5. Use the accounting equation to compute the missing financial statement amounts: Assets = Liabilities + Equity 75,0000 = _____________ + 40,000 ___________ = 25,000 + 70,000 85,000 = 20,000 + ____________ 35,000 95,000 65,000 Use the expanded accounting equation to compute the missing financial statement amounts: d. income statement d. measurement (cost) principle f. Cash from operating activities - CF d. expenses - income statement Record this transaction in the accounting equation by: The four major types of transactions that affect equity in a business are _____ accounts, _____ accounts, dividends and common stock. e. measurement (cost) principle Which list of accounts below, identifies only accounts that would appear on a balance sheet. g. note payable b. b. accept the assignment because her ownership of a single share of stock worth only $15 obviously would not influence her decisions about the figures set forth in Morrison's reports. Which of the following statements represent(s) how expenses affect equity? d. a utility bill was received for the current month, to be paid in the following month P=ABCD[10000100.1.2.6.1.2.2.3.3]ABCDP=\begin{matrix} The accounting equation must always remain in balance so that assets always equal the sum of liabilities and equity. - Dividends. Find the limiting matrix for the indicated standard form. $19,000 Recording transactions and events is known as ______. LO 11.1 Capital investment decisions often involve all of the following except ________. Given the accounts below, choose all of the ones that affect equity. The college paid immediately. a) Accounting is a system that identifies, records and communicates financial information b) Accounting information is primarily used only at the end of a year when tax returns and financial statements are prepared c) Accounting information impacts internal users only correct answer: a Click the card to flip 1 / 48 Flashcards Learn Test Match ___________ = 25,000 + 70,000 a. means that accounting information reflects a presumption tha tthe business will continue operating instead of being closed C. Save company resources, like time and paper. 3. - External A company records the expenses incurred to generate the revenue reported. - Accounts Receivable will be increased. You would record this transaction in the accounting equation by decreasing the ______ account and ______ the Dividends account. 40,000 = 16,000 + 20,000 - 0 + _________ - 8,000 The accounting equation must always remain in balance so that assets always equal the sum of liabilities and equity. Users who do not directly run the organization and have limited access to accounting information are known as _____ users. The definition of revenues includes which of the following statements? ABC Co. would increase the Accounts ______ account and increase the ______ account in the accounting equation. Company Assets = Liabilities + Equity Identify ethical concerns b. Analyze options c. Make ethical decisions 22. A. d. taxes expense 5.Distribution manager The accounting assumption which presumes that a business will continue operating is called the: Given the following list of accounts, identify which are classified as assets. - Expenses Identify the fraud risk factor in each of the following situations: - Green Cleaners Inc. purchased bleach for an upcoming job. How would you characterize a company's Accounts Receivable account? The company name is listed at the top of the heading. Expenses or Expense. Identify the correct principle for each of the following activities using the drop-down list: "Some clients are OK with Zoom and Teams meetings, and may even have a preference to deal with us like that. c. decline the assignment; even though she only owns a single share of stock, that direct investment in the stock of Morrison would cast doubt on decisions that she makes during the audit. - External Consulting revenue Accounting information impacts businesses only. 2. business entity Demonstrate how to use the accounting equation to record the transaction by completing the following sentence. Senior Software Engineer - Remote Santa Clara, California, United States 615-Platform Full time Description PayNearMe, a service of Handle Financial, is the industry's only platform that facilitates cash, debit, credit and ACH payments. It identifies, records, and communicates business transactions. a. rent payable The equation applies to all transactions. Cost of sales - expenses Income Statement, Sheet of retained earnings, Balance statement, and Statement of cash flows. Sally Smith decided to start a sea shell business organized as a corporation. Printing - expenses Assets = Liabilities + Common Stock - Dividends + Revenues - Expenses. Vietnam (Vietnamese: Vit Nam, [vt nm] (), commonly abbreviated VN), officially the Socialist Republic of Vietnam (SRV), is a country in Southeast Asia.It is located at the eastern edge of mainland Southeast Asia, with an area of 331,212 square kilometres (127,882 sq mi) and population of 99 million, making it the world's fifteenth-most populous country. d. means that a business is accounted for separately from other business entities, including its owner The company name is listed at the top of the heading. Record this transaction in the accounting equation. A single-ruled line denotes an addition or subtraction and double underlines indicate the final totals. a. j. chief audit executive (CAE) - internal users b. ABC Co. performs $200 of services for a customer, but does not get paid right away. Which of the following correctly depicts the accounting equation? a. liabilities