Question ·Chapter 1 quiz

29 Jun Question ·Chapter 1 quiz

Question

·Chapter 1 quiz

· Question 1

·

Which of the following is not one of the four financial statements?

Selected Answer:

Correct An:

Response Feedback:

The four financial statements are the Balance Sheet, Income Statement, Statement of Retained Earnings, Statement of Cash Flow.

· Question 2

2 out of 2 points

The accounting formula is Assets =

· Question 3

2 out of 2 points

Net Income is equal to:

Selected Answer:

.

:

· Question 4

0 out of 2 points

If total liabilities decreased by $5,000 and stockholders’ equity increased by $15,000 during a period of time, then total assets must change by what amount and direction during that same time period?

· Question 5

2 out of 2 points

Retained Earnings represents:

Chapter 2 quiz

· Question 1

0 out of 2 points

Post Company uses $10,000 in cash to pay $10,000 on accounts payable.This would result in:

· Question 2

2 out of 2 points

A company was recently formed with $ 100,000 cash contributed to the company by stock-holders. The company then borrowed $ 50,000 from a bank and bought a $ 20,000 vehicle for cash.They also purchased $10,000 of equipment by paying $ 2,000 in cash and issuing a note for the remainder. What is the amount of total assets to be reported on the balance sheet?

· Question 3

0 out of 2 points

In regard to the balance sheet, which of the following statements is true?

· Question 4

2 out of 2 points

Which of the following are current assets?

· Question 5

2 out of 2 points

Which of the following true In regard to current liabilities?

Selected Answer:

Correct Answer:

· Question 6

2 out of 2 points

A company purchases $23,000 of supplies in the current month and promises to pay for them next month.How would the company record a liability for the supplies?

· Question 7

2 out of 2 points

Alpha Company borrows $200,000 from its bank and buys equipment.How does this transaction affect the accounting equation?

2 out of 2 points

Bravo Company purchases Land for $200,000 paying cash of $$80,000 and signing a note for the balance.The accounting entry would be:

Chapter 3 quiz

· Question 1

2 out of 2 points

The New York Yankees baseball team has an account titled “Unearned Ticket Revenue”.What type of account is this and on what financial statement is it reported?

· Question 2

0 out of 2 points

During November 200X John painted a barn.The customer does not pay John until January this next year.Which of the following statements is correct?

· Question 3

0 out of 2 points

During June 200X Mary Jones incurs $8,000 of legal expense. She will pay the expense in July.She uses the accrual basis of accounting.How will these transactions affect her financial statements?

Week 4 quiz

· Question 1

2 out of 2 points

Retained earnings for the ABC Company as of January 1, 200X was $800. During the year the company earned revenue of $5,000, had expenses of $3,200 and paid a cash dividend of $500.The income statement for the year ending December 31, 200X would show net income of:

Selected Answer:

Correct Answer:

Response Feedback:

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