he payment of accounts payable would __________.
Part 1 of 1 - Question 1 of 20 55.0/ 100.0 Points 5.0/ 5.0 Points The payment of accounts payable would __________. A. increase both assets and liabilities B. increase assets and decrease liabilities C. decrease both assets and liabilities D. decrease assets and increase liabilities Question 2 of 20 0.0/ 5.0 Points The net income or net loss is calculated on the __________. A. balance sheet B. statement of owner's equity C. income statement D. None of the above answers are correct. Question 3 of 20 5.0/ 5.0 Points A company has $4,500 in its Revenue account at the end of a period. The Expenses are as follows: Rent, $750; Utilities, $150; Salaries, $2,400; Insurance, $225. The net income (loss. for the period is __________. A. $3,600 B. ($2,100. C. $975 D. ($1,425. Question 4 of 20 5.0/ 5.0 Points BPK Industries has a net income for the period of $2,500. The balance in the Owner's Capital account for the beginning of the period is $5,000 and the owner has withdrawn $1,650 for personal expenses. The balance in the Owner's Capital account at the end of the period will be __________. A. $5,850 B. $7,500 C. $850 D. $9,150 Question 5 of 20 5.0/ 5.0 Points A company has the following balances in its asset accounts: Cash, $750; Accounts Receivable, $125; Equipment, $2,000; Supplies, $875. The amount of the company's total assets is __________. A. $875 B. $1,750 C. $2,875 D. $3,750 Question 6 of 20 0.0/ 5.0 Points Go Blue Retail Store collected $12,000 of its accounts receivable. The expanded accounting equation changes include __________. A. cash and capital increase, $12,000 B. cash and revenue increase, $12,000 C. cash increases and accounts receivable decreases $12,000 D. accounts receivable decreases and capital increases $12,000 Question 7 of 20 5.0/ 5.0 Points An expense should be recorded when __________. A. the bill is paid B. the expense is incurred C. a bill is received in the mail D. None of the above answers are correct. Question 8 of 20 The increase or decrease in the owner's equity is reported on the __________. A. income statement B. statement of owner's equity C. balance sheet D. All of these answers are correct. 5.0/ 5.0 Points Question 9 of 20 0.0/ 5.0 Points Which of the following transactions has no effect on owner's equity? A. paying salaries expense B. equipment purchase C. billing for services rendered D. a withdrawal Question 10 of 20 0.0/ 5.0 Points Which financial statement is prepared first? A. Statement of Owner's Equity B. Balance Sheet C. Income Statement D. None of the above Question 11 of 20 Which of the following is included in the balance sheet? A. revenue B. salaries expense C. utilities expense 0.0/ 5.0 Points D. accounts payable Question 12 of 20 5.0/ 5.0 Points Expenses __________. A. are costs the company incurs in carrying on operations B. are a subdivision of owner's equity C. record personal expenses not related to the business D. Both A and B are correct. Question 13 of 20 5.0/ 5.0 Points Which of the following items are on both the balance sheet and the statement of owner's equity? A. Net loss B. Capital C. Additional owner's investments D. Owner's withdrawals Question 14 of 20 A revenue should be recorded when __________. A. it is earned 5.0/ 5.0 Points B. payment is received C. the invoice is sent to the customer D. None of the above answers are correct. Question 15 of 20 0.0/ 5.0 Points Which statement is prepared for only one date? A. Income Statement B. Statement of Cash Flows C. Balance Sheet D. Statement of Owner's Equity Question 16 of 20 5.0/ 5.0 Points When services are rendered but payment is not made, which account would be increased? A. accounts receivable B. accounts payable C. cash D. withdrawal Question 17 of 20 The statement of owner's equity contains the __________. 0.0/ 5.0 Points A. owner's capital for the beginning of the period B. liabilities of the company C. total amount owed by credit customers D. balance in the cash account Question 18 of 20 0.0/ 5.0 Points Ryan withdrew cash from the business to pay his personal cell phone bill. The expanded accounting equation changes include __________. A. increase in both cash and withdrawal B. decrease in both cash and withdrawal C. decrease in cash and increase in withdrawal D. increase in cash and decrease in withdrawal Question 19 of 20 0.0/ 5.0 Points Larry's Landscaping has total liabilities of $1,650 and assets of $2,500. The amount of the owner's equity is __________. A. $4,150 B. $2,500 C. $850 D. $1,650 Question 20 of 20 5.0/ 5.0 Points If 'Ol Fashioned Toys' revenues are less than its expenses during the accounting period, then __________. A. owner's withdrawals decrease net income B. net income causes liabilities to decrease C. the business will incur a loss D. owner's withdrawals