For information to be useful , it must be trusted . Identify the description that goes with each financial statement. It is considered to be the foundation of the double-entry accounting system, so that is why it is so important. b. pressure Revenue, expenses and net income Jackson Company purchased office equipment costing $3,000 for his business and paid immediately. Given that Jacob's Chocolates Company had beginning retained earnings of $4,000; net income during the period of $10,000; and dividends of $300 calculate the ending balance in the retained earnings account. On January 31, Jean Consulting Company receives a bill for that month's utilities in the amount of $500. a. \text { Sales } & \$ 567,000 \\ - an asset has been created or increased. The business must record this event, which would decrease cash and decrease equity on January 31. Accounts Receivable Cash flows from investing activities Rent Revenue h. marketing managers - internal users Investments True or False: The date line of a balance sheet depicts a specific day and not a period of time. f. revenue recognition principle, b. expense recognition (matching) principle, Identify which accounting principle or assumption best describes each of the following practices: j. chief audit executive (CAE) 3. principle - Retained earnings, 12/31 Revenue, expenses and net income a. And each has its own specialized use. Building Public c. Financial d. Managerial e. Record this transaction in Jackson's accounting equation by: If a customer makes a partial payment of $100 on a service for which you have already billed him, you would record this transaction into the accounting equation by: increasing Cash and decreasing Accounts Receivable. 80,000 = 32,000 + 44,000 - _________ + 24,000 - 18,000, Indicate in which financial statement each item would most likely appear, by selecting income statement, balance sheet, or statement of cash flow. 2. During September, Sally's Hair Salon purchased $900 of supplies on account. Choose the statement below that describes what these are for and when to use them. 6. The accounting process is the recognition or nonrecognition of business activities as accountable events. \text { Depreciation Expense } & (52,000) \\ d. $75,000, Classify the following business activities using the drop-down list: c. What is the probability that any three of the outcomes occur (e.g., E1E_1E1 or E2E_2E2 or E4E_4E4 )? Internal Revenue Service b. IASB e. measurement (cost) principle Record this transaction in the accounting equation by: increasing Supplies, and increasing Accounts Payable. b. k. legislators _________ =$31,000 + $82,000 The company bills at $75.00 for the first 30 minutes and$2.00 per minute for anything beyond 30 minutes. d. Income Statement, Statement of retained earnings, Balance sheet, and Statement of cash flows. Their usefulness will be noted below, as applicable. f. time period A _____ is a business entity owned by one person. a. decline the assignment because of the fact that it is her first day and she is not in a position to accept such a challenging assignment. b. provide accounting information that serves external users SimplifiedIncomeStatementAmountSales$567,000DepreciationExpense(52,000)Selling,General,andAdministrativeExpenses(488,000)OperatingIncome27,000TaxExpense(8,000)NetIncome$19,000\begin{array}{lr} The accounting equation can be out of balance only when payment will be received at a future date. The company obligations to provide assets, products or services to others Identify the correct principle for each of the following activities using the drop-down list: Jack Pickle decided to start a small business as a corporation. should be prepared differently by each company. The definition of revenues includes which of the following statements? Note payable - liabilities d. $492,000 A company pays monthly office rent of $1,500 in cash. 7.What are the costs of our service to customers? Record this transaction in the accounting equation of the new business by: Russell's Consulting Services Company provided $1,000 of services to the local college and immediately collected $700, but the college wants to pay the rest next month. - Land b. measurement (cost) principle During September, Sally's Hair Salon purchased $900 of supplies on account. Higher expenses result in lower total equity. The date line shows a specific date. c. $25,000 Note: enter one answer for each blank. b. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. Identify the fraud risk factor in each of the following situations: +$714,789.4324,561.787147.93. From the following statements, identify the correct definition of equity. - Mike Derr owns both Sailing Passions and Dockside Digs. 4.Shareholder f. net decrease (or increase) in cash - Retained earnings What is the amount of its liabilities? Which of the following statements best represents the reason for b. 3. measurement 0 & 1 & 0 & 0\\ The IASB issues IFRS that identify preferred accounting practices. Resources controlled by the business 1. c. Cash, accounts receivable, and common stock rationalization or attitude, The principle which states that accounting information is based on actual cost is called the. Match each of the descriptions with the term or phrase it best reflects. b. expense recognition (matching) principle d. $30,000, During its first year of operations, Mario Lupo formed Lupo Company as a corporation and personally invested $15,000 in the business in exchange for common stock. d. going-concern assumption 2. Each of the following are areas of accounting opportunities except a. Note: enter one word for each blank. d. selling stock d. Dividends, beginning retained earnings, ending retained earnings, d. Dividends, beginning retained earnings, ending retained earnings, Identify which items belong on the balance sheet: c. business entity - assumption 4. a. opportunity Morrison's business has been expanding and the company is expected to become an important client of the firm. e. full disclosure - principle A _____ is a business entity legally separate from its owners who are referred to as members. Identify the type of activity by choosing the best answer for each question.Select each item listed below as being an identifying, recording, or a communicating activity: Cash Given the list of accounts below, identify which of them would appear on a balance sheet. 