ACC101_Chapter 1

ACC101_Chapter 1

University

20 Qs

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ACC101_Chapter 1

ACC101_Chapter 1

Assessment

Quiz

Business

University

Practice Problem

Medium

Created by

Thao Giang

Used 25+ times

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20 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

If assets are $199,000 and liabilities are $132,000, then equity equals

$32,000

$67,000

$99,000

$131,000

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

If after a month the assets of a business increased $89,000 and its liabilities increased $67,000, equity must have

a. Increased $22,000.

b. Decreased $22,000.

c. Increased $89,000.

d. Decreased $156,000.

e. Increased $156,000.

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Liability created after purchasing supplies on credit are:

a. Accounts receivable.

b. Accounts payable.

c. Liability

d. Supplies

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The Company purchased supplies using $1,000 cash. How does this transaction affect the accounting equation?

a. Assets +1,000; Liabilities +1,000; Equity unchanged

b. Assets -1,000; Liabilities unchanged; Equity -1000 (expense)

c. Assets unchanged (+1,000 & -1000); Liabilities unchanged; Equity -1000 (expense)

d. Assets unchanged (+1,000 & -1000); Liabilities unchanged; Equity unchanged

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Lead Company completed services for a client for $15,000 on credit. How does this transaction affect the accounting equation?

a. +$15,000 cash, +$15,000 revenue.

b. +$15,000 accounts receivable, +$15,000 accounts payable.

c. +$15,000 accounts receivable, +$15,000 cash.

d. +$15,000 accounts receivable, +$15,000 revenue.

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Provide descriptions for this transaction:

Increase Equipment $4,000 and Increase Accounts payable $4,000

a. Owner invested Equipment of $4,000 in business

b. Purchased equipment of $4,000 on credit

c. Purchased equipment of $4,000 on cash

d. Paid expense $4,000 using cash

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Photometer Company paid off $30,000 of its accounts payable in cash. What would be the effects of this transaction on the accounting equation?

a. Assets, $30,000 increase; liabilities, no effect; equity, $30,000 increase.

b. Assets, $30,000 decrease; liabilities, $30,000 increase; equity, no effect.

c. Assets, $30,000 decrease; liabilities, $30,000 decrease; equity, no effect.

d. Assets, $30,000 decrease; liabilities, no effect; equity $30,000 decrease.

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