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ACC205 CSU Governance of Accounting Standards Questions Response

Question 1

  1. Transactions during the first year of operations are provided below.
    The owner, Sharon McCoy, contributed $10,000 cash in exchange for capital.
    Paid $1,100 cash for equipment to be used for plumbing repairs.
    Borrowed $12,000 from a local bank and deposited the money in the checking account.
    Paid $300 rent for the year.
    Purchased $200 of office supplies by cash.
    Completed a plumbing repair project for a local lawyer and received $3,200 cash.
    Calculate the amount of total liabilities at the end of the first year.

    Question 2

    1. The earnings of a sole proprietorship are __________.

    Question 3

    1. Hollywood Talent Services is a sole proprietorship operated by Phil Morris. The net income of Hollywood Talent Services is $23,000 for the year. The beginning and ending Morris, Capital account was $33,000 and $50,000, respectively. During the year, there were no new capital contributions. Calculate the amount of the owner’s withdrawals for the year.
      Question 4
      1. Dynamic Production Services started the year with total assets of $130,000 and total liabilities of $50,000. The company is a sole proprietorship. The revenues and the expenses for the year amounted to $100,000 and $60,000, respectively. During the year, there were no new capital contributions, and the owner withdrew $45,000. Calculate Dynamic’s net income for the year.
        Question 5
        1. The equity of Alliance Company is $100,000 and the total liabilities are $10,000. The total assets are __________.
          Question 6
          Which of the following organizations is responsible for the creation and governance of accounting standards in the United States?

          Question 7

          The Sarbanes-Oxley Act (SOX) __________.

          Question 8
          The Public Company Accounting Oversight Board (PCAOB) was created __________.
          Question 9
          Which of the following statements is TRUE of a sole proprietorship?

          Question 10

          Which of the following is a characteristic of a limited-liability company (LLC)?

          Question 11

          Which of the following organizations requires publicly owned companies to be audited by independent accountants (CPAs)?
          Question 12
          GAAP refers to guidelines for accounting information in the United States. The acronym GAAP in this statement refers to __________.
          Question 13
          Montgomery Equipment Rental Company received $1,000 cash from a customer; the amount was owed to the business from the previous month. What is the effect of this transaction on the accounting equation?
          Question 14
          1. According to the __________, acquired assets should be recorded at the amount actually paid rather than at the estimated market value.
            Question 15
            1. Which of the follow statements regarding the primary objective of financial reporting is correct?
              Question 16
              1. Which of the following is the correct accounting equation?
                Question 17
            Managerial accounting provides information to __________.

            Question 18

            Nick’s Landscaping Services incurred $500 as a repair expense and promised to pay the repair company within 30 days. Which of the following accounts will increase as a result of this transaction?

            Question 19

            1. The field of accounting that focuses on providing information for external decision makers is __________.
              Question 20

            1. Maxwell Plumbing Services earned $500 by completing a job for Smith Company. The $500 earned by Maxwell Plumbing Services is its __________.

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