Question 1

If equity is $30,000 and liabilities are $73,000,then assets equal:

Accepted Answer

A)  $30,000. 
B)  $40,000. 
C)  $60,000. 
D)  $73,000. 
E)  $103,000. 
A)  $30,000. 
B)  $40,000. 
C)  $60,000. 
D)  $73,000. 
E)  $103,000.

Question 2

Chuck Taylor withdrew $6,000 in cash for his personal use from his business.This amount should be included as an expense on the income statement.

Accepted Answer

A) True 
 B)False

Question 3

The difference between a company's assets and its liabilities,or the residual interest in the assets of an entity that remains after deducting its liabilities,is called:

Accepted Answer

A)  Net income. 
B)  Shares. 
C)  Equity. 
D)  Revenue. 
E)  Net loss. 
A)  Net income. 
B)  Shares. 
C)  Equity. 
D)  Revenue. 
E)  Net loss.

Question 4

"Bookkeeping" is another term for "accounting".

Accepted Answer

A) True 
 B)False

Question 5

Which of the following is not reported on the income statement?

Accepted Answer

A)  Revenues earned by a business. 
B)  Expenses incurred by a business. 
C)  Withdrawals. 
D)  Net income. 
E)  All of these answers are correct. 
A)  Revenues earned by a business. 
B)  Expenses incurred by a business. 
C)  Withdrawals. 
D)  Net income. 
E)  All of these answers are correct.

Question 6

If the liabilities of a business increased $58,000 during a period of time and equity in the business decreased $18,000 during the same period,would the assets of the business have increased or decreased? By what amount?

Accepted Answer

Assets wou

Question 7

Select from the following list items that are likely to serve as source documents.

Accepted Answer

@#IMG-DLM& Asnswer:
(a)No (b)Y

Question 8

The ___________________ principle means that every organization is accounted for separately from its owner's personal activities.

Accepted Answer

The answer of The ___________________ principle means that every organization...

Question 9

Bandu Company's accounts with the increases or decreases that occurred during this year are as follows:   Except for net income,an investment of $4,000,and a withdrawal of $12,000,no other items affected the capital account during the year.Using the balance sheet equation,calculate net income for this year.

Accepted Answer

In order to maintain the balance sheet e

Question 10

_________ are beliefs that separate right from wrong.

Accepted Answer

The answer of _________ are beliefs that separate right from...

Question 11

Assets created by selling products or services on credit are:

Accepted Answer

A)  Accounts payable. 
B)  Accounts receivable. 
C)  Liabilities. 
D)  Expenses. 
E)  Equity. 
A)  Accounts payable. 
B)  Accounts receivable. 
C)  Liabilities. 
D)  Expenses. 
E)  Equity.

Question 12

Equity is increased by owner investments,net income and withdrawals.

Accepted Answer

A) True 
 B)False

Question 13

The value of assets exchanged for goods or services provided to customers as part of the main operations of a business are called:

Accepted Answer

A)  Assets. 
B)  Revenues. 
C)  Liabilities. 
D)  Equity. 
E)  Expenses. 
A)  Assets. 
B)  Revenues. 
C)  Liabilities. 
D)  Equity. 
E)  Expenses.

Question 14

The balance sheet can be used in order to assess the creditworthiness of potential customers.

Accepted Answer

A) True 
 B)False

Question 15

Which of the following is an example of a source document?

Accepted Answer

A)  Invoice. 
B)  Cheque. 
C)  Bank statement. 
D)  Employee earnings records. 
E)  All of these answers are correct. 
A)  Invoice. 
B)  Cheque. 
C)  Bank statement. 
D)  Employee earnings records. 
E)  All of these answers are correct.

Question 16

Dallas Parsons,CA,began an accounting practice and completed these transactions during September 2015:   Show the effects of the above transactions on the balance sheet items of Dallas Parsons,CA.Use the following format for your answers.
Increase = I Decrease = D No effect = N

Accepted Answer

The answer of Dallas Parsons,CA,began an accounting practice and completed...

Question 17

Social responsibility is concern for the impact of our actions on society as a whole.

