Question 1

Creditors' claims on assets that reflect company obligations to provide assets,products,or services to others are called ________.

Accepted Answer

The answer of Creditors' claims on assets that reflect company...

Question 2

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 3

Revenue is properly recognized:

Accepted Answer

A)  When the customer makes an order. 
B)  Only if the transaction creates an account receivable. 
C)  At the end of the accounting period. 
D)  Upon completion of the sale or when services have been performed and the business obtains the right to collect the sales price. 
E)  When cash from a sale is received. 
A)  When the customer makes an order. 
B)  Only if the transaction creates an account receivable. 
C)  At the end of the accounting period. 
D)  Upon completion of the sale or when services have been performed and the business obtains the right to collect the sales price. 
E)  When cash from a sale is received.

Question 4

Use the following information for Meeker Corp.to determine the amount of equity to report.
$$\begin{array} { l l } 
\text { Cash } & \$ 70,000 \
\text { Buildings } & 125,000 \
\text { Land } & 205,000 \
\text { Liabilities } & 130,000
\end{array}$$

Accepted Answer

A)  $390,000. 
B)  $140,000. 
C)  $20,000. 
D)  $530,000. 
E)  $270,000. 
A)  $390,000. 
B)  $140,000. 
C)  $20,000. 
D)  $530,000. 
E)  $270,000.

Question 5

A corporation is:

Accepted Answer

A)  A business legally separate from its owners. 
B)  Controlled by the FASB. 
C)  Not responsible for its own acts and own debts. 
D)  The same as a limited liability partnership. 
E)  Not subject to double taxation. 
A)  A business legally separate from its owners. 
B)  Controlled by the FASB. 
C)  Not responsible for its own acts and own debts. 
D)  The same as a limited liability partnership. 
E)  Not subject to double taxation.

Question 6

Explain the accounting equation and define its terms.

Accepted Answer

The accounting equation is stated as: As

Question 7

The accounts of Mason Company at the end of the past year report the following amounts:
 $$\begin{array} { l r } 
\text { Accounts } & \text { Amount } \
\hline \text { Dividend } & \$ 15,500 \
\text { Reveruses } & \$ 97,000 \
\text { Expenses } & \$ 43,800 \
\text { Stock issuances } & 2,000
\end{array}$$ 
If the beginning equity for the year was $173,000,calculate the ending equity for Mason Company.

Accepted Answer

The answer of The accounts of Mason Company at the...

Question 8

The statement of cash flows:

Accepted Answer

A)  Reports how equity changes at a point in time. 
B)  Reports how equity changes over a period of time. 
C)  Reports on cash flows for operating, financing, and investing activities over a period of time. 
D)  Reports on cash flows for operating, financing, and investing activities at a point in time. 
E)  Reports on amounts for assets, liabilities, and equity at a point in time. 
A)  Reports how equity changes at a point in time. 
B)  Reports how equity changes over a period of time. 
C)  Reports on cash flows for operating, financing, and investing activities over a period of time. 
D)  Reports on cash flows for operating, financing, and investing activities at a point in time. 
E)  Reports on amounts for assets, liabilities, and equity at a point in time.

Question 9

The measurement principle,also called the cost principle:

Accepted Answer

A)  Prescribes that accounting information is based on actual cost. 
B)  Provides guidance on when a company must recognize revenue. 
C)  Prescribes that a company report the details behind financial statements that would impact users' decisions. 
D)  Prescribes that a company record the expenses it incurred to generate the revenue reported. 
E)  Means that accounting information reflects a presumption that the business will continue operating instead of being closed or sold. 
A)  Prescribes that accounting information is based on actual cost. 
B)  Provides guidance on when a company must recognize revenue. 
C)  Prescribes that a company report the details behind financial statements that would impact users' decisions. 
D)  Prescribes that a company record the expenses it incurred to generate the revenue reported. 
E)  Means that accounting information reflects a presumption that the business will continue operating instead of being closed or sold.

Question 10

If the liabilities of a company increased $92,000 during a period of time and equity in the business decreased $30,000 during the same period,did the assets of the company increase or decrease? By what amount?

Accepted Answer

Assets inc

Question 11

Which of the following accounts is not included in the liability section of the balance sheet?

Accepted Answer

A)  Accounts receivable. 
B)  Wages payable. 
C)  Accounts payable. 
D)  Notes payable. 
E)  Taxes payable. 
A)  Accounts receivable. 
B)  Wages payable. 
C)  Accounts payable. 
D)  Notes payable. 
E)  Taxes payable.

Question 12

What distinguishes liabilities from equity?

Accepted Answer

Liabilities are creditors' claims on ass

Question 13

Match the following activities with the appropriate section of the statement of cash flows.
-Cash received from customers.

Accepted Answer

A) Financing activity 
B) Investing activity 
C) Operating activity 
A) Financing activity 
B) Investing activity 
C) Operating activity

Question 14

There are three major types of business activities.________ activities involve the acquisition and disposal of resources that an organization uses to acquire and sell its products or services.

Accepted Answer

The answer of There are three major types of business...

Question 15

On December 15 of the current year,Conrad Accounting Services signed a $40,000 contract with a client to provide bookkeeping services to the client in the following year.Which accounting principle would require Conrad Accounting Services to record the bookkeeping revenue in the following year and not the year the cash was received?

Accepted Answer

A)  Monetary unit assumption. 
B)  Going-concern assumption. 
C)  Measurement (Cost) principle. 
D)  Business entity assumption. 
E)  Revenue recognition principle. 
A)  Monetary unit assumption. 
B)  Going-concern assumption. 
C)  Measurement (Cost) principle. 
D)  Business entity assumption. 
E)  Revenue recognition principle.

