Question 1

_____ are increased with debits.

Accepted Answer

A) Assets and revenues 
B) Liabilities and retained earnings 
C) Expenses and paid-in capital 
D) Assets and expenses 
A) Assets and revenues 
B) Liabilities and retained earnings 
C) Expenses and paid-in capital 
D) Assets and expenses

Question 2

A sole proprietorship is a business organized as a separate legal entity and owned by its stockholders.

Accepted Answer

A) True 
 B)False

Question 3

The conventions, rules, and procedures that together make up accepted accounting practice at any given time

Accepted Answer

Generally

Question 4

Asset values may not be written down.

Accepted Answer

A) True 
 B)False

Question 5

An entry on the right side of an account

Accepted Answer

The answer of An entry on the right side of...

Question 6

Each item in a financial statement

Accepted Answer

The answer of Each item in a financial statement...

Question 7

Identify which one of the following statements is false.

Accepted Answer

A) Owners' equity solely represents the profits made by an organization in the current period. 
B) Assets are economic resources that are expected to benefit future cash inflows or reduce future cash outflows. 
C) Liabilities are economic obligations or claims against the assets of an organization by outsiders. 
D) Assets must always equal the sum of liabilities and owners' equity. 
A) Owners' equity solely represents the profits made by an organization in the current period. 
B) Assets are economic resources that are expected to benefit future cash inflows or reduce future cash outflows. 
C) Liabilities are economic obligations or claims against the assets of an organization by outsiders. 
D) Assets must always equal the sum of liabilities and owners' equity.

Question 8

_____ are decreases in ownership claims from delivering goods or services or using up assets.

Accepted Answer

A) Revenues 
B) Expenses 
C) Profits 
D) Assets 
A) Revenues 
B) Expenses 
C) Profits 
D) Assets

Question 9

To be recorded in a period's accounting record, revenue must be _____.

Accepted Answer

A) earned and collected 
B) earned and collectible 
C) rendered and collected 
D) earned and rendered 
A) earned and collected 
B) earned and collectible 
C) rendered and collected 
D) earned and rendered

Question 10

_____ are increased with credits.

Accepted Answer

A) Liabilities 
B) Revenues 
C) Retained earnings 
D) All of these answers are correct 
A) Liabilities 
B) Revenues 
C) Retained earnings 
D) All of these answers are correct

Question 11

Amounts due from customers for sales on open account

Accepted Answer

The answer of Amounts due from customers for sales on...

Question 12

Entries that record implicit transactions

Accepted Answer

The answer of Entries that record implicit transactions...

Question 13

Etiwanda Company's accountant recorded a debit to Accounts Payable and a credit to Cash.This transaction will_____.

Accepted Answer

A) increase Cash and decrease Accounts Payable 
B) decrease Cash and increase Accounts Payable 
C) increase Cash and increase Accounts Payable 
D) decrease Cash and decrease Accounts Payable 
A) increase Cash and decrease Accounts Payable 
B) decrease Cash and increase Accounts Payable 
C) increase Cash and increase Accounts Payable 
D) decrease Cash and decrease Accounts Payable

Question 14

Identify which one or more of the following equations is not correct.

Accepted Answer

A) Revenues - Expenses = Gross Profit 
B) Stockholders' Equity = Paid-in Capital + Retained Earnings 
C) Assets - Liabilities = Stockholders' Equity 
D) All of these answers are correct. 
A) Revenues - Expenses = Gross Profit 
B) Stockholders' Equity = Paid-in Capital + Retained Earnings 
C) Assets - Liabilities = Stockholders' Equity 
D) All of these answers are correct.

Question 15

American generally accepted accounting principles GAAP) are largely the work of the International Accounting Standards Committee IASC).

