Question 1

Below is accounting information for Cascade Company for 2013:   
-What was net income for the year?

Accepted Answer

A) $320,000 
B) $296,000 
C) $100,000 
D) $457,000 
E) $116,000 
A) $320,000 
B) $296,000 
C) $100,000 
D) $457,000 
E) $116,000

Question 2

A company's balance sheet shows: cash $22,000,accounts receivable $16,000,office equipment $50,000,and accounts payable $17,000.What is the amount of equity?

Accepted Answer

A) $17,000 
B) $29,000 
C) $71,000 
D) $88,000 
E) $105,000 
A) $17,000 
B) $29,000 
C) $71,000 
D) $88,000 
E) $105,000

Question 3

The major activities of a business include:

Accepted Answer

A) Operating,investing,making a profit 
B) Investing,making a profit,operating 
C) Making a profit,operating,borrowing 
D) Operating,investing,financing 
E) Investing,making a profit,financing 
A) Operating,investing,making a profit 
B) Investing,making a profit,operating 
C) Making a profit,operating,borrowing 
D) Operating,investing,financing 
E) Investing,making a profit,financing

Question 4

A company reported total equity of $145,000 on its December 31,2013,balance sheet.The following information is available for the year ended December 31,2014:   What are the total assets of the company at December 31,2014?

Accepted Answer

A) $45,000 
B) $92,000 
C) $190,000 
D) $210,000 
E) $282,000 
A) $45,000 
B) $92,000 
C) $190,000 
D) $210,000 
E) $282,000

Question 5

The International Accounting Standards Board (IASB) is the government group that establishes reporting requirements for companies that issue stock to the public.

Accepted Answer

A) True 
 B)False

Question 6

According to the cost principle,it is preferable for managers to report the most current estimate of an asset's value.

Accepted Answer

A) True 
 B)False

Question 7

If the liabilities of a business increased $86,000 during a period of time and equity in the business decreased $23,000 during the same period,enter the appropriate amounts for this activity in the accounting equation format shown below.

Accepted Answer

Assets would have in

Question 8

The principle that (A) requires revenue to be recognized at the time it is earned, (B) allows the inflow of assets associated with revenue to be in a form other than cash,and (C) measures the amount of revenue as the cash plus the cash equivalent value of any noncash assets received from customers in exchange for goods or services is called the:

Accepted Answer

A) Going-concern principle 
B) Cost principle 
C) Revenue recognition principle 
D) Objectivity principle 
E) Business entity principle 
A) Going-concern principle 
B) Cost principle 
C) Revenue recognition principle 
D) Objectivity principle 
E) Business entity principle

Question 9

Apatha Company has assets of $600,000,liabilities of $250,000,and equity of $350,000.It buys office equipment on credit for $75,000.The effects of this transaction include:

Accepted Answer

A) Assets increase by $75,000 and expenses increase by $75,000. 
B) Assets increase by $75,000 and expenses decrease by $75,000. 
C) Liabilities increase by $75,000 and expenses decrease by $75,000. 
D) Assets decrease by $75,000 and expenses decrease by $75,000. 
E) Assets increase by $75,000 and liabilities increase by $75,000. 
A) Assets increase by $75,000 and expenses increase by $75,000. 
B) Assets increase by $75,000 and expenses decrease by $75,000. 
C) Liabilities increase by $75,000 and expenses decrease by $75,000. 
D) Assets decrease by $75,000 and expenses decrease by $75,000. 
E) Assets increase by $75,000 and liabilities increase by $75,000.

Question 10

Investing activities are the acquiring and selling of resources that an organization uses in its everyday operations.

Accepted Answer

A) True 
 B)False

Question 11

The records of Skymaster Airplane Rentals show the following information as of December 31,2014:
   Dividends of $52,000 were paid during 2014.
Using the above information,prepare a statement of retained earnings for 2014.

Accepted Answer

@#IMG-DLM&_TB6947_00

Question 12

Below is accounting information for Cascade Company for 2013:   
-What were the total assets at year-end?

Accepted Answer

A) $320,000 
B) $296,000 
C) $316,000 
D) $457,000 
E) $116,000 
A) $320,000 
B) $296,000 
C) $316,000 
D) $457,000 
E) $116,000

Question 13

Auditors are banned from direct investments with their clients.

Accepted Answer

A) True 
 B)False

Question 14

Below is accounting information for Cascade Company for 2013,its first year of business
 
-What was total equity at year end?

Accepted Answer

A) $320,000 
B) $296,000 
C) $316,000 
D) $457,000 
E) $116,000 
A) $320,000 
B) $296,000 
C) $316,000 
D) $457,000 
E) $116,000

Question 15

Operating activities include long-term borrowing and repaying cash from lenders and cash investments by owners or dividends to the owner.

Accepted Answer

A) True 
 B)False

Question 16

Match between columns
                        Premises: Balance sheet
Statement of cash flows
Income statement
Balance sheet
Balance sheet
Income statement
Statement of cash flows
Statement of retained earnings

Accepted Answer

The Answer of Cash from operating activities and Cash dividends is...

