Question 1

Technology:

Accepted Answer

A) Has replaced accounting. 
B) Has not improved the clerical accuracy of accounting. 
C) Reduces the time,effort and cost of recordkeeping. 
D) In accounting has replaced the need for decision makers. 
E) In accounting is only available to large corporations. 
A) Has replaced accounting. 
B) Has not improved the clerical accuracy of accounting. 
C) Reduces the time,effort and cost of recordkeeping. 
D) In accounting has replaced the need for decision makers. 
E) In accounting is only available to large corporations.

Question 2

If a company has excess space in its building that it rents to another company for $700,what is the effect on the accounting equation during the first month?

Accepted Answer

A) Assets would decrease $700 and liabilities would decrease $700. 
B) Assets would decrease $700 and equity would increase $700. 
C) Assets would increase $700 and equity would decrease $700. 
D) Assets would increase $700 and equity would increase $700. 
E) Liabilities would decrease $700 and equity would increase $700. 
A) Assets would decrease $700 and liabilities would decrease $700. 
B) Assets would decrease $700 and equity would increase $700. 
C) Assets would increase $700 and equity would decrease $700. 
D) Assets would increase $700 and equity would increase $700. 
E) Liabilities would decrease $700 and equity would increase $700.

Question 3

At the beginning of the year,a company had $120,000 worth of liabilities.During the year,assets increased by $160,000 and at year-end they equaled $360,000.Liabilities decreased $20,000 during the year.Calculate the beginning and ending values of equity.

Accepted Answer

Beginning equity = $

Question 4

The business entity assumption means that a business is accounted for separately from other business entities,including its owner or owners.

Accepted Answer

A) True 
 B)False

Question 5

The private-sector group that currently has the authority to establish generally accepted accounting principles in the United States is the:

Accepted Answer

A) APB. 
B) FASB. 
C) AAA. 
D) AICPA. 
E) SEC. 
A) APB. 
B) FASB. 
C) AAA. 
D) AICPA. 
E) SEC.

Question 6

The business entity assumption means that accounting information reflects a presumption that the business will continue operating instead of being closed or sold.

Accepted Answer

A) True 
 B)False

Question 7

The revenue recognition principle requires that revenue be recognized when goods or services are provided to customers,and at the amount expected to be received from the customer.

Accepted Answer

A) True 
 B)False

Question 8

The ________ principle requires that financial information is supported by independent,unbiased evidence.

Accepted Answer

The answer of The ________ principle requires that financial information...

Question 9

Describe the income statement and the relation between revenues,expenses,and net income or loss.

Accepted Answer

The income statement describes a company

Question 10

Zippy had cash inflows from operations $60,500; cash outflows from investing activities of $47,000; and cash inflows from financing of $25,000.The net change in cash was:

Accepted Answer

A) $38,500 increase. 
B) $38,500 decrease. 
C) $132,500 decrease. 
D) $132,000 increase. 
E) $11,500 decrease. 
A) $38,500 increase. 
B) $38,500 decrease. 
C) $132,500 decrease. 
D) $132,000 increase. 
E) $11,500 decrease.

Question 11

The financial statement that reports whether the business earned a profit and also lists the revenues and expenses is called the:

Accepted Answer

A) Balance sheet. 
B) Statement of retained earnings. 
C) Statement of cash flows. 
D) Income statement. 
E) Statement of financial position. 
A) Balance sheet. 
B) Statement of retained earnings. 
C) Statement of cash flows. 
D) Income statement. 
E) Statement of financial position.

Question 12

The four basic financial statements include the balance sheet,income statement,statement of retained earnings,and statement of cash flows.

Accepted Answer

A) True 
 B)False

Question 13

Net income is sometimes called earnings or profit.

Accepted Answer

A) True 
 B)False

Question 14

The fraud triangle asserts that there are three factors that push a person to commit fraud: opportunity,pressure,and rationalization.

Accepted Answer

A) True 
 B)False

Question 15

The income statement reports all of the following except:

Accepted Answer

A) Revenues earned by a business. 
B) Expenses incurred by a business. 
C) Assets owned by a business. 
D) Net income or loss earned by a business. 
E) The time period over which the earnings occurred. 
A) Revenues earned by a business. 
B) Expenses incurred by a business. 
C) Assets owned by a business. 
D) Net income or loss earned by a business. 
E) The time period over which the earnings occurred.

Question 16

Cash (or other assets)stockholders receive from the company are called a(n):

Accepted Answer

A) Liability. 
B) Dividend. 
C) Expense. 
D) Common Stock. 
E) Investment. 
A) Liability. 
B) Dividend. 
C) Expense. 
D) Common Stock. 
E) Investment.

Question 17

If the assets of a business increased $89,000 during a period of time and its liabilities increased $67,000 during the same period,equity in the business must have:

Accepted Answer

A) Increased $22,000. 
B) Decreased $22,000. 
C) Increased $89,000. 
D) Decreased $156,000. 
E) Increased $156,000. 
A) Increased $22,000. 
B) Decreased $22,000. 
C) Increased $89,000. 
D) Decreased $156,000. 
E) Increased $156,000.

