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POST ACC111 CH 1 SELF QUIZ

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Question;Question 1;0 out of 0 points;Correct;The accounting standards and concepts used in the;preparation of the financial statements are the;Answers;Generally Authorized Accounting Procedures.;Generally Applied Accounting Procedures.;Generally Authorized Auditing Practices.;Question 2;0 out of 0 points;Correct;The accounting equation is;Answers;Revenue - Expense = Liabilities.;Assets = Liabilities + Equity.;Assets = Liabilities - Equity.;Assets + Liabilities = Equity.;Question 3;0 out of 0 points;The Income Statement shows;Assets = Liabilities + Equity.;Income minus expense = net income.;Beginning retained earnings plus net income minus dividends;= ending retained earnings.;Beginning retained earnings minus net income minus dividends;= ending retained earnings.;Question 4;0 out of 0 points;The Statement of Retained earnings shows;Assets = Liabilities + Equity.;Income minus expense = net income.;Beginning retained earnings minus net income minus dividends;= ending retained earnings.;Question 5;0 out of 0 points;Correct;Retained Earnings represents;The total cash retained by the business.;The total assets retained by the business.;The net income retained by the business.;Question 6;0 out of 0 points;Correct;Which of the following is not one of the four financial;statements?;Answers;Correct;Balance Sheet;Income Statement;Statement of Retained Earnings;Statement of Cash Flows;Question 7;0 out of 0 points;Which of the following is true regarding the income;statement?;Answers;\;The income statement shows revenue minus expense equals net;income.;The income statement reports revenues, expenses, and;liabilities.;The income statement only reports revenue for which cash was;received at the point of sale.;The income statement reports the financial position of a;business at a particular point in time.;Question 8;0 out of 0 points;Correct;Which of the following is false regarding the balance sheet?;Answers;The accounts shown on a balance sheet represent the basic;accounting equation of assets equals liabilities plus equity.;The retained earnings balance shown on the balance sheet;must agree to the ending retained earnings balance shown on the statement of;retained earnings.;The balance sheet summarizes the net changes in specific;account balances over a period of time.;The balance sheet reports the amount of assets, liabilities;and stockholders equity of a business at a point in time.;Question 9;0 out of 0 points;Which of the following regarding retained earnings is false?;Answers;Retained earnings is increased by net income.;Retained earnings is a component of stockholders equity on;the balance sheet.;In this course we will be talking about two equity;accounts. Common Stock represents the;amount of money you invested in the business.;Retained earnings is an asset on the balance sheet.;Retained earnings represents earnings that were not;distributed to stockholders in the form of dividends.

 

Paper#38792 | Written in 18-Jul-2015

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