1) Anytime an owner removes any asset for personal use it is recorded as:
A) a withdrawal.
B) payment of a liability.
C) an investment.
D) an expense.
2) The increase or decrease in the owner’s equity is reported on the:
A) statement of owner’s equity.
B) income statement.
C) balance sheet.
D) all of these
3) The purpose of the accounting process is to provide financial information on:
A) large corporations.
B) small businesses.
C) individuals.
D) All of these answers are correct.
4) Which of the following is not a business organization form?
A) Corporation
B) Sole proprietorship
C) Operation
D) Partnership
5) Owner’s withdrawals:
A) increase expenses.
B) increase liabilities.
C) increase assets.
D) decrease owner’s equity.
6) Cater Right, with total assets of $50,000, borrows $15,000 from the bank.
Which of the following is a True statement upon borrowing the money?
A) Total assets are now $35,000.
B) Owner’s equity is $15,000 more.
C) Total assets are now $50,000.
D) Total assets are now $65,000.
7) Mark paid $500 rent for the month. Identify the accounts affected.
A) Cash and Rent Expenses increase.
B) Cash and Capital increase.
C) Cash decreases, and Rent Expense decreases.
D) Cash decreases, and Rent Expense increases.
8) If Suite Dream Toys’ revenues are less than its expenses during the account-
ing period:
A) the business will incur a loss.
B) owner’s withdrawals decrease owner’s equity.
C) owner withdrawals decrease net income.
D) net income causes liabilities to decrease.
9) The financial statement that shows revenue and expenses for a period of time
is the:
A) statement of owner’s equity.
B) balance sheet.
C) statement of liabilities and capital.
D) income statement.
10) The purchase of a truck with a down payment was recorded as a pure cash
purchase. This error would cause:
A) liabilities were understated.
B) assets were overstated.
C) owner’s equity was overstated.
D) None of the above are correct.
11) The business provided services to a credit customer.
A) Assets and owner’s equity increase.
B) Assets and revenue increase.
C) Liabilities and owner’s equity increase.
D) None of the above are correct.
12) Which of the following transactions would cause an asset to increase and the
owner’s equity to increase?
A) The business bought supplies on account.
B) The owner invested cash in the business.
C) The business incurred an expense on credit.
D) The owner withdrew cash from the business.
13) Which of the following would result if the business provided services to a
customer collecting cash?
A) Cash would increase and Revenue would decrease.
B) Since the cash was collected there is no need to record this.
C) Cash would increase and Capital would increase.
D) Cash would increase and Revenue would increase.
14) A formal account that has columns for date, explanat.
Multiple Choice Questions (Enter your answers on the enclose.docxrosemarybdodson23141
Multiple Choice Questions (Enter your answers on the enclosed answer sheet)
1. A corporation:
a. can continue indefinitely
b. is owned by stockholders
c. has limited risk to stockholders
d. All of the above.
2. The Sarbanes-Oxley Act was passed to:
a. prevent fraud at public companies
b. replace all of the old accounting procedures with new ones
c. improve the accuracy of the company’s financial reporting
d. a and c only
3. A legal firm would be considered a:
a. merchandise company
b. manufacturer
c. service company
d. None of the above.
4. Which of the following is not an asset?
a. Cash
b. Accounts Receivable
c. Accounts Payable
d. Buildings
5. If total liabilities increased by $6,000 and the assets increased by $8,000 during the accounting period, what is the change in the owner’s equity amount?
a. increase of $2,000
b. decrease of $2,000
c. increase of $10,000
d. decrease of $10,000
6. The claims of creditors against the assets are:
a. expenses
b. revenues
c. liabilities
d. owner’s equity
(
BAM
110
Introduction
to
Accounting
F
inal
Examination
)
(
5
)
7. The Owner’s Equity of Logan’s Company is equal to one-quarter of the total assets. Liabilities equal $60,000. What is the amount of Owner’s Equity?
a. $40,000 b. $20,000 c. $30,000
d. None of the above.
8. Assets are equal to:
a. liabilities + owner’s equity
b. liabilities - owner’s equity
c. liabilities - revenues
d. revenues - expenses
9. A compound entry is:
a. a transaction involving more than one debit and/or credit
b. used to prepare the trial balance
c. the same as the chart of accounts
d. found on the income statement
10. A formal account that has columns for date, explanation, post reference, debit, and credit is called the:
a. T account
b. standard account form
c. ledger
d. chart of accounts
11. A ledger:
a. is a group of accounts and their balances
b. can replace the financial statements
c. is the same as a chart of accounts
d. None of the above.
12. The left side of any account is the:
a. debit side
b. credit side
c. ending balance
d. footings
13. The right side of any account is the:
a. debit side
b. credit side
c. ending balance
d. footings
14. What is the proper entry to show the owner making an investment in the company?
a. a credit to Cash and a debit to Capital
b. a debit to Cash and a credit to Capital
c. a debit to Cash and a credit to Revenue
d. a credit to Cash and a debit to Revenue
15. Which of the following entries would be used to record the billing of fees earned?
a. Debit Accounts Receivable and credit Rental Fees
b. Credit Cash and credit Rental Fees
c. Debit Cash and credit Rental Fees
d. Debit Cash and debit Rental Fees
16. Which of the statements of the rules of debit and credit is true?
a. Decrease Accounts Receivable with a credit and the normal balance is a credit.
b. Increase Accounts Payable with a credit and the normal balance is a credit.
c. Increase Capital with a debit and the normal balance is a de.
1. A business owner invests $6,000 in capital, increasing the business's assets. For the accounting equation to balance, transactions must affect both sides.
2. John contributes cash in exchange for capital in Bubble Wraps Inc. The affected accounts are the capital account and cash account.
3. Lush Lawns earned $1,000 for services but payment was promised later. The accounts receivable account increased.
UNIT 1Multiple Choice Questions (Enter your answers on the enc.docxwillcoxjanay
UNIT 1
Multiple Choice Questions (Enter your answers on the enclosed answer sheet)
1. The type of business organization that can continue indefinitely is known as a:
a. sole proprietorship
b. partnership
c. corporation
d. None of the above.
2. The purpose of the accounting process is to provide financial information about:
a. sole proprietorships
b. small businesses
c. large corporations
d. All of the above.
3. The cash purchase of a truck was recorded as a purchase on credit. Due to this error:
a. assets were overstated
b. liabilities were overstated
c. answers a and b are both correct
d. None of the above.
4. Which of the following would cause one asset to increase and another asset to decrease?
a. The owner invested cash in the business.
b. The business paid a creditor.
c. The business incurred an expense on credit.
d. The business bought supplies for cash.
5. Which accounts are affected when the company buys supplies on account?
a. assets and capital
b. liabilities and capital
c. assets and liabilities
d. None of the above.
6. Which accounts are affected when the company provides services to a cash customer?
a. assets and capital
b. liabilities and capital
c. assets and revenue
d. None of the above.
7. Which accounts are affected when the owner withdraws cash from the business?
a. assets and withdrawals
b. liabilities and capital
c. assets and liabilities
d. None of the above.
8. A chart of accounts:
a. is set up in alphabetical order
b. includes account balances
c. is a listing of all the accounts used by a company
d. All of the above.
9. Accounts payable had a normal starting balance of $800. There were debit postings of $600
and credit postings of $300 during the month. The ending balance is:
a. $500 debit
b. $1,000 debit
c. $500 credit
d. $1,000 credit
10. The beginning balance in the computers account was $2,000. The company purchased an
additional $1000 worth of computers. The balance in the account is:
a. debit of $2,000
b. credit of $3,000
c. debit of $3,000
d. credit of $2,000
11. A list of all the accounts from the ledger with their ending balances is called a:
a. normal balance
b. trial balance
c. chart of accounts
d. footing
12. Which of the following is prepared first?
a. balance sheet
b. income statement
c. statement of owner’s equity
d. trial balance
13. Which type of account would not be reported on the income statement?
a. revenue
b. expenses
c. liabilities
d. None of the above.
14. The left column of a financial statement is often used to:
a. subtotal numbers
b. show credits
c. show totals
d. show debits
15. The beginning capital account would appear on which financial statement?
a. statement of owner’s equity
b. balance sheet
c. income statement
d. None of the above.
16. The income statement contains:
a. liabilities
b. revenues
c. assets
d. Both b and c are correct.
17. Net income or net loss for a period is calculated by which of the following formula?
a. total revenues - total withdrawals
b. ...
The document appears to be a list of questions and multiple choice answers from an ACC 290 Final Exam. It includes 30 questions testing knowledge of basic accounting concepts like the statement of cash flows, adjusting entries, inventory costing methods, internal controls, and the Sarbanes-Oxley Act. The student who took the exam answered 28 of the 30 questions correctly, achieving a score of 93.3%.
The document appears to be a list of questions and multiple choice answers from an ACC 290 Final Exam. It includes 30 questions testing knowledge of basic accounting concepts like the statement of cash flows, adjusting entries, inventory costing methods, internal controls, and the Sarbanes-Oxley Act. The student who took the exam answered 28 of the 30 questions correctly, achieving a score of 93.3%.
ACC 290 Final Exam
1. Which financial statement is used to determine cash generated from operations?
A. Income statement
B. Statement of operations
C. Statement of cash flows
D. Retained earnings statement
2. In terms of sequence, in what order must the four basic financial statements be prepared?
A. Balance sheet, income statement, statement of cash flows, and capital statement
B. Income statement, capital statement, statement of cash flows, and balance sheet
C. Balance sheet, capital statement, statement of cash flows, and income statement
D. Income statement, capital statement, balance sheet, and statement of cash flows
3. In classifying transactions, which of the following is true in regard to assets?
A. Normal balances and increases are debits
B. Normal balances and decreases are credits
C. Normal balances can either be debits or credits for assets
D. Normal balances are debits and increases can be debits or credits
4. An increase in an expense
ACC 290 Final Exam
1. Which financial statement is used to determine cash generated from operations?
A. Income statement
B. Statement of operations
C. Statement of cash flows
D. Retained earnings statement
2. In terms of sequence, in what order must the four basic financial statements be prepared?
A. Balance sheet, income statement, statement of cash flows, and capital statement
B. Income statement, capital statement, statement of cash flows, and balance sheet
C. Balance sheet, capital statement, statement of cash flows, and income statement
D. Income statement, capital statement, balance sheet, and statement of cash flows
3. In classifying transactions, which of the following is true in regard to assets?
A. Normal balances and increases are debits
B. Normal balances and decreases are credits
C. Normal balances can either be debits or credits for assets
D. Normal balances are debits and increases can be debits or credits
4. An increase in an expense
ACC 290 Final Exam
1. Which financial statement is used to determine cash generated from operations?
A. Income statement
B. Statement of operations
C. Statement of cash flows
D. Retained earnings statement
2. In terms of sequence, in what order must the four basic financial statements be prepared?
A. Balance sheet, income statement, statement of cash flows, and capital statement
B. Income statement, capital statement, statement of cash flows, and balance sheet
C. Balance sheet, capital statement, statement of cash flows, and income statement
D. Income statement, capital statement, balance sheet, and statement of cash flows
3. In classifying transactions, which of the following is true in regard to assets?
A. Normal balances and increases are debits
B. Normal balances and decreases are credits
C. Normal balances can either be debits or credits for assets
D. Normal balances are debits and increases can be debits or credits
4. An increase in an expense
Multiple Choice Questions (Enter your answers on the enclose.docxrosemarybdodson23141
Multiple Choice Questions (Enter your answers on the enclosed answer sheet)
1. A corporation:
a. can continue indefinitely
b. is owned by stockholders
c. has limited risk to stockholders
d. All of the above.
