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Financial and Managerial Accounting Study Set 6
Exam 1: Introducing Accounting in Business
Path 4
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Question 121
Multiple Choice
A corporation purchased a $40,000 delivery truck by paying 4,000 cash and signing a $36,000 note payable. Immediately prior to this transaction the corporation had assets, liabilities and owners' equity in the amounts of $75,000; $52,000; and $23,000 respectively. What is the total amount of the corporation's assets after this transaction has been recorded?
Question 122
Multiple Choice
How would the accounting equation of Boston Company be affected by the billing of a client for $10,000 of consulting work completed?
Question 123
Essay
What is the balance sheet? What is its purpose?
Question 124
True/False
The first section of the income statement reports cash from operations.
Question 125
Multiple Choice
The statement of retained earnings:
Question 126
Multiple Choice
If liabilities are $51,500 and assets are $173,425, then equity equals:
Question 127
Multiple Choice
The area of accounting aimed at serving the decision making needs of internal users is:
Question 128
Essay
The following information is available for the Skate and Boards Rental.
Using the above information prepare an Income Statement, Statement of Retained Earnings and Statement of Cash Flows for the Skate and Boards Rental for 2011. Also, prepare its Balance Sheet as of December 31, 2011. Assume that the 12/31/10 cash balance is $70,000.
Question 129
Multiple Choice
Use the following information as of December 31 to determine equity.
Question 130
Multiple Choice
Which of the following statements is not true about assets?
Question 131
Multiple Choice
Marian Mosely is the owner of Mosely Accounting Services. Which accounting assumption requires Marian to keep her personal financial information separate from the financial information of Mosely Accounting Services?