Question 1

Which of the following represents effects of an asset use transaction on a company's financial statements?

Accepted Answer

A)  Option A 
B)  Option B 
C)  Option C 
D)  Option D 
A)  Option A 
B)  Option B 
C)  Option C 
D)  Option D

Question 2

At the end of Year 2, retained earnings for the Baker Company was $3,500. Revenue earned by the company in Year 2 was $1,500, expenses paid during the period were $800, and dividends paid during the period were $500. Based on this information alone, what was the amount of retained earnings at the beginning of Year 2?

Accepted Answer

A)  $3,300 
B)  $3,700 
C)  $2,800 
D)  $3,800 
A)  $3,300 
B)  $3,700 
C)  $2,800 
D)  $3,800

Question 3

Which of the following items appears in the investing activities section of the statement of cash flows?

Accepted Answer

A)  Cash inflow from interest revenue. 
B)  Cash inflow from the issuance of common stock. 
C)  Cash outflow for the payment of dividends. 
D)  Cash outflow for the purchase of land. 
A)  Cash inflow from interest revenue. 
B)  Cash inflow from the issuance of common stock. 
C)  Cash outflow for the payment of dividends. 
D)  Cash outflow for the purchase of land.

Question 4

Expenses are shown on the:

Accepted Answer

A)  income statement 
B)  balance sheet 
C)  statement of changes in stockholders' equity 
D)  the income statement and statement of changes in stockholders' equity 
A)  income statement 
B)  balance sheet 
C)  statement of changes in stockholders' equity 
D)  the income statement and statement of changes in stockholders' equity

Which of the following represents effects of an asset use transaction on a company's financial statements?

Which of the following items appears in the investing activities section of the statement of cash flows?

Expenses are shown on the:

Accounting for Accruals and Deferrals

Accounting for Merchandising Businesses

Internal Controls, Accounting for Cash, and Ethics

Accounting for Receivables and Inventory Cost Flow

Accounting for Long-Term Operational Assets

Accounting for Liabilities

Proprietorships, Partnerships, and Corporations

Financial Statement Analysis

An Introduction to Management Accounting

Cost Behavior, Operating Leverage, and Profitability Analysis

Cost Accumulation, Tracing, and Allocation

Relevant Information for Special Decisions

Planning for Profit and Cost Control

Performance Evaluation

Planning for Capital Investments

Filters

Exam 1: An Introduction to Accounting

Which of the following represents effects of an asset use transaction on a company's financial statements?

Which of the following items appears in the investing activities section of the statement of cash flows?

Expenses are shown on the:

Accounting for Accruals and Deferrals

Accounting for Merchandising Businesses

Internal Controls, Accounting for Cash, and Ethics

Accounting for Receivables and Inventory Cost Flow

Accounting for Long-Term Operational Assets

Accounting for Liabilities

Proprietorships, Partnerships, and Corporations

Financial Statement Analysis

An Introduction to Management Accounting

Cost Behavior, Operating Leverage, and Profitability Analysis

Cost Accumulation, Tracing, and Allocation

Relevant Information for Special Decisions

Planning for Profit and Cost Control

Performance Evaluation

Planning for Capital Investments

Filters