Project #38963 - introduction to accounting

1.   Please do not bid if cannot make a passing score  


     A corporation: 


a.   Has limited risk to stockholders.

b.    Is owned by stockholders

c.   can continue indefinitely

d.    all of above

answer D

2.     26) Mark paid $800 cash to partially reduce the amount owed for equipment that was previously bought on account. This transaction would:

A) increase both assets and liabilities.

B) increase assets and decrease liabilities.

C) decrease both assets and liabilities.

D) decrease assets and increase liabilities.


Answer c


3.   which accounts are effected when the owner withdraws cash from the business?


A.   Assets and withdrawers

B.   Assets and liabilities

C.   Liabilities and capital

D.   None of above



4 An asset would be debited and a liability credited if

A the business bought supplies for cash

B the business incurred an expense and did not pay for the expense immediately

C the business bought equipment on account

D the business incurred an expense and paid it.



5.   which of the following is not a financial statement?


a.   balance sheet

b.    statement of owners equity

c.    trial balance

d.    income statement





6.   the trial balance list the accounts:

a.   all credits first and then debits

b.    in the same order of ledger

c.   all debits first and then credit

d.   alphabetically


7.   the Sarbanes-Oxley act was passed to:

a prevent fraud at public companies

b. replace all the old accounting procedures with new ones

c. improve the accuracy of the companys financial reporting

d both A and C


8.   which of the following is not a type of business organization ?

a.   corporation

b.   Operarion

c.   Sole proprietorship

d.   Partnership


9.   what would be the effect on accounts if the business received a telephone bill but did not pay it immediately

a.   an expense would be debited and a liability credited

b.   an expense would be debited ad an asset credited

c.   capital would be debited and revenue credited

d.    an asset would be debited and capital credited



10.                 the adjustment for accrued wages included the entire pay period, some of which occurs next month. This would:

a.   understate the liabilities

b.   overstate net income

c.   overstate the liabilities


d.   none of above

Subject Mathematics
Due By (Pacific Time) 09/03/2014 12:00 am
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