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Homework Chapter 1: I. Discussion Questions

The document contains a homework assignment for the ACC101 accounting course submitted by Tran Dieu Nhu Quynh of class BH1502. The homework covers topics such as the basic forms of business organizations (sole proprietorship, partnership, corporation), the three major activities of organizations (financing, investing, operating), and exercises identifying accounting concepts and principles. It also includes sample balance sheets and a statement of owners' equity for practice problems.

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60 views3 pages

Homework Chapter 1: I. Discussion Questions

The document contains a homework assignment for the ACC101 accounting course submitted by Tran Dieu Nhu Quynh of class BH1502. The homework covers topics such as the basic forms of business organizations (sole proprietorship, partnership, corporation), the three major activities of organizations (financing, investing, operating), and exercises identifying accounting concepts and principles. It also includes sample balance sheets and a statement of owners' equity for practice problems.

Uploaded by

Diệu Quỳnh
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Name: Tran Dieu Nhu Quynh

Class: BH1502
Course: ACC101

Homework chapter 1
I. Discussion questions
13. The objectivity concept means that financial statement information is supported by independent,
unbiased evidence other than someone's opinion or imagination. This concept increases the reliability
and verifiability of financial statement information.
16. Business organizations can be organized in one of three basic forms:
 Sole proprietorship:
 One owner
 No legal entity
 Unlimited liability
 Partnership:
 Two or many owners (oral or written agreement)
 No legal entity
 Unlimited liability

 Corporation:
 Shareholders (stockholders)
 A legal entity
 Limited liability
 Double taxation
 Issue stocks
30. Organizations carry out three major activities: financing, investing, and operating. Financing is the
means used to pay for resources such as land, buildings, and machines. Investing refers to the buying
and selling of resources used in acquiring and selling products and services. Operating activities are
those necessary for carrying out the organization's plans.
II. Quick study
1-1
1. F. Technology
2. C. Recording
3. B. Identifying
1-6.
a. Revenue Recognition Principle
b. Cost Principle
c. Business Entity assumption
1-11.
a. Cash increase, capital increase
b. Cash decrease, supplies increase
c. Equipment increase, Note payable increase
d. Accounts payable increase, supplies increase
e. Cash decrease, land increase
III. Exercises
1-1
1. C
2. C
3. R
4. R
5. C
6. I
7. I
8. R
1-6
a. C
b. P
c. SP
d. SP
e. C
f. SP
g. P
1-19
1. I
2. F
3. O
4. O
5. O
6. O
7. F
8. O
IV. Problem set A
P1-3A
ARMANI COMPANY
BALANCE SHEET
DECEMBER 31, 2015

ASSETS LIABILITIES & EQUITY


Assets 90.000 Liabilities 44.000
Equity 46.000
Total assets 90.000 Total liabilities & equity 90.000

P1-5A

KOJO COMPNY
STATEMENT OF OWNERS EQUITY
12/31/2015
K. Kojo Capital 12/1/2015
Plus: Investments 14.000
Net income 8.000
22.000
Less: Withdrawals by owner 8.000
K. Kojo Capital 12/1/2015 14.000

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