Chapter 1: Q4RQ. (page 32)
What are two certifications available for accountants? Briefly explain each certification.
Certified Public Accountants (CPAs) and Certifed Management Accountants (CMAs) are the certifications available for accountants.
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Match each example with a component of a computerized accounting information system. Components may be used more than once.
| Example | Component |
| 1. Server | a. Source documents and input devices |
| 2. Bank checks | b. Processing and storage |
| 3. Reports | c. Outputs |
| 4. Keyboard | |
| 5. Software | |
| 6. Financial statement | |
| 7. Bar code scanner |
Using the expanded accounting equation, solve for the missing amount. Assets $ 71,288 Liabilities 2,260 Common Stock ? Dividends 14,420 Revenues 53,085 Expenses 28,675
In Vogue, a T-shirt business, is growing fast and needs a better accounting information system. Consider the features of an effective system. Which features are most important? Why? Which feature must you consider if your financial resources are limited?
Let’s examine a case using Greg’s Tunes and Sal’s Silly Songs. It is now the end of the first year of operations, and the stockholders want to know how well each business came out at the end of the year. Neither business kept complete accounting records, and no dividends were paid. The businesses throw together the data shown on the next page at year-end: \( 23,000 8,000 35,000 22,000 \) 10,000 6,000 44,000 9,000 Total Assets Common Stock Total Revenues Total Expenses Greg’s Tunes: Sal’s Silly Songs: Total Liabilities Common Stock Total Expenses Net Income To gain information for evaluating the businesses, the stockholders ask you several questions. For each answer, you must show your work to convince the stockholders that you know what you are talking about. Requirements 7. Which business looks better from a financial standpoint?
Briefly describe the two major fields of accounting
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