An owner of a business organization starts its business with a pure and primary objective of making profit. A profit is basically the difference between the revenues and the cost incurred during a period. It is also known as a net income of the business. There are many regulating authorities who monitor and regulate the activities of business organization to avoid any exploitation, corruption misrepresentation of financial information or illegal activities. Authorities like GAAP, FASB, and IASB sets the accounting principles and standards which aims at revealing true and accurate financial information to the interested parties of a business organization. To Match: To match the numbered descriptions with the term or phrases which reflect it best? Given Info: No Description Term/Phrase 1 An assessment of whether financial statements follow GAAP A Audit 2 Amount a business earns in excess of all expenses and costs associated with its sales and revenues B GAAP 3 A group that sets accounting principles in the United States C Ethics 4 Accounting professional who provide services to many clients D FASB 5 Principles that determines whether an action is right or wrong E SEC F Public Accountants G Net Income H IASB

Question

Martin Hughes earns net self-employment income of $157,100. He works a second job from which he receives FICA taxable earnings of $127,600.Self-Employment tax =

Answer 1

Question

Chapter 1, Problem 4E

To determine

Introduction:

An owner of a business organization starts its business with a pure and primary objective of making profit. A profit is basically the difference between the revenues and the cost incurred during a period. It is also known as a net income of the business. There are many regulating authorities who monitor and regulate the activities of business organization to avoid any exploitation, corruption misrepresentation of financial information or illegal activities. Authorities like GAAP, FASB, and IASB sets the accounting principles and standards which aims at revealing true and accurate financial information to the interested parties of a business organization.

To Match:

To match the numbered descriptions with the term or phrases which reflect it best?

Given Info:

No Description Term/Phrase
1
An assessment of whether financial statements follow GAAP
A
Audit
2
Amount a business earns in excess of all expenses and costs associated with its sales and revenues
B
GAAP
3
A group that sets accounting principles in the United States
C
Ethics
4
Accounting professional who provide services to many clients
D
FASB
5
Principles that determines whether an action is right or wrong
E
SEC
F
Public Accountants
G
Net Income
H
IASB

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Martin Hughes earns net self-employment income of $157,100. He works a second job from which he receives FICA taxable earnings of $127,600.Self-Employment tax =

Question 2 U. Richards does not keep his books on the double entry system. His bank summary amount for 2010 is as follows: Balance 1.1.2010 1890 Receipts from $44656 debtors Creditors Loan from U. Miller $2.000 Rates Rent Drawings Cash withdrawn from bank $540 0 Payment to Trade $316 95 2750 1316 3095 1642 Sundry Expense Records of cash paid were sundry $122, trade creditors $642. Cash sales amounted to cash drawings were $5289. The following information is also available: 31.12.201 31.12.2 0 011 Cash in hand $48 $93 Trade creditors $4896 $5091 Accounts Receivables 60 $71 13 32 Rent Owing $250 Rates in Advance $282 $312 Motor van (at valuation) 2800 2400 Stock 11163 13021 Required: A. Statement of Affairs. (to find opening capital as at 31.12.2010) B. Cash Account & Bank Account. C. Accounts Receivables & Accounts Payables Control A/Cs. D. Income Statement for the year ended 31 December 2011.

2: Martin Hughes earns net self-employment income of $157,100. He works a second job from which he receives FICA taxable earnings of $127,600. Self-Employment tax = $ 6,440.70 3: Elisa Grant earns net self-employment income of $198,000. She works a second job from which she receives FICA taxable earnings of $100,400. Self-Employment tax = $ 30,294.00

Answer 2

Question

Chapter 1, Problem 4E

To determine

Introduction:

An owner of a business organization starts its business with a pure and primary objective of making profit. A profit is basically the difference between the revenues and the cost incurred during a period. It is also known as a net income of the business. There are many regulating authorities who monitor and regulate the activities of business organization to avoid any exploitation, corruption misrepresentation of financial information or illegal activities. Authorities like GAAP, FASB, and IASB sets the accounting principles and standards which aims at revealing true and accurate financial information to the interested parties of a business organization.

To Match:

To match the numbered descriptions with the term or phrases which reflect it best?

Given Info:

No Description Term/Phrase
1
An assessment of whether financial statements follow GAAP
A
Audit
2
Amount a business earns in excess of all expenses and costs associated with its sales and revenues
B
GAAP
3
A group that sets accounting principles in the United States
C
Ethics
4
Accounting professional who provide services to many clients
D
FASB
5
Principles that determines whether an action is right or wrong
E
SEC
F
Public Accountants
G
Net Income
H
IASB

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Answer 3

Question

Chapter 1, Problem 4E

To determine

Introduction:

An owner of a business organization starts its business with a pure and primary objective of making profit. A profit is basically the difference between the revenues and the cost incurred during a period. It is also known as a net income of the business. There are many regulating authorities who monitor and regulate the activities of business organization to avoid any exploitation, corruption misrepresentation of financial information or illegal activities. Authorities like GAAP, FASB, and IASB sets the accounting principles and standards which aims at revealing true and accurate financial information to the interested parties of a business organization.

To Match:

To match the numbered descriptions with the term or phrases which reflect it best?

