42.
Which of the following best describes assets?
43.
Which of the following assumptions implies that the assets and liabilities of the business are
accounted for separately from the assets and liabilities of the owners?
44.
Which of the following is a constraint in providing useful financial reporting information to
decision-makers?
45.
Which of the following best describes liabilities?
46.
Which of the following is included within current assets on a classified balance sheet?
47.
Chad Jones is the sole owner and manager of Jones Glass Repair Shop. Jones purchased a
truck, to be used in the business, for its market value of $35,000. Which of the following
fundamentals requires Jones to record the truck at the price paid to buy it?
48.
In what order are current assets listed on a balance sheet?
49.
In what order would the following assets be listed on a balance sheet?
50.
Where would changes in stockholders’ equity resulting from financing provided by operations
be reported?
51.
Which of the following events will cause retained earnings to increase?
52.
Which of the following correctly describes retained earnings?
53.
Which of the following statements is false?
54.
Which of the following describes the primary objective of financial accounting?
55.
For accounting information to be useful, it must be which of the following?
56.
Which of the following would not be considered a current asset?
57.
Which of the following statements is true?
58.
Which of the following does not correctly describe business transactions or events?
59.
Which of the following would not be included under the account category of expenses within
the chart of accounts?
60.
Which of the following liability accounts does not usually require a future cash payment?
61.
Which of the following transactions would not be considered an external exchange?
62.
Which of the following reflects the impact of a transaction where $200,000 cash was invested
by stockholders in exchange for stock?
63.
A corporation purchased factory equipment using cash. Which of the following statements
regarding this purchase is correct?
64.
Which of the following direct effects on the accounting equation is not possible as a result of
a single business transaction which impacts only two accounts?
65.
Which of the following direct effects on the accounting equation is not possible as a result of
a single business transaction which impacts only two accounts?
66.
A company’s January 1, 2016 balance sheet reported total assets of $150,000 and total
liabilities of $60,000. During January 2016, the company completed the following transactions:
(A) paid a note payable using $10,000 cash (no interest was paid); (B) collected a $9,000
accounts receivable; (C) paid a $5,000 accounts payable; and (D) purchased a truck for
$5,000 cash and by signing a $20,000 note payable from a bank. The company’s January 31,
2016 balance sheet would report which of the following?
67.
Which of the following is a result of equipment purchased with cash?
68.
A company’s January 1, 2016 balance sheet reported total assets of $120,000 and total
liabilities of $40,000. During January 2016, the following transactions occurred: (A) the
company issued stock and collected cash totaling $30,000; (B) the company paid an account
payable of $6,000; (C) the company purchased supplies for $1,000 with cash; (D) the company
purchased land for $60,000 paying $10,000 with cash and signing a note payable for the
balance. What is total stockholders’ equity after the transactions above?
69.
Which of the following describes the impact on the balance sheet of purchasing supplies for
cash?
70.
Which of the following describes the impact on the balance sheet of paying a current liability
using cash?
71.
Which of the following describes the impact on the balance sheet when cash is received from
the collection of an account receivable?
72.
A corporation has $80,000 in total assets, $36,000 in total liabilities, and a $12,000 credit
balance in retained earnings. What is the balance in the contributed capital accounts?
73.
The dual effects concept states that: