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WorksheetsQuiz KETE Chap 1
Total questions: 10
Worksheet time: 5mins
Aiden is considering starting a proprietorship. What does it mean for a business to be a proprietorship?
owned by one person.
owned by two or more persons
organized as a separate legal entity under state corporation law
owned by a governmental agency
If total liabilities decreased by ¥45,000 and equity increased by ¥10,000 during a period of time, then total assets must change by what amount and direction during that same period?
¥55,000 increase
¥35,000 decrease
¥35,000 increase
¥45,000 decrease
During July, its first period of operations, Aju Inc. sold ordinary shares for W1,440,000,000, earned net income of W195,000,000, and paid dividends of W40,500,000. Retained earnings at the end of July is?
W1,635,000,000
W1,594,500,000
W1,399,500,000
W154,500,000
Which of the following would not be considered an external user of accounting data for the GHI Company?
Taxing authority representative
Management
Creditors.
Customers
All of the financial statements are for a period of time except the
income statement
retained earnings statement
statement of financial position
statement of cash flows
Hyundai Inc. purchased land for W118,000,000 in 2005. At December 31, 2014, an appraisal determined the fair value of the land is W136,000,0000. If Hyundai follows the cost principle, the land will be reported on the statement of financial position at
W100,000,000.
W118,000,000
W136,000,000
W154,000,000
Sources of increases to equity are
issuance of shares
purchases of merchandise
dividends
expenses
All of the following transactions increase revenue except the
sale of additional ordinary shares by British Airways
sale of clothing by the French Connection
performance of acccounting services by PricewaterhouseCoopers.
sale of pertroleum by Royal Dutch Shell
Burgundy Inc. purchased supplies on account for €26,000. This transaction will
increase liabilities and decrease equity by €26,000
increase assets and decrease equity by €26,000
increase assets and increase liabilities by €26,000.
have no effect on the accounting equation
Freirs Company paid the monthly rent of €6,000. This transaction will
increase Cash and decrease Rent Expense by €6,000
decrease Cash and decrease Rent Expense by €6,000
decrease Cash and increase Rent Expense by €6,000
have no effect on the accounting equation
