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1. Michaelsom Company owes you RM800 on account due within 15 days. Which of the following amounts on its balance sheet would help you to determine the likelihood that you will be paid in full and on time?

A. cash and accounts receivable.

B. cash and property and equipment.

C. cash and inventory.

D. contributed capital and retained earnings.

2. Downey Bank, in deciding whether to make a loan to Bjorn Company, would be interested in the amount of liabilities Bjorn has on its balance sheet because

A. the liabilities represent resources that could be used to repay the loan.

B. if Bjorn already has many other obligations, it might not be able to repay the loan.

C. existing liabilities give an indication of how profitable Bjorn has been in the past.

D. Downey would be interested in the amount of Bjorn's assets but not the amount of

liabilities.

3. The two categories of stockholders' equity usually found on the balance sheet of a corporation are_____

A. contributed capital and long-term liabilities

B. contributed capital and property, plant, and equipment

C. retained earnings and notes payable

D. contributed capital and retained earnings.

4.If a business received RM2,000.00 from sales, this would ________________.

1. Increase assets and decrease liabilities.
2. Increase assets and increase owner's equity.
3. Increase liabilities and decrease owner's equity.
4. Decrease assets and decrease owner's equity.

5.The basic sequence in the accounting cycle can best be described as ________________.

1. Transaction, source document, journal entry, ledger account, trial balance.
2. Transaction, journal entry, source document, ledger account, trial balance.
3. Transaction, source document, journal entry, trial balance, ledger account.
4. Source document, transaction, ledger account, journal entry, trial balance.

6.Salman withdrew some goods amounted of RM6,700.00 from his shop for personal use. The correct journal entries would be ________________.

1. Debit Drawings and Credit Purchases RM6,700.00.
2. Debit Goods RM6,700.00 and Credit Capital RM6,700.00.
3. Debit Capital RM6,700.00 and Credit Inventory RM6,700.00.
4. Debit Drawings RM6,700.00 and Credit Inventory RM6,700.00.

7. On the statement of cash flows, a company would report the purchase of machinery as cash used in

A. operating activities.

B. financing activities.

C. purchasing activities.

D. investing activities.