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Chapter 1 Acct 504 Quiz Essay

974 words - 4 pages

Chapter 1 self-test

1.

In which forms of business organization are the owners personally liable for all the debts of the business?
A.
Sole proprietorships and corporations
B.
Sole proprietorships and partnerships
C.
Partnership and corporation
D.
All of them

2. The proprietorship form of business organization
A.
must have at least two owners in most states.
B.
generally receives favorable tax treatment relative to a corporation.
C.
combines the records of the business with the personal records of the owner.
D.
is classified as a separate legal entity.

3. Which forms of business organization are considered to be separate accounting entities?
A. ...view middle of the document...

Issuing shares of common stock
B.
Selling goods on account
C.
Buying delivery equipment
D.
Buying inventory

10. Resources owned by a business are referred to as
A.
stockholders' equity.
B.
liabilities.
C.
assets.
D.
revenues.

11. In terms of the principal types of business activities, paying salaries expense is an example of
A.
Operating activities.
B.
Financing activities.
C.
Investing activities.
D.
Advertising activities.

12. The balance sheet reports assets and claims to those assets at a specific point in time.
A.
True
B.
False

13. What kind of classification is cost of goods sold?
A.
Asset
B.
Expense
C.
Liability
D.
Revenue

14. Which of the following would not appear on the income statement?
A.
Service revenue
B.
Interest expense
C.
Net income
D.
Dividends paid

15. Which of the following would not appear on the retained earnings statement?
A.
Beginning retained earnings balance
B.
Dividends
C.
Service revenue
D.
Net income

16. In which of the following sequences are the financial statements usually prepared?
A.
Income statement, balance sheet, retained earnings statement, and statement of cash flows
B.
Balance sheet, retained earnings statement, statement of cash flows, and income statement
C.
Balance sheet, statement of cash flows, income statement and retained earnings statement
D.
Income statement, retained earnings statement, balance sheet, and statement of cash flows

17. Saira's Maid Service began the year with total assets of $120,000 and stockholders' equity of $40,000. During the year the company earned $90,000 in net income and paid $20,000 in dividends. Total assets at the end of the year were $215,000. How much was stockholders' equity at the end of the year?
A.
$130,000
B.
$110,000
C.
$150,000
D.
$135,000

18. The ending retained earnings balance appears on:
A.
The retained earnings statement only.
B.
The balance sheet only.
C.
The income statement and the retained earnings statement.
D.
Both the retained earnings statement and the balance sheet.

19. Saira's Maid Service began the year with total assets of $120,000 and stockholders' equity of...

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