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1. Golden Gate University ACCTG-1A
Discussion And Quiz
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2015-2016
ACCTG 1A week 1 Discussion
Career Options and More on Chapter 1
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ACCTG 1A Week 1 Homework
Exercises on page 34 to 36 and Critical Thinking Case is on page 37
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ACCTG 1A WEEK 1 QUIZ

2. Indicate the best answer for each question in the space provided.
1 The best definition of an accounting system is:
a Journals, ledgers, and worksheets.
b Manual or computer-based records used in developing information about an entity for
use by managers and also persons outside the organization.
c The personnel, procedures, devices, and records used by an entity to develop
accounting information and communicate this information to decision makers.
d The concepts, principles, and standards specifying the information which should be
included in financial statements, and how that information should be presented.
2 Suppose a number of your friends have organized a company to develop and sell a new
software product. They have asked you to loan them $7,000 to help get the company started, and
have promised to repay your $7,000 plus 10% interest in one year. Of the following, which amount
may be described as the return on your investment?
a $7,000.
b $ 700.
c $7,700.
d Some other amount.
3 Which of the following is generally not considered one of the general purpose financial
statements issued by a corporation?
a Income statement forecast for the coming year.
b Balance sheet.
c Statement of financial position.
d Statement of cash flows.

3. 4 All of the following are characteristics of management accounting, except:
a Reports are used primarily by insiders rather than by persons outside of the business
entity.
b Its purpose is to assist managers in planning and controlling business operations.
c Information must be developed in conformity with generally accepted accounting
principles or with income tax regulations.
d Information may be tailored to assist in specific management decisions.
5 Which of the following is not an objective of financial reporting?
a Provide information useful in assessing amount, timing, and uncertainty of future
cash flows.
b Provide information useful in making investment and credit decisions.
c Provide information about economic resources, claims to resources, and changes in
resources and claims.
d Provide information to guarantee the enterprise achieves its goals, objectives, and
mission.
CHAPTER 1 NAME #
10-MINUTE QUIZ B SECTION

4. Match the organizations on the left with the descriptions on the right. Each description should be
used only once.
Organization Description
Financial Accounting Standards Board a. Government agency that regulates
financial reporting by publicly-
held companies.
Securities and Exchange Commission b. International organization dedicated
to the advancement of internal
auditing.
American Accounting Association c. Private organization most directly
involved in the development and
issuance of accounting standards.
Institute of Internal Auditors d Organization dedicated to the
advancement of accounting education
and research.
American Institute of CPAs e Organization most involved with the
ethical conduct of the accountants
working within a company.
Institute of Management Accountants f. Organization which develops formal
standards for auditing in the
United States.

5. Internal Revenue Service g. A government agency that
handles
income tax returns of individuals and
businesses and performs an audit
function [to] verify the data presented.
International Accounting h. An organization which develops
Standards Board international accounting
standards.
_______Committee of Sponsoring Organizations. i An organization dedicated to
improving financial reporting through ethics, internal
controls, and corporate governance.
CHAPTER 1 NAME #
10-MINUTE QUIZ C SECTION
The following is a list of various characteristics of accounting information. In the space provided
identify each as a characteristic of either financial or management accounting information.
1. The information is summarized in a set of statements distributed to the public.

6. 2. The information is historical in nature. It reports the results of events and transactions that
have already occurred.
3. The timeliness of the information is more critical than its completeness.
4. To increase its usefulness to investors and creditors, the information is usually accompanied
by explanations from management.
5. The information is intended to be used for planning and control decisions.
CHAPTER 1 NAME #
10-MINUTE QUIZ D SECTION
Provide concise written answers to the following:
1. Investors and creditors are interested in a company’s “cash flow prospects.” What two
specific concerns of investors and creditors are summarized by the term “cash flow prospects?”
2. List three financial statements that are used to communicate financial accounting information
to interested external parties.

7. 3. Provide a brief example to illustrate that externally reported financial accounting information
must be based in part on estimates, judgments, and assumptions.
4. Briefly explain how generally accepted accounting principles enhance the integrity of
financial accounting information.
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ACCTG 1A WEEK 2 QUIZ
Indicate the best answer for each question in the space provided.
1 The financial statements of a business entity:
a Include the balance sheet, income statement, and income tax return.
b Provide information about the profitability and financial position of the
company.
c Are the first step in the accounting process.
d Are prepared for a fee by the Financial Accounting Standards Board.
2 A balance sheet is designed to show the financial position of an entity:
a At a single point in time.
b Over a period of time such as a year or quarter.
c At December 31 of the current year.

