Accounting Journal Entries and Financial Statements

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The contents in cells A1 through A6 are 6, 3, 4, 7, 9, and 7. What function would return the answer 6?

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=MAX(A1:A6)

Front

Which term refers to the column letter and row number in a spreadsheet?

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Cell address

Front

Lucy has been a Certified Public Accountant for 5 years. One of Lucy’s clients is a public company whose stock is offered on the New York Stock Exchange. During her audit of the company, Lucy discovers that several of the assets on the financial statements are deliberately misstated. Which governing body should Lucy advise of the finding?

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SEC

Front

What concept is Thomason Corporation violating by failing to include the purchase of a new tractor-trailer truck in the general ledger?

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Recognition Concept

Front

Donna Jones is the president and primary stockholder of Jones Enterprises. She keeps her personal income and her business income in the same checking account. Which assumption is she violating?

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Business Entity Assumption

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Jerry Attric, a stockholder of XYZ Corporation, has just received a set of financials. While looking at these financials, he sees the words Assets, Liabilities, and Stockholders’ Equity on a sheet. Which financial statement is Stan viewing?

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Balance Sheet

Front

Emily is careful to be correct when doing her accounting work and is truthful with her clients. This is an example of which key principle for ethics in accounting?

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Integrity

Front

What is the effect when the owner invests $300 in the business?

Back

Front

Cash, Office Equipment, and Prepaid Insurance are all classified as:

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assets.

Front

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