It is also available worldwide for college students at select institutions. McGraw Hill Connect is offered for grades 6-12 in the United States. If you do not have administrator privileges, you can find a class that does. Teachers need administrator privileges in order to use the service successfully within their classroom/schools. Teachers are able to edit assignments, test questions, check for student understanding, set up midterms and finals, evaluate results through reports that detail individual or whole class performance on the assignment's questions and then adjust your teaching accordingly. The McGraw Hill Connect platform provides teachers with basic reports about class performance. Students have access to over 6,000 high-quality multimedia resources to help them understand difficult subject matter concepts. With this system, educators can assign homework or tests with the click of a button. McGraw Hill Connect is an online homework, tutorial, and assessment system that helps students and teachers monitor progress. If the liabilities of a business increased $89,000 during a period of time and the equity in the business decreased $37,000 during the same period, the assets of the business must have:

It is impossible to determine unless the amount of stockholder investments is known.

The assets of a company total $728,000 the liabilities, $214,000.

The idea that a business will continue to operate instead of being closed or sold underlies the going-concern assumption. Objectivity means that financial information is supported by independent, unbiased evidence it demands more than a person’s opinion. The income statement describes revenues earned and expenses incurred along with the resulting net income or loss over a specified period of time, due to earnings activities.

Palmona uses the perpetual system in accounting for merchandise inventory.Ĭonnect Principles of Financial Accounting Exam 1 On January 8, the fund shows $145 in cash along with receipts for the following expenditures: postage, $43 transportation-in, $14 delivery expenses, $16 and miscellaneous expenses, $32.

establishes a $250 petty cash fund on January 1. Prepare (1) the September 9 entry to establish the fund, (2) the September 30 entry to reimburse the fund, and (3) an October 1 entry to increase the fund to $415. The company uses the perpetual system in accounting for merchandise inventory. The petty cashier could not account for a $5 shortage in the fund. On September 30, the fund shows $121 in cash along with receipts for the following expenditures: transportation costs of merchandise purchased, $58 postage expenses, $53 and miscellaneous expenses, $143. Waupaca Company establishes a $380 petty cash fund on September 9. building materials and theory of constructionsĬonnect Financial Accounting Chapter 6 Homework and Quiz.

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