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ISU ACCT 284 - ACCT_284__CD__Whittle_erice_CH1_Jan._21st_SI_Worksheet

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SI Session 9/3/08Acct 284Chapter 1Business Decisions and Financial Accounting1. What are the two types of accounting systems?2. Who are decision makers for each of these two accounting systems?3. What are the four financial statements provided by the financial accounting system?1.2.3.4.4. What are the four accounting equations used on each of the financial statements above?1.2.3.4.5. What is an asset? List 4 different assets that will be seen on a balance sheet.6. What is the most important asset in a company? And what statement is this recorded on?7. Net income can be found in the equation of what two financial statements?8. What are the two pieces of stockholder’s equity?9. What are the three separate sections on the statement of cash flows?10. What financial statement reports financials at a point in time?11. Which financial statements report for an accounting period as opposed to at a point in time?13. What does GAAP stand for?14. What are the four qualitative characteristics of accounting information?1.2.3.4.Which ones are primary and which ones are secondary?15. Who is responsible for the information provided in the financial statements?16. What was passed in 2002 in response to the accounting fraud involving Enron, WorldCom, Global Crossing, and Xerox?17. What are the 3 types of business entities?1.2.3.18. What is a major disadvantage of a corporation?19. What is a major advantage of a corporation?20. Matching (M 1-2 from book)___ 1. SEC___ 2. Investing Activities___ 3. Private Company___ 4. Corporation___ 5. Accounting___ 6. Partnership___ 7. FASB___ 8. Financing activities___ 9. Unit of measure___ 10. GAAP___ 11. Public company___ 12. Operating ActivitiesA. a system that collects and processes financial information about an organization and reports that information to decision makers.B. Measurement of information about a business in the monetary unit C. An unincorporated business owned by two or more personsD. A company that sells shares of its stock privately and is not required to release its financial statements to the publicE. An incorporated business that issues shares of stock as evidence of ownershipF. Buying and selling productive resources with long livesG. Transactions with lenders and stockholdersH. Activities directly related to running the business to earn profitI. Has power to determine rulesJ. Sets the rules for AccountingK. A company that has its stock bought and sold by investors on established stock exchangesL. Generally accepted accounting principles21. Match each item to their respective statements. Also, classify each item as an asset, liability, SE, revenue or expense when possible.________ Wages Payable ________ Accounts receivable________ Contributed Capital ________ Prepaid insurance________ Cost of goods sold ________ Retained earnings________ Sales of $50,000 ________ Financing Activities (bank loan)________ Inventory ________ RevenueExercise E1-3 BookDSW is a designer shoe warehouse, selling some of the most luxurious and fashionable shoes at prices that people can actually afford. Its year-end balance sheet, at January 28, 2006, contained the following items (in thousands).Accounts Payable: $85,820 Other liabilities: $53769Accounts Receivable: $4,088 Property Plant & Equipment: $95921Cash: $124,759 Retained Earnings: $26,007Contributed Captial: $278,709 Total Assets: ?Notes Payable: $63410 Total Stockholders Equity: ?Other Assets: $2829471. Prepare the Balance Sheet Solving for the missing


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ISU ACCT 284 - ACCT_284__CD__Whittle_erice_CH1_Jan._21st_SI_Worksheet

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