2. The Sarbanes-Oxley Act was passed to:
a. prevent fraud at public companies
b. replace all of the old accounting procedures with new ones
c. improve the accuracy of the company’s financial reporting
d. a and c only
3. A legal firm would be considered a:
a. merchandise company
b. manufacturer
c. service company
d. None of the above.
4. Which of the following is not an asset?
a. Cash
b. Accounts Receivable
c. Accounts Payable
d. Buildings
5. If total liabilities increased by $6,000 and the assets increased by $8,000 during the accounting period, what is the change in the owner’s equity amount?
a. increase of $2,000
b. decrease of $2,000
c. increase of $10,000
d. decrease of $10,000
6. The claims of creditors against the assets are:
a. expenses
b. revenues
c. liabilities
d. owner’s equity
(
BAM
110
Introduction
to
Accounting
F
inal
Examination
)
(
5
)
7. The Owner’s Equity of Logan’s Company is equal to one-quarter of the total assets. Liabilities equal $60,000. What is the amount of Owner’s Equity?
a. $40,000 b. $20,000 c. $30,000
d. None of the above.
8. Assets are equal to:
a. liabilities + owner’s equity
b. liabilities - owner’s equity
c. liabilities - revenues
d. revenues - expenses
9. A compound entry is:
a. a transaction involving more than one debit and/or credit
b. used to prepare the trial balance
c. the same as the chart of accounts
d. found on the income statement
10. A formal account that has columns for date, explanation, post reference, debit, and credit is called the:
a. T account
b. standard account form
c. ledger
d. chart of accounts
11. A ledger:
a. is a group of accounts and their balances
b. can replace the financial statements
c. is the same as a chart of accounts
d. None of the above.
12. The left side of any account is the:
a. debit side
b. credit side
c. ending balance
d. footings
13. The right side of any account is the:
a. debit side
b. credit side
c. ending balance
d. footings
14. What is the proper entry to show the owner making an investment in the company?
a. a credit to Cash and a debit to Capital
b. a debit to Cash and a credit to Capital
c. a debit to Cash and a credit to Revenue
d. a credit to Cash and a debit to Revenue
15. Which of the following entries would be used to record the billing of fees earned?
a. Debit Accounts Receivable and credit Rental Fees
b. Credit Cash and credit Rental Fees
c. Debit Cash and credit Rental Fees
d. Debit Cash and debit Rental Fees
16. Which of the statements of the rules of debit and credit is true?
a. Decrease Accounts Receivable with a credit and the normal balance is a credit.
b. Increase Accounts Payable with a credit and the normal balance is a credit.
c. Increase Capital with a debit and the normal balance is a de.
1. A business owner invests $6,000 in capital, increasing the business's assets. For the accounting equation to balance, transactions must affect both sides.
2. John contributes cash in exchange for capital in Bubble Wraps Inc. The affected accounts are the capital account and cash account.
3. Lush Lawns earned $1,000 for services but payment was promised later. The accounts receivable account increased.
UNIT 1Multiple Choice Questions (Enter your answers on the enc.docxwillcoxjanay
UNIT 1
Multiple Choice Questions (Enter your answers on the enclosed answer sheet)
1. The type of business organization that can continue indefinitely is known as a:
a. sole proprietorship
b. partnership
c. corporation
d. None of the above.
2. The purpose of the accounting process is to provide financial information about:
a. sole proprietorships
b. small businesses
c. large corporations
d. All of the above.
3. The cash purchase of a truck was recorded as a purchase on credit. Due to this error:
a. assets were overstated
b. liabilities were overstated
c. answers a and b are both correct
d. None of the above.
4. Which of the following would cause one asset to increase and another asset to decrease?
a. The owner invested cash in the business.
b. The business paid a creditor.
c. The business incurred an expense on credit.
d. The business bought supplies for cash.
5. Which accounts are affected when the company buys supplies on account?
a. assets and capital
b. liabilities and capital
c. assets and liabilities
d. None of the above.
6. Which accounts are affected when the company provides services to a cash customer?
a. assets and capital
b. liabilities and capital
c. assets and revenue
d. None of the above.
7. Which accounts are affected when the owner withdraws cash from the business?
a. assets and withdrawals
b. liabilities and capital
c. assets and liabilities
d. None of the above.
8. A chart of accounts:
a. is set up in alphabetical order
b. includes account balances
c. is a listing of all the accounts used by a company
d. All of the above.
9. Accounts payable had a normal starting balance of $800. There were debit postings of $600
and credit postings of $300 during the month. The ending balance is:
a. $500 debit
b. $1,000 debit
c. $500 credit
d. $1,000 credit
10. The beginning balance in the computers account was $2,000. The company purchased an
additional $1000 worth of computers. The balance in the account is:
a. debit of $2,000
b. credit of $3,000
c. debit of $3,000
d. credit of $2,000
11. A list of all the accounts from the ledger with their ending balances is called a:
a. normal balance
b. trial balance
c. chart of accounts
d. footing
12. Which of the following is prepared first?
a. balance sheet
b. income statement
c. statement of owner’s equity
d. trial balance
13. Which type of account would not be reported on the income statement?
a. revenue
b. expenses
c. liabilities
d. None of the above.
14. The left column of a financial statement is often used to:
a. subtotal numbers
b. show credits
c. show totals
d. show debits
15. The beginning capital account would appear on which financial statement?
a. statement of owner’s equity
b. balance sheet
c. income statement
d. None of the above.
16. The income statement contains:
a. liabilities
b. revenues
c. assets
d. Both b and c are correct.
17. Net income or net loss for a period is calculated by which of the following formula?
a. total revenues - total withdrawals
b. ...
The document appears to be a list of questions and multiple choice answers from an ACC 290 Final Exam. It includes 30 questions testing knowledge of basic accounting concepts like the statement of cash flows, adjusting entries, inventory costing methods, internal controls, and the Sarbanes-Oxley Act. The student who took the exam answered 28 of the 30 questions correctly, achieving a score of 93.3%.
The document appears to be a list of questions and multiple choice answers from an ACC 290 Final Exam. It includes 30 questions testing knowledge of basic accounting concepts like the statement of cash flows, adjusting entries, inventory costing methods, internal controls, and the Sarbanes-Oxley Act. The student who took the exam answered 28 of the 30 questions correctly, achieving a score of 93.3%.
