Akuntansi Keuangan H-1

Which of the following is not a step in the accounting process?

• Identification.

• Economic entity.

• Recording.

• Communication.

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

• Management is an internal user.

• Taxing authorities are external users.

• Present creditors are external users.

• Regulatory authorities are internal users.

The historical cost principle states that:

• assets should be initially recorded at cost and adjusted when the fair value changes.

• activities of an entity are to be kept separate and distinct from its owner.

• assets should be recorded at their cost.

• only transaction data capable of being expressed in terms of money be included in the accounting records.

Net income will result during a time period when:

• assets exceed liabilities.

• assets exceed revenues.

• expenses exceed revenues.

• revenues exceed expenses.

As of December 31, 2017, Stoneland AG has assets of €3,500 and equity of €2,000. What are the liabilities for Stoneland AG as of December 31, 2017?

• €1,500.

• €1,000.

• €2,500.

• €2,000.

Which of the following events is not recorded in the accounting records?

• Equipment is purchased on account.

• An employee is terminated.

• A cash investment is made into the business.

• The company pays a cash dividend.

During 2017, Gibson Company’s assets decreased $50,000 and its liabilities decreased $90,000. Its equity therefore:

• increased $40,000.

• decreased $40,000.

• decreased $140,000.

• increased $140,000.

Payment of an account payable affects the components of the accounting equation in the following way:

• decreases equity and decreases liabilities.

• increases assets and decreases liabilities.

• decreases assets and increases equity.

• decreases assets and decreases liabilities.

Which of the following statements is false?

• A statement of cash flows summarizes information about the cash inflows (receipts) and outflows (payments) for a specific period of time.

• A statement of financial position reports the assets, liabilities, and equity at a specific date.

• An income statement presents the revenues, expenses, assets, and liabilities for a specific period of time.

• A retained earnings statement summarizes the changes in retained earnings for a specific period of time.

The financial statement that reports assets, liabilities, and equity is the:

• income statement.

• retained earnings statement.

• statement of financial position.

• statement of cash flows.