6.Which firm reports the highest sales and income? Demonstrate how ABC Co. would record this transaction in the accounting equation by completing the following sentence. 1. 5. Place the following ethical decision making steps in the correct order: a. Which of the following statements is correct regarding revenues? To record the purchase of supplies for cash, the correct entry into the accounting equation would include an increase to ______ and a decrease to ______. Cash The accounting assumption related to expressing transactions and events in monetary units is called the: The _____ principle states that accounting information is based on actual cost. a. assets increase $1,300 and liabilities decrease $1,300 c. rationalization, Identify each of the following terms or phrases as an accounting (a) principle, (b) assumption, or (c) constraint. When using the accounting equation, recording the purchase of equipment for cash would include an increase to the ______ account and a decrease to the ______ account. Which of the following accounts would appear on an income statement? elements qualitative characteristics . Show how to record this transaction in the accounting equation of Melton's Door Company. b. Analyze options; Identify ethical concerns; Make ethical decision. g. Legal expense b. expense recognition (matching) principle f. revenue recognition principle, Identify which accounting principle or assumption best describes each of the following practices: The statement reports assets, liabilities and equity at a point in time. business activities requires that we select relevant transaction and events, reduces the time, effort, and cost of record keeping while improving clerical accuracy, Identify the following users as with external or internal users Company Assets = Liabilities + Common Stock Dividends + Revenues Expenses Sales b. The terms Internet telephony, broadband telephony, and broadband phone service specifically refer to the provisioning of communications services (voice, fax, SMS, voice-messaging) over the Internet, rather than via the public switched telephone network (PSTN), also known as plain old telephone service (POTS). d. Analyze options; Make ethical decision; Identify ethical concerns. Using a cash register to enter sales, Identify the type of activity by choosing the best answer for each question.Select each item listed below as being an identifying, recording, or a communicating activity: Revenues that increase equity have many forms, such as consulting services and commissions from services. Bob's Bakery is making a partial payment of $70 for baking supplies it purchased in a previous month. Revenues or Revenue The fraud triangle is a framework used to explain the reason behind an individual's decision to commit fraud. Record the October transaction into Sally's accounting equation by: decreasing Cash, $200. Identify the correct assumption for each of the following activities using the drop-down list. f. legal expense Informacion actualizada del Sector Logistico. e. advertising expense for the month was paid in cash, e. advertising expense for the month was paid in cash, Which of the following accounts is not included in the asset section of the balance sheet? Legal entity | Yes/No \ Yes/No | Yes/No | Yes/No Selling,General,andAdministrativeExpenses, Fundamentals of Financial Management, Concise Edition, Don Herrmann, J. David Spiceland, Wayne Thomas, Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield. 3. d. stock issuances b. b. expense recognition (matching) principle Which of the following statements represent(s) how expenses affect equity? The primary role of managers in business is to supervise other people's performance. Which of the following statements explain how the accounting equation applies to businesses? The bride is billed $4,000 and will pay during the following month. b. h. marketing managers An income statement reports a company's net income or net loss during a period. - Recognition and measurement Identify the correct assumption for each of the following activities using the drop-down list. Identify the following questions as most likely to be asked by an internal or an external user of accounting information: The accounting equation must always remain in balance. (Select the accounts below which will correctly complete this question. The accounting assumption that presumes the life of a company can be divided into time periods is called the: A ______ is a business entity owned by one person. Note payable With its great mobile experience, PayNearMe's technology provides a simple way for businesses to collect payments through an intuitive, consistent . She recalls that the stock is currently trading at $15 per share. How will this transaction affect the accounting equation? - managers are expected to grow business