Reference no: EM132995877
Discussion Questions and Critical Thinking/Ethical Case-
1. What are the six functions of accounting?
2. Define, compare, and contrast sole proprietorships, partnerships, and corporations.
3. What type of businesses would you see in industry.
4. Why are ethics important in accounting?
5. List the three elements of the basic accounting equation.
6. Define capital.
7. The total of the left-hand side of the accounting equation must equal the total of the right-hand side. True or false? Please explain.
8. A balance sheet tells a company where it is going and how well it will perform. True or false? Please explain.
9. Revenue is an asset. True or false? Please explain.
10. Into what four categories is owner's equity subdivided?
11. A withdrawal is a business expense. True or false? Please explain.
12. As expenses increase and revenue remains the same, they cause owner's equity to increase. Defend or reject this statement.
13. What does an income statement show?
14. The statement of owner's equity calculates only ending withdrawals. True or false? Please explain.
15. Paul Kloss, accountant for Lowe & Co., travelled to Vancouver on company business. His total expenses came to $350. Paul felt that since the trip extended over the weekend, he could pad his expense account with an additional $100 of expenses. After all, weekends represent his own time, not the company's. What would you do? Write your specific recommendations to Paul.
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Determine the cost per unit transferred to finished goods
: Atlantis uses the weighted-average process costing method. Use this information to determine the cost per unit transferred to finished goods
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Which the primary distinction between revenues and gains is
: In classifying the elements of financial statements, the primary distinction between revenues and gains is? Which Generally accepted accounting principles?
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What the MNCs net cash flow from investing activities
: Purchase of securities for trading purposes $ 480,000 Proceeds from the sale of trading securities 600,000. What MNCs net cash flow from investing activities
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Which of elements of financial statements is not a component
: Which of the elements of financial statements is not a component of comprehensive income? When discussing financial accounting information?
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What are the six functions of accounting
: What are the six functions of accounting? Define, compare, and contrast sole proprietorships, partnerships, and corporations
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Which is not a basic element of financial statements
: The elements of financial statements include investments by owners. These are increases in an entity's net assets resulting from owners'
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Compute service revenue and operating expenses
: Compute service revenue and operating expenses. Marin Company had cash receipts from customers in 2020 of $ 122,620. Cash payments for operating expenses
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What should be ABC earnings per share
: Net income for the year ended December 31, 2019, was $2,040,000. What should be ABC's 2020 earnings per share
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What accounting concept justifies the usage of accruals
: What accounting concept justifies the usage of accruals and deferrals? Which of the following is a time when revenue may be recognized?
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