FIN621 SPECIAL 2016 ASSIGNMENT FIN621 QUIZ 1

*********

***********

** financial position ********* ******** ** **** *********

******

******** Statement

***********

** ****

Flows

*********** of ************* *******

***

financial ********* that *********

*****

*** ********** stands at a ******** **** *** a)Balance Sheet
******** ********** *********** **

****

****** ***********

**

************* *******

********

********* ** ** activity

statement

**** depicts the revenues

***

******** for * ********** ****** ** ***** ********* ****** ******** ********** *********** ** **** ****** *********** ** Owner’s

*******

4)A *********

************

important **

understanding

** ********** *** *******

**

investment *** ****** *********

is

********* ****** ******** ********** *********** of **** ****** *********** ** Owner’s ******* ******* ** *** *********

is

*** a

****

** ********

accounting

************* a)Store Manager
*******

executive

******** *********** ******* *********

********

6)Purpose of an ********** system includes *** of *** following ******** ***********

***

****** ***

*******

** business *************

**********

***

*******

** transactions to

**********

*** preparation of ******** *********** *** communicate information ** ******** *******

*********

the specific types ** ******** ************ **** ***

**********

*** ****** in
****** *********** would *** **** ** * *********

of

**** ***** **** you ***** not **

able

to *** **** ***** two ******* financial statements?
a)Cash ******** ** ** ****

**

********* activities
****** ******* ** the *** ** *** ******* ******* *********** *** ** creditors at *** *** ** *** ******* ***** Income
*** ***********

******

* *** *** decreases ** **** ***** ******

and

***** *********** **** *********** ***** **** ****** a)Purchase

**

* delivery ***** *** $15 *** ***** b)An ***** **** *

cost

** ***

000

was ********* by fire
*********** ** * $15 *** bank loan
d)Collection ** * *** *** account receivable
***********

**

*** ***** ** debit *** ****** *** balance sheet

********

:
a)Increase ** asset ********* *** ************* ****** accounts *** ******** by

*******

b)Decrease ** ***** *** liability ******** are

recorded

** ******** ********** in ***** and *************

******

accounts *** recorded by debits
********** ** ********* and ************* ****** ******** ***

********

** ******* 10)Indicate *** ******* ******* Dividends
a)Decrease owners’ equity & ***

********

by ******** *** ******** ******** ********** net ******* ***** *

business

******** ***** ** the ***** *******


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