HM1030 – Week 1 Assignment 40 Total Points
“Helpful hints” to begin the assignment:
– Read the assigned chapters and watch the content review for this week.
– Use the vocabulary list at the end of the textbook chapter to provide a quick reference for definitions.
– Answer the questions you know first; then move to the items that are more challenging.
– Do not wait until the last minute to begin the assignment as you may find that you need to obtain Instructor or Academic coach assistance.
– Important for support: If you need assistance, contact your Instructor or Academic coach immediately.
– Important for you time management: Your assignment is due Sunday at 11:59pm (Eastern Time).
Instructions for Part One
10 Points (2 points each)
Accounting has five types of accounts: Assets, Liabilities, Equity, Revenue and Expense. Match the definition to the type of account.
Answer selection:
1) The value of the sale of goods or services by the business. Revenue Revenue
2) Something of future value. Assets Assets
3) The value of something used in the operations of business. Expense Expense
4) Something that is owned. Equity Equity
5) Something that is owed. Liabilities Liabilities
Instructions for Part Two
24 Points (2 points each)
Accounting has five types of accounts: Assets, Liabilities, Equity, Revenue and Expense. Identify the type of account for each item listed below.
Answer selection: Select the best response
1) Retained earnings Equity Equity Assets
2) Accounts payable Liabilities Liabilities Liabilities
3) Accounts receivable Assets Assets Equity
4) Cash Assets Assets Revenue
5) Salaries expense Expense Expense Expense
6) Fees earned on sales made to customers Revenue Revenue
7) Equipment Assets Assets
8) Taxes payable Liabilities Liabilities
9) Owner’s investment Equity Equity
10) Inventory Assets Assets
11) Notes payable Liabilities Liabilities
12) Supplies used to make a product to sell Expense Expense
Instructions for Part Three
6 Points (2 points each)
Populate the Accounting equation below with the correct account names.
Assets = Liabilities + Equity
Assets =Liabilities +Equity