5/31/23, 5:04 PM Chapter 01 QS 1-2 to 1-5 Accounting in Business

Chapter 01 QS 1-2 to 1-5 Accounting in

Business
Total points 25/26

Email *

anusha1987ca@gmail.com

0 of 0 points

Fiull Name *

Sharmila Manoharan

Chapter 01  QS 1-2 LO1 5 of 5 points

Determine whether each of the following events should be recorded in the accounting
records.

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5/31/23, 5:04 PM Chapter 01 QS 1-2 to 1-5 Accounting in Business

Meeting with the mechanical staff to determine new machine *1/1

requirements for next year.

Do not record

Record

Receiving the company’s utility bill detailing the usage for the past month. * 1/1

Do not record

Record

Analyzing last year’s sales report to determine if the discount policy is *1/1
effective in getting customers to buy in multiple quantities.

Do not record

Record

Downloading the online bank statements and identifying customer *1/1

payments.

Do not record

Record

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5/31/23, 5:04 PM Chapter 01 QS 1-2 to 1-5 Accounting in Business

Interviewing and then hiring an employee for an accounting position. * 1/1

Do not record

Record

Chapter 01  QS 1-3 LO2 6 of 6 points

Identify whether each of the following represents a business or non-business organizations.

Highlands United Church 1/1

Business

Non-business

University of Toronto 1/1

Business

Non-business

Toronto-Dominion Bank 1/1

Business

Non-business

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5/31/23, 5:04 PM Chapter 01 QS 1-2 to 1-5 Accounting in Business

Royal Alexandra Hospital 1/1

Business

Non-business

Loblaw 1/1

Business

Non-business

World Vision 1/1

Business

Non-business

Chapter 01  QS 1-4 LO2 6 of 7 points

Identify the types of business organization based on the following independent financial
statement findings.

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5/31/23, 5:04 PM Chapter 01 QS 1-2 to 1-5 Accounting in Business

The equity section of the balance sheet has one capital account. 1/1

Corporation

Partnership

Sole propritership

The owners receive dividends, a distribution of earnings, in the form of 1/1

cash.

Partnership

Corporation

Sole propritership

There are two capital account: Tara Davis, Capital, and Sheila Kelton, 1/1
Capital.

Corporation

Sole propritership

Partnership

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5/31/23, 5:04 PM Chapter 01 QS 1-2 to 1-5 Accounting in Business

The one owner receives distribution of earnings in the form of withdrawals. 1/1

Corporation

Sole propritership

Partnership

A manager, also the owner of the business, is paid a salary that is recorded 0/1
as an expense.

Corporation

Sole propritership

Partnership

The equity on the balance sheet is held by shareholders. 1/1

Corporation

Partnership

Sole propritership

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5/31/23, 5:04 PM Chapter 01 QS 1-2 to 1-5 Accounting in Business

The five owners receive distribution of earnings in he form of withdrawals. 1/1

Corporation

Partnership

Sole propritership

Chapter 01  QS 1-5 LO3 8 of 8 points

For each of the following responsibilities, identify the area of accounting that most likely
involves that responsibilities.

Auditing financial statements. 1/1

1. Financial accounting

2. Managerial accounting

3. Taxation accounting

Planning transactions to minimize taxes paid. 1/1

1. Financial accounting

2. Managerial accounting

3. Taxation accounting

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5/31/23, 5:04 PM Chapter 01 QS 1-2 to 1-5 Accounting in Business

Cost accounting 1/1

1. Financial accounting

2. Managerial accounting

3. Taxation accounting

Preparing financial statements. 1/1

1. Financial accounting

2. Managerial accounting

3. Taxation accounting

Receiving financial reports for compliance with provincial securities 1/1

commissions requirements.

1. Financial accounting

2. Managerial accounting

3. Taxation accounting

Budgeting. 1/1

1. Financial accounting

2. Managerial accounting

3. Taxation accounting

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5/31/23, 5:04 PM Chapter 01 QS 1-2 to 1-5 Accounting in Business

Internal auditing. 1/1

1. Financial accounting

2. Managerial accounting

3. Taxation accounting

Investigating violations of tax laws. 1/1

1. Financial accounting

2. Managerial accounting

3. Taxation accounting

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5/31/23, 5:04 PM Chapter 01 QS 1-2 to 1-5 Accounting in Business

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