Question is–using basic accounting equation answer : (a) the

Question is–using basic accounting equation answer : (a) The liabilities of Lantz Company are $90,200 and the stockholders’ equity is $ 261,000. What is the amount of Lantz Company’s total assets? $_____ (b) the total assets of Salley Company are $182,000 and it’s stockholders’equity is $83,000.What is the amount of its total liabilities? $_____ (c) The total assets of Brandon Co. are $840,000 and its liabilities are equal to one- fourth of its total assets. What is the amount of Brandon Co.’s stockholders’ equity?

 

The proprietor form of business organization  1-,Combines the records of the business with the personal records of the owner , or 2- must have at least 2 owners in most states, or 3-?is classified as a separate legal entity?, or 4- generally receives favorable tax treatment relative to a corporation

 

Most business enterprises in the United States are: 1- government units 2- propiertorships and partnerships 3- partnerships 4- corporations

A business organized as a separate legal entity is a : 1- partnership 2- propiertor 3- government unit 4- corporation

 

 

Which of the following is the BEST definition of an internal user of accounting information? 1- managers who use accounting information to plan, organize , and run a business 2- creditors like banks that use accounting information to evaluate the risk of lending money 3- investors who use accounting information to decide whether to buy or sell stock 4- labor unions who use accounting information to examine the ability of the company to pay increased wages and benefits

 

Which of the following groups uses accounting information primarily to insure the entity is operating within prescribed rules? 1- labor unions 2-regulatory agencies 3- management 4- taxing authorities

Which of the following exyernal groups uses accounting information to determine whether the company can pay its obligations ? 1- investors in common stock? 2- creditors 3- chief financial officer, or 4- marketing managers?

Which of the following financial statements is divided into major categories of operating, investing, and financial activities? 1- the income statement 2- the statement of cash flows 3- the balance sheet 4- the retained earnings statement

Ending retained earnings for a period is equal to beginning: 1- retained earnings- net income + Dividends 2- retained earnings+net income-Dividends 3- retained earnings + net income +Dividends 4- retained earnings- net income-Dividends

The financial statement that summarizes the changes in retained earnings for a specific period of time is the: 1- income statement 2- statement of cash flow 3- balance sheet 4- retained earnings statement

To show how successful your business performed during a period of time, you would report its revenues and expenses in the: 1- statement of cash flow 2- retained earnings statement 3- balance sheet 4- income statement

Which financial statement is prepared first? 1- income statement 2-Balance sheet 3-Retained earnings statement 4- Statement of cash flows

An income statement shows : 1- expenses, dividends, and stockholders equity 2- revenues, expenses, and net income 3- assets, liabilities, and stockholders equity 4- revenues, liabilities, and stockholders equity

Dividends paid : 1- decreased retained earnings 2- increase expenses 3- decrease revenues 4- increase assets

 

Sharidan Company began the year with retained earnings of $659000. During the year, the company recorded revenues of $600000, expenses of $380000, and paid dividends of $141500. What was Sheridan retained earnings at the end of the year? 1- $1131500 2- $600000 3- $1017500 4- $ 737500

 

Which of the following organizations issues accounting standards for countries outside the US? 1- SEC 2- GAAP 3- IASB 4- FASB

Generally accepted accounting principles: 1- are accounting rules that are recognized as a general guide for financial reporting 2- have eliminated all errors in accounting 3- are accounting rules formulated by the Internal Revenue Service 4- are sound in theory but rarely used in real life

 

The Agency of the US government that oversees the US financial markets is the 1- Financial Accounting Standards Board 2- IRS 3-Security Exchange Commission 4- International Auditing Standards Committee

 

What organization issues US accounting standards ? 1- security exchange commission 2-International accounting standards committee 3- financial accounting standards board 4- international auditing standards committee

 

The 2 fundamental qualities of useful information are: 1- comparability and flexibility 2- understandability and consistency 3- relevance and faithful representation 4- verifiability and timeliness

 

If accounting information has relevance, it is useful in making predictions about: 1- future IRS audits 2- new accounting principles 3- foreign currency exchange rates 4- the future events of the company

 

 

 

 

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