Question 16

Generally,the lower the risk,the higher the return that can be expected.

Accepted Answer

A) True 
 B)False

Question 17

If a company is considering the purchase of a parcel of land that was acquired by the seller for $85,000,is offered for sale at $150,000,is assessed for tax purposes at $95,000,is recognized by the purchaser as easily being worth $140,000,and is purchased for $137,000,the land should be recorded in the purchaser's books at:

Accepted Answer

A)  $95,000. 
B)  $137,000. 
C)  $138,500. 
D)  $140,000. 
E)  $150,000. 
A)  $95,000. 
B)  $137,000. 
C)  $138,500. 
D)  $140,000. 
E)  $150,000.

Question 18

Match the following terms with the appropriate definition.
-The area of accounting aimed at serving external users by providing them with general-purpose financial statements.

Accepted Answer

A) Internal users 
B) Fraud triangle 
C) Managerial accounting 
D) Ethics 
E) External users
F)Certified Public Accountant (CP
A) 
G)Financial accounting
H)Accounting
I)Recordkeeping 
A) Internal users 
B) Fraud triangle 
C) Managerial accounting 
D) Ethics 
E) External users
F)Certified Public Accountant (CP
A) 
G)Financial accounting
H)Accounting
I)Recordkeeping

Question 19

A net loss occurs when revenues exceed expenses.

Accepted Answer

A) True 
 B)False

Question 20

If assets are $365,000 and equity is $120,000,then liabilities are:

Accepted Answer

A)  $120,000. 
B)  $245,000. 
C)  $365,000. 
D)  $485,000. 
E)  $610,000. 
A)  $120,000. 
B)  $245,000. 
C)  $365,000. 
D)  $485,000. 
E)  $610,000.

Creditors' claims on assets that reflect company obligations to provide assets,products,or services to others are called ________.

Technology:

Revenue is properly recognized:

Use the following information for Meeker Corp.to determine the amount of equity to report. Cash \ 70,000 Buildings 125,000 Land 205,000 Liabilities 130,000

A corporation is:

Explain the accounting equation and define its terms.

The accounts of Mason Company at the end of the past year report the following amounts: Accounts Amount Dividend \ 15,500 Reveruses \ 97,000 Expenses \ 43,800 Stock issuances 2,000 If the beginning equity for the year was $173,000,calculate the ending equity for Mason Company.

The statement of cash flows:

The measurement principle,also called the cost principle:

If the liabilities of a company increased $92,000 during a period of time and equity in the business decreased $30,000 during the same period,did the assets of the company increase or decrease? By what amount?

Which of the following accounts is not included in the liability section of the balance sheet?

What distinguishes liabilities from equity?

Match the following activities with the appropriate section of the statement of cash flows. -Cash received from customers.

There are three major types of business activities.________ activities involve the acquisition and disposal of resources that an organization uses to acquire and sell its products or services.

Generally,the lower the risk,the higher the return that can be expected.

Match the following terms with the appropriate definition. -The area of accounting aimed at serving external users by providing them with general-purpose financial statements.

A net loss occurs when revenues exceed expenses.

If assets are $365,000 and equity is $120,000,then liabilities are:

Analyzing for Business Transactions

Adjusting Accounts for Financial Statements

Accounting for Merchandising Operations

Inventories and Cost of Sales

Cash, fraud, and Internal Controls

Accounting for Receivables

Accounting for Long-Term Assets

Accounting for Current Liabilities

Accounting for Long-Term Liabilities

Corporate Reporting and Analysis

Reporting Cash Flows

Analysis of Financial Statements

Time Value of Money

Investments

Partnership Accounting

Filters

Exam 1: Accounting in Business

Creditors' claims on assets that reflect company obligations to provide assets,products,or services to others are called ________.

Technology:

Revenue is properly recognized:

Use the following information for Meeker Corp.to determine the amount of equity to report. Cash \ 70,000 Buildings 125,000 Land 205,000 Liabilities 130,000

A corporation is:

Explain the accounting equation and define its terms.

The accounts of Mason Company at the end of the past year report the following amounts: Accounts Amount Dividend \ 15,500 Reveruses \ 97,000 Expenses \ 43,800 Stock issuances 2,000 If the beginning equity for the year was $173,000,calculate the ending equity for Mason Company.

The statement of cash flows:

The measurement principle,also called the cost principle:

If the liabilities of a company increased $92,000 during a period of time and equity in the business decreased $30,000 during the same period,did the assets of the company increase or decrease? By what amount?

Which of the following accounts is not included in the liability section of the balance sheet?

What distinguishes liabilities from equity?

Match the following activities with the appropriate section of the statement of cash flows. -Cash received from customers.

There are three major types of business activities.________ activities involve the acquisition and disposal of resources that an organization uses to acquire and sell its products or services.

Generally,the lower the risk,the higher the return that can be expected.

Match the following terms with the appropriate definition. -The area of accounting aimed at serving external users by providing them with general-purpose financial statements.

A net loss occurs when revenues exceed expenses.

If assets are $365,000 and equity is $120,000,then liabilities are:

Analyzing for Business Transactions

Adjusting Accounts for Financial Statements

Accounting for Merchandising Operations

Inventories and Cost of Sales

Cash, fraud, and Internal Controls

Accounting for Receivables

Accounting for Long-Term Assets

Accounting for Current Liabilities

Accounting for Long-Term Liabilities

Corporate Reporting and Analysis

Reporting Cash Flows

Analysis of Financial Statements

Time Value of Money

Investments

Partnership Accounting

Filters