ACC 290 Final Exam
1. Which financial statement is used to determine cash generated from operations?
A. Income statement
B. Statement of operations
C. Statement of cash flows
D. Retained earnings statement
2. In terms of sequence, in what order must the four basic financial statements be prepared?
A. Balance sheet, income statement, statement of cash flows, and capital statement
B. Income statement, capital statement, statement of cash flows, and balance sheet
C. Balance sheet, capital statement, statement of cash flows, and income statement
D. Income statement, capital statement, balance sheet, and statement of cash flows
3. In classifying transactions, which of the following is true in regard to assets?
A. Normal balances and increases are debits
B. Normal balances and decreases are credits
C. Normal balances can either be debits or credits for assets
D. Normal balances are debits and increases can be debits or credits
4. An increase in an expense
ACC 290 Final Exam
1. Which financial statement is used to determine cash generated from operations?
A. Income statement
B. Statement of operations
C. Statement of cash flows
D. Retained earnings statement
2. In terms of sequence, in what order must the four basic financial statements be prepared?
A. Balance sheet, income statement, statement of cash flows, and capital statement
B. Income statement, capital statement, statement of cash flows, and balance sheet
C. Balance sheet, capital statement, statement of cash flows, and income statement
D. Income statement, capital statement, balance sheet, and statement of cash flows
3. In classifying transactions, which of the following is true in regard to assets?
A. Normal balances and increases are debits
B. Normal balances and decreases are credits
C. Normal balances can either be debits or credits for assets
D. Normal balances are debits and increases can be debits or credits
4. An increase in an expense
ACC 290 Final Exam
1. Which financial statement is used to determine cash generated from operations?
A. Income statement
B. Statement of operations
C. Statement of cash flows
D. Retained earnings statement
2. In terms of sequence, in what order must the four basic financial statements be prepared?
A. Balance sheet, income statement, statement of cash flows, and capital statement
B. Income statement, capital statement, statement of cash flows, and balance sheet
C. Balance sheet, capital statement, statement of cash flows, and income statement
D. Income statement, capital statement, balance sheet, and statement of cash flows
3. In classifying transactions, which of the following is true in regard to assets?
A. Normal balances and increases are debits
B. Normal balances and decreases are credits
C. Normal balances can either be debits or credits for assets
D. Normal balances are debits and increases can be debits or credits
4. An increase in an expense
ACC 290 Final Exam
1. Which financial statement is used to determine cash generated from operations?
A. Income statement
B. Statement of operations
C. Statement of cash flows
D. Retained earnings statement
2. In terms of sequence, in what order must the four basic financial statements be prepared?
A. Balance sheet, income statement, statement of cash flows, and capital statement
B. Income statement, capital statement, statement of cash flows, and balance sheet
C. Balance sheet, capital statement, statement of cash flows, and income statement
D. Income statement, capital statement, balance sheet, and statement of cash flows
3. In classifying transactions, which of the following is true in regard to assets?
A. Normal balances and increases are debits
B. Normal balances and decreases are credits
C. Normal balances can either be debits or credits for assets
D. Normal balances are debits and increases can be debits or credits
4. An increase in an expense
ACC 290 Final Exam
1. Which financial statement is used to determine cash generated from operations?
A. Income statement
B. Statement of operations
C. Statement of cash flows
D. Retained earnings statement
2. In terms of sequence, in what order must the four basic financial statements be prepared?
A. Balance sheet, income statement, statement of cash flows, and capital statement
B. Income statement, capital statement, statement of cash flows, and balance sheet
C. Balance sheet, capital statement, statement of cash flows, and income statement
D. Income statement, capital statement, balance sheet, and statement of cash flows
3. In classifying transactions, which of the following is true in regard to assets?
A. Normal balances and increases are debits
B. Normal balances and decreases are credits
C. Normal balances can either be debits or credits for assets
D. Normal balances are debits and increases can be debits or credits
4. An increase in an expense
ACC 290 Final Exam
1. Which financial statement is used to determine cash generated from operations?
A. Income statement
B. Statement of operations
C. Statement of cash flows
D. Retained earnings statement
2. In terms of sequence, in what order must the four basic financial statements be prepared?
A. Balance sheet, income statement, statement of cash flows, and capital statement
B. Income statement, capital statement, statement of cash flows, and balance sheet
C. Balance sheet, capital statement, statement of cash flows, and income statement
D. Income statement, capital statement, balance sheet, and statement of cash flows
3. In classifying transactions, which of the following is true in regard to assets?
A. Normal balances and increases are debits
B. Normal balances and decreases are credits
C. Normal balances can either be debits or credits for assets
D. Normal balances are debits and increases can be debits or credits
4. An increase in an expense
ACC 290 Final Exam
1. Which financial statement is used to determine cash generated from operations?
A. Income statement
B. Statement of operations
C. Statement of cash flows
D. Retained earnings statement
2. In terms of sequence, in what order must the four basic financial statements be prepared?
A. Balance sheet, income statement, statement of cash flows, and capital statement
B. Income statement, capital statement, statement of cash flows, and balance sheet
C. Balance sheet, capital statement, statement of cash flows, and income statement
D. Income statement, capital statement, balance sheet, and statement of cash flows
3. In classifying transactions, which of the following is true in regard to assets?
A. Normal balances and increases are debits
B. Normal balances and decreases are credits
C. Normal balances can either be debits or credits for assets
D. Normal balances are debits and increases can be debits or credits
4. An increase in an expense
ACC 290 Final Exam
1. Which financial statement is used to determine cash generated from operations?
A. Income statement
B. Statement of operations
C. Statement of cash flows
D. Retained earnings statement
2. In terms of sequence, in what order must the four basic financial statements be prepared?
A. Balance sheet, income statement, statement of cash flows, and capital statement
B. Income statement, capital statement, statement of cash flows, and balance sheet
C. Balance sheet, capital statement, statement of cash flows, and income statement
D. Income statement, capital statement, balance sheet, and statement of cash flows
3. In classifying transactions, which of the following is true in regard to assets?
A. Normal balances and increases are debits
B. Normal balances and decreases are credits
C. Normal balances can either be debits or credits for assets
D. Normal balances are debits and increases can be debits or credits
4. An increase in an expense
ACC 290 Final Exam
1. Which financial statement is used to determine cash generated from operations?
A. Income statement
B. Statement of operations
C. Statement of cash flows
D. Retained earnings statement
2. In terms of sequence, in what order must the four basic financial statements be prepared?
A. Balance sheet, income statement, statement of cash flows, and capital statement
B. Income statement, capital statement, statement of cash flows, and balance sheet
C. Balance sheet, capital statement, statement of cash flows, and income statement
D. Income statement, capital statement, balance sheet, and statement of cash flows
3. In classifying transactions, which of the following is true in regard to assets?
A. Normal balances and increases are debits
B. Normal balances and decreases are credits
C. Normal balances can either be debits or credits for assets
D. Normal balances are debits and increases can be debits or credits
4. An increase in an expense
ACC 290 Final Exam
1. Which financial statement is used to determine cash generated from operations?
A. Income statement
B. Statement of operations
C. Statement of cash flows
D. Retained earnings statement
2. In terms of sequence, in what order must the four basic financial statements be prepared?
A. Balance sheet, income statement, statement of cash flows, and capital statement
B. Income statement, capital statement, statement of cash flows, and balance sheet
C. Balance sheet, capital statement, statement of cash flows, and income statement
D. Income statement, capital statement, balance sheet, and statement of cash flows
3. In classifying transactions, which of the following is true in regard to assets?
A. Normal balances and increases are debits
B. Normal balances and decreases are credits
C. Normal balances can either be debits or credits for assets
D. Normal balances are debits and increases can be debits or credits
4. An increase in an expense
ACC 290 Final Exam
1. Which financial statement is used to determine cash generated from operations?
A. Income statement
B. Statement of operations
C. Statement of cash flows
D. Retained earnings statement
2. In terms of sequence, in what order must the four basic financial statements be prepared?
A. Balance sheet, income statement, statement of cash flows, and capital statement
B. Income statement, capital statement, statement of cash flows, and balance sheet
C. Balance sheet, capital statement, statement of cash flows, and income statement
D. Income statement, capital statement, balance sheet, and statement of cash flows
3. In classifying transactions, which of the following is true in regard to assets?
A. Normal balances and increases are debits
B. Normal balances and decreases are credits
C. Normal balances can either be debits or credits for assets
D. Normal balances are debits and increases can be debits or credits
4. An increase in an expense
The document is a practice exam for ACC 290 Final Exam that contains 31 multiple choice questions covering various accounting concepts. Some of the key concepts assessed include:
- The statement of cash flows is used to determine cash generated from operations.
- The basic financial statements must be prepared in a specific order.
- Accounting entries involve debits and credits with normal balances for different accounts.
- Inventory and expense accounts are adjusted at the end of an accounting period.
- The adjusted trial balance proves the equality of debit and credit balances after adjustments.
The document is a practice exam for ACC 290 Final Exam that contains 31 multiple choice questions covering key accounting concepts. Some of the concepts addressed include:
- The statement of cash flows is used to determine cash generated from operations.
- The basic financial statements must be prepared in a specific order: balance sheet, income statement, statement of cash flows, notes to financial statements.
- Under the accrual basis of accounting, revenues are recognized when earned rather than when cash is received.
- Inventory is adjusted at the end of the period to reflect the actual value on hand through an adjusting journal entry.
- The adjusted trial balance proves the equality of debit and credit balances after all adjustments have been
ACC 290 Final Exam
1. Which financial statement is used to determine cash generated from operations?
A. Income statement
B. Statement of operations
C. Statement of cash flows
D. Retained earnings statement
2. In terms of sequence, in what order must the four basic financial statements be prepared?
A. Balance sheet, income statement, statement of cash flows, and capital statement
B. Income statement, capital statement, statement of cash flows, and balance sheet
C. Balance sheet, capital statement, statement of cash flows, and income statement
D. Income statement, capital statement, balance sheet, and statement of cash flows
3. In classifying transactions, which of the following is true in regard to assets?
A. Normal balances and increases are debits
B. Normal balances and decreases are credits
C. Normal balances can either be debits or credits for assets
D. Normal balances are debits and increases can be debits or credits
4. An increase in an expense
ACC 290 Final Exam
1. Which financial statement is used to determine cash generated from operations?
A. Income statement
B. Statement of operations
C. Statement of cash flows
D. Retained earnings statement
2. In terms of sequence, in what order must the four basic financial statements be prepared?
A. Balance sheet, income statement, statement of cash flows, and capital statement
B. Income statement, capital statement, statement of cash flows, and balance sheet
C. Balance sheet, capital statement, statement of cash flows, and income statement
D. Income statement, capital statement, balance sheet, and statement of cash flows
3. In classifying transactions, which of the following is true in regard to assets?
A. Normal balances and increases are debits
B. Normal balances and decreases are credits
C. Normal balances can either be debits or credits for assets
D. Normal balances are debits and increases can be debits or credits
4. An increase in an expense
ACC 290 Final Exam
1. Which financial statement is used to determine cash generated from operations?
A. Income statement
B. Statement of operations
C. Statement of cash flows
D. Retained earnings statement
2. In terms of sequence, in what order must the four basic financial statements be prepared?
A. Balance sheet, income statement, statement of cash flows, and capital statement
B. Income statement, capital statement, statement of cash flows, and balance sheet
C. Balance sheet, capital statement, statement of cash flows, and income statement
D. Income statement, capital statement, balance sheet, and statement of cash flows
3. In classifying transactions, which of the following is true in regard to assets?
A. Normal balances and increases are debits
B. Normal balances and decreases are credits
C. Normal balances can either be debits or credits for assets
D. Normal balances are debits and increases can be debits or credits
4. An increase in an expense
ACC 290 Final Exam
1. Which financial statement is used to determine cash generated from operations?
A. Income statement
B. Statement of operations
C. Statement of cash flows
D. Retained earnings statement
2. In terms of sequence, in what order must the four basic financial statements be prepared?
A. Balance sheet, income statement, statement of cash flows, and capital statement
B. Income statement, capital statement, statement of cash flows, and balance sheet
C. Balance sheet, capital statement, statement of cash flows, and income statement
D. Income statement, capital statement, balance sheet, and statement of cash flows
3. In classifying transactions, which of the following is true in regard to assets?
A. Normal balances and increases are debits
B. Normal balances and decreases are credits
C. Normal balances can either be debits or credits for assets
D. Normal balances are debits and increases can be debits or credits
4. An increase in an expense
ACC 290 Final Exam
1. Which financial statement is used to determine cash generated from operations?
A. Income statement
B. Statement of operations
C. Statement of cash flows
D. Retained earnings statement
2. In terms of sequence, in what order must the four basic financial statements be prepared?
A. Balance sheet, income statement, statement of cash flows, and capital statement
B. Income statement, capital statement, statement of cash flows, and balance sheet
C. Balance sheet, capital statement, statement of cash flows, and income statement
D. Income statement, capital statement, balance sheet, and statement of cash flows
3. In classifying transactions, which of the following is true in regard to assets?
A. Normal balances and increases are debits
B. Normal balances and decreases are credits
C. Normal balances can either be debits or credits for assets
D. Normal balances are debits and increases can be debits or credits
4. An increase in an expense
ACC 290 Final Exam
1. Which financial statement is used to determine cash generated from operations?
A. Income statement
B. Statement of operations
C. Statement of cash flows
D. Retained earnings statement
2. In terms of sequence, in what order must the four basic financial statements be prepared?
A. Balance sheet, income statement, statement of cash flows, and capital statement
B. Income statement, capital statement, statement of cash flows, and balance sheet
C. Balance sheet, capital statement, statement of cash flows, and income statement
D. Income statement, capital statement, balance sheet, and statement of cash flows
3. In classifying transactions, which of the following is true in regard to assets?
A. Normal balances and increases are debits
B. Normal balances and decreases are credits
C. Normal balances can either be debits or credits for assets
D. Normal balances are debits and increases can be debits or credits
4. An increase in an expense
ACC 290 Final Exam
1. Which financial statement is used to determine cash generated from operations?
A. Income statement
B. Statement of operations
C. Statement of cash flows
D. Retained earnings statement
2. In terms of sequence, in what order must the four basic financial statements be prepared?
A. Balance sheet, income statement, statement of cash flows, and capital statement
B. Income statement, capital statement, statement of cash flows, and balance sheet
C. Balance sheet, capital statement, statement of cash flows, and income statement
D. Income statement, capital statement, balance sheet, and statement of cash flows
3. In classifying transactions, which of the following is true in regard to assets?
A. Normal balances and increases are debits
B. Normal balances and decreases are credits
C. Normal balances can either be debits or credits for assets
D. Normal balances are debits and increases can be debits or credits
4. An increase in an expense
ACC 290 Final Exam
1. Which financial statement is used to determine cash generated from operations?
A. Income statement
B. Statement of operations
C. Statement of cash flows
D. Retained earnings statement
2. In terms of sequence, in what order must the four basic financial statements be prepared?
A. Balance sheet, income statement, statement of cash flows, and capital statement
B. Income statement, capital statement, statement of cash flows, and balance sheet
C. Balance sheet, capital statement, statement of cash flows, and income statement
D. Income statement, capital statement, balance sheet, and statement of cash flows
3. In classifying transactions, which of the following is true in regard to assets?
A. Normal balances and increases are debits
B. Normal balances and decreases are credits
C. Normal balances can either be debits or credits for assets
D. Normal balances are debits and increases can be debits or credits
4. An increase in an expense
ACC 290 Final Exam
1. Which financial statement is used to determine cash generated from operations?
A. Income statement
B. Statement of operations
C. Statement of cash flows
D. Retained earnings statement
2. In terms of sequence, in what order must the four basic financial statements be prepared?
A. Balance sheet, income statement, statement of cash flows, and capital statement
B. Income statement, capital statement, statement of cash flows, and balance sheet
C. Balance sheet, capital statement, statement of cash flows, and income statement
D. Income statement, capital statement, balance sheet, and statement of cash flows
3. In classifying transactions, which of the following is true in regard to assets?
A. Normal balances and increases are debits
B. Normal balances and decreases are credits
C. Normal balances can either be debits or credits for assets
D. Normal balances are debits and increases can be debits or credits
4. An increase in an expense
ACC 290 Final Exam
1. Which financial statement is used to determine cash generated from operations?
A. Income statement
B. Statement of operations
C. Statement of cash flows
D. Retained earnings statement
2. In terms of sequence, in what order must the four basic financial statements be prepared?
A. Balance sheet, income statement, statement of cash flows, and capital statement
B. Income statement, capital statement, statement of cash flows, and balance sheet
C. Balance sheet, capital statement, statement of cash flows, and income statement
D. Income statement, capital statement, balance sheet, and statement of cash flows
3. In classifying transactions, which of the following is true in regard to assets?
A. Normal balances and increases are debits
B. Normal balances and decreases are credits
C. Normal balances can either be debits or credits for assets
D. Normal balances are debits and increases can be debits or credits
4. An increase in an expense
1 PageAPAsources2Today, many more organizations leverage worl.docxcurranalmeta
1 Page
APA
sources:2
Today, many more organizations leverage worldwide opportunities by becoming global organizations. Going global opens doors to markets and services, but it can place new demands on a company. List and discuss 3–5 factors a CIO or the IT group must consider with respect to data, technology, networks, or security when a company goes global.