Accepted Answer

A) True 
 B)False

Question 16

_____ are sections of the balance sheet.

Accepted Answer

A) Revenues, assets, and liabilities 
B) Assets, liabilities, and expenses 
C) Expenses, revenues, and owners' equity 
D) Assets, liabilities, and owners' equity 
A) Revenues, assets, and liabilities 
B) Assets, liabilities, and expenses 
C) Expenses, revenues, and owners' equity 
D) Assets, liabilities, and owners' equity

Question 17

The excess of assets over the liabilities

Accepted Answer

Owners' eq

Question 18

Events such as the passage of time that day-to-day recording procedures temporarily ignore

Accepted Answer

Implicit t

_____ are increased with debits.

A sole proprietorship is a business organized as a separate legal entity and owned by its stockholders.

The conventions, rules, and procedures that together make up accepted accounting practice at any given time

Asset values may not be written down.

An entry on the right side of an account

Each item in a financial statement

Identify which one of the following statements is false.

_____ are decreases in ownership claims from delivering goods or services or using up assets.

To be recorded in a period's accounting record, revenue must be _____.

_____ are increased with credits.

Amounts due from customers for sales on open account

Entries that record implicit transactions

Etiwanda Company's accountant recorded a debit to Accounts Payable and a credit to Cash.This transaction will_____.

Identify which one or more of the following equations is not correct.

American generally accepted accounting principles GAAP) are largely the work of the International Accounting Standards Committee IASC).

_____ are sections of the balance sheet.

The excess of assets over the liabilities

Events such as the passage of time that day-to-day recording procedures temporarily ignore

Managerial Accounting, the Business Organization, and Professional Ethics

Introduction to Cost Behavior and Cost-Volume Relationships

Measurement of Cost Behavior

Cost Management Systems and an Introduction to Activity-Based Costing

Relevant Information and Decision Making With a Focus on Pricing Decisions

Relevant Information and Decision Making: Operational Decisions

Introduction to Budgets and Preparing the Master Budget

Flexible Budgets and Variance Analysis

Management Control Systems and Responsibility Accounting

Management Control in Decentralized Organizations

Capital Budgeting

Cost Allocation

Accounting for Overhead Costs

Job-Costing and Process-Costing Systems

Understanding Corporate Annual Reports: Basic Financial Statements

Understanding and Analyzing Consolidated Financial Statements

Filters

Exam 15: Basic Accounting: Concepts, Techniques, and Conventions

_____ are increased with debits.

A sole proprietorship is a business organized as a separate legal entity and owned by its stockholders.

The conventions, rules, and procedures that together make up accepted accounting practice at any given time

Asset values may not be written down.

An entry on the right side of an account

Each item in a financial statement

Identify which one of the following statements is false.

_____ are decreases in ownership claims from delivering goods or services or using up assets.

To be recorded in a period's accounting record, revenue must be _____.

_____ are increased with credits.

Amounts due from customers for sales on open account

Entries that record implicit transactions

Etiwanda Company's accountant recorded a debit to Accounts Payable and a credit to Cash.This transaction will_____.

Identify which one or more of the following equations is not correct.

American generally accepted accounting principles GAAP) are largely the work of the International Accounting Standards Committee IASC).

_____ are sections of the balance sheet.

The excess of assets over the liabilities

Events such as the passage of time that day-to-day recording procedures temporarily ignore

Managerial Accounting, the Business Organization, and Professional Ethics

Introduction to Cost Behavior and Cost-Volume Relationships

Measurement of Cost Behavior

Cost Management Systems and an Introduction to Activity-Based Costing

Relevant Information and Decision Making With a Focus on Pricing Decisions

Relevant Information and Decision Making: Operational Decisions

Introduction to Budgets and Preparing the Master Budget

Flexible Budgets and Variance Analysis

Management Control Systems and Responsibility Accounting

Management Control in Decentralized Organizations

Capital Budgeting

Cost Allocation

Accounting for Overhead Costs

Job-Costing and Process-Costing Systems

Understanding Corporate Annual Reports: Basic Financial Statements

Understanding and Analyzing Consolidated Financial Statements

Filters