Question 1

Accounting information is used to help managers and decision makers understand risk.

Accepted Answer

A) True 
 B)False

Question 2

Which of the following would be reported in the Investing Activities section of the Statement of Cash Flows?

Accepted Answer

A) Sale of common stock 
B) Purchase of equipment 
C) Payment of dividends 
D) Both A and C would be in this section. 
A) Sale of common stock 
B) Purchase of equipment 
C) Payment of dividends 
D) Both A and C would be in this section.

Question 3

A company has $82,000 in Liabilities and $112,000 in Stockholders' Equity.What is the value of the company's Assets?

Accepted Answer

A) $30,000 
B) $112,000 
C) $194,000 
D) Not enough information provided 
A) $30,000 
B) $112,000 
C) $194,000 
D) Not enough information provided

Question 4

Beginning Retained Earnings for the period would be shown on the:

Accepted Answer

A) Statement of Retained Earnings. 
B) Income Statement. 
C) Balance Sheets. 
D) Statement of Cash Flows. 
A) Statement of Retained Earnings. 
B) Income Statement. 
C) Balance Sheets. 
D) Statement of Cash Flows.

Question 5

Society is considered to be a stakeholder in a business.

Accepted Answer

A) True 
 B)False

Question 6

Which of the following is a TRUE statement?

Accepted Answer

A) Purchasing office equipment for cash is a shift of Assets. 
B) Buying something on account decreases total Liabilities. 
C) Retained Earnings do not include payments of dividends. 
D) Paying off an account increases the total of Assets. 
A) Purchasing office equipment for cash is a shift of Assets. 
B) Buying something on account decreases total Liabilities. 
C) Retained Earnings do not include payments of dividends. 
D) Paying off an account increases the total of Assets.

Question 7

The Balance Sheet is dated as of a period of time.

Accepted Answer

A) True 
 B)False

Question 8

Which of the following is a FALSE statement?

Accepted Answer

A) Revenues provide inward flows of assets. 
B) Revenue is categorized as an asset. 
C) Revenue is categorized as part of Retained Earnings. 
D) Revenues are generated from the sale of goods and services. 
A) Revenues provide inward flows of assets. 
B) Revenue is categorized as an asset. 
C) Revenue is categorized as part of Retained Earnings. 
D) Revenues are generated from the sale of goods and services.

Accounting information is used to help managers and decision makers understand risk.

Which of the following would be reported in the Investing Activities section of the Statement of Cash Flows?

A company has $82,000 in Liabilities and $112,000 in Stockholders' Equity.What is the value of the company's Assets?

Beginning Retained Earnings for the period would be shown on the:

Society is considered to be a stakeholder in a business.

Which of the following is a TRUE statement?

The Balance Sheet is dated as of a period of time.

Which of the following is a FALSE statement?

Analyzing and Recording Business Transactions

Adjusting and Closing Entries

Accounting for a Merchandising Business

Inventory

The Challenges of Accounting: Standards, internal Control, audits, fraud, and Ethics

Cash and Receivables

Long-Term and Other Assets

Current Liabilities and Long-Term Debt

Corporations: Paid-In Capital and Retained Earnings

The Statement of Cash Flows

Financial Statement Analysis

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Exam 1: Business, Accounting, and You

Accounting information is used to help managers and decision makers understand risk.

Which of the following would be reported in the Investing Activities section of the Statement of Cash Flows?

A company has $82,000 in Liabilities and $112,000 in Stockholders' Equity.What is the value of the company's Assets?

Beginning Retained Earnings for the period would be shown on the:

Society is considered to be a stakeholder in a business.

Which of the following is a TRUE statement?

The Balance Sheet is dated as of a period of time.

Which of the following is a FALSE statement?

Analyzing and Recording Business Transactions

Adjusting and Closing Entries

Accounting for a Merchandising Business

Inventory

The Challenges of Accounting: Standards, internal Control, audits, fraud, and Ethics

Cash and Receivables

Long-Term and Other Assets

Current Liabilities and Long-Term Debt

Corporations: Paid-In Capital and Retained Earnings

The Statement of Cash Flows

Financial Statement Analysis

Filters