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WorksheetsTransaction Analysis and GAAP
Total questions: 14
Worksheet time: 7mins
The first step in preparing a transaction analysis sheet is to restate the balance sheet
True
False
I don't know
The accounting period is the period of time covered by financial statements.
True
False
With any transactions how many accounts are affected?
1
2
At least 2
4 or more
Accounting standards are the principles, rules, and guidelines followed when ....
preparing an income statement.
preparing a salad.
preparing and presenting accounting information.
preparing any math equation.
The fair value principle uses the ................... of the assets for the financial reports.
Current fair market value
actual cost
estimated cost
What accounts are affected?
Jul. 2 Purchased new physiotherapy equipment for $500 cash
Increase Equipment by $300 and Cash will decrease by $500
Increase Equipment by $500 and Cash will decrease by $500
Decrease Equipment by $500 and Cash will decrease by $500
Decrease Equipment by $500 and Cash will increase by $500
What accounts are affected?
Jul. 5 Bought office supplies for $55, on credit, from Central Office Supply Co.
Office Supplies decrease by $55 and the liability Accounts Payable also decrease by $55
Office Supplies increases by $25 and the liability Accounts Payable also increases by $55
Office Supplies decrease by $55 and the liability Accounts Payable also increases by $55
Office Supplies increases by $55 and the liability Accounts Payable also increases by $55
The personal assets of the owner of a company will not appear on the company's balance sheet because of which GAAP?
Business Entity
Going Concern
Objective Evidence
Realization of Revenue
Which GAAP directs a company to show all the expenses related to its revenues of a specified period even if the expenses were not paid in that period?
Going Concern
Objective Evidence
Realization of Revenue
Matching Expenses with Revenue
Which GAAP requires that all accounting records and statements are prepared as though the business will
continue even after the present owner is gone?
Business Entity
Going Concern
Unit of Measurement
Adequate Disclosure
Mr. Bean prepares quarterly financial statements to stakeholders to report his companies financial standing. What GAAP is Mr. Bean folloiwng?
Realization of Revenue
Adequate Disclosure
Accounting Period Cycle
Business Entity
The principles and procedures that together make up accepted accounting pratice at any given time are know as?
International financial reporting standards
Principle of periodicity
Generally accepted accounting principles
Time period principle
Paid monthly rental of the office space $20,000.
increase in assets = increase in capital
increase in liabilities = increase in assets
decrease in assets = decrease in capital
decrease in assets = decrease in liabilities
Completed legal work for Jenie Rose Blak and collected $30,000 cash.
increase in assets = increase in capital
increase in assets = increase in liabilities
increase in one form of asset = decrease in another form of asset
increase in liabilities = increase in assets
