Question 10.5 pts

If total assets increased by $190,000 during a specific period and liabilities decreased by $10,000 during the same period, the period's change in total stockholders' equity was a $200,000 increase.

Group of answer choices

False

True

Flag question: Question 2

Question 20.5 pts

Dividends paid to stockholders decrease assets and increase equity.

Group of answer choices

False

True

Flag question: Question 3

Question 31 pts

Which of the following is a service business?

Group of answer choices

Facebook

Walmart

Microsoft

Dell Computers

Flag question: Question 4

Question 41 pts

Which of the following is not a business transaction?

Group of answer choices

make a sales offer

sell goods for cash

pay for supplies

receive cash for services to be rendered later

Flag question: Question 5

Question 51 pts

A business paid $7,000 to a creditor in payment of an amount owed. The effect of the transaction on the accounting equation was to

Group of answer choices

increase an asset, increase a liability

decrease an asset, decrease a liability

increase an asset, decrease another asset

increase an asset, increase stockholders' equity

Flag question: Question 6

Question 61 pts

The asset created by a business when it makes a sale on account is termed

Group of answer choices

accounts payable

interest revenue

accounts receivable

prepaid expense

Flag question: Question 7

Question 71 pts

How does receiving a bill to be paid next month for services received affect the accounting equation?

Group of answer choices

liabilities increase; stockholders' equity increases

assets decrease; stockholders' equity decreases

assets increase; liabilities increase

liabilities increase; stockholders' equity decreases

Flag question: Question 8

Question 81 pts

How does the payment of rent for equipment affect the accounting equation?

Group of answer choices

assets decrease; stockholders' equity decreases

assets increase; assets decrease

assets increase; stockholders' equity increases

assets decrease; liabilities increase

Flag question: Question 9

Question 91 pts

Which of the following financial statements reports information as of a specific date?

Group of answer choices

income statement

retained earnings statement

balance sheet

statement of cash flows

Flag question: Question 10

Question 101 pts

Liabilities are reported on the

Group of answer choices

statement of cash flows

retained earnings statement

balance sheet

income statement

Flag question: Question 11

Question 111 pts

The ending balance of the retained earnings account appears in

Group of answer choices

both the retained earnings statement and the balance sheet

only the retained earnings statement

both the retained earnings statement and the income statement

both the retained earnings statement and the statement of cash flows