Principles of Accounting
12th Edition
ISBN: 9781285607047
Author: NEEDLES
Publisher: Cengage Learning
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Textbook Question
Chapter 1, Problem 13EA
Match the terms that follow with the appropriate descriptions.
- 1. Communication
- 2. Business transactions
- 3. Investors
- 4. Financial Accounting Standards Board (FASB)
- 5. Creditors
- 6. Management
- 7. Bookkeeping
- 8. Securities and Exchange Commission (SEC)
- 9. Money measure
- 10. Sarbanes-Oxley Act
- 11. Financial statements
- 12. Management information system
- a. The recording of all business transactions in terms of money
- b. A process by which information is exchanged between individuals through a common system of symbols, signs, or behavior
- c. The process of identifying and assigning values to business transactions
- d. Legislation requiring CEOs and CFOs to swear that any reports they file with the SEC are accurate and complete
- e. Show how well a company is meeting the goals of profitability and liquidity
- f. Collectively, the people who have overall responsibility for operating a business and meeting its goals
- g. People who commit money to earn a financial return
- h. The interconnected subsystems that provide the information needed to run a business
- i. The most important body for developing and issuing rules on accounting practice, called Statements of Financial Accounting Standards
- j. An agency set up by Congress to protect the public by regulating the issuing, buying, and selling of stocks
- k. Economic events that affect a business’s financial position
- l. People or businesses to whom money is due
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Knowledge Check 01
Identify the type of activity by choosing the best answer for
each question.
Select each item listed below as being an identifying,
recording, or a communicating activity.
Items
Preparing and entering a list of checks issued.
Using a cash register to enter sales.
Entering a list of the sales invoices, including the prices and quantities, for the company's recordke
Interpreting information from financial reports.
Preparing financial statements for creditors.
Match the definitions below with the correct term.
A system that collects and processes
[ Choose ]
financial information to decision-makers. [Choose]
transaction data and communicates
Accounts payable (creditors') subsidiary ledger
Cash receipts journal
Accounts receivable (customers') subsidiary ledger
Special journals
A subsidiary ledger that collects
transaction data of individual creditors.
Control account
A subsidiary ledger that collects
Accounting information system
transaction data of individual customers. Purchases journal
A group of accounts with a common characteristic
Subsidiary ledger
Cash payments (cash disbursements) journal
Sales journal
A special journal that records all
disbursements of cash.
Cybercrime
Manual accounting system
A special journal that records all cash
[Choose ]
received.
An account in the general ledger that
summarizes subsidiary ledger data.
[ Choose ]
A crime that involves the Internet, a
[ Choose ]
computer system, or computer
technology.
A system…
A written order for a bank or other financialinstitution to pay a stated dollar amountto a specified business or person is called aa. check.b. deposit slip.c. notes receivable.d. receipt.e. debit memorandum
Chapter 1 Solutions
Principles of Accounting
Ch. 1 - What makes accounting a valuable discipline?Ch. 1 - Prob. 2DQCh. 1 - Prob. 3DQCh. 1 - How are expenses and withdrawals similar, and how...Ch. 1 - How do generally accepted accounting principles...Ch. 1 - Why do managers in governmental and not-for-profit...Ch. 1 - Prob. 1SECh. 1 - Match the descriptions that follow with the...Ch. 1 - Determine the amount missing from each accounting...Ch. 1 - Use the accounting equation to answer each...
Ch. 1 - Use the accounting equation to answer each...Ch. 1 - Prob. 6SECh. 1 - Use the following accounts and balances to prepare...Ch. 1 - Randall Company engaged in activities during the...Ch. 1 - Prob. 9SECh. 1 - Prob. 10SECh. 1 - Prob. 1EACh. 1 - Financial accounting uses money measures to gauge...Ch. 1 - You have been asked to compare the sales and...Ch. 1 - Use the accounting equation to answer each...Ch. 1 - Daiichi Companys total assets and liabilities at...Ch. 1 - 1. Indicate whether each of the following accounts...Ch. 1 - Listed in random order are some of Oxford Services...Ch. 1 - Dukakis Company had the following accounts and...Ch. 1 - Prob. 9EACh. 1 - Prob. 10EACh. 1 - Complete the financial statements that follow by...Ch. 1 - Prob. 12EACh. 1 - Match the terms that follow with the appropriate...Ch. 1 - Prob. 14EACh. 1 - Prob. 15EACh. 1 - Prob. 1PCh. 1 - The following three independent sets of financial...Ch. 1 - Fuel Designs financial accounts follow. The...Ch. 1 - The accounts of Frequent Ad, an agency that...Ch. 1 - Athena Riding Clubs financial statements follow.Ch. 1 - A list of financial statement items follows....Ch. 1 - Three independent sets of financial statements...Ch. 1 - Prob. 8APCh. 1 - Prob. 9APCh. 1 - Aqua Swimming Clubs financial statements follow....Ch. 1 - Costco Wholesale Corporation is Americas largest...Ch. 1 - Prob. 2CCh. 1 - Prob. 3CCh. 1 - Prob. 4CCh. 1 - Refer to the CVS annual report and the financial...
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