Question 17

The owners of a partnership:

Accepted Answer

A) Have created an entity that can also be called a sole proprietorship. 
B) Have unlimited liability. 
C) Have to have a written agreement in order to be legal. 
D) Have created a legal organization separate from its owners. 
E) Are called shareholders. 
A) Have created an entity that can also be called a sole proprietorship. 
B) Have unlimited liability. 
C) Have to have a written agreement in order to be legal. 
D) Have created a legal organization separate from its owners. 
E) Are called shareholders.

Question 18

Classify the following activities according to the appropriate section of the statement of cash flows:

Accepted Answer

@#IMG-DLM&_TB6947_00

Question 19

Operating activities:

Accepted Answer

A) Are the means organizations must use to pay for resources like land,buildings,and equipment. 
B) Involve using resources to research,develop,purchase,produce,distribute,and market products and services. 
C) Involve acquiring and disposing of resources that a business uses to acquire and sell its products or services. 
D) Are also called asset management. 
E) Are also called strategic management. 
A) Are the means organizations must use to pay for resources like land,buildings,and equipment. 
B) Involve using resources to research,develop,purchase,produce,distribute,and market products and services. 
C) Involve acquiring and disposing of resources that a business uses to acquire and sell its products or services. 
D) Are also called asset management. 
E) Are also called strategic management.

Question 20

Increases in retained earnings from a company's earnings activities are:

Accepted Answer

A) Assets 
B) Revenues 
C) Liabilities 
D) Stockholder's equity 
E) Expenses 
A) Assets 
B) Revenues 
C) Liabilities 
D) Stockholder's equity 
E) Expenses

Below is accounting information for Cascade Company for 2013: -What was net income for the year?

A company's balance sheet shows: cash $22,000,accounts receivable $16,000,office equipment $50,000,and accounts payable $17,000.What is the amount of equity?

The major activities of a business include:

A company reported total equity of $145,000 on its December 31,2013,balance sheet.The following information is available for the year ended December 31,2014: What are the total assets of the company at December 31,2014?

The International Accounting Standards Board (IASB) is the government group that establishes reporting requirements for companies that issue stock to the public.

According to the cost principle,it is preferable for managers to report the most current estimate of an asset's value.

If the liabilities of a business increased $86,000 during a period of time and equity in the business decreased $23,000 during the same period,enter the appropriate amounts for this activity in the accounting equation format shown below.

Apatha Company has assets of $600,000,liabilities of $250,000,and equity of $350,000.It buys office equipment on credit for $75,000.The effects of this transaction include:

Investing activities are the acquiring and selling of resources that an organization uses in its everyday operations.

The records of Skymaster Airplane Rentals show the following information as of December 31,2014: Dividends of $52,000 were paid during 2014. Using the above information,prepare a statement of retained earnings for 2014.

Below is accounting information for Cascade Company for 2013: -What were the total assets at year-end?

Auditors are banned from direct investments with their clients.

Below is accounting information for Cascade Company for 2013,its first year of business -What was total equity at year end?

Operating activities include long-term borrowing and repaying cash from lenders and cash investments by owners or dividends to the owner.

The owners of a partnership:

Classify the following activities according to the appropriate section of the statement of cash flows:

Operating activities:

Increases in retained earnings from a company's earnings activities are:

Accounting System and Financial Statements

Adjusting Accounts for Financial Statements

Reporting and Analyzing Merchandising Operations

Reporting and Analyzing Inventories

Reporting and Analyzing Cash and Internal Controls

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 and International Operations

Accounting for Partnerships

Accounting With Special Journals

Filters

Exam 1: Introducing Financial Accounting

Below is accounting information for Cascade Company for 2013: -What was net income for the year?

A company's balance sheet shows: cash $22,000,accounts receivable $16,000,office equipment $50,000,and accounts payable $17,000.What is the amount of equity?

The major activities of a business include:

A company reported total equity of $145,000 on its December 31,2013,balance sheet.The following information is available for the year ended December 31,2014: What are the total assets of the company at December 31,2014?

The International Accounting Standards Board (IASB) is the government group that establishes reporting requirements for companies that issue stock to the public.

According to the cost principle,it is preferable for managers to report the most current estimate of an asset's value.

If the liabilities of a business increased $86,000 during a period of time and equity in the business decreased $23,000 during the same period,enter the appropriate amounts for this activity in the accounting equation format shown below.

Apatha Company has assets of $600,000,liabilities of $250,000,and equity of $350,000.It buys office equipment on credit for $75,000.The effects of this transaction include:

Investing activities are the acquiring and selling of resources that an organization uses in its everyday operations.

The records of Skymaster Airplane Rentals show the following information as of December 31,2014: Dividends of $52,000 were paid during 2014. Using the above information,prepare a statement of retained earnings for 2014.

Below is accounting information for Cascade Company for 2013: -What were the total assets at year-end?

Auditors are banned from direct investments with their clients.

Below is accounting information for Cascade Company for 2013,its first year of business -What was total equity at year end?

Operating activities include long-term borrowing and repaying cash from lenders and cash investments by owners or dividends to the owner.

The owners of a partnership:

Classify the following activities according to the appropriate section of the statement of cash flows:

Operating activities:

Increases in retained earnings from a company's earnings activities are:

Accounting System and Financial Statements

Adjusting Accounts for Financial Statements

Reporting and Analyzing Merchandising Operations

Reporting and Analyzing Inventories

Reporting and Analyzing Cash and Internal Controls

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 and International Operations

Accounting for Partnerships

Accounting With Special Journals

Filters