Response Guidelines
Respond to the posts of at least two other learners. Your responses are expected to be substantive in nature and reference the assigned readings, as well as other theoretical, empirical, or professional literature to support your views and writings. In your response, do at least one of the following:
Ask a probing question.
Offer a suggestion.
Elaborate on a particular point.
Provide an alternative opinion.
Email me
[email protected]
with your rates asap.
.
1) A major corporation agrees to sponsor an internal study on sexual.docxcurranalmeta
1) A major corporation agrees to sponsor an internal study on sexual harassment in the workplace in response to concerns expressed by its female employees. How would you handle the following issues: a)The communication approach (self-administered, telephone, personal interview, and/or mixed) b)The purpose: Fact finding, awareness, relationship building, and/or change c)Participant motivation d)Minimization of response and non-response error.
.
More Related Content
Similar to 1) Anytime an owner removes any asset for personal use it is recor.docx
ACC 290 Final Exam
1. Which financial statement is used to determine cash generated from operations?
A. Income statement
B. Statement of operations
C. Statement of cash flows
D. Retained earnings statement
2. In terms of sequence, in what order must the four basic financial statements be prepared?
A. Balance sheet, income statement, statement of cash flows, and capital statement
B. Income statement, capital statement, statement of cash flows, and balance sheet
C. Balance sheet, capital statement, statement of cash flows, and income statement
D. Income statement, capital statement, balance sheet, and statement of cash flows
3. In classifying transactions, which of the following is true in regard to assets?
A. Normal balances and increases are debits
B. Normal balances and decreases are credits
C. Normal balances can either be debits or credits for assets
D. Normal balances are debits and increases can be debits or credits
4. An increase in an expense
ACC 290 Final Exam
1. Which financial statement is used to determine cash generated from operations?
A. Income statement
B. Statement of operations
C. Statement of cash flows
D. Retained earnings statement
2. In terms of sequence, in what order must the four basic financial statements be prepared?
A. Balance sheet, income statement, statement of cash flows, and capital statement
B. Income statement, capital statement, statement of cash flows, and balance sheet
C. Balance sheet, capital statement, statement of cash flows, and income statement
D. Income statement, capital statement, balance sheet, and statement of cash flows
3. In classifying transactions, which of the following is true in regard to assets?
A. Normal balances and increases are debits
B. Normal balances and decreases are credits
C. Normal balances can either be debits or credits for assets
D. Normal balances are debits and increases can be debits or credits
4. An increase in an expense
ACC 290 Final Exam
1. Which financial statement is used to determine cash generated from operations?
A. Income statement
B. Statement of operations
C. Statement of cash flows
D. Retained earnings statement
2. In terms of sequence, in what order must the four basic financial statements be prepared?
A. Balance sheet, income statement, statement of cash flows, and capital statement
B. Income statement, capital statement, statement of cash flows, and balance sheet
C. Balance sheet, capital statement, statement of cash flows, and income statement
D. Income statement, capital statement, balance sheet, and statement of cash flows
3. In classifying transactions, which of the following is true in regard to assets?
A. Normal balances and increases are debits
B. Normal balances and decreases are credits
C. Normal balances can either be debits or credits for assets
D. Normal balances are debits and increases can be debits or credits
4. An increase in an expense
ACC 290 Final Exam
1. Which financial statement is used to determine cash generated from operations?
A. Income statement
B. Statement of operations
C. Statement of cash flows
D. Retained earnings statement
2. In terms of sequence, in what order must the four basic financial statements be prepared?
A. Balance sheet, income statement, statement of cash flows, and capital statement
B. Income statement, capital statement, statement of cash flows, and balance sheet
C. Balance sheet, capital statement, statement of cash flows, and income statement
D. Income statement, capital statement, balance sheet, and statement of cash flows
3. In classifying transactions, which of the following is true in regard to assets?
A. Normal balances and increases are debits
B. Normal balances and decreases are credits
C. Normal balances can either be debits or credits for assets
D. Normal balances are debits and increases can be debits or credits
4. An increase in an expense
ACC 290 Final Exam
1. Which financial statement is used to determine cash generated from operations?
A. Income statement
B. Statement of operations
C. Statement of cash flows
D. Retained earnings statement
2. In terms of sequence, in what order must the four basic financial statements be prepared?
A. Balance sheet, income statement, statement of cash flows, and capital statement
B. Income statement, capital statement, statement of cash flows, and balance sheet
C. Balance sheet, capital statement, statement of cash flows, and income statement
D. Income statement, capital statement, balance sheet, and statement of cash flows
3. In classifying transactions, which of the following is true in regard to assets?
A. Normal balances and increases are debits
B. Normal balances and decreases are credits
C. Normal balances can either be debits or credits for assets
D. Normal balances are debits and increases can be debits or credits
4. An increase in an expense
ACC 290 Final Exam
1. Which financial statement is used to determine cash generated from operations?
A. Income statement
B. Statement of operations
C. Statement of cash flows
D. Retained earnings statement
2. In terms of sequence, in what order must the four basic financial statements be prepared?
A. Balance sheet, income statement, statement of cash flows, and capital statement
B. Income statement, capital statement, statement of cash flows, and balance sheet
C. Balance sheet, capital statement, statement of cash flows, and income statement
D. Income statement, capital statement, balance sheet, and statement of cash flows
3. In classifying transactions, which of the following is true in regard to assets?
A. Normal balances and increases are debits
B. Normal balances and decreases are credits
C. Normal balances can either be debits or credits for assets
D. Normal balances are debits and increases can be debits or credits
4. An increase in an expense
ACC 290 Final Exam
1. Which financial statement is used to determine cash generated from operations?
A. Income statement
B. Statement of operations
C. Statement of cash flows
D. Retained earnings statement
2. In terms of sequence, in what order must the four basic financial statements be prepared?
A. Balance sheet, income statement, statement of cash flows, and capital statement
B. Income statement, capital statement, statement of cash flows, and balance sheet
C. Balance sheet, capital statement, statement of cash flows, and income statement
D. Income statement, capital statement, balance sheet, and statement of cash flows
3. In classifying transactions, which of the following is true in regard to assets?
A. Normal balances and increases are debits
B. Normal balances and decreases are credits
C. Normal balances can either be debits or credits for assets
D. Normal balances are debits and increases can be debits or credits
4. An increase in an expense
ACC 290 Final Exam
1. Which financial statement is used to determine cash generated from operations?
A. Income statement
B. Statement of operations
C. Statement of cash flows
D. Retained earnings statement
2. In terms of sequence, in what order must the four basic financial statements be prepared?
A. Balance sheet, income statement, statement of cash flows, and capital statement
B. Income statement, capital statement, statement of cash flows, and balance sheet
C. Balance sheet, capital statement, statement of cash flows, and income statement
D. Income statement, capital statement, balance sheet, and statement of cash flows
3. In classifying transactions, which of the following is true in regard to assets?
A. Normal balances and increases are debits
B. Normal balances and decreases are credits
C. Normal balances can either be debits or credits for assets
D. Normal balances are debits and increases can be debits or credits
4. An increase in an expense
The document is a practice exam for ACC 290 Final Exam that contains 31 multiple choice questions covering various accounting concepts. Some of the key concepts assessed include:
- The statement of cash flows is used to determine cash generated from operations.
- The basic financial statements must be prepared in a specific order.
- Accounting entries involve debits and credits with normal balances for different accounts.
- Inventory and expense accounts are adjusted at the end of an accounting period.
- The adjusted trial balance proves the equality of debit and credit balances after adjustments.
The document is a practice exam for ACC 290 Final Exam that contains 31 multiple choice questions covering key accounting concepts. Some of the concepts addressed include:
- The statement of cash flows is used to determine cash generated from operations.
- The basic financial statements must be prepared in a specific order: balance sheet, income statement, statement of cash flows, notes to financial statements.
- Under the accrual basis of accounting, revenues are recognized when earned rather than when cash is received.
- Inventory is adjusted at the end of the period to reflect the actual value on hand through an adjusting journal entry.
- The adjusted trial balance proves the equality of debit and credit balances after all adjustments have been
