Exam 1: An Introduction to Accounting
Exam 1: An Introduction to Accounting242 Questions
Exam 2: Accounting for Accruals and Deferrals122 Questions
Exam 3: Accounting for Merchandising Businesses143 Questions
Exam 4: Internal Controls, Accounting for Cash, and Ethics191 Questions
Exam 5: Accounting for Receivables and Inventory Cost Flow150 Questions
Exam 6: Accounting for Long-Term Operational Assets150 Questions
Exam 7: Accounting for Liabilities150 Questions
Exam 8: Proprietorships, Partnerships, and Corporations149 Questions
Exam 9: Financial Statement Analysis151 Questions
Exam 10: An Introduction to Management Accounting148 Questions
Exam 11: Cost Behavior, Operating Leverage, and Profitability Analysis202 Questions
Exam 12: Cost Accumulation, Tracing, and Allocation121 Questions
Exam 13: Relevant Information for Special Decisions126 Questions
Exam 14: Planning for Profit and Cost Control149 Questions
Exam 15: Performance Evaluation150 Questions
Exam 16: Planning for Capital Investments154 Questions
Select questions type
Borrowing cash from the bank is an example of which type of transaction?
(Multiple Choice)
5.0/5
(36)
Rialto Company experienced an accounting event that affected its financial statements as indicated below: Assets + = Liab. NA + Equity + Rev + - Exp NA = Net Inc. + Cash Flow + Which of the following accounting events could have caused these effects on Rialto's statements?
(Multiple Choice)
4.8/5
(33)
Richardson Company paid $850 cash for rent expense. As a result of this business event,
(Multiple Choice)
4.8/5
(45)
Indicate how each of the following transactions affect assets by entering + for increase, - for decrease, or NA if total assets are not affected.
_______ 1) Issued stock to investors.
_______ 2) Borrowed cash from the bank.
_______ 3) Provided services for cash.
_______ 4) Purchased land for cash.
_______ 5) Paid operating expenses.
_______ 6) Paid cash dividend to the stockholders.
_______ 7) Repaid the bank loan.
(Essay)
4.9/5
(34)
Grayson Corporation reports the following cash transactions for the year ending December 31, 2012, its first year of operation:
1) issued common stock for $36,000
2) borrowed $20,000 from a local bank
3) purchased land for $24,000
4) provided services to clients for $28,000
5) paid operating expenses of $21,500
6) paid $2,500 cash dividends to stockholders
Required:
a) What are the total assets for Grayson Corporation at December 31, 2012?
b) Prepare an income statement for 2012.
(Essay)
4.8/5
(37)
La Paz Company engaged in the following transactions during 2012, its first year in operation: (Assume all transactions are cash transactions)
1) Acquired $3,000 cash from issuing common stock.
2) Borrowed $2,200 from a bank.
3) Earned $3,100 of revenues.
4) Incurred $2,400 in expenses.
5) Paid dividends of $400.
La Paz Company engaged in the following transactions during 2013:
1) Acquired an additional $500 cash from the issue of common stock.
2) Repaid $1,300 of its debt to the bank.
3) Earned revenues, $4,500.
4) Incurred expenses of $2,750.
5) Paid dividends of $640.
The amount of total assets on La Paz's 2012 balance sheet was
(Multiple Choice)
4.9/5
(44)
Retained Earnings at the beginning and ending of the accounting period was $300 and $700, respectively. If revenues were $1,100 and dividends paid to stockholders were $200, expenses for the period must have been
(Multiple Choice)
4.9/5
(34)
The four financial statements prepared by a business bear no relationship to each other.
(True/False)
4.8/5
(42)
Both liabilities and equity are sources of a business's assets.
(True/False)
4.8/5
(30)
Which financial statement matches asset increases from operating a business with asset decreases from operating the business?
(Multiple Choice)
4.9/5
(39)
Vantage Corporation invested $800 cash in Tandem Company stock.
As a result of this transaction,
(Multiple Choice)
4.7/5
(39)
A business's creditors have a priority claim to its assets in the event of liquidation.
(True/False)
4.8/5
(37)
Petras Company engaged in the following transactions during 2012, its first year in operations: (Assume all transactions are cash transactions)
1) Acquired $950 cash from the issue of common stock.
2) Borrowed $420 from a bank.
3) Earned $600 of revenues.
4) Paid expenses of $250.
5) Paid a $50 dividend.
During 2013, Petras engaged in the following transactions: (Assume all transactions are cash transactions)
1) Issued an additional $325 of common stock.
2) Repaid $220 of its debt to the bank.
3) Earned revenues of $750.
4) Incurred expenses of $360.
5) Paid dividends of $100.
The amount of retained earnings on Petras's 2013 balance sheet is
(Multiple Choice)
5.0/5
(44)
Indicate whether each of the following statements about the types of transactions is true or false.
_______ a) An asset source transaction increases total assets and decreases claims to assets.
_______ b) The issuance of stock to owners for cash would be an example of an asset exchange transaction.
_______ c) Purchasing equipment for cash is an example of an asset exchange transaction.
_______ d) Paying a dividend to stockholders is an example of an asset use transaction.
_______ e) Making a payment on a bank loan is an example of an asset exchange transaction.
(Short Answer)
4.9/5
(30)
During 2013, XYZ Company issued common stock to stockholders for $10,000; purchased land for $2,000 cash; provided services to customers for $8,000; paid cash operating expenses of $6,200; and paid cash dividends of $1,000 to the company's owners. Enter each of these events into the horizontal financial statements model, below. Indicate dollar amounts of increases and decreases. For cash flows, show whether they are operating activities (OA), investing activities (IA), or financing activities (FA). 

(Essay)
4.9/5
(43)
Showing 181 - 200 of 242
Filters
- Essay(0)
- Multiple Choice(0)
- Short Answer(0)
- True False(0)
- Matching(0)