Question 1

Read the information for Taryn Corporation.Prepare an income statement for Taryn Corporation in good form.

Accepted Answer

The answer of Read the information for Taryn Corporation.Prepare an...

Question 2

GAAP stands for Generally Accepted Auditing Procedures.

Accepted Answer

A) True 
 B)False  False

Question 3

The independent auditor's report conveys whether or not the business is a good investment.

Accepted Answer

A) True 
 B)False  False

Question 4

The time period assumption assumes a company prepares financial statements every month.

Accepted Answer

A) True 
 B)False

Question 5

The amount of earnings distributed to stockholders can be found in the income statement.

Accepted Answer

A) True 
 B)False

Question 6

Native Mike's Consultants had the following balance sheet amounts at the beginning of the year:   During the year, total assets increased by $100,000 and total liabilities increased by $40,000.The company also paid $30,000 in dividends.No other transactions occurred except revenues and expenses.How much is net income for the year?

Accepted Answer

A) $30,000 
B) $60,000 
C) $70,000 
D) $90,000 
A) $30,000 
B) $60,000 
C) $70,000 
D) $90,000

Question 7

Which one of the following is not one of the three activities included in the definition of accounting?

Accepted Answer

A) Communicating 
B) Identifying 
C) Measuring 
D) Operating 
A) Communicating 
B) Identifying 
C) Measuring 
D) Operating

Question 8

The federal government agency with the ultimate authority to determine the rules in preparing statements for companies whose stock is sold to the public is the
__________________________________________________.

Accepted Answer

Securities

Question 9

A liability is a future economic benefit to a business.

Accepted Answer

A) True 
 B)False

Question 10

Which one of the following items appears on a balance sheet?

Accepted Answer

A) Accounts payable 
B) Sales revenue 
C) Utilities expense 
D) Cost of goods sold 
A) Accounts payable 
B) Sales revenue 
C) Utilities expense 
D) Cost of goods sold

Question 11

The following information is provided by the Centos Corporation:   What is the net income for Centos Corp.?

Accepted Answer

A) $10,000 
B) $20,000 
C) $30,000 
D) Unable to tell from the information provided. 
A) $10,000 
B) $20,000 
C) $30,000 
D) Unable to tell from the information provided.

Question 12

Bondholders are internal users of company's accounting information.

Accepted Answer

A) True 
 B)False

Question 13

All of the following are examples of retailers except:

Accepted Answer

A) Sports Authority 
B) Boeing 
C) Home Depot 
D) Best Buy 
A) Sports Authority 
B) Boeing 
C) Home Depot 
D) Best Buy

Question 14

The term used to refer to an asset's original cost is "historical cost."

Accepted Answer

A) True 
 B)False

Question 15

Which one of the following is a correct expression of the accounting equation?

Accepted Answer

A) Assets + Liabilities = Owners' Equity 
B) Assets = Liabilities ­ Owners' Equity 
C) Assets + Owners' Equity = Liabilities 
D) Assets = Liabilities + Owners' Equity 
A) Assets + Liabilities = Owners' Equity 
B) Assets = Liabilities ­ Owners' Equity 
C) Assets + Owners' Equity = Liabilities 
D) Assets = Liabilities + Owners' Equity

Question 16

Which of the following statements best describes the term "revenues"?

Accepted Answer

A) Revenues represent an outflow of assets resulting from the sale of goods or services. 
B) Revenues represent assets received from the sale of products or services. 
C) Revenues represent assets used or consumed in the sale of products or services. 
D) Revenues represent the dollar amount of bonds sold to the public. 
A) Revenues represent an outflow of assets resulting from the sale of goods or services. 
B) Revenues represent assets received from the sale of products or services. 
C) Revenues represent assets used or consumed in the sale of products or services. 
D) Revenues represent the dollar amount of bonds sold to the public.

Question 17

The inflow of assets resulting from the sale of products and services is called an)

Accepted Answer

A) asset 
B) liability 
C) revenue 
D) expense 
A) asset 
B) liability 
C) revenue 
D) expense

Question 18

The statement of retained earnings accomplishes which of the following?

