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APU ACCT300 quiz 1




Question;Question 1 of 20;5.0/ 5.0 Points;What is the primary object of most businesses?;A.To maximize profits;B.To pay dividends to;stockholders;C.To provide a;benefit to society;D.To manufacture a;quality product;Answer Key;Question 2 of 20;5.0/ 5.0 Points;Given the following list of accounts, calculate Total;Assets: Accounts Receivable - $5,000, Capital Stock - $20,000, Cash - $19,300;Equipment - $15,400, Fees Earned - $44,400, Miscellaneous Expense - $18,200;Rent Expense - $4,150, Retained Earnings - $6,550, and Wages Expense - $13,900.;A.$84,100;B.$59,700;C.$46,250;D.$39.700;Answer Key;Question 3 of 20;5.0/ 5.0 Points;A 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.;Answer Key;Question 4 of 20;5.0/ 5.0 Points;The stockholders? equity of a company should equal the sum;of its total assets and total liabilities.;A. True;B. False;Answer Key;Question 5 of 20;5.0/ 5.0 Points;Paying expenses affects which financial statement elements?;A.Assets only;B.Stockholders?;equity only;C.Assets and stockholders? equity;D.Assets and;liabilities;Answer Key;Question 6 of 20;5.0/ 5.0 Points;Manufacturing businesses change basic inputs into products;that are sold to individual customers.;A. True;B. False;Answer Key;Question 7 of 20;0.0/ 5.0 Points;The payment of a liability;A.decreases assets;and stockholders? equity.;In;B.increases assets and decreases liabilities.;C.decreases assets;and increases liabilities.;D.decreases assets;and decreases liabilities.;Answer Key;Question 8 of 20;0.0/ 5.0 Points;When an account receivable is collected in cash, the total;assets of the business increase.;In;A. True;B. False;Answer Key;Question 9 of 20;5.0/ 5.0 Points;Equality of the accounting equation means that no errors;have occurred.;A. True;B. False;Answer Key;Question 10 of 20;5.0/ 5.0 Points;Recording revenue when a sale is made most directly relates;to which concept?;A.Going concern;concept;B.Periodicity concept;C.Matching concept;D.Adequate disclosure;concept;Answer Key;Question 11 of 20;5.0/ 5.0 Points;Which of the items below is not a business organization;form?;A.Venture entrepreneurship;B.Proprietorship;C.Partnership;D.Corporation;Answer Key;Question 12 of 20;5.0/ 5.0 Points;The branch of accounting related to the management's;financial decisions is known as financial accounting.;A. True;B. False;Answer Key;Question 13 of 20;5.0/ 5.0 Points;The basic type of stock issued to owners is called common;stock.;A. True;B. False;Answer Key;Question 14 of 20;5.0/ 5.0 Points;Hodges, Inc. had the following assets and liabilities as of;September 30, 2013: Assets - $56,327 and Liabilities - $28,416. If assets;increased by $3,914 and equity increased by $2,290 during October, what is the;increase or decrease in liabilities of Hodges as of October 31, 2013?;A.($1,624);B.$1,624;C.$6,204;D.($6,204);Answer Key;Question 15 of 20;5.0/ 5.0 Points;The balance sheet represents the accounting equation.;A. True;B. False;Answer Key;Question 16 of 20;5.0/ 5.0 Points;The role of accounting in business is best defined as; 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.;Answer Key;Question 17 of 20;5.0/ 5.0 Points;Retained earnings will be increased by the amount in the;dividend account.;A. True;B. False;Answer Key;Question 18 of 20;5.0/ 5.0 Points;Which of the following is an appropriate representation of;the accounting equation?;A.Assets +;Liabilities = Stockholders? equity;B.Assets = Liabilities + Stockholders? equity;C.Assets =;Liabilities;D.Assets =;Liabilities + Retained earnings;Answer Key;Question 19 of 20;5.0/ 5.0 Points;The basic elements of a financial accounting system include;a framework for preparing financial statements.;A. True;B. False;Answer Key;Question 20 of 20;5.0/ 5.0 Points;Assets are acquired through investing activities when;resources are purchased.;A. True;B. False;Answer Key


Paper#44311 | Written in 18-Jul-2015

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