11. What is meant by the term "global GAAP"? How does it impact U.S. companies? What body is responsible for setting global standards?
12. Briefly distinguish between financial accounting and managerial accounting.
13. Explain some of the accounting similarities and differences between not-for-profit organizations and for-profit businesses.
14. What financial statement elements are reported on a balance sheet?
15. From what three sources does a business obtain its assets?
16. How does providing services for cash affect the accounting equation? Is it considered an asset source, asset use, or asset exchange transaction?
17. How does the payment of cash dividends to stockholders affect the accounting equation? Is it considered an asset source, asset use, or asset exchange transaction?
18. If the total equity claimed by owners of Vargas Construction is $150,000 and liabilities are $75,000, what are total assets?
19. What is meant by the term double-entry bookkeeping?
Answer: All transactions affect the accounting equation in at least two places.
20. Give three examples of asset use transactions.