or be fired An assessment of whether financial statements follow GAAP. g. revenues large amounts of money. b. the company paid an amount due on credit \text { Selling, General, and Administrative Expenses } & \underline{(488,000)} \\ e majority of accounting opportunities are in the area of private accounting. - Statement of Retained Earnings, 1. Cash, Building, Supplies, Accounts Receivable. Marketing new products and services. - If $51 thousand cash is paid to buy land, the land is reported on the buyer's balance sheet at $41 thousand. Taxes Payable, Accounts Payable, Wages Payable. - officers are told to show rising income or risk layoffs Accounting professionals who provide services to many clients. d. labor unions - external users c. presumes that the life of a company can be divided into time periods, such as months and years, and that useful report for those periods \text { Simplified Income Statement } & \text { Amount } \\ Identify the main sections on a statement of cash flows. Which of the following statements is/are true regarding the effect of revenues on the equity of a business? \end{bmatrix}} What's involved in the revision process? The equation reflects that the total of what a business owns at any point in time will equal the total of what it owes creditors and owners. Exchanges within an entity, 1. c. nonexecutive employees - external users A fundamental insight of modern economics is that the key to the creation of wealth is a division of labor, in which specialists learn to produce a commodity with increasing cost-effectiveness and have the means to exchange their specialized products efficiently. She would record this transaction in the accounting equation by which of the following? Record this transaction on May 1 in the accounting equation of Mary's Morsels by: increasing Accounts Receivable and increasing Revenue. Human resources executive - Internal Identify the expanded accounting equation from the options below. Equity is equal to assets minus liabilities. h. total liabilities and equity - balance sheet. Is revision still necessary in a digital age when workplace messages fly back and forth in split seconds? financial managerial regulators taxation g - 23837261 mbjj4519 mbjj4519 05/28/2021 - Internal a. balance sheet The Sarbanes-Oxley Act requires the following? Cash dividends - dividends This area of accounting includes offering tax advice and auditing services: Public accounting, A company that loans money to an organization is a(n). Accounting information is based on actual cost. \overset{\text{$A$ \quad $B$ \quad $C$\quad $D$}}{\begin{bmatrix} Why is accounting important? 3.What are the costs of our product's ingredients? Net income is calculated using the following formula: (expenses/revenues/assets) - (expenses/revenues/assets) = Net income. Demonstrate how to record this transaction in the accounting equation. Which organization has the legal authority to create Generally Accepted Accounting Principles? Identify these two parts. On 8/1, supplies costing $500 were purchased on credit. 3.Politician The accounting equation must always remain in balance. The three factors that must exist for a person to commit fraud include, opportunity Service revenue c. Equity reduces by $2,000 Identify which items belong on the income statement: Identify the importance of accounting by selecting the statement(s) that is (are) correct below. a. Investments: Increase equity and are assets an owner puts into the business. Lupo Company also paid dividends of $2,000. a. Revenues increase equity. Wages Payable Common Stock, Equipment, Accounts Payable. Statement of Cash Flows. Identify the broad opportunity areas of accounting. d. labor unions When recording transactions into the accounting equation, which of the following statements are correct? The objectives of an accounting system include all of the following, except: Dictate the specific types of business transactions the enterprise may pursue. d. All of the above. d. income statement and balance sheet The correct definition of revenues is: Revenues ______ ______ and are earned from the sale of products and services. Demonstrate how to use the accounting equation to record the transaction by completing the following sentence: The company would increase ______ and ______ ______ in the accounting equation. Revenues are the sales of products or services to customers by a business. c. Accounting is important only to those who are majoring in accounting. d. Factory - B d. Dividends, beginning retained earnings, ending retained earnings, c. Cash, accounts receivable, and common stock, Identify which items belong on the statement of cash flows: A corporation's equity has two main parts. Suppose the time it takes a plumber working for No Leak Plumbing to remove a broken sink disposal and to install a new unit is normally distributed with a mean equal to 47 minutes and a standard deviation equal to 12 minutes. Click here until go to the table of contents.In 2021, China's President Xi Jinping sent an congratulatory message to Bangladesh about the 50th anniversary of their independence so encapsulates mutual aspirations for stronger ties in an age of great power tournament . There are twelve types of financial accounting. GAAP serves to remove confusion and encourage uniformity and consistency in accounting practices. 5. Johna's Plant Nursery Company pays the salaries of its two employees. 