ACC 561 Week 1 WileyPlus Exercise 1-7, 1-8, and Quiz Study Guide

Topics: Balance sheet, Generally Accepted Accounting Principles, Asset Pages: 4 (995 words) Published: September 26, 2014
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ACC 561 Week 1 WileyPlus Exercise 1-7, 1-8, and Quiz Study Guide This study guide includes solutions to Wiley plus exercises 1-7, 1-8, and week one practice quiz Top of Form
Bottom of Form
exercise 1-7 & 1-8:
1. Indicate which statement you would examine the fine each of the following items: income statement, balance sheet, retained earnings statement, or statement of cash flows A. Revenue during the period

B. Supplies on hand at the end of the year.
C. Cash received from issuing new bonds during the period.
D. Total debts outstanding at the end of the period.
2. Use the basic accounting equation to answer these questions: A. The liabilities of Daley company are $97,990 and the stockholders equity is $247,400. What is the amount of Daley company’s total assets? B. The total assets of Laven company are $176,600 and its stockholders equity is $84,900. What is the amount of its total liabilities? C. The total assets of Peterman Co. are $890,300 and its liabilities are equal to one fourth of its total assets. What is the amount of Peterman Co.’s stockholders’ equity? week one practice quiz:

1. The proprietorship form of business organization
a. combines the records of the business with the personal records of the owner b. is classified as a separate legal entity
c. must have at least two owners in most states
d. generally receives favorable tax treatment relative to a corporation 2. Most business enterprises in the United States are
a. partnerships
b. corporations
c. government units
d. proprietorships and partnerships
3. A business organized as a separate legal entity is a
a. government unit
b. proprietor
c....
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