BM II Unit 6 CSA #1

Last updated 2 months ago

18 questions

Required

1

Required

1

BM2.8

Required

1

BM2.8

Required

1

BM2.8

Required

1

BM2.8

Required

1

BM2.8

Required

1

BM2.8

Required

1

Required

1

Required

1.5

BM2.5

Required

1

BM2.5

Required

1

BM2.5

What is the accounting equation

Owners Equity = Capital + Assets

Assets = Liabilities + Owners Equity

Assets = Liabilities + Capital

Liabilities = Owners Equity - Assets

How is accounts payable classified in regards to the accounting equation

Owners/Stockholders Equity

Assets

Revenue

Liabilities

How is accounts receivable classified in regards to the accounting equation

Owner's Equity

Liabilities

Assets

Revenue

During the month Computer King purchased supplies for $1,350 from a supplier agreeing to pay in the near future - Computer King would regard this transaction as

Accounts receivable

Account purchases

Account revenue

Accounts payable

Computer King received a check from a client for the invoice/bill sent to the client last week. This affects what account?

Accounts payable

Accounts receivable

Account purchases

Account revenue

Computer King is paying the invoice it received from Office Max for previously purchased supplies. How would this transaction be recorded in Computer Kings accounting documents?

cash + / Office Max AR +

cash- / Office Max AP -

supplies - / Office Max AP -

supplies + / Offices Max AP +

Computer King received a check from Paradise Honors for services performed on the computers at the high school last month. How would this transaction be recorded in Computer King account docs

PHHS AR + / Accounts Payable +

cash + / PHHS AR -

cash - / PHHS AR +

PHHS AR - / Accounts Payable -

Any resource owned or controlled by a business/property regarded as having value

Revenue

Assets

Owners Equity

Liability

Something a person or company owes/debt - usually money

owners equity

revenue

liability

assets

What are components of an Balance Sheet

How do you calculate a vertical financial analysis on an Balance Sheet

divide everything by Net Cash Operating Activity

divide everything by Net Income

divide everything by Total Assets

divide everything by Total Revenue/Sales

How do you complete BOTH calculations for a horizontal financial analysis on financial statements

subtract the new year from the old year (2022-2023) or Y1-Y2

divide everything by Total Assets

subtract the old year from the new year (2023-2022) or Y2-Y1 

divide the difference by the old year or Y1

divide the difference by the new year or Y2

divide everything by Total Revenue

Aaron Johnston is the owner of Jabroni Kites, a kite surfing camp on North Carolina's Outer Banks. Using the comparative balance sheet for Jabroni Kites, perform a horizontal analysis for Jabroni Kites' financial performance from July to August of 2022.  Complete/Calculate A-G

Required

0.5

What is A

Required

0.5

What is B (round to the nearest whole number)

Required

0.5

What is D

Required

0.5

What is E (round to the nearest whole number)

Required

0.5

What is F

Required

0.5

What is G (round to the nearest whole number)

What is the accounting equation

Owners Equity = Capital + Assets

Assets = Liabilities + Owners Equity

Assets = Liabilities + Capital

Liabilities = Owners Equity - Assets

How is accounts payable classified in regards to the accounting equation

Owners/Stockholders Equity

Assets

Revenue

Liabilities

How is accounts receivable classified in regards to the accounting equation

Owner's Equity

Liabilities

Assets

Revenue

During the month Computer King purchased supplies for $1,350 from a supplier agreeing to pay in the near future - Computer King would regard this transaction as

Accounts receivable

Account purchases

Account revenue

Accounts payable

Computer King received a check from a client for the invoice/bill sent to the client last week.  This affects what account?

Accounts payable

Accounts receivable

Account purchases

Account revenue

Computer King is paying the invoice it received from Office Max for previously purchased supplies.  How would this transaction be recorded in Computer Kings accounting documents?

cash + / Office Max AR +

cash- / Office Max AP -

supplies - / Office Max AP -

supplies + / Offices Max AP +

Computer King received a check from Paradise Honors for services performed on the computers at the high school last month.  How would this transaction be recorded in Computer King account docs

PHHS AR + / Accounts Payable +

cash + / PHHS AR -

cash - / PHHS AR +

PHHS AR - / Accounts Payable -

Any resource owned or controlled by a business/property regarded as having value

Revenue

Assets

Owners Equity

Liability

Something a person or company owes/debt  - usually money

owners equity

revenue

liability

assets

What are components of an Balance Sheet

Expenses

Gross Profit

Liabilities

Assets

COGS

Net Income/Loss

Revenue

Owner Equity

How do you calculate a vertical financial analysis on an Balance Sheet

divide everything by Net Cash Operating Activity

divide everything by Net Income

divide everything by Total Assets

divide everything by Total Revenue/Sales

How do you complete BOTH calculations for a horizontal financial analysis on financial statements

subtract the new year from the old year (2022-2023) or Y1-Y2

divide everything by Total Assets

subtract the old year from the new year (2023-2022) or Y2-Y1 

divide the difference by the old year or Y1

divide the difference by the new year or Y2

divide everything by Total Revenue

Aaron Johnston is the owner of Jabroni Kites, a kite surfing camp on North Carolina's Outer Banks. Using the comparative balance sheet for Jabroni Kites, perform a horizontal analysis for Jabroni Kites' financial performance from July to August of 2022.  Complete/Calculate A-G