Principles of Accounting
12th Edition
ISBN: 9781133626985
Author: Belverd E. Needles, Marian Powers, Susan V. Crosson
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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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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- Which of the following accounting records is the main source of information used to prepare the financial statements? A. journal entries B. T-accounts C. trial balance D. chart of accountsarrow_forwardFrom the following list, identify which items are considered original sources: A. prepaid insurance B. bank statement C. sales ticket D. general journal E. trial balance F. balance sheet G. telephone bill H. invoice from supplier I. company sales account J. income statementarrow_forwardList the three basic questions that must be answered when analyzing the effects of a business transaction on the accounting equation.arrow_forward
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