Received utility bill to be paid next month b ANSWER: Contribution of land by stockholder c ANSWER: Paid part of an amount owed to a creditor e ANSWER: Paid cash for the purchase of a one-year insurance policy d ANSWER: Received payment from a customer on account d ANSWER: Payment of dividends f ANSWER: Provided a service to a customer on account c ANSWER: Purchased supplies on credit a ANSWER: Paid wages f ANSWER: Payment for common stock by stockholder c ANSWER: Borrowed money from a bank a ANSWER: Purchased equipment for cash d ANSWER: Received cash for providing services to customers c ANSWER: Used up supplies that were already on hand f ANSWER: Match each of the following characteristics with the financial statement it describes. Each financial statement may be used more than once. Income statement Balance sheet Retained earnings statement Statement of cash flows Easy DIFFICULTY: Bloom's: Remembering FNMN.WARD.16.01-05 - LO: 01-05 LEARNING OBJECTIVES: ACCT.ACBSP.APC.06 - Recording Transactions ACCREDITING STANDARDS:
Received utility bill to be paid next month ANSWER: b Contribution of land by stockholder ANSWER: c Paid part of an amount owed to a creditor ANSWER: e Paid cash for the purchase of a one-year insurance policy ANSWER: d Received payment from a customer on account ANSWER: d Payment of dividends ANSWER: f Provided a service to a customer on account ANSWER: c Purchased supplies on credit ANSWER: a Paid wages ANSWER: f Payment for common stock by stockholder ANSWER: c Borrowed money from a bank ANSWER: a Purchased equipment for cash ANSWER: d Received cash for providing services to customers ANSWER: c Used up supplies that were already on hand ANSWER: f Match each of the following characteristics with the financial statement it describes. Each financial statement may be used more than once. Income statement Balance sheet Retained earnings statement Statement of cash flows DIFFICULTY: Easy Bloom's: Remembering LEARNING OBJECTIVES: FNMN.WARD.16.01-05 - LO: 01-05 ACCREDITING STANDARDS: ACCT.ACBSP.APC.06 - Recording Transactions
FinMan_Chapter_01_Introduction_to_Accounting_and_Business.docx