
Financial Accounting Flashcard

Flashcard
•
Business
•
12th Grade
•
Hard
Wayground Content
FREE Resource
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37 questions
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1.
FLASHCARD QUESTION
Front
What is the primary goal of financial accounting?
Back
To supply financial data to external parties.
2.
FLASHCARD QUESTION
Front
Who among the following is not considered an external stakeholder in accounting? Creditors, Investors, Government officials, Chief financial officer (CFO).
Back
Chief financial officer (CFO).
3.
FLASHCARD QUESTION
Front
A business is evaluating the purchase of a building that the seller originally bought for $200,000. The building is currently listed for $350,000, but the buyer believes its value is $340,000, and it is ultimately purchased for $330,000. At what amount should the building be recorded in the buyer's financial records?
Back
$330,000.
4.
FLASHCARD QUESTION
Front
Smith Corporation reported a net income of $200 million and average total assets of $2,500 million. What is its return on assets (ROA)?
Back
8.0%.
5.
FLASHCARD QUESTION
Front
If the total assets are $450,000 and the total liabilities are $275,000, what is the equity?
Back
$175,000.
6.
FLASHCARD QUESTION
Front
If a business spends $2,000 of its cash to buy equipment, what is the impact on the accounting equation?
Back
One asset increases $2,000 and another asset decreases $2,000, causing no effect.
7.
FLASHCARD QUESTION
Front
Compute net income for the company using the following information: Cash $60,000, Accounts receivable $30,000, Office supplies $8,000, Office equipment $50,000, Land $100,000, Accounts payable $25,000, Consulting revenue $70,000, Salaries expense $15,000, Rent expense $20,000, Utilities expense $2,000, Miscellaneous expenses $1,500.
Back
$33,500.
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