Accepted Answer

A) It summarizes income earned and dividends paid over a single period of the business. 
B) It accumulates all revenues for the year. 
C) It summarizes the balance sheet accounts. 
D) It summarizes the capital stock accounts over the life of the business. 
A) It summarizes income earned and dividends paid over a single period of the business. 
B) It accumulates all revenues for the year. 
C) It summarizes the balance sheet accounts. 
D) It summarizes the capital stock accounts over the life of the business.

Question 19

The three forms of business entities are:

Accepted Answer

A) Government, cooperatives, and philanthropic organizations 
B) Financing, investing, and operating 
C) Sole proprietorships, partnerships, and corporations 
D) Wholesaler, manufacturer, and retailer 
A) Government, cooperatives, and philanthropic organizations 
B) Financing, investing, and operating 
C) Sole proprietorships, partnerships, and corporations 
D) Wholesaler, manufacturer, and retailer

Question 20

The Internal Revenue Service IRS) recognizes the separate existence of a proprietorship from its owner.

Accepted Answer

A) True 
 B)False

Read the information for Taryn Corporation.Prepare an income statement for Taryn Corporation in good form.

GAAP stands for Generally Accepted Auditing Procedures.

The independent auditor's report conveys whether or not the business is a good investment.

The time period assumption assumes a company prepares financial statements every month.

The amount of earnings distributed to stockholders can be found in the income statement.

Which one of the following is not one of the three activities included in the definition of accounting?

The federal government agency with the ultimate authority to determine the rules in preparing statements for companies whose stock is sold to the public is the __________________________________________________.

A liability is a future economic benefit to a business.

Which one of the following items appears on a balance sheet?

The following information is provided by the Centos Corporation: What is the net income for Centos Corp.?

Bondholders are internal users of company's accounting information.

All of the following are examples of retailers except:

The term used to refer to an asset's original cost is "historical cost."

Which one of the following is a correct expression of the accounting equation?

Which of the following statements best describes the term "revenues"?

The inflow of assets resulting from the sale of products and services is called an)

The statement of retained earnings accomplishes which of the following?

The three forms of business entities are:

The Internal Revenue Service IRS) recognizes the separate existence of a proprietorship from its owner.

Financial Statements and the Annual Report

Processing Accounting Information

Income Measurement and Accrual Accounting

Inventories and Cost of Goods Sold

Cash and Internal Control

Receivables and Investments

Operating Assets: Property, Plant, and Equipment, and Intangibles

Current Liabilities, Contingencies, and the Time Value of Money

Long-Term Liabilities

Stockholders Equity

The Statement of Cash Flows

Financial Statement Analysis

International Financial Reporting Standards

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Exam 1: Accounting As a Form of Communication

Read the information for Taryn Corporation.Prepare an income statement for Taryn Corporation in good form.

GAAP stands for Generally Accepted Auditing Procedures.

The independent auditor's report conveys whether or not the business is a good investment.

The time period assumption assumes a company prepares financial statements every month.

The amount of earnings distributed to stockholders can be found in the income statement.

Which one of the following is not one of the three activities included in the definition of accounting?

The federal government agency with the ultimate authority to determine the rules in preparing statements for companies whose stock is sold to the public is the __________________________________________________.

A liability is a future economic benefit to a business.

Which one of the following items appears on a balance sheet?

The following information is provided by the Centos Corporation: What is the net income for Centos Corp.?

Bondholders are internal users of company's accounting information.

All of the following are examples of retailers except:

The term used to refer to an asset's original cost is "historical cost."

Which one of the following is a correct expression of the accounting equation?

Which of the following statements best describes the term "revenues"?

The inflow of assets resulting from the sale of products and services is called an)

The statement of retained earnings accomplishes which of the following?

The three forms of business entities are:

The Internal Revenue Service IRS) recognizes the separate existence of a proprietorship from its owner.

Financial Statements and the Annual Report

Processing Accounting Information

Income Measurement and Accrual Accounting

Inventories and Cost of Goods Sold

Cash and Internal Control

Receivables and Investments

Operating Assets: Property, Plant, and Equipment, and Intangibles

Current Liabilities, Contingencies, and the Time Value of Money

Long-Term Liabilities

Stockholders Equity

The Statement of Cash Flows

Financial Statement Analysis

International Financial Reporting Standards

Filters