

College Acct 1- Chapters 1-3 Review
Flashcard
•
Business
•
9th - 12th Grade
•
Practice Problem
•
Hard
Wayground Content
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35 questions
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1.
FLASHCARD QUESTION
Front
A company's balance sheet shows: cash $22,000, A/R $16,000, office equipment $50,000 and accounts payable $17,000. What is the amount of stockholders' equity?
Back
$71,000
2.
FLASHCARD QUESTION
Front
If a company uses $1,300 of its cash to purchase supplies, what would be the effect on the accounting equation?
Back
One asset account increases $1,300 and another asset decreases $1,300, causing no effect.
3.
FLASHCARD QUESTION
Front
Distribution of cash or other assets by a business to its stockholders (owners) are called:
Back
Dividends
4.
FLASHCARD QUESTION
Front
Baylor Inc. had income of $144 million and average total assets of $1,800 million. Its return on assets is:
Back
8.0%
5.
FLASHCARD QUESTION
Front
Determine the net income for the month: Salaries Expense $180,000, Interest Expense $10,000, Rent Expense $20,000 and Consulting Revenue $400,000.
Back
$190,000
6.
FLASHCARD QUESTION
Front
Which account principle would require Stuart Co. to record the building on its records at $300,000?
Back
Measurement (Cost) Principle
7.
FLASHCARD QUESTION
Front
Resources a company owns or controls that are expected to yield future benefits are:
Back
Assets
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