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College Acct 1- Chapter 1

Authored by Brett Stuart

Business

9th - 12th Grade

Used 17+ times

College Acct 1- Chapter 1
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26 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A company's balance sheet shows: cash $25,000, A/R $20,000, office equipment $50,000 and accounts payable $20,000. What is the amount of stockholders' equity?

$105,000

$17,000

$90,000

$75,000

$31,000

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If a company uses $850 of its cash to purchase supplies, what would be the effect on the accounting equation?

Assets increase $850 and liabilities decrease $850

Assets decrease $850 and equity decreases $850

Assets increase $850 and liabilities increase $850

One asset account increases $850 and another asset decreases $850, causing no effect.

Assets decrease $850 and equity increases $850

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Distribution of cash or other assets by a business to its stockholders (owners) are called:

Expenses

Dividends

Assets

Retained Earnings

None of the above

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Determine the net income for the month: Salaries Expense $18,000, Interest Expense $10,000, Rent Expense $20,000 and Consulting Revenue $100,000.

$52,000

$148,000

$30,000

$10,000

$40,000

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If a company receives $2,000 from its sole owner to establish a corporation, what would be the effect on the accounting equation?

Liabilities increase $2,000 and equity decreases $2,000

Assets increase $2,000 and liabilities decrease $2,000

Assets decrease $2,000 and equity decreases $2,000

Assets increase $2,000 and equity increases $2,000

Assets increase $2,000 and liabilities increase $2,000

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Retained Earnings is carried from the _______________ to the ____________ .

Balance Sheet, Income Statement

Income Statement, Balance Sheet

Statement of Retained Earnings, Balance Sheet

Balance Sheet, Statement of Retained Earnings

Statement of Cash Flows, Income Statement

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

At the end of last year, the company's assets totaled $960,000 and its liabilities totaled $740,000. During the current year, assets increased by $8,000 and liabilities increased by $4,000. What is the balance in stockholders' equity at the end of the current year?

$802,000

$224,000

$125,000

$178,000

$190,000

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