A Aaisha Al Shuai Financial Accounting. Test -1 Spring 2021.. Word T - A Aa A A 1-A 1 1 -A-D-A x x 20. Omer Company showed the following balances at the end of its first year: Cash $ 14,000 Prepaid insurance 1,400 Accounts receivable 7.000 Accounts payable 5,600 Notes payable 8.400 Share capital-ordinary 2.800 Dividends 1,400 Revenues 42.000 Expenses 35,000 What did Omer Company show as total credits on its trial balance? a. $60,200 b.$58,800 c.$57,400 d. $61,600 21. A broad rule adopted by the accounting profession as a guide in measuring, recording, and reporting the financial affairs and activities of a business is known as a. an accounting concept. b. an accounting principle. c. the basic accounting equation d objectivity principle. 22. Assets total $50,000 and Liabilities total $10,000. The equity of the business must total a. $4,000 b. $40,000 c. $400 d. $40. A Aaisha Al Shuai Financial Accounting. Test-1 Spring 2021.. Word T 1 1-A - A Aa A A -AO-A : 1 x x do GLY 4. Salem's Accessory Shop started the year with total assets of $210,000 and total liabilities of $120,000. During the year the business recorded $330,000 in revenues, $165,000 in expenses, and dividends of S60,000. The net income reported by Salem's Accessory Shop for the year was a. $120,000 b. $150,000 c. $195,000 d. $165,000 5. The financial statement that reports the revenues and expenses for a period of time such as a year or a month is the a. Balance Sheet b. Income Statement. c. Statement of Cash Flows. d. none of the above, 6. Assets are usually reported on the balance sheet at which amount? a Cost. b. Current Market Value c. Expected Selling Price. d. none of the above Financial Accounting 1 (BSDR1004) Test 1 Spring 2021 Page 1 A Aaisha Al Shuai Financial Accounting. Test -1 Spring 2021.. Word T - A Aa A A 1-A 1 1 -A-D-A x x 20. Omer Company showed the following balances at the end of its first year: Cash $ 14,000 Prepaid insurance 1,400 Accounts receivable 7.000 Accounts payable 5,600 Notes payable 8.400 Share capital-ordinary 2.800 Dividends 1,400 Revenues 42.000 Expenses 35,000 What did Omer Company show as total credits on its trial balance? a. $60,200 b.$58,800 c.$57,400 d. $61,600 21. A broad rule adopted by the accounting profession as a guide in measuring, recording, and reporting the financial affairs and activities of a business is known as a. an accounting concept. b. an accounting principle. c. the basic accounting equation d objectivity principle. 22. Assets total $50,000 and Liabilities total $10,000. The equity of the business must total a. $4,000 b. $40,000 c. $400 d. $40. A Aaisha Al Shuai Financial Accounting. Test-1 Spring 2021.. Word T 1 1-A - A Aa A A -AO-A : 1 x x do GLY 4. Salem's Accessory Shop started the year with total assets of $210,000 and total liabilities of $120,000. During the year the business recorded $330,000 in revenues, $165,000 in expenses, and dividends of S60,000. The net income reported by Salem's Accessory Shop for the year was a. $120,000 b. $150,000 c. $195,000 d. $165,000 5. The financial statement that reports the revenues and expenses for a period of time such as a year or a month is the a. Balance Sheet b. Income Statement. c. Statement of Cash Flows. d. none of the above, 6. Assets are usually reported on the balance sheet at which amount? a Cost. b. Current Market Value c. Expected Selling Price. d. none of the above Financial Accounting 1 (BSDR1004) Test 1 Spring 2021 Page 1