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strayer acc100 week 1 quiz ch 1

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solution


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Question;Question 1;Which of the following would not be considered an external;user of accounting data for the GHI Company?;Customers;Internal Revenue Service Agent;Management;Creditors;Question 2;If an owner makes a withdrawal of cash from a;proprietorship, then;there will be a new liability showing the owner owes money;to the business.;there has been a violation of accounting principles.;owner's equity will decrease.;owner's equity will increase.;Student did not submit Show Work for this attempt;Question 3;Owner's capital at the end of the period is equal to;owner's capital at the beginning of the period plus net;income minus drawings.;net income.;assets plus liabilities.;owner's capital at the beginning of the period plus net;income minus liabilities.;Question 4;The accounting process involves all of the following except;communicating financial information to users by preparing;financial reports.;recording nonquantifiable economic events.;identifying economic transactions that are relevant to the;business.;analyzing and interpreting financial reports.;Question 5;Your answer is.;Net income results when;Revenues Expenses.;Assets > Liabilities.;Revenues = Expenses.;Question 6;Collection of a $1,000 Accounts Receivable;increases an asset $1,000, decreases an asset $1,000.;decreases an asset $1,000, decreases a liability $1,000.;decreases a liability $1,000, increases owner's equity;$1,000.;increases an asset $1,000, decreases a liability $1,000.;uestion 7;Misra Company compiled the following financial information;as of December 31, 2014;Revenues $340,000;Owner's Capital (1/1/11);140,000;Equipment 80,000;Expenses 250,000;Cash 90,000;Owner's Drawings;20,000;Supplies;10,000;Accounts payable;40,000;Accounts receivable;70,000;Misra's owner's equity on December 31, 2014 is;$90,000.;$140,000.;$250,000.;$210,000.;Student did not submit Show Work for this attempt;SHOW SOLUTION;SHOW ANSWER;LINK TO TEXT;SCORE;Maximum Point Potential;5.0;Points Earned: 5;Show Work file with instructor comments: Instructor;did not annotate Show Work;Attempt of 1;GO;Question 8;As of June 30, 2014, Actual Tigers Company has assets of;$100,000 and owner's equity of $40,000. What are the liabilities for Actual;Tigers Company as of June 30, 2014?;$140,000;$40,000;$60,000;$100,000;Student did not submit Show Work for this attempt;Question 9;Stahl Consulting started the year with total assets of;$60,000 and total liabilities of $15,000. During the year, the business;recorded $48,000 in catering revenues and $30,000 in expenses. Stahl made an;additional investment of $9,000 and withdrew cash of $15,000 during the year.;The net income reported by Stahl Consulting for the year was;$3,000.;$12,000.;$27,000.;$18,000.;Question 10;Stahl Consulting started the year with total assets of;$60,000 and total liabilities of $15,000. During the year, the business;recorded $48,000 in catering revenues and $30,000 in expenses. Stahl made an;additional investment of $9,000 and withdrew cash of $15,000 during the year.;Owner's equity changed by what amount from the beginning of the year to the end;of the year?;$45,000;$9,000;$12,000;$3,000

 

Paper#38877 | Written in 18-Jul-2015

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