8. d At January 1 of the coming year.
3 Accounts payable and notes payable are:
a Always less than the amount of cash a business owns.
b Creditors.
c Written promises to pay a certain amount, plus interest, at a definite
future date.
d Liabilities.
4 The balance sheet of Dotty Designs includes the following items:
Accounts Receivable Cash
Capital Stock Accounts Payable
Equipment Supplies
Notes Payable Notes Receivable
This list includes:
a Four assets and three liabilities.
b Five assets and three liabilities.
c Five assets and two liabilities.
d Six assets and two liabilities.
5 An accounting entity may best be described as:
a An individual.
b A particular economic unit.
c A publicly owned corporation.
d Any corporation, regardless of size.

9. CHAPTER 2 NAME #
10-MINUTE QUIZ B SECTION
Presented below is the balance sheet for Sabino Family Dentistry on January 1 of the current year.
SABINO FAMILY DENTISTRY
Balance Sheet
January 1, 20__
Assets Liabilities & Stockholders’ Equity
Cash $ 33,000 Liabilities:
Accounts receivable 51,150 Accounts payable $ 74,250
Land 313,500 Total liabilities $ 74,250
Building 371,250 Owners’ equity:
Equipment 57,750 Capital stock 752,400
Total liabilities and
Total assets $826,650 owners’ equity $826,250
During the first few days of January, the following transactions occurred:
Jan 1 The business borrowed $99,000 from the bank, giving a note payable due in 90
days.
3 Additional capital stock was issued in exchange for $44,550 cash.
3 Equipment was purchased for $62,700 on credit.

10. 5 The business collected $26,400 of its accounts receivable and paid $37,950 of its
accounts payable.
Indicate your answer to each of the following questions in the space provided.
1 On January 6, total assets of the business amount to:
a $826,650. b $994,950 c $957,000. d
$950,400.
2 On January 6, owners’ equity amounts to:
a $752,400. b $44,550. c $796,950. d
$895,950.
3 On January 6, the accounts payable balance is:
a $136,950. b $36,300. c $24,750. d
$99,000.
4 On January 6, the accounts receivable balance is:
a $24,750. b $38,775. c $77,550. d
$63,525.
5 On January 6, the cash balance is:
a $127,050. b $138,600. c $165,000. d
$202,950
CHAPTER 2 NAME #
10-MINUTE QUIZ C SECTION

11. Presented below is the balance sheet for Manhattan Family Dentistry on January 1 of the current
year.
MANHATTAN FAMILY DENTISTRY
Balance Sheet
January 1, 20__
Assets Liabilities & Stockholders’ Equity
Cash $ 20,000 Liabilities:
Accounts receivable 31,000 Accounts payable $ 45,000
Land 190,000 Total liabilities $ 45,000
Building 225,000 Owners’ equity:
Equipment 35,000 Capital stock 456,000
Total liabilities and
Total assets $501,000 owners’ equity $501,000
During the first few days of January, the following transactions occurred:
Jan 2 Equipment was purchased for $38,000 on credit.
2 The business collected $16,000 of its accounts receivable and paid $23,000 of its
accounts payable.
3 The business borrowed $60,000 from the bank, giving a note payable due in 90
days.

12. 3 Additional capital stock was issued in exchange for $27,000 cash.
Complete the following balance sheet for Manhattan Family Dentistry on January 4 of the current
year.
MANHATTAN FAMILY DENTISTRY
Balance Sheet
January 4, 20__
Assets Liabilities & Owners’ Equity
Cash $ Liabilities:
Accounts receivable Notes payable $
Land Accounts payable
Building Total liabilities $
Equipment Owners’ equity:
Capital stock
Total liabilities and
Total assets $ owners’ equity $
CHAPTER 2 NAME #
10-MINUTE QUIZ D SECTION
Complete the January 31, 20__, balance sheet of Countrywide Legal Services using the following
information.

13. (1) Stockholders’ equity at January 1, 20__, included capital stock of $140,000.
(2) The land and building were purchased by the business for a total price of $200,000 on
January 25, 20__, from a company forced out of business. On January 31, an appraiser valued the
property at $260,000.
(3) Additional capital stock was issued in exchange for $50,000 cash.
(4) Retained earnings at January 31, 20___, amounted to $49,400.
COUNTRYWIDE LEGAL SERVICES
Balance Sheet
January 31, 20__
Assets Liabilities & Owners’ Equity
Cash $ 90,000 Liabilities:
Accounts receivable Notes payable $
Land 135,000 Accounts payable 45,600
Building Total liabilities $
Equipment 35,000 Owners’ equity:
Capital Stock $
Retained earnings _______
_______ Total liabilities and
Total assets $ owners’ equity $375,000

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Case 2-2 Using Financial Statements
Please download an annual report from a company web site and use this to complete the Case 2-2.
Many companies make their report available on their web site, and most of the sites are relatively
easy to locate through a search engine.
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ACCTG 1A week 2 Assignment
Problem 2.7A Preparing a balance sheet and statement of cash flows; effect of business transaction
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