ACC 290 Final Exam
1. Which financial statement is used to determine cash generated from operations?
A. Income statement
B. Statement of operations
C. Statement of cash flows
D. Retained earnings statement
2. In terms of sequence, in what order must the four basic financial statements be prepared?
A. Balance sheet, income statement, statement of cash flows, and capital statement
B. Income statement, capital statement, statement of cash flows, and balance sheet
C. Balance sheet, capital statement, statement of cash flows, and income statement
D. Income statement, capital statement, balance sheet, and statement of cash flows
3. In classifying transactions, which of the following is true in regard to assets?
A. Normal balances and increases are debits
B. Normal balances and decreases are credits
C. Normal balances can either be debits or credits for assets
D. Normal balances are debits and increases can be debits or credits
4. An increase in an expense
ACC 290 Final Exam
1. Which financial statement is used to determine cash generated from operations?
A. Income statement
B. Statement of operations
C. Statement of cash flows
D. Retained earnings statement
2. In terms of sequence, in what order must the four basic financial statements be prepared?
A. Balance sheet, income statement, statement of cash flows, and capital statement
B. Income statement, capital statement, statement of cash flows, and balance sheet
C. Balance sheet, capital statement, statement of cash flows, and income statement
D. Income statement, capital statement, balance sheet, and statement of cash flows
3. In classifying transactions, which of the following is true in regard to assets?
A. Normal balances and increases are debits
B. Normal balances and decreases are credits
C. Normal balances can either be debits or credits for assets
D. Normal balances are debits and increases can be debits or credits
4. An increase in an expense
ACC 290 Final Exam
1. Which financial statement is used to determine cash generated from operations?
A. Income statement
B. Statement of operations
C. Statement of cash flows
D. Retained earnings statement
2. In terms of sequence, in what order must the four basic financial statements be prepared?
A. Balance sheet, income statement, statement of cash flows, and capital statement
B. Income statement, capital statement, statement of cash flows, and balance sheet
C. Balance sheet, capital statement, statement of cash flows, and income statement
D. Income statement, capital statement, balance sheet, and statement of cash flows
3. In classifying transactions, which of the following is true in regard to assets?
A. Normal balances and increases are debits
B. Normal balances and decreases are credits
C. Normal balances can either be debits or credits for assets
D. Normal balances are debits and increases can be debits or credits
4. An increase in an expense
ACC 290 Final Exam
1. Which financial statement is used to determine cash generated from operations?
A. Income statement
B. Statement of operations
C. Statement of cash flows
D. Retained earnings statement
2. In terms of sequence, in what order must the four basic financial statements be prepared?
A. Balance sheet, income statement, statement of cash flows, and capital statement
B. Income statement, capital statement, statement of cash flows, and balance sheet
C. Balance sheet, capital statement, statement of cash flows, and income statement
D. Income statement, capital statement, balance sheet, and statement of cash flows
3. In classifying transactions, which of the following is true in regard to assets?
A. Normal balances and increases are debits
B. Normal balances and decreases are credits
C. Normal balances can either be debits or credits for assets
D. Normal balances are debits and increases can be debits or credits
4. An increase in an expense
ACC 290 Final Exam
1. Which financial statement is used to determine cash generated from operations?
A. Income statement
B. Statement of operations
C. Statement of cash flows
D. Retained earnings statement
2. In terms of sequence, in what order must the four basic financial statements be prepared?
A. Balance sheet, income statement, statement of cash flows, and capital statement
B. Income statement, capital statement, statement of cash flows, and balance sheet
C. Balance sheet, capital statement, statement of cash flows, and income statement
D. Income statement, capital statement, balance sheet, and statement of cash flows
3. In classifying transactions, which of the following is true in regard to assets?
A. Normal balances and increases are debits
B. Normal balances and decreases are credits
C. Normal balances can either be debits or credits for assets
D. Normal balances are debits and increases can be debits or credits
4. An increase in an expense
ACC 290 Final Exam
1. Which financial statement is used to determine cash generated from operations?
A. Income statement
B. Statement of operations
C. Statement of cash flows
D. Retained earnings statement
2. In terms of sequence, in what order must the four basic financial statements be prepared?
A. Balance sheet, income statement, statement of cash flows, and capital statement
B. Income statement, capital statement, statement of cash flows, and balance sheet
C. Balance sheet, capital statement, statement of cash flows, and income statement
D. Income statement, capital statement, balance sheet, and statement of cash flows
3. In classifying transactions, which of the following is true in regard to assets?
A. Normal balances and increases are debits
B. Normal balances and decreases are credits
C. Normal balances can either be debits or credits for assets
D. Normal balances are debits and increases can be debits or credits
4. An increase in an expense
ACC 290 Final Exam
1. Which financial statement is used to determine cash generated from operations?
A. Income statement
B. Statement of operations
C. Statement of cash flows
D. Retained earnings statement
2. In terms of sequence, in what order must the four basic financial statements be prepared?
A. Balance sheet, income statement, statement of cash flows, and capital statement
B. Income statement, capital statement, statement of cash flows, and balance sheet
C. Balance sheet, capital statement, statement of cash flows, and income statement
D. Income statement, capital statement, balance sheet, and statement of cash flows
3. In classifying transactions, which of the following is true in regard to assets?
A. Normal balances and increases are debits
B. Normal balances and decreases are credits
C. Normal balances can either be debits or credits for assets
D. Normal balances are debits and increases can be debits or credits
4. An increase in an expense
ACC 290 Final Exam
1. Which financial statement is used to determine cash generated from operations?
A. Income statement
B. Statement of operations
C. Statement of cash flows
D. Retained earnings statement
2. In terms of sequence, in what order must the four basic financial statements be prepared?
A. Balance sheet, income statement, statement of cash flows, and capital statement
B. Income statement, capital statement, statement of cash flows, and balance sheet
C. Balance sheet, capital statement, statement of cash flows, and income statement
D. Income statement, capital statement, balance sheet, and statement of cash flows
3. In classifying transactions, which of the following is true in regard to assets?
A. Normal balances and increases are debits
B. Normal balances and decreases are credits
C. Normal balances can either be debits or credits for assets
D. Normal balances are debits and increases can be debits or credits
4. An increase in an expense
ACC 290 Final Exam
1. Which financial statement is used to determine cash generated from operations?
A. Income statement
B. Statement of operations
C. Statement of cash flows
D. Retained earnings statement
2. In terms of sequence, in what order must the four basic financial statements be prepared?
A. Balance sheet, income statement, statement of cash flows, and capital statement
B. Income statement, capital statement, statement of cash flows, and balance sheet
C. Balance sheet, capital statement, statement of cash flows, and income statement
D. Income statement, capital statement, balance sheet, and statement of cash flows
3. In classifying transactions, which of the following is true in regard to assets?
A. Normal balances and increases are debits
B. Normal balances and decreases are credits
C. Normal balances can either be debits or credits for assets
D. Normal balances are debits and increases can be debits or credits
4. An increase in an expense
ACC 290 Final Exam
1. Which financial statement is used to determine cash generated from operations?
A. Income statement
B. Statement of operations
C. Statement of cash flows
D. Retained earnings statement
2. In terms of sequence, in what order must the four basic financial statements be prepared?
A. Balance sheet, income statement, statement of cash flows, and capital statement
B. Income statement, capital statement, statement of cash flows, and balance sheet
C. Balance sheet, capital statement, statement of cash flows, and income statement
D. Income statement, capital statement, balance sheet, and statement of cash flows
3. In classifying transactions, which of the following is true in regard to assets?
A. Normal balances and increases are debits
B. Normal balances and decreases are credits
C. Normal balances can either be debits or credits for assets
D. Normal balances are debits and increases can be debits or credits
4. An increase in an expense
Similar to 1) Anytime an owner removes any asset for personal use it is recor.docx (20)
1 PageAPAsources2Today, many more organizations leverage worl.docxcurranalmeta
1 Page
APA
sources:2
Today, many more organizations leverage worldwide opportunities by becoming global organizations. Going global opens doors to markets and services, but it can place new demands on a company. List and discuss 3–5 factors a CIO or the IT group must consider with respect to data, technology, networks, or security when a company goes global.
Response Guidelines
Respond to the posts of at least two other learners. Your responses are expected to be substantive in nature and reference the assigned readings, as well as other theoretical, empirical, or professional literature to support your views and writings. In your response, do at least one of the following:
Ask a probing question.
Offer a suggestion.
Elaborate on a particular point.
Provide an alternative opinion.
Email me
[email protected]
with your rates asap.
.
1) A major corporation agrees to sponsor an internal study on sexual.docxcurranalmeta
1) A major corporation agrees to sponsor an internal study on sexual harassment in the workplace in response to concerns expressed by its female employees. How would you handle the following issues: a)The communication approach (self-administered, telephone, personal interview, and/or mixed) b)The purpose: Fact finding, awareness, relationship building, and/or change c)Participant motivation d)Minimization of response and non-response error.
.
1 Identify a large racial minority group in U.S. history What has.docxcurranalmeta
1: Identify a large racial minority group in U.S. history? What has been the common ancestral background of this group? When did this group become a significant or notable minority group?
2:
In the 1954 Brown v. Board of Education decision, the Supreme Court desegregated schools in the United States and deemed desegregated schools separate but unequal.
Do you think the legislation was an appropriate reaction to segregation in schools? Do you think the legislation is still relevant? Explain your response.
3:Your texts say that according to sociologists, racial categories are misleading and are harmful ways to divide human groups.
Do you agree or disagree with this statement? Why?
4: How are mobile computing, Web 2.0, and social media changing how IT systems are used?
5:
How are mobile devices changing the way IT systems are used? What are the useful aspects and dangers of these devices? What can organizations do to maximize value and minimize risk when users use these devices?
6: Why is new technology often disruptive for existing IT systems? What can be done to prepare these systems for future technology ahead of time?
.
1 With any new technology, it takes time for ethical, social, and.docxcurranalmeta
1: With any new technology, it takes time for ethical, social, and political issues to be resolved. One example of a new technology used in business today for storing and sharing knowledge and insights is a wiki. What are the ethical, social, and political issues that might arise from using a wiki? What policies would you put in place at your organization to address these issues?
2:
I think it can only impact in positive way. Social media, mobile computing, and Web 2.0 can be use as helpful resources. Social media can be used as a marketing tool, I don't think it's a better marketing tool than social media. If one has an established business than earning followers won't be hard for that business on twitter, Facebook, or Instagram. The benefit for a big business that's established is that they can keep customers up to date with the business, new ideas, and ask for feedback. With one click, depending on the amount of followers, that message can reach millions and millions of people. It can wok for a business that's just stating out as well but they would of course need other resources as well. One can post different messages letting all customers or potential customers know why they're company is the best company, why should one convert to them, and other reasons why ones company is the best way to go. With using the mobile, a small computer is in the palm of ones hand.
3:
When talking about mobile computing, I think that it has changed the way businesses run and conduct their day to day activity. For instance, many jobs now have the option to let you work from home some if not most days of the week. Years ago, this was something that was almost never done. Why are we able to do it today? Because of mobile computing. Even in my position in Human Resources, I had a few appointments yesterday and was able to work from home. My email is on my phone, and I have a fax machine and scanner at home, I went to my appointments in the morning, and then went home and did everything at home that I would have been able to do at my office. It is very nice being able to not use your vacation time for things like that, and still get everything done in the day that you would have gotten done in the office.
4:
I completely agree, Mallory. I feel that the question is racial because some people are born with different races including Black, White, Hispanic, and even a mixed race. Taking advantage of who they are going to hire is very wrong in so many levels, and I believe it is against the law as well because it does count against one person trying to get a job that they can do.
5:
One racial group that many people may not think is large is the Native American group. Native Americans went through a lot since the colonization of the states here in America. Native Americans were here before the Europeans, but unfortunately, due to the large weaponry the settlers had, Native Americans had there land taken away from them. They were pushed into non resourcef.
1 paragraph
No plagiarism
2 Sources
Grading Rubric
Basic response to the DB question
50%
Additional research supporting the initial answer to the DB question
30%
Comments, which serve to further the discussion, apply real-world examples, or lend to enhancing the clarity of the concepts
.
1 PageDiscuss capitation payment methodologies between payers .docxcurranalmeta
1 Page
Discuss capitation payment methodologies between payers and providers, and Medicare or Medicaid with commercial Managed Care organizations (MCO).
Explain at least three important aspects that you as a medical business professional would need to understand when negotiating payment contracts either between a provider and the MCO, or negotiating between the MCO and Medicare.
.
1 Page Length In this lab, you will observe the time progressi.docxcurranalmeta
1 Page Length
In this lab, you will observe the time progression of industrialization and human development to help you write up a scientific paper that centers on the following:
If current human development does not change, will groundwater sustainability be affected? Explain your observations.
Human Impacts on the Sustainability of Groundwater
Sustainability is based on a simple principle: Everything that is needed for survival and well-being depends either directly or indirectly on the natural environment. Sustainability creates and maintains the conditions under which humans and nature can exist in productive harmony, while also helping to fulfill the social and economic requirements of present and future generations.
Use the
Lab 1 worksheet
for assignment instructions and data collection.
Part 1
:
Background Information
Planet Earth’s surface is over 70% water, but less than 1% of the water on Earth is considered accessible, usable freshwater for sustaining humans’ and other organisms’ lives. Of the accessible freshwater, approximately 99% is located in aquifers, natural underground water chambers, and other groundwater sources. Unfortunately, humans are depleting the aquifers faster than they can be recharged by the hydrological cycle. Therefore, three quarters of groundwater is considered nonrenewable.
Conditions
The main reason we using groundwater resources mainly for drinking and irrigation. As a result, this not only decreases an important source of freshwater—it also can cause pollution of that groundwater by saltwater intrusion. The recharge rate of groundwater is further hindered by land clearing and deforestation caused by human development. When land is cleared for human development, more flooding occurs, the
transpiration rate
(the amount of water that evaporates into the atmosphere from plants) is reduced, and rainwater is inhibited from adequately
percolating
(penetrating the soil) into the ground to allow for aquifers and groundwater to be recharged.
Figure below shows Saltwater Intrusion
:
(Wright & Boorse, 2010)
Impacts
Forty percent of the world’s food is produced via irrigation. As a result, if the current rate of groundwater usage continues, food production could be drastically reduced worldwide. This reduction in food supply would be detrimental in sustaining the projected worldwide human population of over 10 billion within the next 50 years.
Part 2:
Timeline
Use the Hydrologic Cycle Figure below to understand the impact of industrialization and human development on ground water over 3 centuries.
(Wright & Boorse, 2010)
The table below shows the impacts
:
.
1 page orignal answer needed·A number of organizations exist.docxcurranalmeta
Standards organizations play a crucial role in information systems and security by defining best practices that help ensure consistency, compatibility and security. By establishing common guidelines and protocols, standards help to streamline operations and integration of systems while strengthening defenses against vulnerabilities. Adherence to standards is important for organizations seeking to protect their data and networks through a robust security posture informed by industry experts.
1) discuss 2 major political implications of the cold war in europe..docxcurranalmeta
1) discuss 2 major political implications of the cold war in europe.
2) main causes of the fall of state socialism in the soviet union. who were the main players and what were the main phases of transformation? discuss.
3) to what extent the solidarity movement in poland contributed to political changes in that country within the societ alliance in general?
4) how would you describe major components of putin's political changes in the post-soviet russia? discuss policy changes in both domestic and international areas.
