Question 1 of 20 5.0/ 5.0 Points Retained earnings will be increased by the amount in the dividend a

 

 

 

Question 1 of 20                                                                                                                               5.0/ 5.0 Points

 

Retained earnings will be increased by the amount in the dividend account.

 

Question 2 of 20                                                                                                                               5.0/ 5.0 Points

 

When a business borrows money, it incurs a(n):

 

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:

 

Question 4 of 20                                                                                                                               5.0/ 5.0 Points

 

Any given transaction must affect at least two different parts of the accounting equation.

 

Question 5 of 20                                                                                                                               0.0/ 5.0 Points

 

The 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:

 

Question 6 of 20                                                                                                                               5.0/ 5.0 Points

 

What is the primary object of most businesses?

 

Question 7 of 20                                                                                                                               5.0/ 5.0 Points

 

The balance sheet represents the accounting equation.

 

Question 8 of 20                                                                                                                               5.0/ 5.0 Points

 

When an account receivable is collected in cash, the total assets of the business increase.

 

Question 9 of 20                                                                                                                               5.0/ 5.0 Points

 

The payment of a liability:

 

Question 10 of 20                                                                                                                            0.0/ 5.0 Points

 

The stockholders’ equity of a company should equal the sum of its total assets and total liabilities.

 

Question 11 of 20                                                                                                                            5.0/ 5.0 Points

 

Paying expenses affects which financial statement elements?

 

 

 

 

 

 

 

 

 

Question 12 of 20                                                                                                                            5.0/ 5.0 Points

 

Shares of ownership are evidenced by issuing:

 

Question 13 of 20                                                                                                                            5.0/ 5.0 Points

 

Accounting is thought to be the “language of business” because business information is communicated to stakeholders.

 

ACCT300 Week 1 Quiz 5/24/14, 1:19 PM

 

Question 14 of 20                                                                                                                            5.0/ 5.0 Points

 

Buying equipment for cash affects which account/accounts?

 

Question 15 of 20                                                                                                                            0.0/ 5.0 Points

 

Miscellaneous expenses are expenses that have an undetermined amount to be paid.

 

Question 16 of 20                                                                                                                            5.0/ 5.0 Points

 

The “rules” of accounting are called:

 

Question 17 of 20                                                                                                                            5.0/ 5.0 Points

 

Which principle determines the amount initially entered into the records for purchases?

 

Question 18 of 20                                                                                                                            5.0/ 5.0 Points

 

Which of the following is not considered to be a liability?

 

Question 19 of 20                                                                                                                            5.0/ 5.0 Points

 

The branch of accounting related to the management's financial decisions is known as financial accounting.

 

Question 20 of 20                                                                                                                            5.0/ 5.0 Points

 

Including all relevant data a reader needs to understand the financial condition and performance of a business refers to which concept?

 

 

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