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The main objective of the financial statements is to pro- vide useful information to

• a. government in deciding if the company is respecting tax laws

• b. increase the value of the company

• c. investors and creditors that is useful when they are making decisions about the business

• d. management that is useful when they are making decisions about the business

Which of the following statements about users of accounting information is incorrect?

• a. Management is an internal user.

• b. Taxing authorities are external users.

• c. Present creditors are external users.

• d. Regulatory authorities are internal users.

Which of the following statements about the going con-cem assumption is correct?

• a. The going concern assumption is the assumption that the reporting entity will continue to operate in the future.

• b. Under the going concern assumption, all of the business's assets must be reported at their fair value.

• c. The financial statements must report whether or not a company is a going concern.

• d. The going concern assumption is not followed under ASPE.

Which of the following best describes when an event should be recognized in the accounting records?

• a. An event should be recognized in the accounting records if there is a change in assets, liabilities, or owner's equity and the change can be measured in monetary terms.

• b. An event should be recognized in the accounting records if it involves an interaction between the company and another external entity.

• c. Where there is uncertainty about a future event occurring or not, it should not be recognized.

• d. Accountants use tradition to determine which events to recognize.

As at December 31, at it's year end, Bruske Company has assets of $12,500; revenues of $10,000; expenses of $5,500; beginning owner's capital of $8,000; and drawings of $1,500. What are the liabilities for Bruske Company as at December 31?

• $1,500

• $2,500

• $500

• $3,500

Performing services on account will have the following effects on the components of the basic accounting equation:

• a. increase assets and decrease owner's equity.

• b. increase assets and increase owner's equity.

• c. increase assets and increase liabilities

• d. increase liabilities and increase owner's eauitv.

Bing Company pays $700 for store rent for the month.

The basic analysis of this transaction on the accounting records is:

• a. the asset Cash is increased by $700 and the expense Rent Expense is increased by $700.

• b. the asset Cash is decreased by $700 and the expense Rent Expense is increased by $700.

• c. the asset Cash is decreased by $700 and the liability Rent Payable is increased by $700.

• d. the asset Cash is increased by $700 and the liability Rent Payable is decreased by $700.

Which of the following statements is true?

• a. An income statement presents the revenues, expenses, and changes in owner's equity for a specific period of time.

• b. The income statement shows information as at a specific point in time; the balance sheet shows information for a specified time period.

• c. The statement of cash flows summarizes cash inflows (re-ceipts) and outflows (payments) as at a specific point in time.

• d. The income statement shows information for a specified time period; the balance sheet shows information as at a specific point in time.

Which of the following statements about an account is true?

• a. The ieft side of an account is the credit or decrease side.

• b. An account is an individual accounting record of increases and decreases in specific asset, liability, and owner's equity items.

• c. There are separate accounts for specific assets and liabilities but only one account for owner's equity items.

• d. The right side of an account is the debit or increase side.

Credits:

• a. increase both assets and liabilities.

• b. decrease both assets and liabilities.

• c. increase assets and decrease liabilities.

• d. decrease assets and increase liabilities.