Question 18

The statement of cash flows identifies cash flows separated into operating,investing,and financing activities over a period of time.

Accepted Answer

A) True 
 B)False

Question 19

Opportunities in accounting include auditing,consulting,market research,and tax planning.

Accepted Answer

A) True 
 B)False

Question 20

A disadvantage of a sole proprietorship is the fact that the owner has ________.

Accepted Answer

The answer of A disadvantage of a sole proprietorship is...

Technology:

If a company has excess space in its building that it rents to another company for $700,what is the effect on the accounting equation during the first month?

At the beginning of the year,a company had $120,000 worth of liabilities.During the year,assets increased by $160,000 and at year-end they equaled $360,000.Liabilities decreased $20,000 during the year.Calculate the beginning and ending values of equity.

The business entity assumption means that a business is accounted for separately from other business entities,including its owner or owners.

The private-sector group that currently has the authority to establish generally accepted accounting principles in the United States is the:

The business entity assumption means that accounting information reflects a presumption that the business will continue operating instead of being closed or sold.

The revenue recognition principle requires that revenue be recognized when goods or services are provided to customers,and at the amount expected to be received from the customer.

The ________ principle requires that financial information is supported by independent,unbiased evidence.

Describe the income statement and the relation between revenues,expenses,and net income or loss.

Zippy had cash inflows from operations $60,500; cash outflows from investing activities of $47,000; and cash inflows from financing of $25,000.The net change in cash was:

The financial statement that reports whether the business earned a profit and also lists the revenues and expenses is called the:

The four basic financial statements include the balance sheet,income statement,statement of retained earnings,and statement of cash flows.

Net income is sometimes called earnings or profit.

The fraud triangle asserts that there are three factors that push a person to commit fraud: opportunity,pressure,and rationalization.

The income statement reports all of the following except:

Cash (or other assets)stockholders receive from the company are called a(n):

If the assets of a business increased $89,000 during a period of time and its liabilities increased $67,000 during the same period,equity in the business must have:

The statement of cash flows identifies cash flows separated into operating,investing,and financing activities over a period of time.

Opportunities in accounting include auditing,consulting,market research,and tax planning.

A disadvantage of a sole proprietorship is the fact that the owner has ________.

Financial Statements and the Accounting System

Adjusting Accounts for Financial Statements

Reporting and Analyzing Merchandising Operations

Reporting and Analyzing Inventories

Reporting and Analyzing Cash,fraud,and Internal Control

Reporting and Analyzing Receivables

Reporting and Analyzing Long-Term Assets

Reporting and Analyzing Current Liabilities

Reporting and Analyzing Long-Term Liabilities

Reporting and Analyzing Equity

Reporting and Analyzing Cash Flows

Analyzing and Interpreting Financial Statements

Applying Present and Future Values

Investments

International Operations

Filters

Exam 1: Introducing Financial Statements

Technology:

If a company has excess space in its building that it rents to another company for $700,what is the effect on the accounting equation during the first month?

At the beginning of the year,a company had $120,000 worth of liabilities.During the year,assets increased by $160,000 and at year-end they equaled $360,000.Liabilities decreased $20,000 during the year.Calculate the beginning and ending values of equity.

The business entity assumption means that a business is accounted for separately from other business entities,including its owner or owners.

The private-sector group that currently has the authority to establish generally accepted accounting principles in the United States is the:

The business entity assumption means that accounting information reflects a presumption that the business will continue operating instead of being closed or sold.

The revenue recognition principle requires that revenue be recognized when goods or services are provided to customers,and at the amount expected to be received from the customer.

The ________ principle requires that financial information is supported by independent,unbiased evidence.

Describe the income statement and the relation between revenues,expenses,and net income or loss.

Zippy had cash inflows from operations $60,500; cash outflows from investing activities of $47,000; and cash inflows from financing of $25,000.The net change in cash was:

The financial statement that reports whether the business earned a profit and also lists the revenues and expenses is called the:

The four basic financial statements include the balance sheet,income statement,statement of retained earnings,and statement of cash flows.

Net income is sometimes called earnings or profit.

The fraud triangle asserts that there are three factors that push a person to commit fraud: opportunity,pressure,and rationalization.

The income statement reports all of the following except:

Cash (or other assets)stockholders receive from the company are called a(n):

If the assets of a business increased $89,000 during a period of time and its liabilities increased $67,000 during the same period,equity in the business must have:

The statement of cash flows identifies cash flows separated into operating,investing,and financing activities over a period of time.

Opportunities in accounting include auditing,consulting,market research,and tax planning.

A disadvantage of a sole proprietorship is the fact that the owner has ________.

Financial Statements and the Accounting System

Adjusting Accounts for Financial Statements

Reporting and Analyzing Merchandising Operations

Reporting and Analyzing Inventories

Reporting and Analyzing Cash,fraud,and Internal Control

Reporting and Analyzing Receivables

Reporting and Analyzing Long-Term Assets

Reporting and Analyzing Current Liabilities

Reporting and Analyzing Long-Term Liabilities

Reporting and Analyzing Equity

Reporting and Analyzing Cash Flows

Analyzing and Interpreting Financial Statements

Applying Present and Future Values

Investments

International Operations

Filters