Accounting Midterms

Unearned Income

Statement of Changes in Owner’s Equity

the beginning of the period balance

Adjusted trial balance, the owner’s equity account reflects what?

Statement of Financial Performance

Income Statement

Payment of Interest expense

A cash outflow from operating activities:
a. payment of interest expense
b. payment to acquire property and equipment
c. payment to settle notes payable

Statement of Changes in Owner’s Equity

the financial statement discloses with withdrawals during the period
a. statement of financial position
b. statement of financial performance
c. statement of changes in owner’s equity

Assets

present economic resource controlled by the entity as a result of a past event

liability

present obligation of the entity to transfer an economic resource as a result of a past event

Operating activity

paying taxes to the government is what type of activity?

revenues and expenses

statement of changes in owner’s equity would not show what?
a. revenue and ex[penses
b. owner’s ending capital
c. owner’s withdrawals

Investing Activity

purchase of a building is an example of what

selling goods and services

example of an operating activity?

a. obtaining capital from the owner
b. sellimg goods and services
c. selling of land

selling prices

which is not found in the financial statements?

a. revenue

b. selling prices

c. assets

83,000

the total current assets of the company is 167,000 and total assets amounted to 250,000. the non-current liabilities amounted to 129,000 and the owner’s equity amounted to 71,000. how much is the total non-current assets of the company

trial balance

which columns of the accounting work sheet shows unadjusted amount?

50,000

the total current assets of the company is 167,000 and the total assets amounted to 250,000. the non-current liabilities amounted to 129,000 and owner’s equity amounted to 71,000. how much is the total current liabilities of the company?

financial statements

which part of the accounting cycle provides information to help a business whether to expand its operation?

Income

an increase in assets or decreases in liabilities, that result in increase in equity other than those relating to contributions from holder’s equity

receipt from issuance of notes payable

which of the following is a cash inflow from financing activities
a. receipt from collection of notes receivable
b. receipt from interest on notes receivable
c. receipt from issuance of notes payable

expense

decrease in assets or increase in liabilities, that result in decrease in equity other than those relating to distributions to holders of equity

a. income
b. expense
c. withdrawals

purchasing a land

which of the following is an example of investing activity?

a. obtaining a bank loan
b. purchasing a land
c. producing goods and services

payment to acquire property and equipment

which of the following is a cash outflow from investing activities?
a. payment of interest expense
b. payment to acquire property and equipment
c. payment to settle notes payable

paying off a loan

which of the following is an example of financing activity?
a. acquiring land
b. employing workers
c. paying off loan

269,000

if the company has a revenue of 867,000 and total expenses of 598,000. how much is the net income?

payment to settle notes payable

which of the following is a cash outflow from financing activities?
a. payment of interest expense
b. payment to settle notes payable
c. payment to acquire property and equipment

income statement to the statement of changes in owners’ equity and statement of changes in owners’ equity to balance sheet

accounting data flow from the

a. balance sheet to the income statement
b. income statement to the statement of changes in owners’ equity

c. statement of changes in owners’ equity to balance sheet

d. b and c

balance sheet

the profit figure appears in all of the following financial statements except the
a. income statement

b. cashflows

c. balance sheet

d. changes in owner’s equity

operating activities

investing activities

financing activities

what are the 3 activities under statement of cash flow?

statement of financial performance - income statement

statement of changes in owner’s equity

statement of financial position - balance sheet

statement of cash flows

notes to financial statement

what are the 5 financial statements