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Exam 1: Accounting in Business

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Question 91

True/False

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The three common forms of business ownership include sole proprietorship, partnership, and non-profit.

A) True
B) False

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Question 92

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The income statement reports all of the following except:

A) Revenues earned by a business.
B) Expenses incurred by a business.
C) Assets owned by a business.
D) Net income or loss earned by a business.
E) The time period over which the earnings occurred.

F) B) and C)
G) A) and B)

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Question 93

Multiple Choice

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Rent expense that is paid with cash appears on which of the following statements?

If the assets of a business increased $89,000 during a period of time and its liabilities increased $67,000 during the same period, equity in the business must have:

At the beginning of the year, a company had $120,000 worth of liabilities. During the year, assets increased by $160,000 and at year-end they equaled $360,000. Liabilities decreased $20,000 during the year. Calculate the beginning and ending values of equity.

The financial statement that shows the beginning balance of owner's equity; the changes in equity that resulted from new investments by the owner, net income (or net loss) ; withdrawals; and the ending balance, is the:

Annie's Attic has the following account balances for the dates given: Also, its net income, for September 1 through September 30 was $20,000 and there were no investments or withdrawals by the owner. Determine the equity at both September 1 and September 30.

An example of an investing activity is:

A sole proprietorship is a business owned by one or more persons.

Identify several opportunities in accounting and its related fields.

On June 30 of the current year, the assets and liabilities of Phoenix, Inc. are as follows: Cash $20,500; Accounts Receivable, $7,250; Supplies, $650; Equipment, $12,000; Accounts Payable, $9,300. What is the amount of owner's equity as of July 1 of the current year?

If assets are $99,000 and liabilities are $32,000, then equity equals:

In accounting, the rule that requires that assets, services, and liabilities be recorded initially at the cash or cash-equivalent value of what was given up or of the item received is called _____________________________.

The financial statement that identifies where a company's cash came from and where it went during the period is the:

Net Income:

The accounting equation implies that: Assets + Liabilities = Equity.

The assumption that requires that a business be accounted for separately from its owners is the __________________ assumption.

Flash has beginning equity of $257,000, net income of $51,000, withdrawals of $40,000 and investments by owners of $6,000. Its ending equity is:

General accounting principles arise from long-used accounting practices.

An income statement reports on investing and financing activities.