Question 1

For EFG Co. ,the transaction "Payment of quarterly taxes" would

Accepted Answer

A) increase total assets. 
B) decrease total assets. 
C) have no effect on total assets. 
D) increase stockholders' equity. 
A) increase total assets. 
B) decrease total assets. 
C) have no effect on total assets. 
D) increase stockholders' equity.

Question 2

Rush Corporation borrowed $25,000 from the bank.Which of the following accurately shows the effects of the transaction?

Accepted Answer

A) Increase cash $25,000 and decrease notes payable $25,000 
B) Increase cash $25,000 and increase notes payable $25,000 
C) Decrease cash $25,000 and decrease notes payable $25,000 
D) Decrease cash $25,000 and increase notes payable $25,000 
A) Increase cash $25,000 and decrease notes payable $25,000 
B) Increase cash $25,000 and increase notes payable $25,000 
C) Decrease cash $25,000 and decrease notes payable $25,000 
D) Decrease cash $25,000 and increase notes payable $25,000

Question 3

The effect of every transaction is an increase or a decrease in one or more of the accounting equation elements.

Accepted Answer

A) True 
 B)False

Question 4

Philip Corporation purchased equipment on account.What is the effect of this transaction?

Accepted Answer

A) Cash will decrease and equipment will increase. 
B) Total assets will remain unchanged. 
C) Cash flow from Investing Activities will decrease. 
D) Total assets and total liabilities will both increase. 
A) Cash will decrease and equipment will increase. 
B) Total assets will remain unchanged. 
C) Cash flow from Investing Activities will decrease. 
D) Total assets and total liabilities will both increase.

Question 5

Stockholders' Equity will be increased by all of the following accounts EXCEPT:

Accepted Answer

A) Dividends 
B) Revenues 
C) Owner investments 
D) All of the above increase Stockholders' Equity. 
A) Dividends 
B) Revenues 
C) Owner investments 
D) All of the above increase Stockholders' Equity.

Question 6

Anthony,Inc.buys land for $50,000 cash.The net affect on assets is

Accepted Answer

A) $50,000 increase. 
B) $0. 
C) $50,000 decrease. 
D) $25,000 increase. 
A) $50,000 increase. 
B) $0. 
C) $50,000 decrease. 
D) $25,000 increase.

Question 7

Miscellaneous expenses are expenses that have an undetermined amount to be paid.

Accepted Answer

A) True 
 B)False

Question 8

Hodges,Inc.had the following assets and liabilities as of September 30,2011:
 
What is the stockholders' equity of Hodges as of September 30,2011?

Accepted Answer

A) $0 
B) $27,911 
C) $84,743 
D) Cannot be determined with this information 
A) $0 
B) $27,911 
C) $84,743 
D) Cannot be determined with this information

For EFG Co. ,the transaction "Payment of quarterly taxes" would

Rush Corporation borrowed $25,000 from the bank.Which of the following accurately shows the effects of the transaction?

The effect of every transaction is an increase or a decrease in one or more of the accounting equation elements.

Philip Corporation purchased equipment on account.What is the effect of this transaction?

Stockholders' Equity will be increased by all of the following accounts EXCEPT:

Anthony,Inc.buys land for $50,000 cash.The net affect on assets is

Miscellaneous expenses are expenses that have an undetermined amount to be paid.

Hodges,Inc.had the following assets and liabilities as of September 30,2011: What is the stockholders' equity of Hodges as of September 30,2011?

The Role of Accounting in Business

Accrual Accounting Concepts

Accounting for Merchandising Businesses

Sarbanes-Oxley,internal Control,and Cash

Receivables and Inventories

Fixed Assets and Intangible Assets

Liabilities and Stockholders Equity

Financial Statement Analysis

Accounting Systems for Manufacturing Businesses

Cost Behavior and Cost-Volume-Profit Analysis

Differential Analysis and Product Pricing

Budgeting and Standard Cost Systems

Performance Evaluation for Decentralized Operations

Capital Investment Analysis

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Exam 2: Basic Accounting Concepts

For EFG Co. ,the transaction "Payment of quarterly taxes" would

Rush Corporation borrowed $25,000 from the bank.Which of the following accurately shows the effects of the transaction?

The effect of every transaction is an increase or a decrease in one or more of the accounting equation elements.

Philip Corporation purchased equipment on account.What is the effect of this transaction?

Stockholders' Equity will be increased by all of the following accounts EXCEPT:

Anthony,Inc.buys land for $50,000 cash.The net affect on assets is

Miscellaneous expenses are expenses that have an undetermined amount to be paid.

Hodges,Inc.had the following assets and liabilities as of September 30,2011: What is the stockholders' equity of Hodges as of September 30,2011?

The Role of Accounting in Business

Accrual Accounting Concepts

Accounting for Merchandising Businesses

Sarbanes-Oxley,internal Control,and Cash

Receivables and Inventories

Fixed Assets and Intangible Assets

Liabilities and Stockholders Equity

Financial Statement Analysis

Accounting Systems for Manufacturing Businesses

Cost Behavior and Cost-Volume-Profit Analysis

Differential Analysis and Product Pricing

Budgeting and Standard Cost Systems

Performance Evaluation for Decentralized Operations

Capital Investment Analysis

Filters