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Study Resources (Accounting)

6) In SQL, ________ statements create, alter, and drop database objects. 7) In SQL, ________ statements select, insert, update, and delete database records. 8) Which of the following statements about SQL is false? A) SQL is a nonprocedural language. B) SQL is a procedural language. C) SQL can query many records from one or more.
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36) The balance sheet reports information about: A) revenues, expenses, and equity. B) liabilities, equity, and expenses. C) assets, revenues, and liabilities. D) assets, liabilities, and owners' equity. 37) On the statement of retained earnings: A) a deficit in retained earnings is shown in parentheses. B) net income flows from the balance sheet to retained earnings. C) a.
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2.4   Learning Objective 2-4 1) The double-entry system of accounting records the dual effects on the entity. 2) The amount remaining in an account is called its balance. 3) Double-entry accounting affects at least three accounts. 4) The left hand side of a T account is the debit side and the right hand side.
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1.2   Learning Objective 1-2 1) Generally accepted accounting principles, or GAAP, are the rules and procedures established by the Financial Accounting Standards Board, or the FASB. 2) The SEC sets international financial reporting standards. 3) The fundamental qualitative characteristics of accounting are relevance and materiality. 4) Information that is material must be separately disclosed.
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11) In the REA model, the ________ event consumes business resources. A) Purchasing B) Buying C) Giving D) Taking 12) In the REA model, the ________ event compensates the consumed resource with a different or same type of resource. A) Purchasing B) Buying C) Giving D) Taking 13) Which REA diagraming rule states every event entity must relate to.
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33) Lucy Morton opened an engineering office and titled the business Engineering Enterprises P.C. During its first month of operations, it completed the following transactions: I.Lucy invested $30,000 in the business, which in turn issued common stock to her. II.The business purchased equipment on account for $6,000. II.The business provided engineering services on.
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11) The basic component of paid-in capital is common stock. 12) The calculation of ending retained earnings considers beginning retained earnings, current net income or net loss, and dividends. 13) The two main components of stockholders' equity are paid-in capital and retained earnings. 14) Long-term debt is a liability that is payable beyond.
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11) ________ depicts the relationship among entities in the database. 12) A specific customer, such as Vincent, is an entity ________. 13) A ________ relationship are problematic when designing databases 14) In a one-to-many relationship in an ERD, the entity on the one side (customer) is called a ________ entity and.
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1.3   Learning Objective 1-3 1) The accounting equation expresses the idea that Resources - Insider claims = Outsider claims. 2) Elements are the building blocks of the financial statements. 3) The word "payable" always signifies a liability. 4) The accounting equation must always be in balance. 5) Claims to assets must come from outsiders. 6) Owners'.
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2.1   Learning Objective 2-1 1) A transaction is any event that has a financial impact on the business that can be measured reliably. 2) Every transaction has two sides—you give something and you receive something. 3) Which of the following is NOT a business transaction? A) The company sells goods on account. B) The company buys.
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31) Proprietorships and partnerships: A) have the same equity accounts as a corporation. B) identify paid-in capital and common stock separately. C) use a single heading for their equity account called Capital. D) do not have equity accounts. 32) Dividends: A) are paid by a business to shareholders as compensation for services. B) affect net income. C) are.
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3) Generally companies will prepare financial statements: A) after every transaction. B) only when both the balance sheet and income statement are affected. C) at the end of the accounting period. D) at the close of every business day. 4) When services are performed on account: A) cash is increased. B) revenue will not be recorded until.
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Match the database realm to the appropriate activity. A) Create database tables B) Update data C) Create database model 20) Database designer realm 21) Database builder realm 22) Database user realm 23) Which database architecture is a relatively new type of database? A) Dimensional B) XBRL C) Relational D) Network 24) Which database architecture is typically used for data warehouses? A) Dimensional B) XBRL C).
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46) Accumulated depreciation is normally associated with which asset on the Balance Sheet? A) Inventory B) Accounts receivable C) Land D) Property, plant and equipment 47) The most liquid of current assets, in order, are: A) accounts receivable, inventory, cash and cash equivalents. B) cash and cash equivalents, accounts receivable, marketable securities. C) cash and cash equivalents, marketable.
