25 May Question Module 1 : Module 1 – Test 1: M/C

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Question

Module 1 : Module 1 – Test 1: M/C

1.Which of the following accounts would not appear on a balance sheet? (Points : 2)

Equipment
Interest Payable
Interest Revenue
Retained Earnings

2.Which of the following statements about the Public Company Accounting Oversight Board (PCAOB) is not true? (Points : 2)

The PCAOB was created by the Sarbanes-Oxley Act to regulate the accounting firms that audit financial statements of public companies.
Independent auditors are required to register with the PCAOB.
The PCAOB has the power to impose sanctions against a registered accounting firm.
The PCAOB requires public accounting firms to conduct peer reviews of other such firms and make their report public.

3.Which financial statement matches asset increases from operating a business with asset decreases from operating the business? (Points : 2)

Statement of changes in equity
Balance sheet
Income statement
Statement of cash flows

4.The Blumer Company entered into the following transactions during 2010:

The company was started with $22,000 of common stock issued to investors for cash.
On July 1, the company purchased land that cost $15,500 cash.
There was $700 of supplies purchased on account.

The amount of total liabilities appearing on the December 31, 2010 balance sheet would be: (Points : 2)

$3,600
$4,000
$475
$700

5.Rowena Company spent cash to purchase equipment. As a result of this event: (Points : 2)

total liabilities increased.
total assets increased.
net income increased.
total assets were unchanged.

6.ABC Company acquired $23,000 by issuing common stock to investors. Which of the following choices accurately reflects how this event would affect the company’s financial statement?

Row	Assets	=	Liab.	+	Equity	Rev.	–	Exp.	=	Net Inc.	Cash Flow
One	23,000	=	NA	+	23,000	NA	–	NA	=	NA	23,000 FA
Two	23,000	=	NA	+	23,000	23,000	–	NA	=	23,000	NA
Three	23,000	=	NA	+	23,000	23,000	–	NA	=	23,000	23,000 FA
Four	23,000	=	23,000	+	NA	23,000	–	NA	=	23,000	23,000 OA

(Points : 2)

Row One
Row Two
Row Three
Row Four

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Question Module 1 : Module 1 – Test 1: M/C