Accepted Answer

A) True 
 B)False

Question 18

The primary qualitative characteristics of financial information are relevance and faithful representation.

Accepted Answer

A) True 
 B)False

Question 19

Individuals and organizations who own the right to receive payments from a business are called its debtors.

Accepted Answer

A) True 
 B)False

Question 20

_____________ is increased by owner's investments and revenues.It is decreased by withdrawals and expenses.

Accepted Answer

The answer of _____________ is increased by owner's investments and...

If equity is $30,000 and liabilities are $73,000,then assets equal:

Chuck Taylor withdrew $6,000 in cash for his personal use from his business.This amount should be included as an expense on the income statement.

The difference between a company's assets and its liabilities,or the residual interest in the assets of an entity that remains after deducting its liabilities,is called:

"Bookkeeping" is another term for "accounting".

Which of the following is not reported on the income statement?

If the liabilities of a business increased $58,000 during a period of time and equity in the business decreased $18,000 during the same period,would the assets of the business have increased or decreased? By what amount?

Select from the following list items that are likely to serve as source documents.

The ___________________ principle means that every organization is accounted for separately from its owner's personal activities.

_________ are beliefs that separate right from wrong.

Assets created by selling products or services on credit are:

Equity is increased by owner investments,net income and withdrawals.

The value of assets exchanged for goods or services provided to customers as part of the main operations of a business are called:

The balance sheet can be used in order to assess the creditworthiness of potential customers.

Which of the following is an example of a source document?

Dallas Parsons,CA,began an accounting practice and completed these transactions during September 2015: Show the effects of the above transactions on the balance sheet items of Dallas Parsons,CA.Use the following format for your answers. Increase = I Decrease = D No effect = N

Social responsibility is concern for the impact of our actions on society as a whole.

The primary qualitative characteristics of financial information are relevance and faithful representation.

Individuals and organizations who own the right to receive payments from a business are called its debtors.

_____________ is increased by owner's investments and revenues.It is decreased by withdrawals and expenses.

Analyzing and Reporting Transactions

Adjusting Accounts for Financial Statements

Completing the Accounting Cycle and Classifying Accounts

Accounting for Merchandising Activities

Merchandise Inventory and Cost of Sales

Accounting Information Systems

Internal Control and Cash

Receivables

Filters

Exam 1: Accounting in Business

If equity is $30,000 and liabilities are $73,000,then assets equal:

Chuck Taylor withdrew $6,000 in cash for his personal use from his business.This amount should be included as an expense on the income statement.

The difference between a company's assets and its liabilities,or the residual interest in the assets of an entity that remains after deducting its liabilities,is called:

"Bookkeeping" is another term for "accounting".

Which of the following is not reported on the income statement?

If the liabilities of a business increased $58,000 during a period of time and equity in the business decreased $18,000 during the same period,would the assets of the business have increased or decreased? By what amount?

Select from the following list items that are likely to serve as source documents.

The ___________________ principle means that every organization is accounted for separately from its owner's personal activities.

_________ are beliefs that separate right from wrong.

Assets created by selling products or services on credit are:

Equity is increased by owner investments,net income and withdrawals.

The value of assets exchanged for goods or services provided to customers as part of the main operations of a business are called:

The balance sheet can be used in order to assess the creditworthiness of potential customers.

Which of the following is an example of a source document?

Dallas Parsons,CA,began an accounting practice and completed these transactions during September 2015: Show the effects of the above transactions on the balance sheet items of Dallas Parsons,CA.Use the following format for your answers. Increase = I Decrease = D No effect = N

Social responsibility is concern for the impact of our actions on society as a whole.

The primary qualitative characteristics of financial information are relevance and faithful representation.

Individuals and organizations who own the right to receive payments from a business are called its debtors.

_____________ is increased by owner's investments and revenues.It is decreased by withdrawals and expenses.

Analyzing and Reporting Transactions

Adjusting Accounts for Financial Statements

Completing the Accounting Cycle and Classifying Accounts

Accounting for Merchandising Activities

Merchandise Inventory and Cost of Sales

Accounting Information Systems

Internal Control and Cash

Receivables

Filters