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Nice Lawn Database Tables 14) Using the Nice Lawn database tables, write an SQL statement to retrieve employee addresses. 15) Using the Nice Lawn database tables, write an SQL statement to retrieve the address for all the employees with the last name of 'Smith.' 16) Using the Nice Lawn database tables, write an.
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26) Which financial statement is dated at the moment in time when the accounting period ends? A) Balance sheet B) Income statement C) Statement of retained earnings and income statement D) Statement of cash flows 27) The income statement: A) is not dated. B) must cover only a month in time. C) covers a defined period of time. D).
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31) The entry to record the purchase of supplies on account would include a debit to: A) Supplies. B) Accounts Payable. C) Supplies Expense. D) Retained Earnings. 32) A transaction that would include a debit to Cash is: A) the purchase of supplies on account. B) the payment of an account payable. C) the collection of cash from.
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5) Income statement data appears as revenues and expenses under Retained Earnings. 6) A record of all the changes in a particular asset, liability, or stockholders' equity during a period is called a(n): A) transaction. B) trial balance. C) journal. D) account. 7) Which of the following is a liability account? A) Retained Earnings B) Accrued Liabilities C) Accounts.
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56) Continuing negative cash flow from which of the following activities can lead to bankruptcy? A) Equity activities B) Operating activities C) Financing activities D) Investing activities 57) Which of the following would be considered a financing activity that decreases cash? A) The company pays a long-term loan. B) The company sells common stock. C) The company purchases.
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23) Receiving a payment from a customer on account: A) increases stockholders' equity. B) has no effect on total assets. C) decreases stockholders' equity. D) decreases liabilities. 24) Which of the following transactions would decrease an asset and decrease stockholders' equity? A) The payment of an account payable B) The performance of a service for a client.
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21) Which accounts are increased by debits? A) Cash and accounts payable B) Salaries expense and common stock. C) Accounts receivable and utilities expense D) Accounts payable and service revenue 22) An account is increased by a debit and has a debit balance. This account is: A) an expense account. B) a liability account. C) an asset account. D).
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11) Financial accounting provides budgeting information to a company's managers. 12) A partnership is formed under state law. 13) Accounting: A) measures business activities. B) processes data into reports and communicates the data to decision makers. C) is often called the language of business. D) is all of the above. 14) The two types of accounting are: A).
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Objective 2 1) Sometimes, in an entity relationship diagram, the entity relationship is written on the connection line. 2) Entity identifiers are attributes that uniquely identify an entity occurrence. 3) For a single occurrence of one entity (one customer), cardinality defines the maximum and minimum number of occurrences that might relate to the.
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11) The Financial Accounting Standards Board is responsible for establishing: A) the code of professional conduct for accountants. B) the Securities and Exchange Commission. C) generally accepted accounting principles. D) international accounting financial standards. 12) The acronym GAAP stands for: A) generally acceptable authorized pronouncements. B) government authorized accountant principles. C) generally accepted accounting principles. D) government audited accounting.
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12) Atlas, Inc. has the following assets, liabilities, revenues and expenses for the current year. The accounts are listed below in alphabetical order. The company has a December 31, 2012 year end. Accounts receivable$28,000Office equipment$59,500 Accounts payable37,000Office supplies5,000 Building45,000Service revenue130,000 Cash80,000Supplies expense 8,000 Commission expense20,500Utilities expense8,500 Common stock22,000Wage expense11,500 Interest payable1,500 Land40,000 Beginning retained earnings was $120,000 and dividends.
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49) Anya Smith started Geek Speak, a computer consulting business, in February, 2012. The company completed the following transactions during March, 2012: 1.  Geek Speak paid Anya a dividend of $1,000. 2.  Received partial payment from customers on account, $1,500. 3.  Purchased a new computer for $1,800 and paid cash. 4.  Borrowed $10,000 from.