Given Info:

No Description Term/Phrase
1
An assessment of whether financial statements follow GAAP
A
Audit
2
Amount a business earns in excess of all expenses and costs associated with its sales and revenues
B
GAAP
3
A group that sets accounting principles in the United States
C
Ethics
4
Accounting professional who provide services to many clients
D
FASB
5
Principles that determines whether an action is right or wrong
E
SEC
F
Public Accountants
G
Net Income
H
IASB

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Answer 4

Question

Chapter 1, Problem 4E

To determine

Introduction:

An owner of a business organization starts its business with a pure and primary objective of making profit. A profit is basically the difference between the revenues and the cost incurred during a period. It is also known as a net income of the business. There are many regulating authorities who monitor and regulate the activities of business organization to avoid any exploitation, corruption misrepresentation of financial information or illegal activities. Authorities like GAAP, FASB, and IASB sets the accounting principles and standards which aims at revealing true and accurate financial information to the interested parties of a business organization.

To Match:

To match the numbered descriptions with the term or phrases which reflect it best?

Given Info:

No Description Term/Phrase
1
An assessment of whether financial statements follow GAAP
A
Audit
2
Amount a business earns in excess of all expenses and costs associated with its sales and revenues
B
GAAP
3
A group that sets accounting principles in the United States
C
Ethics
4
Accounting professional who provide services to many clients
D
FASB
5
Principles that determines whether an action is right or wrong
E
SEC
F
Public Accountants
G
Net Income
H
IASB

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Answer 5

Chapter 1, Problem 4E

To determine

Introduction:

An owner of a business organization starts its business with a pure and primary objective of making profit. A profit is basically the difference between the revenues and the cost incurred during a period. It is also known as a net income of the business. There are many regulating authorities who monitor and regulate the activities of business organization to avoid any exploitation, corruption misrepresentation of financial information or illegal activities. Authorities like GAAP, FASB, and IASB sets the accounting principles and standards which aims at revealing true and accurate financial information to the interested parties of a business organization.

To Match:

To match the numbered descriptions with the term or phrases which reflect it best?

Given Info:

No Description Term/Phrase
1
An assessment of whether financial statements follow GAAP
A
Audit
2
Amount a business earns in excess of all expenses and costs associated with its sales and revenues
B
GAAP
3
A group that sets accounting principles in the United States
C
Ethics
4
Accounting professional who provide services to many clients
D
FASB
5
Principles that determines whether an action is right or wrong
E
SEC
F
Public Accountants
G
Net Income
H
IASB

Answer 6

Chapter 1, Problem 4E

To determine

Introduction:

An owner of a business organization starts its business with a pure and primary objective of making profit. A profit is basically the difference between the revenues and the cost incurred during a period. It is also known as a net income of the business. There are many regulating authorities who monitor and regulate the activities of business organization to avoid any exploitation, corruption misrepresentation of financial information or illegal activities. Authorities like GAAP, FASB, and IASB sets the accounting principles and standards which aims at revealing true and accurate financial information to the interested parties of a business organization.

To Match:

To match the numbered descriptions with the term or phrases which reflect it best?

Given Info:

No Description Term/Phrase
1
An assessment of whether financial statements follow GAAP
A
Audit
2
Amount a business earns in excess of all expenses and costs associated with its sales and revenues
B
GAAP
3
A group that sets accounting principles in the United States
C
Ethics
4
Accounting professional who provide services to many clients
D
FASB
5
Principles that determines whether an action is right or wrong
E
SEC
F
Public Accountants
G
Net Income
H
IASB

Answer 7

Chapter 1, Problem 4E

To determine

Introduction:

An owner of a business organization starts its business with a pure and primary objective of making profit. A profit is basically the difference between the revenues and the cost incurred during a period. It is also known as a net income of the business. There are many regulating authorities who monitor and regulate the activities of business organization to avoid any exploitation, corruption misrepresentation of financial information or illegal activities. Authorities like GAAP, FASB, and IASB sets the accounting principles and standards which aims at revealing true and accurate financial information to the interested parties of a business organization.

To Match:

To match the numbered descriptions with the term or phrases which reflect it best?

Given Info:

No Description Term/Phrase
1
An assessment of whether financial statements follow GAAP
A
Audit
2
Amount a business earns in excess of all expenses and costs associated with its sales and revenues
B
GAAP
3
A group that sets accounting principles in the United States
C
Ethics
4
Accounting professional who provide services to many clients
D
FASB
5
Principles that determines whether an action is right or wrong
E
SEC
F
Public Accountants
G
Net Income
H
IASB

Answer 8

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Answer 9

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Answer 19

Ch. 1 - Prob. 1DQ Ch. 1 - Technology is increasingly used to process...Ch. 1 - Prob. 3DQ Ch. 1 - What are at least three questions business owners...Ch. 1 - Prob. 5DQ Ch. 1 - Describe the internal role of accounting for...Ch. 1 - Identify three type of services typically offered...Ch. 1 - Prob. 8DQ Ch. 1 - Why is accounting described as a service activity?Ch. 1 - What are some accounting-related professions?

No	Description		Term/Phrase
1	An assessment of whether financial statements follow GAAP	A	Audit
2	Amount a business earns in excess of all expenses and costs associated with its sales and revenues	B	GAAP
3	A group that sets accounting principles in the United States	C	Ethics
4	Accounting professional who provide services to many clients	D	FASB
5	Principles that determines whether an action is right or wrong	E	SEC
		F	Public Accountants
		G	Net Income
		H	IASB

Chapter 1 Solutions