationalgForms
LearninggObjectiveg:g01-
01gDescribegvariousgorganizationalgformsgandgbusinessgdecisiongmakers.gAICPAg:gBBgLegal
Sourceg:gExcludegLearnSmart
Versiong1 1
mynursytest.store
,DOWNLOADgTHEgTestgBankgforgFundamentalsgofgFinancialgAccountingg7thgEdit
iongPhillips
Fundamentals of Financial Accounting 7th Edition by
g g g g g g
Phillips CH01 g
2) Matchgthegbusinessgactivitygtogthegappropriategcategory
.gThegpurchasegofgagnewglinegofgassemblygequipment
Companygpaymentgofgagdividend
gThegpurchasegofgofficegsupplies
ThegpurchasegofgangonlinegadvertisinggslotgtimegbygthegcompanygT
hegbuildinggofgagnewgfactorygfacility
Companygrepaymentgofgthegprincipalgamountgofgagbankgloan
A) Financinggactivity
B) Operatinggactivity
C) Investinggactivity
QuestiongDetails
AACSBg:gAnalyticalgThinking
gAICPAg:gFNgReportinggDiffi
cultyg:g2gMedium
LearninggObjectiveg:g01-
02gDescribegthegpurpose,gstructure,gandgcontentgofgthegfourgbasicgfinancialgsgTopicg:gFinancialgStat
ements
AICPAg:gBBgResourcegManagemen
tgAccessibilityg:gKeyboardgNavigati
ongTypeg:gStatic
Gradableg:gmanual
Accessibilityg:gScreengReadergCompatibl
egBloom'sg:gUnderstand
Sourceg:gExcludegLearnSmart
Versiong1 2
mynursytest.store
,DOWNLOADgTHEgTestgBankgforgFundamentalsgofgFinancialgAccountingg7thgEdit
iongPhillips
Fundamentals of Financial Accounting 7th Edition by
g g g g g g
Phillips CH01 g
3) Choosegthegappropriateglettergtogmatchgthegtermsgtogthegblanksgbelowgtogcompletegth
egrelevantgequationgforgeachgfinancialgstatement.
FINANCIALgSTATEMENTgEQUATION
BalancegSheetg =g +g
gIncomegStatementg
=g −g
StatementgofgRetainedgEarningsg =g +g −g
gStatementgofgCashgFlowsg
=g +g +g +g
gTERM
A. Cashgatgbeginninggofgyear
B. Netgcashgflowgfromgoperatinggactivities
C. Balancegofgretainedgearningsgfromgpreviousgyear
D. Netgcashgflowgfromginvestinggactivities
E. Liabilities
F. Netgcashgflowgfromgfinancinggactivities
G. Balancegofgretainedgearningsgatgendgofgyear
H. Netgincome
I. Revenue
J. Assets
K. Stockholders'gequity
L. Expenses
M. Cashgatgendgofgyear
N. Dividendsgpaid
QuestiongDetails
AACSBg:gAnalyticalgThinking
gAICPAg:gFNgReportinggDiffi
cultyg:g2gMedium
LearninggObjectiveg:g01-
02gDescribegthegpurpose,gstructure,gandgcontentgofgthegfourgbasicgfinancialgsgTopicg:gFinancialgStat
ements
AICPAg:gBBgResourcegManagementgBl
oom'sg:gCreate
Accessibilityg:gKeyboardgNavigation
gAACSBg:gKnowledgegApplicationg
Typeg:gStatic
Gradableg:gmanual
Accessibilityg:gScreengReadergCompatibl
egBloom'sg:gApply
Versiong1 3
mynursytest.store
, DOWNLOADgTHEgTestgBankgforgFundamentalsgofgFinancialgAccountingg7thgEdit
iongPhillips
Fundamentals of Financial Accounting 7th Edition by
g g g g g g
Phillips CH01g
Sourceg:gExcludegLearnSmart
Versiong1 4
mynursytest.store
