Ch 1 Exam Review

Ch 1 Exam Review

By Renae Stout

Multiple Choice

What order are the financial statements completed

• 1. Balance Sheet

  2. Income Statement

  3. Statement of Owner's Equity

  4. Statement of Cash Flows

• 1. Income Statement

  2. Statement of Owner's Equity

  3. Balance Sheet

  4. Statement of Cash Flows

• 1. Statement of Cash Flows

  2. Balance Sheet

  3. Income Statement

  4. Statement of Owner's Equity

• 1. Income Statement

  2. Balance Sheet

  3. Statement of Owner's Equity

  4. Statement of Cash Flows

Multiple Choice

The field of accounting that focuses on providing information for external decision makers is ________.

• Managerial Accounting

• Financial Accounting

• Cost Accounting

• Nonmonetary Accounting

Multiple Choice

The equity of Alliance Company is $100,000 and the total liabilities are $10,000. The total assets are ________.

• $200,000

• $20,000

• $90,000

• $110,000

Answer

The equity of Alliance Company is $100,000 and the total liabilities are $10,000. The total assets are ________.

Assets = Liabilities + Equity

​Assets = $10,000 + $100,000

Assets = $110,000​

Multiple Choice

The amount of net income is transferred from ________ to ________.

• the income statement; the statement of owner's equity

• the balance sheet; the statement of cash flows

• the balance sheet; the income statement

• the income statement; the statement of expenditures

Multiple Choice

Identify the Account Type: Accounts Payable

• Asset

• Liability

• Equity

Multiple Choice

Identify the Account Type: Cash

• Asset

• Liability

• Equity

Multiple Choice

Identify the Account Type: Owner, Capital

• Asset

• Liability

• Equity

Multiple Choice

Identify the Account Type: Accounts Receivable

• Asset

• Liability

• Equity

Multiple Choice

Identify the Account Type: Rent Expense

• Asset

• Liability

• Equity

Multiple Choice

Identify the Account Type: Service Revenue

• Asset

• Liability

• Equity

Multiple Choice

Identify the Account Type: Office Supplies

• Asset

• Liability

• Equity

Multiple Choice

Identify the Account Type: Owner Withdrawal

• Asset

• Liability

• Equity

Multiple Choice

Identify the Account Type: Land

• Asset

• Liability

• Equity

Multiple Choice

Identify the Account Type: Salaries Expense

• Asset

• Liability

• Equity

Multiple Choice

Identify the financial statement the account would appear: Accounts Payable

(There may be more than one correct answer)

• Income Statement

• Statement of Owner's Equity

• Balance Sheet

• Statement of Cash Flows

Multiple Select

Identify the financial statement the account would appear: Cash

(There may be more than one correct answer)

• Income Statement

• Statement of Owner's Equity

• Balance Sheet

• Statement of Cash Flows

Multiple Select

Identify the financial statement the account would appear: Owner, Capital

(There may be more than one correct answer)

• Income Statement

• Statement of Owner's Equity

• Balance Sheet

• Statement of Cash Flows

Multiple Choice

Identify the financial statement the account would appear: Accounts Receivable

(There may be more than one correct answer)

• Income Statement

• Statement of Owner's Equity

• Balance Sheet

• Statement of Cash Flows

Multiple Choice

Identify the financial statement the account would appear: Rent Expense

(There may be more than one correct answer)

• Income Statement

• Statement of Owner's Equity

• Balance Sheet

• Statement of Cash Flows

Multiple Choice

Identify the financial statement the account would appear: Service Revenue

(There may be more than one correct answer)

• Income Statement

• Statement of Owner's Equity

• Balance Sheet

• Statement of Cash Flows

Multiple Choice

Identify the financial statement the account would appear: Office Supplies

(There may be more than one correct answer)

• Income Statement

• Statement of Owner's Equity

• Balance Sheet

• Statement of Cash Flows

Multiple Choice

Identify the financial statement the account would appear: Owner, Withdrawal

(There may be more than one correct answer)

• Income Statement

• Statement of Owner's Equity

• Balance Sheet

• Statement of Cash Flows

Multiple Choice

Identify the financial statement the account would appear: Land

(There may be more than one correct answer)

• Income Statement

• Statement of Owner's Equity

• Balance Sheet

• Statement of Cash Flows

Multiple Choice

Identify the financial statement the account would appear: Salaries Expense

(There may be more than one correct answer)

• Income Statement

• Statement of Owner's Equity

• Balance Sheet

• Statement of Cash Flows