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1.What do we call the result obtained when revenue is less than cost? A. Profit B. Loss C. Value D. Risk 2.Liabilities are defined as: A. earnings retained in the business. B. amounts owed to lenders or creditors. C. stockholders' claims to assets. D. future economic benefits of a company. 3.Assets are defined as: A. amounts owed to others. B. economic resources of a company. C. stockholders' claims to assets. D. earnings retained in the business. 4.Neil owns a sporting goods store. In his accounting records, he included his personal computer and all of his personal sporting gear. Neil is violating what principle of accounting? A. Cost B. Going concern C. Business entity D. Reliability 5.Simon lists his building at current replacement value, rather than the price he paid for the building. What principle is Simon violating? A. Going concern B. Business entity C. Reliability D. Cost 6.Which accounting concept or principle specifically states that we should record transactions that can be verified? A. Goingminusconcern concept B. Reliability principle C. Cost principle D. Business entity concept 7.The method of accounting that recognizes a transaction when cash is received or paid is: A. financial accounting. B. cash accounting. C. cost accounting. D. accrual accounting. 8.Liabilities represent: A. earnings kept in the business. B. amounts owed to third parties. C. items owned by the company. D. economic resources of the company. 9.A business pays off a note payable. What effect does this have on the accounting equation? A. Assets decrease, Liabilities remain the same, and Stockholders' Equity increases. B. Assets increase, Liabilities decrease, and Stockholders' Equity remains the same. C. Assets increase, Liabilities remain the same, and Stockholders' Equity increases. D. Assets decrease, Liabilities decrease, and Stockholders' Equity remains the same. 10.Ronald opens his business by investing $12,000. How does this affect the accounting equation? A. Increase in Assets; increase in Stockholders' Equity. B. Increase in Assets; decrease in Stockholders' Equity. C. Decrease in Assets; increase in Stockholders' Equity. D. Increase in Liabilities; increase in Stockholders' Equity. 11.An increase in revenues would have which of the following effects on the accounting equation? A. Increase Liabilities B. Increase Stockholders' Equity C. Increase Common Stock D. Decrease Stockholders' Equity 12.A company has Liabilities of $23,700 and Stockholders' Equity of $56,800. How much does the company have in Assets? A. $56,800 B. $80,500 C. $23,700 D. $33,100 13.in Liabilities. How much does the company have in Stockholders' Equity? A. $ 130 comma 000$130,000 B. $ 68 comma 000$68,000 C. $ 198 comma 000$198,000 D. $ 62 comma 000 14.If Total Assets remain the same and Total Stockholders' Equity increases, Liabilities will: A. remain the same. B. decrease by the same amount. C. increase by a different amount. D. increase by the same amount. 15.In the expanded accounting equation, revenues minus expenses are part of: A. Dividends. B. Liabilities. C. Retained Earnings. D. Assets. 16.Which of the following financial statements illustrates the accounting equation? A. Balance Sheet B. Statement of Retained Earnings C. Statement of Cash Flows D. Income Statement 17.The Balance Sheet is used to report: A. the financial position on a specific date. B. results of operations for a specific period. C. results of operations for a specific date. D. the financial position for a specific period. 18.The Income Statement is used to report: A. results of operations for a specific date. B. the financial position on a specific date. C. results of operations for a specific period. D. the financial position for a specific period. 19.A company has Liabilities of $130000 IN ASSETSS 68000 IN LIABILITIES. How much does the company have in Stockholders' Equity A 130000 B 68000 C 19800 D 62000 20.The method of accounting that recognizes a transaction when it occurs is: A. cost accounting. B. accrual accounting. C. financial accounting. D. cash accounting