Question 1

A corporation:

Accepted Answer

A)  is legally separate from its owners. 
B)  is owned by stockholders. 
C)  has limited risk to stockholders. 
D)  All of the above 
A)  is legally separate from its owners. 
B)  is owned by stockholders. 
C)  has limited risk to stockholders. 
D)  All of the above

Question 2

If Expenses are greater than Revenues, a net income is incurred.

Accepted Answer

A) True 
 B)False

Question 3

Given the following account balances, determine the total Liabilities. Cash $520, Accounts Receivable $280, supplies $300 and Capital $500.
$ ________

Accepted Answer

$600 [$520

Question 4

An acceptable variation of the accounting equation is:

Accepted Answer

A)  Assets - Owner's Equity = Liabilities. 
B)  Revenues = Profit - Expenses. 
C)  Assets = Liabilities - Owner's Equity. 
D)  All of these answers are correct. 
A)  Assets - Owner's Equity = Liabilities. 
B)  Revenues = Profit - Expenses. 
C)  Assets = Liabilities - Owner's Equity. 
D)  All of these answers are correct.

Question 5

Put the 7 main steps of the accounting process in order (from 1 -7) below:
________ Interpreting
________ Analyzing
________ Recording
________ Classifying
________ Reporting
________ Communication
________ Summarizing

Accepted Answer

6 Interpreting
1 Ana

A corporation:

If Expenses are greater than Revenues, a net income is incurred.

Given the following account balances, determine the total Liabilities. Cash $520, Accounts Receivable $280, supplies $300 and Capital $500. $ ________

An acceptable variation of the accounting equation is:

Put the 7 main steps of the accounting process in order (from 1 -7) below: Interpreting Analyzing Recording Classifying Reporting Communication Summarizing

Debits and Credits: Analyzing and Recording Business Transactions

Beginning the Accounting Cycle

The Accounting Cycle Continued

The Accounting Cycle Completed

Banking Procedure and Control of Cash

Calculating Pay and Payroll Taxes: the Beginning of the Payroll Process

Paying, Recording, and Reporting Payroll and Payroll Taxes:

Sales and Cash Receipts

Purchases and Cash Payments

Preparing a Worksheet for a Merchandise Company

Completion of the Accounting Cycle for a Merchandise Company

Accounting for Bad Debts

Notes Receivable and Notes Payable

Accounting for Merchandise Inventory

Accounting for Property, Plant, Equipment, and Intangible Assets

Partnership

Corporations: Organizations and Stock

Corporations: Stock Values, Dividends, Treasury Stocks,

Corporations and Bonds Payable

Statement of Cash Flows

Analyzing Financial Statements

The Voucher System

Departmental Accounting

Manufacturing Accounting

Filters

Exam 1: Accounting Concepts and Procedures

A corporation:

If Expenses are greater than Revenues, a net income is incurred.

Given the following account balances, determine the total Liabilities. Cash $520, Accounts Receivable $280, supplies $300 and Capital $500. $ ________

An acceptable variation of the accounting equation is:

Put the 7 main steps of the accounting process in order (from 1 -7) below: ________ Interpreting ________ Analyzing ________ Recording ________ Classifying ________ Reporting ________ Communication ________ Summarizing

Debits and Credits: Analyzing and Recording Business Transactions

Beginning the Accounting Cycle

The Accounting Cycle Continued

The Accounting Cycle Completed

Banking Procedure and Control of Cash

Calculating Pay and Payroll Taxes: the Beginning of the Payroll Process

Paying, Recording, and Reporting Payroll and Payroll Taxes:

Sales and Cash Receipts

Purchases and Cash Payments

Preparing a Worksheet for a Merchandise Company

Completion of the Accounting Cycle for a Merchandise Company

Accounting for Bad Debts

Notes Receivable and Notes Payable

Accounting for Merchandise Inventory

Accounting for Property, Plant, Equipment, and Intangible Assets

Partnership

Corporations: Organizations and Stock

Corporations: Stock Values, Dividends, Treasury Stocks,

Corporations and Bonds Payable

Statement of Cash Flows

Analyzing Financial Statements

The Voucher System

Departmental Accounting

Manufacturing Accounting

Filters

Put the 7 main steps of the accounting process in order (from 1 -7) below: Interpreting Analyzing Recording Classifying Reporting Communication Summarizing