Question 1

Cash investments by owners in exchange for stock are listed on which of the following statements?

Accepted Answer

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

Question 2

Beginning assets were $437,600,beginning liabilities were $262,560,common stock issued during the year totaled $45,000,revenue for the year was $414,250,expenses for the year were $280,000,dividends declared were $22,700,and ending liabilities were $350,000. What was the beginning equity for the year?

Accepted Answer

A) $700,160 
B) $787,600 
C) $187,600 
D) $612,560 
E) $175,040 
A) $700,160 
B) $787,600 
C) $187,600 
D) $612,560 
E) $175,040

Question 3

The distribution of assets to stockholders is called a(n):

Accepted Answer

A) Liability 
B) Dividend 
C) Expense 
D) Contribution 
E) Investment 
A) Liability 
B) Dividend 
C) Expense 
D) Contribution 
E) Investment

Question 4

Bookkeeping is the sole purpose of accounting.

Accepted Answer

A) True 
 B)False

Question 5

If net income for the period was $134,250,dividends distributed were $76,530,and ending retained earnings was $862,520,what was the beginning retained earnings for the period?

Accepted Answer

A) $1,073,300 
B) $651,740 
C) $804,800 
D) $920,240 
E) $728,270 
A) $1,073,300 
B) $651,740 
C) $804,800 
D) $920,240 
E) $728,270

Question 6

ParFour's total liabilities are $130,000 and its equity is $340,000.Calculate the company's total assets.

Accepted Answer

Total asse

Question 7

The balance sheet shows whether or not the firm achieved its primary objective of earning a profit.

Accepted Answer

A) True 
 B)False

Question 8

______________________ are procedures set up to protect company property and equipment,ensure reliable accounting reports,promote efficiency,and encourage adherence to company policies.

Accepted Answer

The answer of ______________________ are procedures set up to protect...

Question 9

From the information given,prepare a November statement of retained earnings.
On November 1 of the current year,Lois Bell began Lois Bell,Interior Design as a corporation with an initial investment of $50,000 cash.On November 30,her records showed the following (alphabetically arranged) selected accounts and amounts:

Accepted Answer

@#IMG-DLM&_TB6947_00

Question 10

Match between columns
                        Premises: Investing
Financing
Operating
Investing
Financing
Operating

Accepted Answer

The Answer of Paid utilities expenses and Paid employee wages is...

Question 11

The private board that currently has the authority to establish U.S.generally accepted accounting principles 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 12

Fees earned (but not yet received in cash) by a business in exchange for services that it has provided appear on which of the following statements?

Accepted Answer

A) Income statement 
B) Statement of cash received 
C) Statement of retained earnings 
D) Statement of cash flows 
E) Schedule of accounts receivable 
A) Income statement 
B) Statement of cash received 
C) Statement of retained earnings 
D) Statement of cash flows 
E) Schedule of accounts receivable

Question 13

Which of the following statements is not true about assets?

Accepted Answer

A) They are economic resources owned or controlled by the business. 
B) They are expected to provide future benefits to the business. 
C) They appear on the balance sheet. 
D) They appear on the statement of retained earnings. 
E) Claims on them are shared between creditors and owners. 
A) They are economic resources owned or controlled by the business. 
B) They are expected to provide future benefits to the business. 
C) They appear on the balance sheet. 
D) They appear on the statement of retained earnings. 
E) Claims on them are shared between creditors and owners.

Question 14

Revenues are:

Accepted Answer

A) The same as net income. 
B) The excess of expenses over assets. 
C) Resources owned or controlled by a company. 
D) Increases in retained earnings from a company's earning activities. 
E) The costs of assets or services used. 
A) The same as net income. 
B) The excess of expenses over assets. 
C) Resources owned or controlled by a company. 
D) Increases in retained earnings from a company's earning activities. 
E) The costs of assets or services used.

Question 15

Identify the risk and the return in each of the following examples:
A.Investing $500 in a CD at 4.5% interest.
B.Placing a $100 bet on an NBA game.
C.Investing $10,000 in Microsoft stock.
D.Borrowing $20,000 in student loans.

