Question 1 The main purpose of financial accounting is to prepare tax returns B to report information to internal users c to report financial information to external users to report to management and employees Question 2 Stockholders' equity is A. assets plus liabilities O B. assets minus liabilities oc. assets plus revenues D. assets minus expenses Question 3 Which of the following statements is correct about the accounting equation? A. Economic resources = Creditors' claims - Stockholders' claims. Economic resources = Creditors' claims + Stockholders' claims. oc Economic resources + Creditors' claims = Stockholders' claims. Creditors' claims = Economic resources + Stockholders' claims. Corporation had a beginning retained coming balance of $70,000. It during the year Corporation ad dividends 54000 and had a time of 534000. what was the ending rendamin DAS104000 e 3100.000 Question 5 Calculate net income using the following appropriate information Assets, 520,000, Liabilities, 512000; Revenues. 555.000; Total expenses, 522,000: Dividends. $2.500. 533.000 530.500 552.000 555.500 Question 6 Which of the following statements best describe revenues? Amounts owed O A. Amounts owed Amounts recorded for providing services or selling products. c. Cost of providing services. D. Resources of the company Question 7 Which of the following items would not appear in a balance sheet? A accounts payable B. notes payable c. prepaid rent D.rent expense Sor What is th t e ed with 150 000 equity at the end of the and 50.000 de ane income . and distributed dividends of $15.000 and issued a common stock 35.000 Question 9 Which of the following is an independent party that helps to ensure that management appropriately applies financial reporting standards in preparing the company's financial statements? O A FASE B SEC CSB Auditor Question 10 Which of the following basic underlying generally accepted accounting principles states that the economic life of a company can be divided into artificial time periods for financial reporting? Economic entity Monetary units Periodicity Going concern