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charter oak acc101 week 1 test part 1




Question;A complete set of;financial statements for Hartman Company, at December 31, 2001, would include;each of the following, except:Answer? Question;21.37 out of 1.37 points 2. Which financial statement is at a;specific date?Answer ? Question;31.37 out of 1.37 points 3. In comparison with a financial;statement prepared in conformity with generally accepted accounting principles;a management accounting report ismore likely to:Answer ? Question;40 out of 1.37 points 4. The auditor's report on the published;financial statements of a large corporation should be viewed as:Answer ? Question;51.37 out of 1.37 points 5. Generally accepted accounting;principles are intended to assist accountants in preparing financial statements;that:Answer ? Question;61.37 out of 1.37 points 6. Suppose a number of your friends have;organized a company to develop and sell a new software product. They have asked you to loan them $10,000 to;help get the company started, and have promised to repay your $10,000 plus 15%;interest in one year. Of the following;which amount may be described as the return on your investment?Answer ? Question;71.37 out of 1.37 points 7. The nature of an asset is best;described as:Answer ? Question;80 out of 1.37 points 8. If a company purchases equipment for;$50,000 by issuing a note payable:Answer ? Question;90 out of 1.37 points 9. The valuation of assets in the balance;sheet is based primarily upon:Answer ? Question;101.37 out of 1.37 points 10. The owner of Seafood Restaurant;purchased a new car for his daughter who is away at college at a cost of;$19,000 and reported this amount as Delivery Vehicle in the restaurant's;balance sheet. The reporting of this;item in this manner violated the:Answer ? Question;111.37 out of 1.37 points 11. If cash flows from operating activities;is a negative amount:Answer ? Question;121.37 out of 1.37 points 12. Which of the following will not cause a;change in the owners' equity of a business?Answer ? Question;131.37 out of 1.37 points 13. Which of the following transactions;would cause a change in owners' equity?Answer ? Question;141.37 out of 1.37 points 14. An expense is:Answer ? Question;151.37 out of 1.37 points 15. A transaction caused an increase in;both assets and owners' equity. This transaction could have been:Answer ? Question;161.37 out of 1.37 points 16. The concept of adequate disclosure;means that:Answer ? Question;171.37 out of 1.37 points 17. If cash increases during a year, it;must mean that:Answer ? Question;181.37 out of 1.37 points Use the following to answer;questions 18-19:At December 31, 2000, the accounting records of Breher;Corporation contain the following items:Accounts Payable $ 24,000;Accounts Receivabe;$ 60,000Land 360,000 Cash;?Capital Stock? Equipment 180,000Building;250,000 Notes payable 280,000Retained Earnings 250,000 18.;Refer to the above data. If;Capital Stock is $600,000, the amount of Cash owned by Answer ? Question;191.37 out of 1.37 points 19. Refer to the above data. If Capital Stock is $450,000, total assets of;Breher Corporation at December 31, 2000, amount to:Answer ? Question;201.37 out of 1.37 points Use the following to answer;questions 20-22:At December 31, 2001, the accounting records of Delmar;Products, Inc. contain the following items: Accounts Payable $ 15,000;Accounts Receivabe;$ 40,000Land 80,000 Cash;22,000 Building;? Equipment 200,000Notes Payable 60,000 Capital Stock 295,000Retained Earnings? 20. Refer to;the above data. If total assets of;Delmar Products, Inc. are $400,000, Building is carried in Delmar Product's;accounting records at: Answer ? Question;211.37 out of 1.37 points ? Question;221.37 out of 1.37 points 22. Refer to the above data. If Retained Earnings at December 31, 2001, is;$50,000, total assets amount to:Answer ? Question;230 out of 1.37 points Use the following to answer;questions 23-25:Burgoyne, Co. had the following transactions during the;month of August, 2001:* Cash received from bank loans was $5,000.* Dividends of $2,000 were paid to stockholders in cash.* Revenues earned and received in cash amounted to $4,500* Expenses incurred and paid were $2,50023. Refer to;the above data. What amount of net;income will be reported on an income statement for the month of August, 2001? Answer ? Question;240 out of 1.37 points 24. Refer to the above data. At the;beginning of August, 2001, owners' equity in;Burgoyne, Co. was $60,000. Given the transactions of August, 2001, what;will owners' equity be at the end of the month?Answer ? Question;250 out of 1.37 points 25. Refer to the above data. For the month;of August, 2001, net cash flows from operating activities for Burgoyne were:Answer;="msonormal">


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