Accepted Answer

A.The risk involved is that the investor

Question 16

The Financial Accounting Standards Board is a private group that sets both broad and specific accounting principles.

Accepted Answer

A) True 
 B)False

Question 17

The purchase of supplies must appear on the statement of cash flows as an investing activity because it involves the purchase of assets.

Accepted Answer

A) True 
 B)False

Question 18

Use the following information as of December 31 to determine equity.

Accepted Answer

A) $1,000 
B) $3,000 
C) $5,000 
D) $10,000 
E) $11,000 
A) $1,000 
B) $3,000 
C) $5,000 
D) $10,000 
E) $11,000

Question 19

__________________________ is the recording of transactions or events and is just one part of accounting.

Accepted Answer

Recordkeep

Question 20

The organization that attempts to create more harmony among the accounting practices of different countries by identifying preferred practices and encouraging their worldwide acceptance is the:

Accepted Answer

A) AICPA 
B) FASB 
C) CAP 
D) SEC 
E) IASB 
A) AICPA 
B) FASB 
C) CAP 
D) SEC 
E) IASB

Cash investments by owners in exchange for stock are listed on which of the following statements?

The distribution of assets to stockholders is called a(n):

Bookkeeping is the sole purpose of accounting.

If net income for the period was $134,250,dividends distributed were $76,530,and ending retained earnings was $862,520,what was the beginning retained earnings for the period?

ParFour's total liabilities are $130,000 and its equity is $340,000.Calculate the company's total assets.

The balance sheet shows whether or not the firm achieved its primary objective of earning a profit.

______________________ are procedures set up to protect company property and equipment,ensure reliable accounting reports,promote efficiency,and encourage adherence to company policies.

The private board that currently has the authority to establish U.S.generally accepted accounting principles is the:

Fees earned (but not yet received in cash) by a business in exchange for services that it has provided appear on which of the following statements?

Which of the following statements is not true about assets?

Revenues are:

Identify the risk and the return in each of the following examples: A.Investing $500 in a CD at 4.5% interest. B.Placing a $100 bet on an NBA game. C.Investing $10,000 in Microsoft stock. D.Borrowing $20,000 in student loans.

The Financial Accounting Standards Board is a private group that sets both broad and specific accounting principles.

The purchase of supplies must appear on the statement of cash flows as an investing activity because it involves the purchase of assets.

Use the following information as of December 31 to determine equity.

__________________________ is the recording of transactions or events and is just one part of accounting.

The organization that attempts to create more harmony among the accounting practices of different countries by identifying preferred practices and encouraging their worldwide acceptance is the:

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

Cash investments by owners in exchange for stock are listed on which of the following statements?

The distribution of assets to stockholders is called a(n):

Bookkeeping is the sole purpose of accounting.

If net income for the period was $134,250,dividends distributed were $76,530,and ending retained earnings was $862,520,what was the beginning retained earnings for the period?

ParFour's total liabilities are $130,000 and its equity is $340,000.Calculate the company's total assets.

The balance sheet shows whether or not the firm achieved its primary objective of earning a profit.

______________________ are procedures set up to protect company property and equipment,ensure reliable accounting reports,promote efficiency,and encourage adherence to company policies.

The private board that currently has the authority to establish U.S.generally accepted accounting principles is the:

Fees earned (but not yet received in cash) by a business in exchange for services that it has provided appear on which of the following statements?

Which of the following statements is not true about assets?

Revenues are:

Identify the risk and the return in each of the following examples: A.Investing $500 in a CD at 4.5% interest. B.Placing a $100 bet on an NBA game. C.Investing $10,000 in Microsoft stock. D.Borrowing $20,000 in student loans.

The Financial Accounting Standards Board is a private group that sets both broad and specific accounting principles.

The purchase of supplies must appear on the statement of cash flows as an investing activity because it involves the purchase of assets.

Use the following information as of December 31 to determine equity.

__________________________ is the recording of transactions or events and is just one part of accounting.

The organization that attempts to create more harmony among the accounting practices of different countries by identifying preferred practices and encouraging their worldwide acceptance is the:

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