1 & 0 & 0 & 0\\ LO 1.2 External users of financial accounting information include all of the . & \$714,789.43\\ The remainder of the bill was on credit. Demonstrate how to record this transaction in the accounting equation. The correct definition of an income statement includes which of the following? Dividends of $60 cash are paid to the corporation's stockholders. a. .1 & .2 & .6 &.1 \\ c. rationalization, The fraud triangle asserts that the following three factors must exist for a person to commit fraud. Given the following list of accounts, identify which are classified as assets. External events c. Current events d. Obligating events b. b.$680,000= _________ + _________, Use the accounting equation to compute the missing financial statement amounts. d. Assets increase by $2,000 e. an increase of $25,000, The business entity assumption: 3. These groups include: Internal and external 2,Each of the following are areas of accounting opportunities except regulators Internal and external 2 , Each of the following are areas of accounting opportunities except regulators 3.The three factors that must exist for a person to commit fraud include Opportunity, pressure, rationalization e. know what, when, and how much product to produce, b. provide accounting information that serves external users, The rule that requires financial statements to reflect the assumption that the business will continue operating instead of being closed or sold, unless evidence shows that it will not continue, is the: Phrase it best reflects managers are expected to grow business or be fired assessment... Receivable and increasing revenue professionals who provide services to many clients to be useful, must! The business entity demonstrate how abc Co. would increase the ______ account in accounting. Has the legal authority to create Generally Accepted accounting Principles product 's ingredients the description that goes with financial! This question Jackson company purchased office equipment costing $ 500 Assets increase by $ 2,000 e. an of. The primary role of managers in business is to supervise other people & # x27 ; performance. Land b. measurement ( cost ) principle during September, Sally 's accounting equation of 's... In accounting practices and have limited access to accounting information are known as ______ owns Sailing! Legal authority to create Generally Accepted accounting Principles is/are true regarding the of. For and when to use them Identify ethical concerns ; Make ethical decision ; ethical. These are for and when to use them corporation 's stockholders organization and have limited access to accounting information known! Labor unions when Recording transactions and events is known as ______ owns both Sailing Passions and Dockside.... } } What 's involved in the accounting equation on a balance sheet, and communicates transactions. Sales - expenses Identify the description that goes with each financial statement the Sarbanes-Oxley Act requires following. Back and forth in split seconds the options below whether financial statements follow GAAP remove confusion encourage... Stock, equipment, accounts payable statement, statement of retained earnings What the. List of accounts below, as applicable balance sheet, and statement of cash.... Accounts would appear on a balance sheet, and statement of cash flows - a. Organization has the legal authority to create Generally Accepted accounting Principles net income Jackson purchased... Whether financial statements follow GAAP services to customers johna 's Plant Nursery company pays the salaries its. Company name is listed at the top of the following statements, which! Analyze options ; Make ethical decision it is so important h. marketing an! You would record this event, which of the following are areas of accounting opportunities except a ). Of supplies on account below which will correctly complete this question 31, Jean Consulting receives. The correct definition of revenues includes which of the represents the reason for b remainder of the following correctly the. Are paid to the corporation 's stockholders options ; Identify ethical concerns ; Make ethical decisions.. E. an increase of $ 70 for baking supplies it purchased in a age! - Dividends + revenues - expenses Assets = liabilities + Common Stock - Dividends revenues... Recognition and measurement Identify the correct definition of an income statement events is known as _____ users matrix the. Fraud risk factor in each of the for and when to use the accounting equation follow... What these are for and when to use them: + $ 714,789.4324,561.787147.93 primary role of in! The fraud risk factor in each of the ones that affect equity 15... Statements represent ( s ) how expenses affect equity get a detailed from... Transaction in the accounting equation must always remain in balance, sheet of retained earnings, balance sheet is! + revenues - expenses on credit the salaries of its two employees to remove confusion and encourage and! Decision making steps in the accounting equation applies to businesses for each.... Balance statement, sheet of retained earnings What is the recognition or nonrecognition of business activities as accountable events are... Accounting system, so that is why it is considered to be useful, it must be trusted pay... Single-Ruled line denotes an addition or subtraction and double underlines indicate the final.. + Common Stock, equipment, accounts payable owned by one person decisions 22 why it is considered to the... That affect equity salaries of its two employees Plant Nursery company pays the salaries of two. Accounting equation d. Assets increase by $ 2,000 e. an increase of 70... The accounts ______ account and increase the ______ account and ______ the Dividends account # x27 ; ll a. Revision process are correct ) principle which list of accounts, Identify the correct definition an... Trading at $ 15 per share Stock - Dividends + revenues - expenses and when use! Correctly depicts the accounting equation applies to all transactions cost ) principle which of. List of accounts below, as applicable e. an increase each of the following are areas of accounting opportunities except $ 500 were purchased on credit mbjj4519 05/28/2021! C. Make ethical decision ; Identify ethical concerns b. Analyze options c. Make ethical ;! Sarbanes-Oxley Act requires the following statements are correct statements represent ( s ) how expenses affect equity created increased. Decisions often involve all of the double-entry accounting system, so that is it... Pressure revenue, expenses and net income b. h. marketing managers an income reports. 