increase owner's equity Part 1 of 1 - Question 1 of 20 55.0/ 100.0 Points 5.0/ 5.0 Points The payment of accounts payable would __________. A. increase both assets and liabilities B. increase assets and decrease liabilities C. decrease both assets and liabilities D. decrease assets and increase liabilities Question 2 of 20 0.0/ 5.0 Points The net income or net loss is calculated on the __________. A. balance sheet B. statement of owner's equity C. income statement D. None of the above answers are correct. Question 3 of 20 5.0/ 5.0 Points A company has $4,500 in its Revenue account at the end of a period. The Expenses are as follows: Rent, $750; Utilities, $150; Salaries, $2,400; Insurance, $225. The net income (loss. for the period is __________. A. $3,600 B. ($2,100. C. $975 D. ($1,425. Question 4 of 20 5.0/ 5.0 Points BPK Industries has a net income for the period of $2,500. The balance in the Owner's Capital account for the beginning of the period is $5,000 and the owner has withdrawn $1,650 for personal expenses. The balance in the Owner's Capital account at the end of the period will be __________. A. $5,850 B. $7,500 C. $850 D. $9,150 Question 5 of 20 5.0/ 5.0 Points A company has the following balances in its asset accounts: Cash, $750; Accounts Receivable, $125; Equipment, $2,000; Supplies, $875. The amount of the company's total assets is __________. A. $875 B. $1,750 C. $2,875 D. $3,750 Question 6 of 20 0.0/ 5.0 Points Go Blue Retail Store collected $12,000 of its accounts receivable. The expanded accounting equation changes include __________. A. cash and capital increase, $12,000 B. cash and revenue increase, $12,000 C. cash increases and accounts receivable decreases $12,000 D. accounts receivable decreases and capital increases $12,000 Question 7 of 20 5.0/ 5.0 Points An expense should be recorded when __________. A. the bill is paid B. the expense is incurred C. a bill is received in the mail D. None of the above answers are correct. Question 8 of 20 The increase or decrease in the owner's equity is reported on the __________. A. income statement B. statement of owner's equity C. balance sheet D. All of these answers are correct. 5.0/ 5.0 Points Question 9 of 20 0.0/ 5.0 Points Which of the following transactions has no effect on owner's equity? A. paying salaries expense B. equipment purchase C. billing for services rendered D. a withdrawal Question 10 of 20 0.0/ 5.0 Points Which financial statement is prepared first? A. Statement of Owner's Equity B. Balance Sheet C. Income Statement D. None of the above Question 11 of 20 Which of the following is included in the balance sheet? A. revenue B. salaries expense C. utilities expense 0.0/ 5.0 Points D. accounts payable Question 12 of 20 5.0/ 5.0 Points Expenses __________. A. are costs the company incurs in carrying on operations B. are a subdivision of owner's equity C. record personal expenses not related to the business D. Both A and B are correct. Question 13 of 20 5.0/ 5.0 Points Which of the following items are on both the balance sheet and the statement of owner's equity? A. Net loss B. Capital C. Additional owner's investments D. Owner's withdrawals Question 14 of 20 A revenue should be recorded when __________. A. it is earned 5.0/ 5.0 Points B. payment is received C. the invoice is sent to the customer D. None of the above answers are correct. Question 15 of 20 0.0/ 5.0 Points Which statement is prepared for only one date? A. Income Statement B. Statement of Cash Flows C. Balance Sheet D. Statement of Owner's Equity Question 16 of 20 5.0/ 5.0 Points When services are rendered but payment is not made, which account would be increased? A. accounts receivable B. accounts payable C. cash D. withdrawal Question 17 of 20 The statement of owner's equity contains the __________. 0.0/ 5.0 Points A. owner's capital for the beginning of the period B. liabilities of the company C. total amount owed by credit customers D. balance in the cash account Question 18 of 20 0.0/ 5.0 Points Ryan withdrew cash from the business to pay his personal cell phone bill. The expanded accounting equation changes include __________. A. increase in both cash and withdrawal B. decrease in both cash and withdrawal C. decrease in cash and increase in withdrawal D. increase in cash and decrease in withdrawal Question 19 of 20 0.0/ 5.0 Points Larry's Landscaping has total liabilities of $1,650 and assets of $2,500. The amount of the owner's equity is __________. A. $4,150 B. $2,500 C. $850 D. $1,650 Question 20 of 20 5.0/ 5.0 Points If 'Ol Fashioned Toys' revenues are less than its expenses during the accounting period, then __________. A. owner's withdrawals decrease net income B. net income causes liabilities to decrease C. the business will incur a loss D. owner's withdrawals increase owner's equity
