ACC 206 Week 1 Assignment Chapter One Problems

ACC 206 Week 1 Assignment Chapter One Problems in $10 Only

Answer folder has answer of following questons:

Chapter 1 Critical Thinking Question 5
Chapter 1 Exercise 1
Chapter 1 Exercise 4
Chapter 1 Exercise 6
1. Cost and accumulated depreciation of the equipment sold during 19X4.
2. Selling price of the equipment sold.
3. Sale of equipment would appear on a statement of cash flows prepared by using the indirect method:…

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ACC 204 Chapter 1 Accounting Elements

ACC 204 Chapter 1 Accounting Elements – In class practice in $18 only

Is the account an Asset, Liability, Capital/Equity, Revenue, Expense?

On which financial statement does the account appear?

Land Rent Expense

Inventory Retained Earnings

Accounts Payable Accounts Receivable

Utilities Expense Common Stock

Wages Payable Wages Expense

Rent Expense Notes Payable

Equipment Sales

Supplies Supplies Expense

Service Revenue Fee Revenue

Dividends Dividend Income

Interest Expense Interest Payable

Interest Income Interest Receivable

Cost of Goods Sold Building

Income Tax Expense Income Tax Payable

Insurance Expense Cash

Prepaid Insurance Unearned Revenue

FIN 534 Week 1 Chapter 1

Fin 534 (Week 1 Homework Assignment Chapter 1)

1. Which of the following statements is CORRECT?

a.  One of the disadvantages of a sole proprietorship is that the proprietor is exposed to unlimited liability.

b.  It is generally easier to transfer one’s ownership interest in a partnership than in a corporation.

c.  One of the advantages of the corporate form of organization is that it avoids double taxation.

d.  One of the advantages of a corporation from a social standpoint is that every stockholder has equal voting rights, i.e., “one person, one vote.”

e.  Corporations of all types are subject to the corporate and personal income tax.

2. Which of the following would be most likely to lead to higher interest rates on all debt securities in the economy?

a. Households start saving a larger percentage of their income.

b. Households start saving a larger percentage of their income.

c. The level of inflation begins to decline.

d. Corporations step up their expansion plans and thus increase their demand for capital.

e. The Federal Reserve uses monetary policy in an attempt to stimulate the economy.