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Presentation/PPT
27/08/2022
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Question 11 pts
The standards that indicate how companies record and report economic events in the financial statements are
Internal Revenue Service regulations.
Generally Accepted Accounting Principles.
Securities Exchange Commission regulations.
Financial Statement regulations.
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Question 21 pts
The cost principle requires that when assets are acquired, they be recorded at
appraisal value.
historical cost.
market price.
exchange price paid.
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Question 31 pts
_ and _ are assets, _ is a liability and _ is an owner’s equity accounts.
Cash, accounts payable, notes payable, owner’s drawings.
Accounts receivable, prepaid rent, accounts payable, unearned revenue.
Buildings, supplies, accounts receivable, owner’s drawings.
Prepaid insurance, accounts receivable, unearned revenue, owner’s capital.
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Question 41 pts
Revenues would result from
performance of a service.
initial investment of cash by owner.
collection from a customer on account.
payment of supplies purchased.
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Question 51 pts
The accounting equation for Gudgeyes Enterprises is as follows:
Assets Liabilities Owner’s Equity
$120,000 = $60,000 + $60,000
If Gudgeyes collects $12,000 from a customer on account, the accounting equation after the transaction will be
$120,000 = $60,000 +$60,000
$132,000 = $60,000 +$72,000
$132,000 = $66,000 +$66,000
$132,000 = $72,000 +$60,000
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Question 61 pts
Purchase of $500 supplies on account
increases an asset $500; decreases an asset $500.
increases an asset $500; increases a liability $500.
decreases a liability $500; increases owner’s equity $500.
decreases an asset $500; decreases a liability $500.
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Question 71 pts
Owner’s capital at the end of the period is equal to
owner’s capital at the beginning of the period plus net income minus liabilities.
owner’s capital at the beginning of the period plus net income minus drawings.
net income.
assets plus liabilities.
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Question 81 pts
A balance sheet
summarizes the changes in owner’s equity for a specific period of time.
reports the changes in assets, liabilities, and owner’s equity over a period of time.
reports the assets, liabilities, and owner’s equity at a specific date.
reports the revenues and expenses for a specific period of time.
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Question 91 pts
Carla’s Computer Repair Shop started the year with total assets of $270,000 and total liabilities of $180,000. During the year, the business recorded $450,000 in computer repair revenues, $250,000 in expenses, and Carla withdrew $45,000. Carla’s Capital balance at the end of the year was
$200,000.
$230,000.
$290,000.
$245,000.
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Question 101 pts
A net loss will result during a time period when
liabilities exceed assets.
drawings exceed investments.
expenses exceed revenues.
revenues exceed expenses.
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