Question 1

Who uses accounting information?

Select one:

a. The internal revenue service.

b. Corporate treasury operations.

c. None of the listed.

d. Investors.

e. Corporate executives.

f. Corporate creditors.

g. All of the listed.

Question2

Not yet answered

Marked out of 10.00

Flag question

Question text

A corporation is:

Select one:

a. A business incorporated under the laws of a state and owned by stockholders.

b. Only incorporated by the IRS.

c. A government agency.

d. A business incorporated under the laws of a state and owned by a single proprietor.

e. A business chartered directly by Congress.

f. An unincorporated business owned by two or more persons.

Question3

Not yet answered

Marked out of 10.00

Flag question

Question text

When a business purchases a truck with cash on hand, that transaction is reflected on the:

Select one:

a. Income statement.

b. Balance sheet and cash flow statement.

c. Cash flow statement.

d. Balance sheet.

e. Income statement, balance sheet, and cash flow statement.

Question4

Not yet answered

Marked out of 10.00

Flag question

Question text

Which of the following statements isFALSE?

Select one:

a. The balance sheet represents a "snapshot" of the company's solvency and financial position.

b. The balance sheet reflects a company's profitability from operations.

c. The statement of cash flows shows the cash inflows and outflows over a period of time.

d. The statement of retained earnings shows the change in retained earnings between the beginning and end of a period.

e. The income statement reflects a company's profitability during a period of time.

Question5

Not yet answered

Marked out of 10.00

Flag question

Question text

The basic accounting equation is:

Select one:

a. Assets A equals Liabilities L + Stockholders' Salaries SS.

b. Assets A equals Liabilities L + Stockholders' Equity SE.

c. Assets A equals Cash C - Loans L - Stockholders' Equity SE.

d. Assets A equals Stockholders' Equity SE - Liabilities L.

e. Stockholders' Equity SE equals Assets A + Liabilities L.

f. None of these.

Question6

Not yet answered

Marked out of 10.00

Flag question

Question text

Of the five primary accounting concepts, which one assumes an indefinite future?

Select one:

a. None of the these.

b. The money measurement concept.

c. Going-concern (continuity) concept.

d. The business entity concept.

e. Exchange-price (or cost) concept (principle).

f. Periodicity (time periods) concept.

Question7

Not yet answered

Marked out of 10.00

Flag question

Question text

The ending balance in retained earnings is shown in the:

Select one:

a. Statement of retained earnings and the balance sheet.

b. Balance sheet.

c. Statement of retained earnings.

d. Income statement.

Question8

Not yet answered

Marked out of 10.00

Flag question

Question text

Which of the following is not a correct form of the accounting equation?

Select one:

a. Assets equals Liabilities + Stockholders' equity.

b. Assets + Stockholders' equity equals Liabilities

c. Assets - Liabilities equals Stockholders' equity.

d. Assets - Stockholders' equity equals Liabilities.

Question9

Not yet answered

Marked out of 10.00

Flag question

Question text

When the stockholders invest cash in the business, what is the effect?

Select one:

a. Both assets and stockholders' equity increase.

b. Both assets and liabilities increase.

c. Liabilities increase and stockholders' equity increases.

d. None of these.

Question10

Not yet answered

Marked out of 10.00

Flag question

Question text

When services are performed on account, what is the accounting effect for the company that provides the services?

Select one:

a. Accounts payable increases and retained earnings decreases.

b. Both accounts receivable and retained earnings increase.

c. Both cash and retained earnings decrease.

d. Both cash and retained earnings increase.

Question11

Not yet answered

Marked out of 6.00

Flag question

Question text

(T / F) The matching principle is fundamental to the accrual basis of accounting.

Select one:

True

False

you have 23 to 30 minutes to answer thier easy basic accounting questions thank you