5) discuss major political and economic components of the european union.
6) discuss 2 major challenges facing the european union in the 21st century
Please, answer those questions in an easy to understand bullet point matter. i would have to write a 2 -3 page essay about each question. so please include sufficient points for that. thank you
.
1) Discuss the benefits of using comparative analysis of governments.docxcurranalmeta
1) Discuss the benefits of using comparative analysis of governments. 2) Explain why political systems cannot be compared strictly on their structure.
Your initial post should be at least 250 words in length. Support your claims with examples from required material(s) and/or other scholarly resources, and properly cite any references.
.
1) Discuss essential and non-essential amino acids. Explain why prot.docxcurranalmeta
1) Discuss essential and non-essential amino acids. Explain why protein is described as being of primary importance.(250 words)
2)
Explore the concept of protein quality and how it relates to comparing dietary sources of protein. What are some of the other factors that may play into a consumer’s decision with regards to sources of protein (plant versus animal)?(250 words)
References
.
1 Team Assignment (Will let you know which portion to complete).docxcurranalmeta
1: Team Assignment (Will let you know which portion to complete)
Psychology Game
Develop
a 20-minute Jeopardy game presentation that integrates the breadth and depth of core psychology knowledge.
Search
the Internet for a Microsoft
®
PowerPoint
®
jeopardy game template.
Include
the following topics in your game:
Holistic approach to prior learning
Integrating psychology into your personal life
Psychology across all disciplines
Integrating psychology into career and educational decisions
Your personal learning theory
2:
Senior Survey/Program Reflection (See attachments)
Resource:
BSP Program Reflection Handout
Complete
the BSP Senior Survey through the link located in the BSP Program Reflection Handout. Provide your confirmation of survey completion to your instructor by providing a "Screen Shot". Please reference the "Screenshot Instructions" document for directions for capturing a screenshot.
Write
a 150- to 200-word reflection, following the instructions listed in the BSP Program Reflection Handout.
3: Participation (8 times on 3 different days)
.
1) Body of paper must be 4-5 pages 12 pitch Times Roman Double.docxcurranalmeta
1) Body of paper must be 4-5 pages | 12 pitch | Times Roman | Double Spaced Cover Page (not included in body) Reference Page (not included in body) Use APA style
2) Powerpoint Presentation must be between 5 to 10 minutes. You will lose points for going over the time limit. You must meet the minimum time limits also.
I need everything completed by 1pm tomorrow 2/24/2015. Sorry for late notice!
.
1) CBS and the NYT conducted a national poll of 1048 randomly select.docxcurranalmeta
1) CBS and the NYT conducted a national poll of 1048 randomly selected 13 to 17-year olds and counted how many owned smart phones. The reporters were trying to decide whether more than half of teenagers own smart phones.
Random variable:
Hypothesis:
Tail of the test:
state the Type I and Type II errors in complete sentences
type 1 error:
type 2 error:
.
1 page each question! double spaced Times New Roman 12 font CITE.docxcurranalmeta
1 page each question! double spaced Times New Roman 12 font
CITED. REFERENCE PAGE
PLEASE USE THE ARTICLES I ATTACHED TO ANSWER QUESTIONS!!!!!!!!!!!!
FIRST TWO ARTICLES ARE FOR THE FIRST QUESTION
LAST ARTICLE IS FOR THE SECOND QUESTION
Please type out the question then answer it using the articles I provided! Each answer should be 1 page long double spaced cited!
.
1) Backers of a balanced-budget amendment to the Constitution might .docxcurranalmeta
1) Backers of a balanced-budget amendment to the Constitution might consider the following strategy:
A. seeking support for such an amendment through approval by at least 34 state conventions, as almost occurred in the 1980s.
B. mounting a federal court case and seeking appeals to the Supreme Court.
C. pursuing approval of an amendment in the House and Senate, to then be sent to state legislatures.
D. collecting signatures to mount the proposal as a national referendum.
2) Which of the following presidents is credited with creation of the New Federalism?
A. Bill Clinton
B. George W. Bush
C. Ronald Reagan
D. Jimmy Carter
3) Which of the following issues were NOT a major concern of the Anti-Federalists concerning the Constitution?
A. The new powers granted to the national government
B. Ensuring that individual rights and liberties would be protected
C. Preserving the powers of the states
D. Ensuring that state criminal law would continue to be enforced by state courts
4) The primary motivation of the Framers, according to Charles Beard, was to:
A. protect their property rights through creation of a strong national government.
B. provide opportunities for political advancement for the Framers.
C. strengthen states’ rights in order to allow more effective resolution of property disputes.
D. create an egalitarian system of property distribution.
6) A shift toward cooperative federalism was evidenced by President Obama’s support of the stimulus bill that included temporary __________ funding for __________ functions such as education and public safety.
A. federal; federal
B. state; state
C. state; federal
D. federal; state
7) James Bryce believed that the Constitution was a fine example of:
A. mass democracy at work.
B. development of an oligarchical system of government.
C. an incrementally improved system not far removed from the Magna Carta.
D. a governing system that encouraged the proliferation of political parties.
9) Why was the division of power among the three branches of government an insufficient means to balance their powers?
A. The legislature, as the only initiator of laws, could dominate the other two branches.
B. Congress has more members than the other two branches.
C. Supreme Court judges are impeachable.
D. The president could become a dictator.
10) Which of the following is a true statement about the Federalists and Anti-Federalists?
A. Both factions distrusted the power of state governments.
B. Federalists were pessimistic about human nature, and Anti-Federalists were more optimistic about human nature.
C. The Anti-Federalists preferred a nonelected judiciary and indirectly elected president.
D. Both factions did not fear foreign threats.
11) President Bush and Governor Blanco struggled to agree about how to respond to Hurricane Katrina due to:
A. political differences and perceptions of incompetence by both.
B. President Bush never having been in a hurricane before.
C. Governor Blanco being a woman.
D. Mayor Nagin’s l.
Trust in Team DynamicsTrust is a key aspect in team dynamicurranalmeta
Trust in Team Dynamics
Trust is a key aspect in team dynamics. It is one of the basic emotions that brings teams together, and unfortunately it can also destroy a team if trust is lost.
For the first paragraph of your post, address the following bullet point (and sub-bullet points):
Discuss a team that you have been a part of where something has happened and the trust was lost. If you have not experienced this, talk to someone who has and use their situation instead.
Why did the loss of trust occur?
Were all members involved or just select members?
What did leaders do to try to fix the situation?
Was the team able to recover?
What would you have done differently if you were the leader in that situation?
For the second paragraph of your post, choose one of the following bullet points. Where possible, select a different bullet point than others have been selecting (i.e., we should try to spread the bullet points out so that each is getting equal attention during the discussion).
What are the key processes leaders or organizations consciously use to create trust?
Since most teams do not have conscious designs for creating trust among team members, design a strategy for incorporating trust among them.
How do group and individual emotions affect the trust-building, trust-maintaining, and trust-losing processes?
What is the role of the socialization within an organization for enhancing trust?
The final paragraph of your post (3 to 4 sentences) should summarize the one or two main points that you are attempting to make in your post.
500 words
...
Turnitin Plagiarism checker enabled.What is the definition of curranalmeta
Turnitin Plagiarism checker enabled.
What is the definition of information security? What essential protections must be in place to protect information systems from danger?
Define the InfoSec processes of identification, authentication, authorization, and accountability.
Define project management. Why is project management of particular interest in the field of information security?
What are the five basic outcomes that should be achieved through information security governance?
What is a threat in the context of information security? How many categories of threats exist as presented in this chapter?
...
Try to go to a museum that you have not been to before if your asscurranalmeta
This document provides background information and instructions for writing an essay analyzing a work of art visited at a museum. It recommends visiting one of several museums in Fort Worth or Dallas, Texas, and selecting a piece of art to evaluate. The document outlines the sections and questions to address in a three-page essay, including an introduction with the title, artist, and first impressions of the work, followed by body paragraphs analyzing elements of design and the artist's choices. It concludes with interpreting the theme and meaning of the work and reflecting on how the viewer's understanding has changed.
Trochim, W. M. K. (2006). Internal validity.httpwww.socialrescurranalmeta
Trochim, W. M. K. (2006). Internal validity.
http://www.socialresearchmethods.net/kb/intval.php
Please follow link:^^^^^
Social Work Research: Chi Square
Molly, an administrator with a regional organization that advocates for alternatives to long-term prison sentences for nonviolent offenders, asked a team of researchers to conduct an outcome evaluation of a new vocational rehabilitation program for recently paroled prison inmates. The primary goal of the program is to promote full-time employment among its participants.
To evaluate the program, the evaluators decided to use a quasi-experimental research design. The program enrolled 30 individuals to participate in the new program. Additionally, there was a waiting list of 30 other participants who planned to enroll after the first group completed the program. After the first group of 30 participants completed the vocational program (the “intervention” group), the researchers compared those participants’ levels of employment with the 30 on the waiting list (the “comparison” group).
In order to collect data on employment levels, the probation officers for each of the 60 people in the sample (those in both the intervention and comparison groups) completed a short survey on the status of each client in the sample. The survey contained demographic questions that included an item that inquired about the employment level of the client. This was measured through variables identified as none, part-time, or full-time. A hard copy of the survey was mailed to each probation officer and a stamped, self-addressed envelope was provided for return of the survey to the researchers.
After the surveys were returned, the researchers entered the data into an SPSS program for statistical analysis. Because both the independent variable (participation in the vocational rehabilitation program) and dependent variable (employment outcome) used nominal/categorical measurement, the bivariate statistic selected to compare the outcome of the two groups was the Pearson chi-square.
After all of the information was entered into the SPSS program, the following output charts were generated:
TABLE 1. CASE PROCESSING SUMMARY
Cases
Valid
Missing
Total
N
Percent
N
Percent
N
Percent
Program
Participation
*Employment
59
98.3%
1
1.7%
60
100.0%
TABLE 2. PROGRAM PARTICIPATION *EMPLOYMENT CROSS TABULATION
Employment
Total
None
Part-Time
Full-Time
Program
Participation
Intervention
Group
Count % within Program Participation
5
16.7%
7
23.3%
18
60.0%
30
100.0%
Comparison
Group
Count % within Program Participation
16
55.2%
7
24.1%
6
20.7%
29
100.0%
Total
Count % within Program Participation
21
35.6%
14
23.7%
24
40.7%
59
100.0%
TABLE 3. CHI-SQUARE TESTS
Value
df
Asymp. Sig. (2-sided)
Pearson Chi-Square
11.748a
2
.003
Likelihood Ratio
12.321
2
.002
Linear-by-Linear Association
11.548
1
.001
N of Valid Cases
59
a. 0 cells (.0%) have expected count less than 5. The minimum expected count is 6.88.
The first table, titled Case ...
How to Manage Your Lost Opportunities in Odoo 17 CRMCeline George
Odoo 17 CRM allows us to track why we lose sales opportunities with "Lost Reasons." This helps analyze our sales process and identify areas for improvement. Here's how to configure lost reasons in Odoo 17 CRM
Main Java[All of the Base Concepts}.docxadhitya5119
This is part 1 of my Java Learning Journey. This Contains Custom methods, classes, constructors, packages, multithreading , try- catch block, finally block and more.
Strategies for Effective Upskilling is a presentation by Chinwendu Peace in a Your Skill Boost Masterclass organisation by the Excellence Foundation for South Sudan on 08th and 09th June 2024 from 1 PM to 3 PM on each day.
This presentation includes basic of PCOS their pathology and treatment and also Ayurveda correlation of PCOS and Ayurvedic line of treatment mentioned in classics.
