What does ALOE stand for?

Which one of the activities is a bookkeeping activity?

What is the best explanation of a source document in bookkeeping?

Which of the following statements best defines 'cash flow?'

If a company sells $20,000 of their inventory for $30,000 in cash, how does owners' equity change?

If the owner invests and additional $50,000, which two accounts are affected?

If the business obtains a 20 year loan that they will use to purchase land, which accounts are IMMEDIATELY changed?

If the business obtains a 20 year loan that they will use to purchase land, which account categories are IMMEDIATELY changed?

ABC Contractors purchases a delivery truck for $20,000. What happens to the Assets account?

______________ are the evidence that the financial transaction has occurred and may include receipts and invoices

Accounting is the process of ____, _____, and ____ economic information. (Mark 3 answers)

Managerial accountants provide information to people ________________

Financial accounting involves preparation of financial information for _____________.

Fund accounting is primarily about accounting for ________.

______ verify the accuracy of a company's financial, operational or compliance records.

The amount of cash given up to acquire a specific item is called: ____________

Revenue Recognition Principle states that:

Which are liabilities?

Which are assets?

Assets minus liabilities equal:

The goal of double entry accounting is to:

The amount of cash brought in and paid out during a stated period is called:

What accounting principle requires having the ability to rely on documented information to record financial data?

What accounting principle states that people involved in a transaction should not be personally related?

What are the rules and regulations that must be followed when reporting all financial data?

What type of accountant is hired by a company to verify the accuracy of the financial records of a company?

What type of accountant deals with the fund system of accounting?

What type of accountant doesn't typically communicate financial information to people or entities outside his organization?

Why is accounting important to business? (Mark all that apply)

Your plumbing company fixed the shower for Jane Smith. You have invoiced Jane for $1,000 but she has not paid yet. Using the accrual method of accounting, how much should you show as income?

A company had total revenue of $20,000 for the month ending March 31. In the same time period, the company had $12,000 in expenses. What was the company's net income or net loss?

ABC Ropes is interested in buying a retail store front to sell their ropes as they have previously only been selling online. ABC takes a loan from the bank in order to purchase a retail space outright. ABC receives a $250,000 loan from the bank to purchase their retail space. What is this $250,000 categorized as and what type of activity is it?

Cal's Cycle Sales has current assets of $200,000, inventories total $150,000, total assets are $325,000, current liabilities are $100,000, long-term liabilities are $125,000, stockholder's equity is $100,000 (with 50,000 shares outstanding), and net income is $40,000. What is Cal's return on equity?

Brenda's Bake Shoppe has a current ratio of 2.25. That means for every dollar of current liabilities her business has there are _____ in current assets.

Cal Cycle Sales has an inventory of $10,000 worth of bikes. He still owes $3,000 on some of them. He has $1,500 in his business bank account. He has $8,500 in owners' equity on his books. Are his finances balanced?

Cal Cycle Sales has an inventory of $100,000 in bikes and accessories for sale. His sales for the year totaled $200,000. During the year he paid $20,000 in building rent and utilities, $25,000 to his assistant who does repairs and $125,000 for the bikes he sold. What was Cal's ROA?

Cal's Cycle Sales has current assets (consisting of cash, accounts receivable and inventory) of $200,000, inventories total $150,000, total assets are $325,000, current liabilities are $100,000, long-term liabilities are $125,000, stockholder's equity is $100,000 (with 50,000 shares outstanding), and net income is $40,000. What is Cal's quick ratio?

Cal's Cycle Sales has current assets of $200,000, inventories total $150,000, total assets are $325,000, current liabilities are $100,000, long-term liabilities are $125,000, stockholder's equity is $100,000 (with 50,000 shares outstanding), and net income is $40,000. What is Cal's earnings per share?

Cal's Cycle Sales has current assets of $200,000, inventories total $150,000, total assets are $325,000, current liabilities are $100,000, long-term liabilities are $125,000, stockholder's equity is $100,000 (with 50,000 shares outstanding), and net income is $40,000. What is Cal's debt to assets ratio?

Rinate Company Ltd has the following details available:

Net Income is $123,200

Total asset valued at $258,600

Total Liabilities valued at $25300

Total Equity valued at $40000

Calculate the Return on Assets.

ABC Automotive Corporation purchased a new car lift for their repair center. The payment for their car lift is due within 10 months of purchase. What would this be characterized as, and why?

Jarett orders and purchases two laptops for his company usage on account. The ordered laptops amounted to $1,200. Identify the two accounts that are used for this transaction.

Once source documents are in hand, where is the journal entry recorded?'

The visuals that are used to help accounting professionals see the effects of transactions on accounts are called _____.

Rachel's Interior Design Firm has several different accounts used to track their finances, which is common in business. Rachel's Interior Design Firm receives a check from Susie Johnson for interior design work the company performed at Susie's home. Which account should this money be recorded?

What is the difference between profit and profitability?

Which of the following lists the order in which closing entries are made?

Which type of accounts have balances that are not carried over from one accounting period to another?

Which financial statement details dividends, retained earnings, and current retained earnings?