NEED ASAP PLEASE
Question 1
Which one of the following is not an externaluser of accounting information?
| | Customers |
| | Investors |
| | Regulatory agencies |
| | All of these are external users |
3 points
Question 2
The first step in solving an ethical dilemma is to
| | identify and analyze the principal elements in thesituation. |
| | identify the alternatives. |
| | recognize an ethical situation and the ethical issuesinvolved. |
| | weigh the impact of each alternative on variousstakeholders. |
3 points
Question 3
Generally accepted accounting principles are
| | income tax regulations of the Internal Revenue Service. |
| | standards that indicate how to report economic events. |
| | theories that are based on physical laws of the universe. |
| | principles that have been proven correct by academicresearchers. |
3 points
Question 4
Which of the following events is not a businesstransaction?
| | Issuance of stock in exchange for cash. |
| | Hired employees. |
| | Incurred utility expenses for the month. |
| | Earned revenue for services provided. |
3 points
Question 5
When assets are distributed to the owners of a corporation,these distributions are termed
| | depletions. |
| | consumptions. |
| | dividends. |
| | a credit line. |
3 points
Question 6
If total liabilities increased by $8,000, then
| | assets must have decreased by $8,000. |
| | stockholders' equity must have increased by $8,000. |
| | assets must have increased by $8,000, or stockholders' equitymust have decreased by $8,000. |
| | assets and stockholders' equity each increased by $4,000. |
3 points
Question 7
If total liabilities increased by $30,000 and stockholders'equity increased by $20,000 during a period of time, then totalassets must change by what amount and direction during that sameperiod?
| | $50,000 decrease |
| | $10,000 decrease |
| | $10,000 increase |
| | $50,000 increase |
3 points
Question 8
Misra Company compiled the following financial information as ofDecember 31:
Revenues | $ 340,000 |
Retained Earnings, Beginning | $ 60,000 |
Equipment | $ 80,000 |
Expenses | $ 250,000 |
Cash | $ 90,000 |
Dividends | $ 20,000 |
Supplies | $ 10,000 |
Accounts payable | $ 40,000 |
Accounts receivable | $ 70,000 |
Common Stock | $ 80,000 |
Misra's assets on December 31 are
| | $180,000. |
| | $250,000. |
| | $360,000. |
| | $ 490,000. |
3 points
Question 9
Mofro's Computer Repair Shop started the year with total assetsof $300,000 and total liabilities of $200,000. During the year, thebusiness recorded $500,000 in computer repair revenues, $300,000 inexpenses, and Mofro paid dividends of $50,000. Stockholders' equityat the end of the year was
| | $200,000. |
| | $100,000. |
| | $250,000. |
| | $300,000. |
3 points
Question 10
A balance sheet shows
| | assets, liabilities, and stockholders' equity. |
| | expenses, dividends, and stockholders' equity. |
| | revenues, expenses, and dividends. |
| | revenues, liabilities, and stockholders' equity. |
3 points
Question 11
At September 1, Foli Co. reported retained earnings of $136,000.During the month, Foli generated revenues of $20,000, incurredexpenses of $12,000, purchased equipment for $5,000 and paiddividends of $2,000. What is the amount of retained earnings atSeptember 30?
| | $136,000 |
| | $142,000 |
| | $8,000 |
| | $137,000 |
3 points
Question 12
Grayton Industries purchased supplies for $1,000. The Companypaid $500 in cash and agreed to pay the balance in 30 days. Thejournal entry to record this transaction would include a debit toan asset account for $1,000, a credit to a liability account for$500. Which of the following would be the correct way to completethe recording of the transaction?
| | Credit an asset account for $500. |
| | Credit the Retained Earnings account for $500. |
| | Credit another liability account for $500. |
| | Debit the Retained Earnings account for $500. |
3 points
Question 13
Radio Moscow Industries purchased supplies for $1,000. They paid$400 in cash and agreed to pay the balance in 30 days. The journalentry to record this transaction would include a debit to an assetaccount for $1,000, a credit to a liability account for $600. Whichof the following would be the correct way to complete the recordingof the transaction?
| | Credit an asset account for $400. |
| | Credit another liability account for $400. |
| | Credit the retained earnings account for $400. |
| | Debit the retained earnings account for $400. |
3 points
Question 14
A credit to a liability account
| | must be accompanied by a debit to an asset account. |
| | indicates an increase in the amount owed to creditors. |
| | is an error. |
| | indicates a decrease in the amount owed to creditors. |
3 points
Question 15
In recording business transactions, evidence that an accountingtransaction has taken place is obtained from
| | business documents. |
| | the Internal Revenue Service. |
| | the public relations department. |
| | the SEC. |
3 points
Question 16
On June 1, Leno Inc. buys a copier machine for her business andfinances this purchase with cash and a note. When journalizing thistransaction, the company's accountant will
| | make a simple entry. |
| | use two journal entries. |
| | make a compound entry. |
| | list the credit entries first, which is proper form for thistype of transaction. |
3 points
Question 17
A three column form of account is so named because it hascolumns for
| | debit, credit, and balance. |
| | debit, credit, and date. |
| | debit, credit, and account name. |
| | debit, credit, and reference. |
3 points
Question 18
The first step in designing a computerized accounting system isthe creation of the
| | general ledger. |
| | general journal. |
| | trial balance. |
| | chart of accounts. |
3 points
Question 19
Chik Chik Company showed the following balances at the end ofits first year:
Cash | $ 6,000 |
Prepaid insurance | $ 9,400 |
Accounts receivable | $ 7,000 |
Accounts payable | $ 5,600 |
Notes payable | $ 8,400 |
Common stock | $ 2,800 |
Dividends | $ 1,400 |
Revenues | $ 44,000 |
Expenses | $ 35,000 |
What did Chik Chik Company show as total credits on its trialbalance?
| | $51,400 |
| | $60,800 |
| | $62,200 |
| | $70,200 |
3 points
Question 20
Which of the following time periods would notbe referred to as an interim period?
| | Monthly |
| | Quarterly |
| | Semi-annually |
| | Annually |
