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11) Which of the following is a business transaction?

1. A company hires a new marketing manager.
2. A company signs a contact for services to be provided during the first quarter of the next fiscal year.
3. A company pays its employees a year-end bonus.
4. A company applies for a mortgage that will be used to purchase a new office building.

12) The owner of a_____ is personally liable for all the business debts.

A) proprietorship B) corporation

C) limited-liability company D) All of the above are correct.

13) The assets of a company:

1. include property, plant, and equipment and accounts payable.
2. represent economic resources that are expected to produce a future benefit.
3. include short-term investments and notes payable.
4. must equal the liabilities of the company.

14) The income statement:

1. reports the results of operations since the inception of the business.
2. covers a defined period of time.
3. must cover only a month in time.
4. is not dated.

15) Every journal entry:

1. must debit at least one account and credit at least one account.
2. affects both an income statement account and a balance sheet account.
3. must increase at least one account and decrease at least one account.
4. is recorded in either the journal or the ledger.

16) Which of the following is a CORRECT statement about the two bases of accounting (Cash and accrual basis of Accounting)?

1. Cash-basis accounting records expenses only at the end of the month.
2. GAAP requires accrual accounting.
3. Only the largest companies in the United States use accrual accounting.
4. Cash-basis accounting records revenues when they are earned.

17) The proper order for the accounting process is:

1. transaction occurs, posting, journalizing.
2. transaction occurs, posting, transaction analyzed, journalizing.
3. transaction occurs, transaction analyzed, journalizing, and posting.
4. posting, transaction occurs, journalizing.