हिंदी वर्णमाला पीपीटी, hindi alphabet PPT presentation, hindi varnamala PPT, Hindi Varnamala pdf, हिंदी स्वर, हिंदी व्यंजन, sikhiye hindi varnmala, dr. mulla adam ali, hindi language and literature, hindi alphabet with drawing, hindi alphabet pdf, hindi varnamala for childrens, hindi language, hindi varnamala practice for kids, https://www.drmullaadamali.com
Executive Directors Chat Leveraging AI for Diversity, Equity, and InclusionTechSoup
Let’s explore the intersection of technology and equity in the final session of our DEI series. Discover how AI tools, like ChatGPT, can be used to support and enhance your nonprofit's DEI initiatives. Participants will gain insights into practical AI applications and get tips for leveraging technology to advance their DEI goals.
Executive Directors Chat Leveraging AI for Diversity, Equity, and Inclusion
1) Anytime an owner removes any asset for personal use it is recor.docx
1. 1) Anytime an owner removes any asset for personal use it is
recorded as:
A) a withdrawal.
B) payment of a liability.
C) an investment.
D) an expense.
2) The increase or decrease in the owner’s equity is reported on
the:
A) statement of owner’s equity.
B) income statement.
C) balance sheet.
D) all of these
3) The purpose of the accounting process is to provide financial
information on:
A) large corporations.
B) small businesses.
C) individuals.
2. D) All of these answers are correct.
4) Which of the following is not a business organization form?
A) Corporation
B) Sole proprietorship
C) Operation
D) Partnership
5) Owner’s withdrawals:
A) increase expenses.
B) increase liabilities.
C) increase assets.
D) decrease owner’s equity.
6) Cater Right, with total assets of $50,000, borrows $15,000
from the bank.
Which of the following is a True statement upon borrowing the
money?
A) Total assets are now $35,000.
3. B) Owner’s equity is $15,000 more.
C) Total assets are now $50,000.
D) Total assets are now $65,000.
7) Mark paid $500 rent for the month. Identify the accounts
affected.
A) Cash and Rent Expenses increase.
B) Cash and Capital increase.
C) Cash decreases, and Rent Expense decreases.
D) Cash decreases, and Rent Expense increases.
8) If Suite Dream Toys’ revenues are less than its expenses
during the account-
ing period:
A) the business will incur a loss.
B) owner’s withdrawals decrease owner’s equity.
C) owner withdrawals decrease net income.
D) net income causes liabilities to decrease.
4. 9) The financial statement that shows revenue and expenses for
a period of time
is the:
A) statement of owner’s equity.
B) balance sheet.
C) statement of liabilities and capital.
D) income statement.
10) The purchase of a truck with a down payment was recorded
as a pure cash
purchase. This error would cause:
A) liabilities were understated.
B) assets were overstated.
C) owner’s equity was overstated.
D) None of the above are correct.
11) The business provided services to a credit customer.
A) Assets and owner’s equity increase.
5. B) Assets and revenue increase.
C) Liabilities and owner’s equity increase.
D) None of the above are correct.
12) Which of the following transactions would cause an asset to
increase and the
owner’s equity to increase?
A) The business bought supplies on account.
B) The owner invested cash in the business.
C) The business incurred an expense on credit.
D) The owner withdrew cash from the business.
13) Which of the following would result if the business
provided services to a
customer collecting cash?
A) Cash would increase and Revenue would decrease.
B) Since the cash was collected there is no need to record this.
C) Cash would increase and Capital would increase.
D) Cash would increase and Revenue would increase.
6. 14) A formal account that has columns for date, explanation,
post reference,
debit, and credit is called the:
A) T account.
B) ledger.
C) chart of accounts.
D) standard account form.
15) A credit may signify a(n):
A) decrease in revenues.
B) decrease in assets.
C) decrease in capital.
D) decrease in liabilities.
7. 16) A listing of all the accounts from the ledger with their
ending balances is
called a:
A) normal balance.
B) trial balance.
C) footing.
D) chart of accounts.
17) Accounts Payable had a normal starting balance of $600.
There were debit
postings of $350 and credit postings of $200 during the month.
The ending
balance is:
A) $950 credit.
B) $450 debit.
C) $450 credit.
D) $750 debit.
18) The beginning balance in Cash was $400. Additional cash of
$800 was
8. received. Checks were written for $900. The cash balance is:
A) $400.
B) $300.
C) $700.
D) $900.
19) Given the following list of accounts with normal balances,
what are the trial
balance totals of the debits and credits?
Cash $500
Accounts Receivable 100
Capital 300
Withdrawals 100
Service Fees 700
Rent Expense 300
A) $800 debit, $800 credit
B) $1,200 debit, $1,200 credit
C) $900 debit, $900 credit
D) $1,000 debit, $1,000 credit
9. 20) A credit to an asset account was posted to an owner’s equity
account. This
error would cause:
A) assets were overstated.
B) owner’s equity was overstated.
C) liabilities were overstated.
D) Both a and c are correct.
21) A debit to an asset account was posted to an expense
account. This error
would cause:
A) assets were overstated
B) expenses were overstated.
C) liabilities were overstated.
D) None of the above are correct.
22) The owner withdrew cash from the business. To record this:
A) Capital is debited and an asset is credited.
B) an expense is debited and an asset is credited.
10. C) Withdrawals is debited and an asset is credited.
D) None of these are correct.
23) One asset would be debited and another credited if:
A) the business paid a creditor.
B) the business provided services to a cash customer
C) the business bought supplies paying cash.
D) the business provided services to a credit customer
24) Paid the rent for the next six months.
A) An asset would be debited and an expense credited.
B) An asset would be debited and a revenue credited.
C) Capital would be debited and a revenue credited.
D) An asset would be debited and an asset credited.
25) The journal described as the simplest form is a (an):
A) accounting journal.
B) general journal.
C) special journal.
11. D) interim journal.
26) The process of initially recording business transactions in a
journal is:
A) posting.
B) sliding.
C) journalizing.
D) transposing.
27) In the month of June, Davis Computers paid three months’
rent in advance.
The journal entry to record this transaction is:
A) Rent Expense Cash
B) Cash Prepaid Rent
C) Cash Rent Expense
D) Prepaid Rent Cash
28) Antonio’s catered a reception. The total price was $1,200.
12. The customer paid
$200 cash and charged the remainder. The journal entry to
record this trans-
action is:
A) Cash 200
Accounts Receivable 200
B) Cash 200
Accounts Receivable 1,000
Catering Service Fees 1,200C) Cash 1,000
Accounts Receivable 200
Catering Service Fees 1,200
D) Accounts Receivable 1,200
Cash 200
Catering Service Fees 1,000
29) M. Sands, CPA, collected fees of $650 not previously billed
or recorded. The
journal entry to record the collection would be:
A) Accounting Fees 650
Cash 650
13. B) Accounts Receivable 650
Cash 650
C) Cash 650
Accounting Fees 650
D) Cash 650
M. Sands, Capital 650
30) When a number is recorded as 856 instead of 865 it is called
a:
A) slide.
B) rearrangement.
C) composition
D) transposition.
31) A $600 check written for supplies was journalized as $60.
The entry to
correct this error is:
A) debit Supplies, $540; credit Cash, $540.
B) debit Supplies, $60; credit Cash, $60.
14. C) debit Cash, $540; credit Supplies, $540.
D) debit Cash, $60; credit Cash, $60.
32) Proof that the dollar amount of the debits equals the dollar
amount of the
credits in the ledger means:
A) all accounts have their correct balances in the ledger.
B) all of the information from the journal was correctly
transferred to the ledger.
C) only that the debit dollar amounts equal the credit dollar
amounts.
D) only the ledger is accurate; the journal may be incorrect.
33) A debit to a revenue account was posted to an asset account.
This would
cause:
A) revenue to be understated.
B) liabilities to be understated.
C) expense to be understated.
D) assets to be overstated.
15. 34) The general journal entry to record an exchange of assets
would most com-
monly include:
A) A debit to Cash and a credit to Fees Earned.
B) A debit to Fees Earned and a credit to Accounts Receivable.
C) A debit to Supplies and a credit to Accounts Payable.
D) A debit to Cash and a credit to Accounts Receivable.
35) If Cash has been debited, it is most likely that:
A) the business borrowed cash from the bank.
B) a charge customer made a payment.
C) the owner made an investment.
D) All of these are possible.
36) If you had purchased $500 of supplies during the month and
at the end of
the month you had $300 on hand, the adjustment for Supplies
would be:
A) $100.
16. B) $300.
C) $200.
D) $500.
37) If the adjustment for Supplies used during the period was
not made:
A) expenses would be too high.
B) revenue would be too high.
C) expenses would be too low.
D) asset Office Supplies would be too low.
38) Andrew Antiques showed store supplies available during the
year of $400. A
17. count of the supplies on hand as of May 31 is $150. The
adjusting entry for
Store Supplies would include:
A) a debit to Store Supplies for $150.
B) a credit to Store Supplies Expense for $250.
C) a debit to Store Supplies Expense for $250.
D) a credit to Store Supplies Expense for $150.
39) Roy purchased a one-year insurance policy for $2,400. The
adjusting entry
for one month would include a:
A) debit to Prepaid Insurance, $200.
B) credit to Cash, $200.
C) debit to Insurance Expense, $200.
D) None of these answers are correct.
40) The capital balance amount shown in the balance sheet
column of the work-
sheet represents:
A) beginning capital plus net income.
18. B) beginning capital plus investments to capital.
C) beginning capital less withdrawals.
D) beginning capital plus net income less withdrawal.
41) When counting the supplies a file cabinet was forgotten and
the adjustment
was made based on the incorrect count. This would:
A) overstate the period’s net income.
B) overstate the end of period assets.
C) understate the end of period assets.
D) None of these are correct.
42) The adjustment for accrued wages included the entire pay
period, some of
which occurs next month. This would:
A) understate the end of period liabilities.
B) overstate the period’s net income.
C) overstate the end of period liabilities.
D) None of these are correct.
19. 43) The purchase of equipment will require an adjustment of:
A) increasing the total assets and increasing the total expenses
at the end of the
month.
B) decreasing the total assets and decreasing the total expenses
at the end of
the month.
C) decreasing the total assets and increasing the total expenses
at the end of
the month.
D) none of the above.
44) Which of the following would cause an asset to be debited
and a liability
credited?
A) Recorded the adjustment for the expiration of the insurance
policy
B) Recorded the adjustment for the expiration of rent
C) Purchased supplies on account
D) None of these would have that effect.
20. 45) Which of the following would cause a liability to be
credited and an expense
debited?
A) Recorded the adjustment for the accrual of wages
B) It is the end of the month and no utility bill has been
received
C) Recorded an accrued expense
D) All of the above would have that effect.
46) The adjusting entries are journalized:
A) whenever time permits.
B) before preparing financial reports.
C) before the next accounting period starts.
D) at the beginning of the accounting period.
47) Which of the following accounts would be considered a
permanent account?
A) Service Fees
21. B) Salaries Expense
C) Salaries Payable
D) Depreciation Expense
48) An important purpose of closing entries is to:
A) set nominal account balances to zero to begin the next
period.
B) adjust the accounts in the ledger.
C) help in preparing financial statement.
D) set real account balances to zero to begin the next period.
49) Which of the following accounts will not be closed to
Income Summary at the
end of the fiscal year?
A) Word Processing Fees
B) Smith, Withdrawals
C) Salaries Expense
D) Supplies Expense
50) Which of the following accounts will be directly closed to
Capital at the end
22. of the fiscal year?
A) Depreciation Expense
B) Fees Revenue
C) Salaries Expense
D) Withdrawals
51) Which of the following accounts ordinarily appears in the
post-closing trial
balance?
A) Accumulated Depreciation
B) Supplies Expense
C) Fees Revenue
D) Salaries Expense
52) The Income Summary account shows debits of $20,000 and
credits of
$18,000. This is a result of a:
A) net loss of $38,000.
B) net income of $2,000.
