Question 1 of 20 | 5.0/ 5.0 Points |
A to Z Corporation paid a $10,000 cash dividend. On the Statement of Cash Flows, the transaction would be classified as: |
Question 2 of 20 | 5.0/ 5.0 Points |
Recording revenue when a sale is made most directly relates to which concept? |
Question 3 of 20 | 5.0/ 5.0 Points |
Anthony, Inc. buys land for $50,000 cash. The net effect on assets is: |
Question 4 of 20 | 5.0/ 5.0 Points |
What is the primary object of most businesses? |
Question 5 of 20 | 5.0/ 5.0 Points |
The stockholders’ equity of a company should equal the sum of its total assets and total liabilities. |
Question 6 of 20 | 5.0/ 5.0 Points |
Which principle determines the amount initially entered into the records for purchases? |
Question 7 of 20 | 5.0/ 5.0 Points |
Including all relevant data a reader needs to understand the financial condition and performance of a business refers to which concept? |
Question 8 of 20 | 5.0/ 5.0 Points |
A transaction can affect at most two elements of the accounting equation. |
Question 9 of 20 | 5.0/ 5.0 Points |
Which of the following is an appropriate representation of the accounting equation? |
Question 10 of 20 | 5.0/ 5.0 Points |
The branch of accounting related to the management's financial decisions is known as financial accounting. |
Question 11 of 20 | 5.0/ 5.0 Points |
The balance sheet represents the accounting equation. |
Question 12 of 20 | 5.0/ 5.0 Points |
When a business borrows money, it incurs a(n): |
Question 13 of 20 | 5.0/ 5.0 Points |
Manufacturing businesses change basic inputs into products that are sold to individual customers. |
Question 14 of 20 | 5.0/ 5.0 Points |
Which of the items below is not a business organization form? |
Question 15 of 20 | 5.0/ 5.0 Points |
Equality of the accounting equation means that no errors have occurred. |
Question 16 of 20 | 5.0/ 5.0 Points |
Paying expenses affects which financial statement elements? |
Question 17 of 20 | 5.0/ 5.0 Points |
Stockholders’ Equity will be reduced by all of the following accounts except: |
Question 18 of 20 | 5.0/ 5.0 Points |
The basic type of stock issued to owners is called common stock. |
Question 19 of 20 | 5.0/ 5.0 Points |
The payment of a liability: |
Question 20 of 20 | 5.0/ 5.0 Points |
Which of the following is not considered to be a liability? |