ACC 557 Week 2 Quiz Chapter 1 (Strayer)

ACC 557 Financial Accounting - Strayer

1- The United States and the international standard-setting environment are primarily driven by meeting the needs of

2- If the retained earnings account increases from the beginning of the year to the end of the year, then

3- If an individual asset is increased, then

4- The accounting process is correctly sequenced as

4- If total assets equal 5,000 and total stockholders' equity equal 0,000, then total liabilities must equal

6- Liabilities of a company would not include

7- Bright Eyes Downtown Diner received a bill of 0 from the Jronand Wine Advertising Agency. The owner, A. A. Bondy, is postponing payment of the bill until a later date. The effect on specific items in the basic accounting equation is

8- Net income results when

9- Liabilities of a company are owed to

10- At October 1, Arcade Fire Enterprises reported stockholders' equity of ,000. During October, common stock of ,000 was issued and the company earned net income of ,000. If stockholders' equity at October 31 totals ,000, what amount of dividends were paid during the month?

11- Ethics are the standards of conduct by which one's actions are judged as

12- Which of the following is not a reason one set of international accounting standards are needed?

13- Stockholders' equity is decreased by all of the following except

14- The concern about international companies adopting SOX-type standards centers on

15- The private sector organization involved in developing accounting principles is the