Please take a look at the attachment document and assist to complete the two tabs in the excel spreadsheet.
acct1_week_1_homework.xlsx

rubric.docx

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Name:
Date:
Matching
Referring to the items listed below, place the appropriate letter next to the corresponding description.
a.
b.
c.
d.
e.
f.
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
Accounting equation
Assets
Corporation
Dividends
Liabilities
Manufacturing company
g.
h.
i.
j.
k.
l.
Merchandising company
Net income
Net loss
Profitability
Salaries expense
Stockholders’equity / Total equities
m.
n.
o.
p.
q.
r.
Ability to generate earnings.
Cash paid to stockholders as distribution of income.
Exchanges of goods and services that are objective and that occur at a
An organization owned by stockholders and managed by officers who
the owners.
Land, buildings, cash, and other resources owned by the business.
This type of business acquires materials and converts them into produ
final customers.
Creditor’s equity or claims on assets.
An organization owned by one individual who is solely responsible for
The resulting figure when expenses exceed revenues.
This type of business acquires goods and sells them in the same form
Ability to pay debts as they become due.
Stockholders’ equity = assets – liabilities is one form of this equation.
Shows cash inflows and cash outflows for a period of time.
Equity ratio.
a
b
c
d
e
f
g
h
i
j
k
l
m
n
o
p
q
r
tion.
Service company
Single proprietorship
Solvency
Stockholders’ equity
Transactions
Statement of cash flows
come.
ective and that occur at an agreed-upon price.
managed by officers who generally are people other than
ned by the business.
onverts them into products to sell to other companies or
o is solely responsible for all debts of the business.
venues.
them in the same form to customers.
e form of this equation.
eriod of time.
Completion and Exercises
Fill in the blanks using the dropdown list.
1.
2.
The __________ __________ (sometimes called the statement of fina
__________ shows profitability.
Accounting deals primarily with information regarding __________ ac
3.
__________, __________, and __________ are the three forms of own
4.
The balance sheet of a business corporation usually shows three class
__________ __________; while the income statement shows two clas
5.
In its most basic form, the accounting equation is simply __________
__________ __________.
6.
Changes in the financial position of an organization are brought about
accountants measure and record and which they call __________.
7.
To show your understanding of the effects of each of the named trans
business, fill in the blank in each column with either + (for increase), –
a.
b.
c.
d.
e.
f.
g.
8.
9.
10.
11.
Stockholders invested cash in the business
Borrowed money from a bank
Purchased equipment on credit
Rendered services for cash
Paid creditor in (c)
Paid monthly rent
Rendered services for which the customer promised to pay at a
later date.
Indicate, by letter, which of the above transactions would be reported
__________.
The inflows of assets for services rendered or goods delivered (as mea
while the assets surrendered or consumed in this process are called __
The statement that shows the assets and equities of an entity as of a p
The specific unit or organization for which accounting information is a
valuation of assets in accounting is __________.
13.
14.
The __________ concept in accounting refers to the fact that the amo
determined in the exchange process.
If expenses for a period exceed revenues for the same period, the ent
An income statement is prepared for a __________, while a balance s
15.
16.
Under the __________-__________ concept, the accountant assumes
The __________ __________ is equal to stockholders’ equity divided b
17.
18.
The __________ __________ __________ __________ shows the cash
Indicate the effect each of the following transactions has on the basic
a. Decrease in an asset, decrease in a liability.
b. Increase in an asset, increase in stockholders’ equity.
c. Increase in one asset, decrease in another asset.
d. Increase in an asset, increase in a liability.
e. None of the above.
1. Purchased equipment on account.
2. Returned an item of defective equipment purchased in (1).
3. Paid cash to the supplier of equipment purchased in (1) for the re
4. Received cash on account from customers.
5. The stockholders invested additional cash in the business.
12.
assets
balance sheet
corporation
cost
date
economic
entity
equities
equity ratio
expenses
going-concern
income statement
liabilities
monetary
net loss
partnership
period
proprietorship
revenues
statement of cash flows
stockholders’ equity
+
0
a
b
c
d
e
f
g
total equities
transactions
Completion and Exercises
__ (sometimes called the statement of financial position) reflects a firm’s solvency, while the __________
bility.
with information regarding __________ activities of a business and is expressed in __________ terms.
and __________ are the three forms of ownership of business organizations.
ness corporation usually shows three classes of items, namely (a) __________, (b) __________, and (c)
while the income statement shows two classes, namely, (a) __________ and (b) __________.
accounting equation is simply __________ = __________. This is usually expanded to ________ = __________ +
sition of an organization are brought about by events, exchanges, and other real-world happenings that
ecord and which they call __________.
ng of the effects of each of the named transactions on the assets, liabilities, and stockholders’ equity of a
each column with either + (for increase), – (for decrease), or 0 (for no change).
Assets
Liabilities
Stockholders’
Equity
cash in the business
m a bank
on credit
cash
which the customer promised to pay at a
f the above transactions would be reported in the income statement: __________, __________, and
rvices rendered or goods delivered (as measured by the assets received from customers) are called __________,
ed or consumed in this process are called __________.
the assets and equities of an entity as of a point in time is called the __________ __________.
ation for which accounting information is accumulated and reported is called the __________. The basis for
unting is __________.
n accounting refers to the fact that the amounts entered in an accounting system are the objective money prices
e process.
ceed revenues for the same period, the entity is deemed to have suffered a __________ __________.
epared for a __________, while a balance sheet is prepared as of a __________.
_______ concept, the accountant assumes that a business will continue more of less indefinitely.
__ is equal to stockholders’ equity divided by __________ __________.
__ __________ __________ shows the cash inflows and cash outflows for a period of time.
the following transactions has on the basic accounting equation by indicating one of the following:
, decrease in a liability.
increase in stockholders’ equity.
t, decrease in another asset.
increase in a liability.
on account.
efective equipment purchased in (1).
er of equipment purchased in (1) for the remainder of the equipment.
unt from customers.
ted additional cash in the business.
a
b
c
d
e

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