Financial Accounting Assignment Chapter 1

Book: Financial & Managerial Accounting 7th Edition

Due date: The corresponding day stated midnight (remember the platform closes and does not allow
access after the due date, sometimes technology fails, be proactive and not reactive. If you can not
upload something, the option is to send me an email before the due date and time with that evidence)

How to Keep: In your book or notebook for studying purposes.

Answer all the following:

Multiple Choice Quiz (1,2,3,4,5) page 28.

Discussion questions (1,2,3,4,5,6,7,8,9,13,14,15,16,17,18,19,20,21,22,23,24,25,26,27,28,29 A,30B,31B)

pages 29.

Quick Study QS 1-1, QS 1-2, QS 1-3, QS 1-4, QS 1-5, QS 1-6, QS 1-7, QS 1-8, QS 1-10, QS 1-11, QS 1-12, QS
1-13, QS 1-14 pages 29-31.

Exercises 1-1, 1-2, 1-3, 1-4, 1-6, 1-7, 1-8, 1-10, 1-11, 1-12, 1-13, 1-21B, pages 32-37.

Problems 1-1A and 1-2A pages 38-

and 39

All exercises need to be done by HAND and include PROCEDURE

Answer the quick check questions of Chapter 1 (next page)

Altogether, put your signature in BLUE ink on top of EVERY PAGE, covert the whole document into pdf

and upload this evidence here on Blackboard

 Chapter 1 Accounting in Business 1

Quick Check—Chapter 1

QC1
1-1. What is the purpose of accounting?
1-2. What is the relation between accounting and recordkeeping?
1-3. Identify some advantages of technology for accounting.
1-4. Who are the internal and external users of accounting information?
1-5. Identify at least five types of managers who are internal users of accounting information.

QC2
1-6. What are internal controls and why are they important?
1-7. What three-step guidelines can help people make ethical decisions?
1-8. Why are ethics and social responsibility valuable to organizations?
1-9. Why are ethics crucial in accounting?
1-10. Who sets U.S. accounting rules?
1-11. How are U.S. companies affected by international accounting standards?
1-12. How are the objectivity concept and cost principle related?
1-13. Why is the business entity assumption important?
1-14. Why is the revenue recognition principle important?
1-15. What are the three basic forms of business organization?
1-16. Identify the owners of corporations and the terminology for ownership units.

QC3
1-17. When is the accounting equation in balance, and what does that mean?
1-18. How can a transaction not affect any liability and equity accounts?
1-19. Describe a transaction increasing equity and one decreasing it.
1-20. Identify a transaction that decreases both assets and liabilities.

QC4
1-21. Explain the link between the income statement and the statement of retained earnings.
1-22. Describe the link between the balance sheet and the statement of retained earnings.
1-23. Discuss the three major sections of the statement of cash flows.