Financial Accounting Principles Multiple Choice Questions Homework Help
- September 15, 2017
- Posted by:
- Category: Accounting QA
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1. Creditors’ claims on the assets of a company are called:
Net losses
Expenses
Revenues
Equity
Liabilities
2. Which of the following elements are found on the Balance Sheet
Service Revenue
Net Income
Operating Activities
Utilities Expense
Retained Earnings
3. Assets created by selling goods and services on credit are:
Accounts payable
Accounts receivable
Liabilities
Expenses
4. The description of the relation between a company’s assets, liabilities and equity, which is expressed as Assets = Liabilities + Equity is known as the:
Income statement equation
Accounting equation
Business equation
Return on equity ratio
Net income
5. An example of an operating activity is:
Paying wages
Purchasing office equipment
Borrowing money from a bank
Selling stock
Paying off a loan
6. Of the following accounts, the one that normally has a credit balance is:
Cash
Office Equipment
Sales Salaries Payable
Dividends
Sales Salaries Expense
7. Reebok had income of $150 million and average assets of $1,800 million. Its return on assets is:
8.33%
83.3%
12.0%
120%
8. If Beginning Retained Earnings was $184,300, the company distributed $46,000 in dividends and Ending Retained Earnings was $345,000, what was the net income for the period
$154,700
$206,700
$114,700
$575,300
$160,700
9. Ethical behavior requires:
That an auditors’ pay not depend on the figures in the client’s reports
Auditors to invest in businesses they audit
Analysts to report information favorable to their companies
Managers to use accounting information to benefit themselves
That an auditor provides a favorable opinion
10. A parcel of land is: offered for sale at $150,000, assessed for tax purposes at $95,000, recognized by its purchasers as being worth $140,000 and purchased for $137,000. The land should be recorded in the purchaser’s books at:
$95,000
$137,000
$138,500
$140,000
$150,000
11. Prepaid expenses are:
Payments made for products and services that do not ever expire
Classified as liabilities on the balance sheet
Decreases in retained earnings
Assets that represent prepayments of future expenses
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12. Apatha Company has assets of $600,000, liabilities of $250,000 and equity of $350,000. It buys office equipment on credit for $75,000. The effects of this transaction include:
Assets increase by $75,000 and expenses increase by $75,000
Assets increase by $75,000 and expenses decrease by $75,000
Liabilities increase by $75,000 and expenses decrease by $75,000
Assets decrease by $75,000 and expenses decrease by $75,000
Assets increase by $75,000 and liabilities increase by $75,000
13. Which of the following accounting principles dictates when expenses are recognized
Revenue recognition principle
Monetary unit principle
Business entity principle
Matching principle
Full disclosure principle
14. Which of the following is the primary purpose of accounting
To establish a business
To identify, record and communicate business transactions
To deceive stockholders
To keep from paying taxes
To establish credit for a company
15. If assets are $99,000 and liabilities are $32,000, then equity equals:
$32,000
$67,000
$99,000
$131,000
$198,000
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