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ACCT/382 ACCT382 ACCT 382 Quiz Chapter 1

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ACCT 382 Quiz Chapter 1 Multiple Choice Question 61 The final step in solving an ethical dilemma is to recognize the ethical issues involved. identify and analyze the principal elements in the situation. recognize an ethical situation. identify the alternatives and weigh the impact of each alternative on stakeholders. Multiple Choice Question 100 The basic accounting equation cannot be restated as Assets + Liabilities = Owner’s Equity. Assets – Liabilities = Owner’s Equity. Assets – Owner’s Equity = Liabilities. Owner’s Equity + Liabilities = Assets. Multiple Choice Question 92 Liabilities of a company would not include cash. notes payable. accounts payable. salaries and wages payable. Multiple Choice Question 125 An income statement summarizes the changes in owner’s equity for a specific period of time. reports the changes in assets, liabilities, and owner’s equity over a period of time. reports the assets, liabilities, and owner’s equity at a specific date. presents the revenues and expenses for a specific period of time. Multiple Choice Question 124 A balance sheet shows revenues, expenses, and drawings. assets, liabilities, and owner’s equity. expenses, drawings, and owner’s equity. revenues, liabilities, and owner’s equity. Multiple Choice Question 140 Misra Company compiled the following financial information as of December 31, 2014: Revenues $340,000 Owner’s Capital (1/1/14) 140,000 Equipment 80,000 Expenses 250,000 Cash 90,000 Owner’s Drawings 20,000 Supplies 10,000 Accounts payable 40,000 Accounts receivable 70,000 Misra’s assets on December 31, 2014 are $360,000. $490,000. $180,000. $250,000. Multiple Choice Question 163 Druganaut Company buys a $21,000 van on credit. The transaction will affect the income statement and owner’s equity statement only. income statement, owner’s equity statement, and balance sheet. income statement only. balance sheet only. Multiple Choice Question 142 Teamboo Company’s owner’s equity at the beginning of August 2014 was $750,000. During the month, the company earned net income of $175,000 and owner’s drawings were $75,000. At the end of August 2014, what is the balance in owner’s equity? $675,000 $850,000 $750,000 $825,000 Multiple Choice Question 127 Mofro’s Computer Repair Shop started the year with total assets of $300,000 and total liabilities of $200,000. During the year, the business recorded $500,000 in computer repair revenues, $300,000 in expenses, and Mofro withdrew $50,000. Mofro’s Owner’s Capital balance at the end of the year was $300,000. $100,000. $250,000. $200,000. Multiple Choice Question 149 At October 1, Arcade Fire Enterprises reported owner’s equity of $72,000. During October, no additional investments were made and the company posted a net loss of $8,000. If owner’s equity at October 31 totals $64,000, what amount of owner drawings were made during the month? $16,000 $0 $4,000 $8,000

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