Connect Chapter 1 Need to Know
Chapter 1 Need to know
Choose from the following list of terms/phrases to best complete the following statements.
Identify the following users as either external users (E) or internal users (I).
The fraud triangle asserts three factors must exist for a person to commit fraud. Identify the fraud risk factor in each of the following situations:
Identify the following terms/phrases as either an accounting: (a) principle, (b) assumption, or (c) constraint.
Complete the following table with either a yes or no regarding the attributes of a proprietorship, partnership and corporation.
Identify which accounting principle or assumption best describes each of the following practices:
a. Total assets of Charter Company equal $700,000 and its equity is $420,000. What is the amount of its liabilities?
b. Total assets of Martin Marine equal $500,000 and its liabilities and equity amounts are equal to each other. What is the amount of its liabilities? What is the amount of its equity?
1. Use the accounting equation to compute the missing financial statement amounts.
2. Use the expanded accounting equation to compute the missing financial statement amounts.
The following transactions were completed by the company.
- The company completed consulting work for a client and immediately collected $5,500 cash earned.
- The company completed commission work for a client and sent a bill for $4,000 to be received within 30 days.
- The company paid an assistant $1,400 cash as wages for the period.
- The company collected $1,000 cash as a partial payment for the amount owed by the client in transaction b.
- The company paid $700 cash for this period's cleaning services.
The following transactions were completed by the company.
- The owner (Alex Carr) invested $15,000 cash in the company.
- The company purchased supplies for $500 cash.
- The owner (Alex Carr) invested $10,000 of equipment in the company.
- The company purchased $200 of additional supplies on credit.
Indicate in which financial statement(s) each item would most likely appear, by selecting income statement (I), balance sheet (B), statement of owner's equity (E), or statement of cash flows (CF) from the drop down provided.
Identify each of the following items as revenues, expenses, or withdrawals from the drop down provided.
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