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Saint Leo MBA 560 quiz 1

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Question;1.;The claims of a business?s creditors are called;(Points: 2);assets.liabilities.equity.revenue.;Question 2.;2.;ABC Company experienced an accounting event that affected its financial statements as indicated below:Assets=Liab.+EquityRev.-Exp.=Net. Inc.Cash Flow+NA++NA+NA Which of the following accounting events could have caused these effects on ABC's financial statements?;(Points: 2);Earned revenue on accountPurchased equipment on accountProvided services to customers for cashRecognized accrued salaries owed to employees;Question 3.;3.;Rowena Company spent cash to purchase equipment. As a result of this event;(Points: 2);total liabilities increased.total assets increased.net income increased.total assets were unchanged.;Question 4.;4.;An element that is often present when fraud occurs is;(Points: 2);the availability of an opportunity.the existence of some form of pressure.the ability to rationalize.all of the above.;Question 5.;5.;Which financial statement reports the results of a business?s operations?;(Points: 2);Income statementStatement of changes in equityBalance sheetStatement of cash flows;Question 6.;6.;At the end of the accounting period, Sefcik Company made an;adjusting entry for supplies consumed. Which of the following choices;reflects how this event would affect the company's financial statements?RowAssets=Liab.+EquityRev.-Exp.=Net Inc.Cash FlowOne+ -=NA+NANA-+=-NATwo-=NA+-NA-+=-NAThree-=-+NANA-NA=NANAFour+ -=NA+NANA-NA=NA+ IA;(Points: 2);Row OneRow TwoRow ThreeRow Four;Question 7.;7.;Expenses are shown on the;(Points: 2);income statement.statement of changes in stockholders? equity.balance sheet.all of the above.;Question 8.;8.;Which of the following transactions is an asset use transaction?;(Points: 2);Payment of cash dividends to ownersPaying cash to acquire furnitureAcquiring cash by issuing stock to ownersProviding services to customers for cash;Question 9.;9.;Which of the following accounts would not appear on a balance sheet?;(Points: 2);EquipmentInterest PayableInterest RevenueRetained Earnings;Question 10.;10.;Recognition of revenue may result in which of the following?;(Points: 2);A decrease in a liabilityAn increase in a liabilityAn increase in assetsBoth A and C;Question 11.;11.;As of December 31, 2009, Bueno Company had $1,000 in;liabilities, $8,000 in common stock, and $2,500 in retained earnings.;The total amount of assets on that date is;(Points: 2);$10,000$12,500$11,500$7,500;Question 12.;12.;Ohio Company provided services to a customer for $1,700 cash. As a result of this event;(Points: 2);total assets decreased.total liabilities increased.retained earnings increased.cash flows from financing activities increased.;Question 13.;13.;The result of the matching process is reported on which financial statement?;(Points: 2);Balance SheetIncome StatementStatement of Changes in Stockholders? EquityStatement of Cash Flows;Question 14.;14.;Accounting information focused on the needs of external users is;(Points: 2);financial accounting.managerial accounting.claims accounting.not-for-profit accounting.;Question 15.;15.;The amount of land owned by a business appears on which financial statement?;(Points: 2);Income statementStatement of changes in stockholders? equityStatement of cash flowsBalance sheet;Question 16.;16.;Which of the following is an asset source transaction?;(Points: 2);Purchased machine by issuing a note payablePaid a cash dividend to stockholdersPurchased equipment for cashCollected cash from an account receivable;Question 17.;17.;Accounting information is said to be reliable if;(Points: 2);it is based on recent (not longer than 6 months) information.it was prepared by someone with good credentials in accounting, such as a certified public accountant.it can be independently verified.it complies with rules and standards of the Internal Revenue Service.;Question 18.;18.;Which of the following would be included in the "cash flows;from financing activities" section of the statement of cash flows?;(Points: 2);Collected cash from accounts receivableFinance Company loaned cash to another companyPaid cash dividend to stockholdersPurchased business insurance;Question 19.;19.;Which of the following lists represents the correct sequence of stages in an accounting cycle?;(Points: 2);Record transactions, prepare statements, adjust accounts, and close temporary accountsPrepare statements, close temporary accounts, record transactions, and adjust accountsClose temporary accounts, record transactions, prepare statements, and adjust accountsRecord transactions, adjust accounts, prepare statements, and close temporary accounts;Question 20.;20.;Which of the following accounts is a permanent account (an account that is not closed)?;(Points: 2);Prepaid InsuranceService RevenueSalaries ExpenseRent Expense

 

Paper#50788 | Written in 18-Jul-2015

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