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Sample MC for Midterm THE ACCOUNTING EQUATION A company's total liabilities decreased by $ 1 0 5 , 0 0 0 and its stockholders' equity
Sample MC for Midterm THE ACCOUNTING EQUATION A company's total liabilities decreased by $ and its stockholders' equity decreased $ during a period of time. By what amount and in what direction must the company's total assets have changed during that same period? a $ increase b $ decrease c $ decrease d $ decrease Jimmy's Repair Shop started the year with total assets of $ and total liabilities of $ During the year, the business recorded $ in revenues, $ in expenses, and dividends of $ The net income reported by Jimmy's Repair Shop for the year was a $ b $ c $ d $ FINANCIAL STATEMENTS An income statement a summarizes the changes in retained earnings for a specific period of time. b reports the changes in assets, liabilities, and stockholders' equity over a period of time. c reports the assets, liabilities, and stockholders' equity at a specific date. d presents the revenues and expenses for a specific period of time. Which of the following financial statements is divided into major categories of operating, investing, and financing activities? a The income statement b The balance sheet c The retained earnings statement d The statement of cash flows
Sample MC for Midterm
THE ACCOUNTING EQUATION
A company's total liabilities decreased by $ and its stockholders' equity decreased
$ during a period of time. By what amount and in what direction must the company's
total assets have changed during that same period?
a $ increase
b $ decrease
c $ decrease
d $ decrease
Jimmy's Repair Shop started the year with total assets of $ and total liabilities of
$ During the year, the business recorded $ in revenues, $ in
expenses, and dividends of $ The net income reported by Jimmy's Repair
Shop for the year was
a $
b $
c $
d $
FINANCIAL STATEMENTS
An income statement
a summarizes the changes in retained earnings for a specific period of time.
b reports the changes in assets, liabilities, and stockholders' equity over a period of time.
c reports the assets, liabilities, and stockholders' equity at a specific date.
d presents the revenues and expenses for a specific period of time.
Which of the following financial statements is divided into major categories of operating,
investing, and financing activities?
a The income statement
b The balance sheet
c The retained earnings statement
d The statement of cash flows
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