Question 1 of 20 | 5.0/ 5.0 Points |
The financial statement that shows revenue and expenses for a period of time is the [removed] A. balance sheet. | | [removed] B. income statement. | | [removed] C. statement of owner’s equity. | | [removed] D. statement of cash flows. | |
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Question 2 of 20 | 5.0/ 5.0 Points |
If a company’s revenues are higher than its expenses, it will cause [removed] A. an increase in owner’s equity. | | [removed] B. a decrease in owner’s equity. | | [removed] C. an increase in assets. | | [removed] D. no effect on owner’s equity. | |
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Question 3 of 20 | 5.0/ 5.0 Points |
Which financial statement shows business results in terms of revenue and expenses? [removed] A. Income statement | | [removed] B. Balance sheet | | [removed] C. Statement of owner’s equity | | [removed] D. Statement of cash flows | |
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Question 4 of 20 | 5.0/ 5.0 Points |
Which of the following is true about expenses? [removed] A. They’re costs the company incurs in carrying out operations. | | [removed] B. They’re a subdivision of owner’s equity. | | [removed] C. They record personal expenses not related to the business. | | [removed] D. Both A and B | |
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Question 5 of 20 | 0.0/ 5.0 Points |
If beginning capital was $110,000, ending capital was $95,000, and the owner’s withdrawals were $10,000, the amount of net income or net loss was a [removed] A. net income of $5,000. | | [removed] B. net income of $15,000. | | [removed] C. net loss of $15,000. | | [removed] D. net loss of $5,000. | |
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Question 6 of 20 | 0.0/ 5.0 Points |
An accounting report that shows the changes in capital during the accounting period is a/an [removed] A. balance sheet. | | [removed] B. income statement. | | [removed] C. statement of owner’s equity. | | [removed] D. All of the above | |
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Question 7 of 20 | 5.0/ 5.0 Points |
The net income or net loss is calculated on the [removed] A. balance sheet. | | [removed] B. statement of owner’s equity. | | [removed] C. income statement. | | [removed] D. None of the above | |
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Question 8 of 20 | 0.0/ 5.0 Points |
Which statement is prepared for only one date? [removed] A. Income statement | | [removed] B. Statement of cash flows | | [removed] C. Balance sheet | | [removed] D. Statement of owner’s equity | |
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Question 9 of 20 | 5.0/ 5.0 Points |
Which accounts are affected when the company buys supplies on account? [removed] A. Assets and capital | | [removed] B. Liabilities and capital | | [removed] C. Assets and liabilities | | [removed] D. None of the above | |
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Question 10 of 20 | 0.0/ 5.0 Points |
Go Blue Retail Store collected $12,000 of its accounts receivable. The expanded accounting equation changes include which of the following? [removed] A. Cash and capital increase of $12,000 | | [removed] B. Cash and revenue increase of $12,000 | | [removed] C. Cash increase and accounts receivable decrease of $12,000 | | [removed] D. Accounts receivable decrease and capital increase of $12,000 | |
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Question 11 of 20 | 0.0/ 5.0 Points |
The payment of accounts payable would [removed] A. increase both assets and liabilities. | | [removed] B. increase assets and decrease liabilities. | | [removed] C. decrease both assets and liabilities. | | [removed] D. decrease assets and increase liabilities. | |
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Question 12 of 20 | 5.0/ 5.0 Points |
Which transaction has no effect on owner’s equity? [removed] A. Paying salaries expense | | [removed] B. Equipment purchase | | [removed] C. Billing for services rendered | | [removed] D. A withdrawal | |
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Question 13 of 20 | 5.0/ 5.0 Points |
Which items are on both the balance sheet and the statement of owner’s equity? [removed] A. Net loss | | [removed] B. Capital | | [removed] C. Additional owner’s investments | | [removed] D. Owner’s withdrawals | |
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Question 14 of 20 | 0.0/ 5.0 Points |
Carrie billed her legal clients $6,000 for legal work completed during the month. This transaction will [removed] A. cause a $6,000 increase in revenues and liabilities. | | [removed] B. cause a $6,000 increase in revenues and a decrease in liabilities. | | [removed] C. cause a $6,000 increase in assets and revenues. | | [removed] D. not be recorded until the cash is collected. | |
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Question 15 of 20 | 0.0/ 5.0 Points |
Which of the following is included in the balance sheet? [removed] A. Revenue | | [removed] B. Salaries expense | | [removed] C. Utilities expense | | [removed] D. Accounts payable | |
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Question 16 of 20 | 0.0/ 5.0 Points |
Which financial statement is considered a link between the income statement and balance sheet? [removed] A. Statement of cash flows | | [removed] B. Statement of company assets | | [removed] C. Statement of company liquidity | | [removed] D. Statement of owner’s equity | |
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Question 17 of 20 | 0.0/ 5.0 Points |
A company has the following balances in its asset accounts: Cash, $750; Accounts Receivable, $125; Equipment, $2,000; Supplies, $875. The amount of the company’s total assets is [removed] A. $875. | | [removed] B. $1,750. | | [removed] C. $2,875. | | [removed] D. $3,750. | |
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Question 18 of 20 | 5.0/ 5.0 Points |
BPK Industries has a net income for the period of $2,500. The balance in the Owner’s Capital account for the beginning of the period is $5,000, and the owner has withdrawn $1,650 for personal expenses. The balance in the Owner’s Capital account at the end of the period will be [removed] A. $850. | | [removed] B. $5,850. | | [removed] C. $7,500. | | [removed] D. $9,150. | |
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Question 19 of 20 | 0.0/ 5.0 Points |
A revenue should be recorded when [removed] A. it’s earned. | | [removed] B. payment is received. | | [removed] C. the invoice is sent to the customer. | | [removed] D. None of the above | |
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Question 20 of 20 | 0.0/ 5.0 Points |
Ryan withdrew cash from the business to pay his personal cellphone bill. The expanded accounting equation changes include a/an [removed] A. increase in both cash and withdrawal. | | [removed] B. decrease in both cash and withdrawal. | | [removed] C. decrease in cash and an increase in withdrawal. | | [removed] D. increase in cash and a decrease in withdrawal. | |
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Fin-Acc-Boss
10 years ago
acounting_exam_2.docx
