Exercise 01.01 – Matching (Business Activities)
Financial Accounting
Spiceland, Thomas, and Herrman
05th Edition and 06th Edition
Match the transaction with the business activity.
Match the transaction with the business activity.
Find whether Falcon would report the account as a balance sheet or income statement. Whether it would be an asset, liability, or stockholders’ equity. Whether it would be a revenue or an expense. Whether the transactions are classified as operating, investing, or financing activity.
Find whether Wildcat would report the account as a balance sheet or income statement. Whether it would be an asset, liability, or stockholders’ equity. Whether it would be a revenue or an expense. Whether the transactions are classified as operating, investing, or financing activity.
Fill in the blanks based on the financial statements.
Your numbers will vary.
Match the answer to each concept.
Match each concept with its description
Determine which qualitative characteristic best applies to each situation.
Describe the dual effect on the accounting equation.
Describe the dual effect on the accounting equation.
Provide an explanation for each transaction.
Your numbers will vary.