ACCT201A - Chapter 1
Authored by Huang Shuqing
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5 questions
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1.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
Resources of a company are referred to as
a. liabilities.
b. stockholders' equity.
c. dividends.
d. assets.
2.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
Sales of products or services are referred to
as
a. assets.
b. revenues.
c. liabilities.
d. expenses.
3.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
Which financial statement conveys a
company's ability to generate profits in the
current period?
a. Income statement.
b. Statement of cash flows.
c. Balance sheet.
d. Statement of stockholders' equity.
4.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
A company reports the following in its income statement:
Total revenues of $500,000 and total expenses of
$300,000.Which of the following is true?
a. Net income equals $200,000.
b. Total dividends equal $200,000.
c. Total assets equal $200,000.
d. Total stockholders' equity equals $200,000.
5.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
The body of rules and procedures that guide the
measurement and communication of financial accounting
information is known as
a. Standards of Professional Compliance (SPC).
b. Code of Ethical Decisions (COED).
c. Rules of Financial Reporting (RFP).
d. Generally Accepted Accounting Principles
(GAAP)
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