23. C) net income of $38,000.
D) net loss of $2,000.
53) After closing the revenue, expense, and withdrawal
accounts, the capital
increased by $2,000. Which of the following situations could
have occured?
A) The owner made withdrawals.
B) The company had a net income of $5,000.
C) The owner invested an additional amount.
D) All of these answers are correct.
54) When the expenses are closed:
A) Owner’s Capital will be debited.
B) Income Summary will be credited.
C) Income Summary will be debited.
D) None of these are correct.
55) Closed the Fees Earned account.
24. A) Owner’s capital would decrease.
B) Owner’s capital would remain the same.
C) Owner’s capital would increase.
D) None of these are correct.
56) A restrictive endorsement on a check:
A) can be further endorsed by someone else.
B) permits the bank to use its best judgment.
C) is the safest endorsement for businesses.
D) None of these answers are correct.
57) Key points in working with a checkbook should include:
A) the stub will be used in recording transactions and future
reference.
B) the number of the check is preprinted on the check.
C) the amount written in words should start on the far left.
D) all of the above.
25. 58) A check for $78 is incorrectly recorded on the checkbook
stub as $87. The
$9 error should be shown on the bank reconciliation as:
A) deducted from the balance per bank statement.
B) added to the balance per bank statement.
C) added to the balance per books.
D) deducted from the balance per books.
59) Which of the following bank reconciliation items would not
be reflected in a
journal entry?
A) Outstanding checks
B) NSF customer check
C) Collection of a note by the bank
D) Bank service charges
60) The debit recorded in the journal to establish the petty cash
fund is to:
A) Petty Cash.
B) Accounts Receivable.
26. C) Cash.
D) Accounts Payable.
61) A $100 petty cash fund has cash of $14 and valid receipts
for $82. The
entry to replenish the fund would include a:
A) credit to Cash for $82.
B) debit to Cash Short/Over for $4.
C) debit to Cash for $82.
D) debit to Petty Cash for $86.
62) Robbins Supply journal entry to establish a $100 petty cash
fund for the of-
fice would include a:
A) credit to Petty Cash for $100.
B) credit to Cash for $100.
C) debit to Office Expense for $100.
D) debit to Cash for $100.
27. 63) The entry to replenish the petty cash fund debited Supplies
instead of Post-
age Expense. This would cause:
A) expenses to be overstated.
B) revenues to be understated.
C) expenses to be understated.
D) revenues to be overstated.
64) An error recording a $72 check as $27 would be included on
the bank recon-
ciliation as a(n):
A) subtraction from the balance per bank.
B) subtraction from the balance per books.
C) addition to the balance per books.
D) addition to the balance per bank..
28. 65) The amount of federal income tax withheld is computed
using the:
A) FICA tax tables.
B) net earnings and Form W-4.
C) employee’s income, number of allowances, and marital
status.
D) W-2 charts.
66) A form completed by employees showing the number of
allowances is:
A) Form W-4.
B) Form W-2.
C) Form 941.
D) Form 8109.
67) The amount of FICA-OASDI and FICA-Medicare taxes an
employer must pay
is:
A) equal to the amount withheld from the employee.
B) not dependent on the amount withheld from the employee.
29. C) greater than the amount withheld from the employee.
D) less than the amount withheld from the employee.
68) The payroll register includes sections for recording:
A) assets, liabilities, equity, revenues, and expenses.
B) gross pay, deductions, and net pay.
C) accrued expenses, unearned revenues, and net pay.
D) trade accounts receivable and short-term note receivables.
69) Net pay is the same as:
A) before taxes pay.
B) gross pay.
C) pay before deductions.
D) take-home pay.
30. 70) Both employees and employers pay which of the following
taxes?
A) FICA taxes (Social Security and Medicare)
B) Excise tax
C) Federal income tax
D) FUTA tax
71) When calculating the payroll the clerk forgot about the tax
ceilings.
A) SUTA could be overstated.
B) FICA-OASDI could be overstated.
C) FUTA could be overstated.
D) All of these could be correct.
72) The accounting department forgot to estimate the worker’s
compensation,
this will cause:
A) the net income to be understated.
B) the liabilities to be overstated.
31. C) the assets to be overstated.
D) the net income to be overstated.
73) Posting the payroll entry comes from the:
A) employee’s earnings record.
B) journal.
C) payroll register.
D) None of these answers are correct.
68) The payroll register includes sections for recording:
A) assets, liabilities, equity, revenues, and expenses.
B) gross pay, deductions, and net pay.
C) accrued expenses, unearned revenues, and net pay.
D) trade accounts receivable and short-term note receivables.
69) Net pay is the same as:
A) before taxes pay.
B) gross pay.
32. C) pay before deductions.
D) take-home pay.
70) Both employees and employers pay which of the following
taxes?
A) FICA taxes (Social Security and Medicare)
B) Excise tax
C) Federal income tax
D) FUTA tax
71) When calculating the payroll the clerk forgot about the tax
ceilings.
A) SUTA could be overstated.
B) FICA-OASDI could be overstated.
C) FUTA could be overstated.
D) All of these could be correct.
72) The accounting department forgot to estimate the worker’s
compensation,
33. this will cause:
A) the net income to be understated.
B) the liabilities to be overstated.
C) the assets to be overstated.
D) the net income to be overstated.
73) Posting the payroll entry comes from the:
A) employee’s earnings record.
B) journal.
C) payroll register.
D) None of these answers are correct.
74) The entry to record the employer’s payroll taxes would
include:
A) a credit to State and Federal Unemployment Tax Payable.
B) a credit to FICA-Social Security Taxes Payable and FICA-
Medicare Taxes Pay-
able.
C) a debit to Payroll Taxes Expense.
34. D) All of these answers are correct.
75) The entry to record the payroll tax expense would include:
A) a credit to Cash.
B) a credit to FICA (Social Security and Medicare) Taxes
Payable.
C) a credit to Federal Income Taxes Payable.
D) a credit to Wages Payable.
76) The percentage of FICA-Medicare multiplied by taxable
earnings on the 941
is:
A) 12.4%.
B) 6.2%.
C) 2.9%.
D) 1.45%.
77) The employer’s annual Federal Unemployment Tax Return
is:
35. A) Form 940EZ.
B) Form 8109.
C) Form 941.
D) Form W-4.
78) Workers’ Compensation Insurance is:
A) paid by the employer to protect the employee against job-
related injury or
death.
B) paid by the employee to protect himself/herself against no-
njob-related acci-
dents and death.
C) paid by the employee to protect himself/herself against job-
related accidents
or death.
D) paid by the employer to protect the employee against non-
job-related injury or death.
79) Gross sales equals:
A) the total of cash sales and credit sales.
36. B) net income plus gross profit.
C) net sales minus sales discount.
D) sales discount less net income.
80) The normal balance of the Sales Returns and Allowances
account is:
A) a debit.
B) zero.
C) a credit.
D) It does not have a normal balance.
81) Jane’s Bakery sold 50 pies at $8.00 each to a charge
customer, terms 2/10,
n/30. Which entry is required to record this transaction?
A) Debit Accounts Receivable for $400; credit Bakery Sales for
$400
B) Debit Accounts Receivable for $392; credit Bakery Sales for
$392
C) Debit Cash for $392; credit Bakery Sales for $392
D) Debit Accounts Receivable for $392; debit Sales Discount
for $8, and credit
37. Bakery Sales for $400
82) Compass Outfitters sold goods for $300 to a charge
customer. The customer
returned for credit $120 worth of goods. Which entry is required
to record the
return transaction?
A) Debit Sales Returns and Allowances $120; credit Accounts
Receivable for
$180
B) Debit Accounts Receivable $180; credit Sales Returns and
Allowances for
$120
C) Debit Sales $180; credit Sales Returns and Allowances $120
D) Debit Sales Returns and Allowances for $120; credit Sales
for $180
83) Accounts of a single type are kept in this ledger:
A) subsidiary ledger.
B) supplemental ledger.
38. C) additional ledger.
D) None of these answers are correct.
84) Payment for merchandise sold on credit for $100 subject to
2/10 n/30 was
received within the discount period - $98 was received. This
was recorded
with a debit to Sales Discounts for $2, a debit to Cash for $98,
and a credit
to Accounts Receivable100, but no mention was made of the
subsidiary led-
ger account. This error will cause:
A) the net income for the period to be overstated.
B) the net income for the period to be understated.
C) the assets to be overstated.
D) the control account to not agree with the subsidiary ledger.
85) When the term F.O.B. shipping point is used, title passes:
A) when the buyer unpacks the goods.
39. B) when goods are shipped.
C) when goods reach the halfway point.
D) when goods reach the destination.
86) A form used to request the purchase department to buy
goods is a:
A) sales invoice.
B) purchase requisition.
C) purchase invoice.
D) receiving report.
87) A form completed at the time the shipment arrives is the:
A) receiving report.
B) purchase order.
C) sales invoice.
D) purchase invoice.
88) A list of creditors with ending balances is called:
A) a trade list.
40. B) a schedule of accounts payable.
C) a list of suppliers.
D) a schedule of accounts receivable.
89) Magic Shoe offers a trade discount of 25%. If the list price
is $1,200, the
trade discount amount would be:
A) $300.
B) $400.
C) $900.
D) $200.
90) Purchased office supplies on account. This will be recorded
with:
A) a debit to a liability and a credit to an asset.
B) a credit to a liability and a debit to an asset.
C) a credit to an asset and a debit to an expense.
D) a debit to an asset and a credit to an expense.
41. 91) The journal entry to record the return of a purchase of
inventory under the
perpetual system includes a:
A) credit to Merchandise Inventory.
B) credit to Purchases.
C) debit to Purchases Returns and Allowances.
D) debit to Merchandise Inventory.
92) The inventory method that matches old costs with current
selling prices is:
A) specific invoice.
B) LIFO.
C) FIFO.
D) weighted-average.
93) Deluth Corporation has a normal gross profit of 40%. The
current year’s
beginning inventory was $2,000, purchases were $5,000, and
retail sales
were $6,000. The estimated ending inventory under the gross
42. margin method
is:
A) $3,600.
B) $3,400.
C) $3,450.
D) $4,500.
94) Supplies bought on account were returned for credit and
recorded with a
debit to Accounts Payable and a credit to Merchandise
Inventory. This error
would cause:
A) the period’s net income to be understated.
B) the period end cost of goods sold to be understated.
C) the period end cost of goods sold to be overstated.
D) None of these are correct.
95) The ending inventory for this year is understated. This error
would cause:
A) the period’s net income will be understated.
43. B) the period end assets will be overstated.
C) the period’s net income will be overstated.
D) None of these are correct.
96) What would the depreciation be in year 2 for a computer
system using the
straight-line method when cost is $5,000, residual value is
$1,000, and the
expected life is 4 years?
A) $1,250
B) $800
C) $2,000
D) $1,000
97) What would be the depreciation using double-declining-
balance to compute
the expense for year 1 of a machine costing $15,000, when
residual value is
$5,000, and useful life is 5 years?
A) $4,000
44. B) $6,000
C) $3,600
D) $2,400
98) When equipment that is fully depreciated is discarded:
A) debit Accumulated Depreciation and credit Equipment.
B) credit the balance of accumulated depreciation.
C) debit the original cost of the asset.
D) None of these answers are correct.
99) When an asset is exchanged for a similar asset and a gain
results, under
accounting rules the gain is:
A) subtracted from the cost of the new asset.
B) credited to Gain on Exchange of an Asset.
C) absorbed into the cost of the new asset.
D) recorded in the other income section of the income
statement.
45. 100) Salvage value was ignored using units-of-production
depreciation. This error
would cause:
A) the period’s net income will be understated.
B) the period’s net income will be overstated.
C) the period end assets will be overstated.
D) None of these are correct.