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This is a 20 question on 1 page multiple choice.




he payment of accounts payable would __________.;Attachment Preview;Part 1 of 1.docx Download Attachment;Part 1 of 1 -;Question 1 of 20;55.0/ 100.0 Points;5.0/ 5.0 Points;The payment of accounts payable would __________.;A. increase both assets and liabilities;B. increase assets and decrease liabilities;C. decrease both assets and liabilities;D. decrease assets and increase liabilities;Question 2 of 20;0.0/ 5.0 Points;The net income or net loss is calculated on the __________.;A. balance sheet;B. statement of owner's equity;C. income statement;D. None of the above answers are correct.;Question 3 of 20;5.0/ 5.0 Points;A company has $4,500 in its Revenue account at the end of a period. The Expenses are as;follows: Rent, $750, Utilities, $150, Salaries, $2,400, Insurance, $225. The net income (loss.;for the period is __________.;A. $3,600;B. ($2,100.;C. $975;D. ($1,425.;Question 4 of 20;5.0/ 5.0 Points;BPK Industries has a net income for the period of $2,500. The balance in the Owners Capital;account for the beginning of the period is $5,000 and the owner has withdrawn $1,650 for;personal expenses.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 Owners Capital account at the end of the period will be;A. $5,850;B. $7,500;C. $850;D. $9,150;Question 5 of 20;5.0/ 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 companys total assets is;A. $875;B. $1,750;C. $2,875;D. $3,750;Question 6 of 20;0.0/ 5.0 Points;Go Blue Retail Store collected $12,000 of its accounts receivable. The expanded accounting;equation changes include __________.;A. cash and capital increase, $12,000;B. cash and revenue increase, $12,000;C. cash increases and accounts receivable decreases $12,000;D. accounts receivable decreases and capital increases $12,000;Question 7 of 20;5.0/ 5.0 Points;An expense should be recorded when __________.;A. the bill is paid;B. the expense is incurred;C. a bill is received in the mail;D. None of the above answers are correct.;Question 8 of 20;The increase or decrease in the owner's equity is reported on the __________.;A. income statement;B. statement of owner's equity;C. balance sheet;D. All of these answers are correct.;5.0/ 5.0 Points;Question 9 of 20;0.0/ 5.0 Points;Which of the following transactions has no effect on owner's equity?;A. paying salaries expense;B. equipment purchase;C. billing for services rendered;D. a withdrawal;Question 10 of 20;0.0/ 5.0 Points;Which financial statement is prepared first?;A. Statement of Owner's Equity;B. Balance Sheet;C. Income Statement;D. None of the above;Question 11 of 20;Which of the following is included in the balance sheet?;A. revenue;B. salaries expense;C. utilities expense;0.0/ 5.0 Points;D. accounts payable;Question 12 of 20;5.0/ 5.0 Points;Expenses __________.;A. are costs the company incurs in carrying on operations;B. are a subdivision of owner's equity;C. record personal expenses not related to the business;D. Both A and B are correct.;Question 13 of 20;5.0/ 5.0 Points;Which of the following items are on both the balance sheet and the statement of owner's equity?;A. Net loss;B. Capital;C. Additional owner's investments;D. Owner's withdrawals;Question 14 of 20;A revenue should be recorded when __________.;A. it is earned;5.0/ 5.0 Points;B. payment is received;C. the invoice is sent to the customer;D. None of the above answers are correct.;Question 15 of 20;0.0/ 5.0 Points;Which statement is prepared for only one date?;A. Income Statement;B. Statement of Cash Flows;C. Balance Sheet;D. Statement of Owners Equity;Question 16 of 20;5.0/ 5.0 Points;When services are rendered but payment is not made, which account would be increased?;A. accounts receivable;B. accounts payable;C. cash;D. withdrawal;Question 17 of 20;The statement of owners equity contains the __________.;0.0/ 5.0 Points;A. owners capital for the beginning of the period;B. liabilities of the company;C. total amount owed by credit customers;D. balance in the cash account;Question 18 of 20;0.0/ 5.0 Points;Ryan withdrew cash from the business to pay his personal cell phone bill. The expanded;accounting equation changes include __________.;A. increase in both cash and withdrawal;B. decrease in both cash and withdrawal;C. decrease in cash and increase in withdrawal;D. increase in cash and decrease in withdrawal;Question 19 of 20;0.0/ 5.0 Points;Larrys Landscaping has total liabilities of $1,650 and assets of $2,500. The amount of the;owners equity is __________.;A. $4,150;B. $2,500;C. $850;D. $1,650;Question 20 of 20;5.0/ 5.0 Points;If 'Ol Fashioned Toys' revenues are less than its expenses during the accounting period, then;A. owner's withdrawals decrease net income;B. net income causes liabilities to decrease;C. the business will incur a loss;D. owner's withdrawals increase owner's equity;View Full Attachment;Additional Requirements;Min Pages: 1;Other Requirements: This is a 20 question on 1 page multiple choice.


Paper#18769 | Written in 18-Jul-2015

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