Topic: Accounting 100.

Type of paper:	Multiple Choice Questions (Time-framed)
Subject area:	Accounting
Academic level:	College
Style:	APA
Size:	30.0 kB
Word count:	412
Mark awarded:
Date submitted:	2010-01-05 17:51:34
Rating/Votes count:	n/a

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Tags:

business, theory, assets, accounting, points, equation, nutrition, quiz, Equity Liabilities Stockholders Equity, Residual Equity Specific, Exchange Commission, Reflection Accounting, Exit Strategies Paypal, Paypal

1 . According to the FASB , the primary objective of financial reporting
is to provide information _______ (Points : 5 )
regarding the assets and liabilities of a business
to the Securities and Exchange Commission
useful for making investing and lending decisions
regarding the revenues and expenses of a business
2 . The principle that states that assets acquired by the business should
be recorded at their exchange price is the _______ (Points : 5 )
objectivity principle
matching principle
revenue recognition principle
cost principle
3 . The financial statement that presents a summary of the assets ,
liabilities , and owners equity as of a specific date is the _______ (Points : 5 )
statement of assets
balance sheet
statement of owner 's equity
statement of cash flows
4 . The statement that presents a summary of the revenues and expenses of
an entity is called the _______ (Points : 5 )
statement of cash flows
statement of financial position
balance sheet
income statement
5 . GAAP stands for _______ (Points : 5 )
generally accepted auditing practices
generally accrued auditing procedures
generally accrued accounting principles
generally accepted accounting principles
6 . The amount owed by an entity when it makes a purchase on account is
termed a (n ) _______ (Points : 5 )
expense
accounts payable
note receivable
accounts receivable
7 . The payment of an account payable would _______ (Points : 5 )
have no effect on
decrease assets and increase owners equity
decrease assets and decrease liabilities
decrease assets and increase liabilities
8 . Borrowing money from a bank would _______ (Points : 5 )
increase expenses
decrease assets
decrease liabilities
increase liabilities
9 . The payment of utilities each month would _______ (Points : 5 )
increase
increase owners equity
decrease liabilities
increase expenses
10 . A cash investment into the business by the owner would _______ (Points : 5 )
increase assets and increase owners equity
increase assets and decrease owner 's equity
decrease assets and increase liabilities
increase assets and decrease liabilities
11 . The accounting equation can be stated as _______ (Points : 5 )
Expenses Liabilities - Owner 's Equity
Assets - Liabilities Owner 's Equity
Liabilities Revenue Owner 's Equity
Owner 's Equity Assets Liabilities
12 . Liabilities are _______ (Points : 5 )
expenses incurred by the business
increases in owners equity earned by delivering goods or services
economic resources of a business
outsider claims to the businesss assets
13 . Determine net income for the period if beginning owner 's equity is 20 ,000 , cash withdrawals by the owner amount to 7 ,000 , and ending
owner 's equity is 37 ,000 (Points : 10 10 ,000 27 ,000 24 ,000 13 ,000
14 . Refer to Table 1 . The net income or loss for the year was _______ (Points : 10 12 ,800 15 ,100 5 ,900 7 ,700
15 . Refer to Table 1 .
16 . Refer to Table 1 . Owners equity at December 31 , 20X5 was _______ (Points : 10 32 ,700 23 ,900 22 ,600 18 ,700
Reference :
AccountingCoach , LLC (2008 . Free Online Accounting Course . Retrieved
October 12 , 2008 , from http /www .accountingcoach .com...

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