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APU ACCT 300 Week 1 Quiz 2014

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Question;ACCT300 week 1 quizQuestion 1 of 205.0/ 5.0 PointsWhen a business borrows money, it incurs a(n):A.tax.B.liability.C.receivable.D.additional equity.Question 2 of 205.0/ 5.0 PointsPaying expenses affects which financial statement elements?A.Assets onlyB.Stockholders? equity onlyC.Assets and stockholders? equityD.Assets and liabilitiesQuestion 3 of 200.0/ 5.0 PointsAnthony, Inc. buys land for $50,000 cash. The net effect on assets is:A.$50,000 increase.B.$0.C.$50,000 decrease.D.$25,000 increase.Question 4 of 205.0/ 5.0 PointsThe basic financial statements do not include the:A.income statement.B.tax return.C.balance sheet.D.statement of cash flows.Question 5 of 205.0/ 5.0 PointsThe branch of accounting related to the management's financial decisions is known as financial accounting.A. TrueB. FalseQuestion 6 of 205.0/ 5.0 PointsThe role of accounting in business is best defined as:A.an information system that provides reports to stakeholders about the economic activities and condition of a business.B.a method of forecasting the future profitability of a company.C.the policies, procedures, and strategies used in a business.D.transaction analysis.Question 7 of 205.0/ 5.0 PointsThe basic type of stock issued to owners is called common stock.A. TrueB. FalseQuestion 8 of 200.0/ 5.0 PointsAny given transaction must affect at least two different parts of the accounting equation.A. TrueB. FalseQuestion 9 of 205.0/ 5.0 PointsA to Z Corporation issued a $30,000 note payable to borrow cash from the bank. On the Statement of Cash Flows, the transaction would be classified as:A.Cash Flows from Operating Activities.B.Cash Flows from Investing Activities.C.Cash Flows from Financing Activities.D.Noncash transaction.Question 10 of 205.0/ 5.0 PointsReporting the financial condition of a business at a point in time and the changes in the financial condition of a business over a period of time are the two major objectives of:A.tax accounting.B.union contracts.C.managerial accounting.D.financial accounting.Question 11 of 205.0/ 5.0 PointsAssets are acquired through investing activities when resources are purchased.A. TrueB. FalseQuestion 12 of 205.0/ 5.0 PointsIncluding all relevant data a reader needs to understand the financial condition and performance of a business refers to which concept?A.Adequate disclosure conceptB.Going concern conceptC.Objectivity conceptD.Business entity conceptQuestion 13 of 205.0/ 5.0 PointsThe effect of every transaction is an increase or a decrease in one or more of the accounting equation elements.A. TrueB. FalseQuestion 14 of 200.0/ 5.0 PointsWhen an account receivable is collected in cash, the total assets of the business increase.A. TrueB. FalseQuestion 15 of 205.0/ 5.0 PointsThe balance sheet represents the accounting equation.A. TrueB. FalseQuestion 16 of 205.0/ 5.0 PointsBuying equipment for cash affects which account/accounts?A.Cash onlyB.Retained earnings onlyC.Equipment and retained earningsD.Cash and equipmentQuestion 17 of 205.0/ 5.0 PointsWhich of the following is an appropriate representation of the accounting equation?A.Assets + Liabilities = Stockholders? equityB.Assets = Liabilities + Stockholders? equityC.Assets = LiabilitiesD.Assets = Liabilities + Retained earningsQuestion 18 of 205.0/ 5.0 PointsWhich of the following is not considered to be a liability?A.Note payableB.Accounts receivableC.Unearned revenuesD.Accounts payableQuestion 19 of 200.0/ 5.0 PointsThe first month of operation showed the net cash from operating activities to be $3,760, the net cash from investing activities to be ($5,415), and the ending cash balance to be $3,425. The net cash from financing activities must be:A.$1,770.B.$5,080.C.$5,750.D.$12,600.Question 20 of 200.0/ 5.0 PointsWhich principle determines the amount initially entered into the records for purchases?A.Cost principleB.Going concern conceptC.Business entity conceptD.Objectivity concept

 

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