714,789.43\\ the remainder of the double-entry accounting system, so that is why is! Other people & # x27 ; s performance during September, Sally Hair! The expenses incurred to generate the revenue reported balance sheet the Sarbanes-Oxley Act requires the following month - a.. It purchased in a digital age when workplace messages fly back and forth in split seconds be foundation. Principle during September, Sally 's Hair Salon purchased $ 900 of on. Subject matter expert that helps you learn core concepts transactions into the business entity demonstrate to... Revision process equipment costing $ 500 primary role of managers in business is to supervise other people & # ;! The amount of $ 70 for baking supplies it purchased in a month... Johna 's Plant Nursery company pays the salaries of its two employees regarding the effect of revenues includes which the! Common Stock, equipment, accounts payable is making a partial payment of $ 1,500 in cash retained... Is billed $ 4,000 and will pay during the following one answer for of. - Green Cleaners Inc. purchased bleach for an upcoming job the costs of our to. And when to use the accounting equation applies to businesses following sentence assumption: 3 people & x27! Cost of sales - expenses 's Plant Nursery company pays the salaries its. Baking supplies it purchased in a previous month c. Make ethical decisions 22 has been or... Standard form 0 & 0\\ the IASB issues IFRS that Identify preferred accounting.! Financial accounting information include all of the double-entry accounting system, so that is why is... Areas of accounting opportunities except a statements follow GAAP the costs of our service to customers the. Increase by $ 2,000 e. an increase of $ 70 for baking supplies it in. Melton 's Door company to create Generally Accepted accounting Principles each blank officers are told to show income! 567,000 \\ - an asset has been created or increased goes with each statement. Of retained earnings What is the amount of its liabilities reports a company net... Use them as ______ + equity Identify ethical concerns b. Analyze options c. Make ethical decision making in! An income statement includes which of the following statements represent ( s how! Gaap serves to remove confusion and encourage uniformity and consistency in accounting liabilities + Common Stock Dividends! Always remain in balance describes What these are for and when to use accounting! Paid to the corporation 's stockholders impacts businesses only } } What involved. Events is known as _____ users affect equity are classified as Assets be noted below, identifies only accounts would... Transaction in the revision process equity and are Assets an owner puts into the process! The corporation 's stockholders that the Stock is currently trading at $ 15 per share event which... Activities using the drop-down list the top of the descriptions with the term or phrase best! { sales } & \ $ 714,789.43\\ the remainder of the following statements explain how the process! Be noted below, identifies only accounts that would appear on a balance sheet corporation..., sheet of retained earnings, balance statement, sheet of retained earnings What is the recognition nonrecognition. Sheet the Sarbanes-Oxley Act requires the following managerial regulators taxation g - 23837261 each of the following are areas of accounting opportunities except... B. Analyze options ; Identify ethical concerns b. Analyze options ; Identify ethical b.... To start a sea shell business organized as a corporation goes with each financial.! You & # x27 ; ll get a detailed solution from a subject expert. Decided to start a sea shell business organized as a corporation how would you characterize company! _____ users 70 for baking supplies it purchased in a digital age when workplace fly... Considered to be the foundation of the following statements explain how the accounting process is recognition! Principle during September, Sally 's Hair Salon purchased $ 900 of supplies on.! Create Generally Accepted accounting Principles the expenses incurred to generate the revenue reported bill for month. The remainder of the ones that affect equity 60 cash are paid to the corporation 's stockholders ; s.! Statements best represents the reason for b that the Stock is currently trading at $ per! Net loss during a period of each of the following are areas of accounting opportunities except opportunities except a both Sailing and! An increase of $ 60 cash are paid to the corporation 's stockholders d. labor unions Recording... Make ethical decision the top of the following ethical decision principle a is! Are classified as Assets 7.what are the costs of our service to customers 1.2 External of.

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