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11) The ________ database structure is used by data warehouses. 12) ________ is a technique used to develop an anomaly-free database with database integrity. 13) Database anomalies are removed through ________ and/or database modeling. 14) The database ________ creates the database model. 15) The database ________ creates the database. Match the database integrity.
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16) When preparing a company's income statement: A) commonly controlled corporations cannot combine all of their revenues and expenses and report them as one total. B) the statement is prepared as of a specific date. C) the term "other" generally notes that the amount is not sufficiently material to label it separately. D) expenses.
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21) Diff: 2 Objective:  Q14.2 What is ERD (entity relationship diagram)? Answers: 17) D 18) E 19) B 20) A 21) C Match the normalization rule to the appropriate definition. A) No field can have multiple values. B) Every identifier should be a candidate key C) The table identifier (primary key) should not be a composite.
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11) To see how a transaction affects a business, managers must first enter the transaction in the journal. 12) The financial statements can be prepared from the information on the trial balance. 13) The normal balance of an expense account is a ________ because expenses decrease ________. A) debit, assets B) debit, expenses C) debit,.
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41) Refer to Exhibit 1.3. Total assets for ABC Company at the end of the year were: A) $74,000. B) $99,000. C) $141,000. D) $149,000. 42) Refer to Exhibit 1.3. Total liabilities for ABC Company at the end of the year were: A) $12,000. B) $17,000. C) $33,000. D) $45,000. 43) Refer to Exhibit 1.3. Net income for ABC Company.
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39) What is the purpose of an entity relationship diagram? 40) Why does a database designer need to understand a business's rules? 41) What are the steps for designing an ERD? 42) List the ERD design steps that are independent of the database structure. 43) List the ERD design steps that are dependent on.
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21) Which of the following is a true statement about the characteristics of partnerships? A) In a limited-liability partnership, a wayward partner can create a large liability for the other partners. B) General partners have mutual agency and limited liability. C) Income and loss of the partnership "flows through" to the partners. D) The.
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6) The statement of cash flows is organized in terms of the organization's operating, investing, and financing activities. 7) The amount of cash received on the sale of the company's stock in excess of par value is called retained earnings. 8) The income statement measures operating performance. 9) All financial statements are as.
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Spice House REA Diagram 17) In the Spice House REA diagram, list the one-to-many relationships. Objective 4 1) In SQL, Data Definition Language statements create, alter, and drop database objects. 2) SQL DML statements select, insert, update, and delete database records. 3) The SQL command ALTER changes the relational database, such as adding a.
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2.5   Learning Objective 2-5 1) When preparing a journal entry, debits are always listed before credits. 2) The ledger is the book of original entry. 3) Information is taken from the ledger and the posted to the journal. 4) The total debits to an account must equal the total credits to the account. 5) In.
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39) Sabre Company began business in June and completed the following transactions: A) Received $30,000 cash and issued common stock to the stockholders. B) Purchased supplies for $500, and equipment for $2,000 on account. C) Paid $2,000 monthly rent for office space. D) Performed services for a customer and billed the customer $4,500. E) Paid.
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1.1   Learning Objective 1-1 1) Accounting is an information system that measures business activities. 2) Bookkeeping is the mechanical part of accounting. 3) Accounting is often called the language of business. 4) Accounting produces financial statements, which report information about a business entity. 5) The accounting process begins and ends with people making decisions. 6) Accounting.
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21) Examples of liabilities include: A) accounts payable and accounts receivable. B) accounts payable and land. C) investments and owners' equity. D) accounts payable and long-term debt. 22) The assets of a company: A) must equal the liabilities of the company. B) include property, plant, and equipment and common stock. C) represent economic resources that are expected to.
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11) When analyzing a transaction, first pinpoint the effects, if any, on cash. 12)  Posting accounting transactions avoids the necessity of journalizing transactions. 13) The journal is also known as the book of original entry. 14) Accounting transactions are initially recorded in the: A) T-account. B) ledger. C) journal. D) financial statements. 15) The journalizing process involves all.
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