Introduction to Accounting and Business Paper.

1.Which of the following best describes accounting Answer: B – is an information system that provides reports to stakeholders.2.Which of the following group of companies are all examples of a merchandising business?Answer: C – Games Stop, Best Buy, Gap3. Introduction to Accounting and Business Paper.Which of the following is the best description of accounting’s role in business Answer:A – Accounting provides information to managers to operate the business and to other stakeholders to make decisions regarding the economic condition of the company.4.Smith Company purchased $105,000 of computer equipment from Brown Company Smith Company paid for the equipment using cash that had been obtained from the initial investment by Connie Smith.

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The transaction involving the computer equipment should be recorded on the accounting records of which of the following entities?Answer: B – Smith Company and Brown Company5.Equipment with an estimated market value of $45,000 is offered for sale at $65,000. Introduction to Accounting and Business Paper. The equipment is acquired for $10,000, in cash and a note payable of $40,000 due in 30 days. The amount used in the buyer’s accounting records to record this acquisition is Answer: D – $50,0006.From Problem 1-3A what it total Net Income for Mariner Financial Services<Answer: A – $23,6657.From Problem 1-3A what is the net cash flow used from operating activities for Mariner Financial Services?Answer: B – $ 29,1408.From Problem 1-6A what is supplies expense (b) for Cayenne Realty?Answer: D – $12,0009.From, 1-6A what is the ending capital balance (g) from Cayenne Realty?Answer: C – $1,85,60010.From Problem 1-6A what is the ending total asses (h) for Cayenne Realty?Answer: C – $192,000.Introduction to Accounting and Business Paper.