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Groom2Be
Joined: 13 Jan 2008
Posts: 19
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 Posted: Tue Mar 04, 2008 8:21 am Post subject: Accouting help? |
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| I am at my wedding in florida and i have accounting homework, its a take home quiz of 10 questions. If anyone can help me with any of these i would greatly appreciate it, its due tonight and i am honestly pooped from the wedding so please help. It is a multiple choice quiz1. Chapter 1—Introduction to Accounting and Business Question MC #70(Points: 2) Al Shea is a stockholder and operator of SawTooth Company. As of the end of its accounting period, December 31, 2007, SawTooth Company has assets of $925,000 and liabilities of $285,000. During 2008, Al Shea invested an additional $50,000 in exchange for capital stock and was paid dividends in the amount of $30,000 from the business. What is the amount of net income during 2008, assuming that as of December 31, 2008, assets were $980,000, and liabilities were $255,000?1. $725,0002. $ 95,0003. $ 65,0004. $165,000 Save Answer2. Chapter 1—Introduction to Accounting and Business Question MC #32(Points: 2) The objectivity principle requires that1. amounts recorded in the financial statements must be based on independently verifiable evidence2. accounting principles must meet the objectives of the Security and Exchange Commission3. the Financial Accounting Standards Board must be fair and unbiased in its deliberations over new accounting standards4. business transactions must be consistent with the objectives of the entity Save Answer3. Chapter 1—Introduction to Accounting and Business Question MC #20(Points: 2) Which of the following is the best description of accounting’s role in business?1. Accounting provides stockholders with information regarding the market value of the company’s stocks.2. Accounting provides creditors and banks with information regarding the credit risk rating of the company.3. Accounting provides information to managers to operate the business and to other stakeholders to make decisions regarding the economic condition of the company.4. Accounting is not responsible for providing any form of information to stakeholders. That is the role of the Information Systems Department. Save Answer4. Chapter 1—Introduction to Accounting and Business Question MC #67(Points: 2) Land, originally purchased for $20,000, is sold for $75,000 in cash. What is the effect of the sale on the accounting equation?1. assets increase $55,000; stockholders' equity increases $55,0002. assets increase $75,000; liabilities decrease $20,000; stockholders' equity increases $55,0003. assets increase $20,000; no change for liabilities; stockholders' equity increases $75,0004. assets increase $75,000; stockholders' equity increases $75,000 Save Answer5. Chapter 1—Introduction to Accounting and Business Question MC #57(Points: 2) If total assets decreased by $47,000 during a period of time and stockholders' equity increased by $24,000 during the same period, then the amount and direction (increase or decrease) of the period's change in total liabilities is1. $71,000 increase2. $71,000 decrease3. $23,000 increase4. $47,000 decrease Save Answer6. Chapter 2—Analyzing Transactions Question MC #90(Points: 2) June26Equipment 14,000 Cash 4,000 Note Payable 10,000 ???????????? Which is the best explanation for this journal entry?1. Purchased equipment on credit.2. Purchased equipment, paid cash of $4,000, with the remainder to be paid in payments3. Purchased equipment, paid cash of $4,000, with the remainder to be received in the future.4. Purchased equipment, paid cash for the entire amount Save Answer7. Chapter 2—Analyzing Transactions Question MC #59(Points: 2) XYZ Hospital purchased X-ray equipment for $3,000, paid $750 down, with the remainder to be paid later. The correct entry would be1. Cash 750Accounts Payable 2,250 Equipment 3,0002. Equipment 3,000 Accounts Payable 2,250 Cash 7503. Equipment 750 Cash 7504. Equipment Expense 3,000 Accounts Payable 750 Cash 2,2505. Cash 750 Equipment 750 Save Answer8. Chapter 2—Analyzing Transactions Question MC #12(Points: 2) Which of the following types of accounts have a normal credit balance?1. assets and liabilities2. liabilities and expenses3. revenues and liabilities4. capital stock and dividends Save Answer9. Chapter 2—Analyzing Transactions Question MC #36(Points: 2) Cash was paid by J's Appliance Repair to creditors on account. Which of the following entries for J's records this transaction?1. Cash, debit; Capital Stock, credit2. Accounts Payable, debit; Cash, credit3. Accounts Payable, debit; Account Receivable, credit4. Accounts Receivable, debit; Cash, credit Save Answer10. Chapter 2—Analyzing Transactions Question MC #28(Points: 2) A debit balance in which of the following accounts would indicate a likely error?1. Notes Payable2. Dividends3. Supplies4. Salaries Expense Save Answer |
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GroulpPoupe
Joined: 01 Nov 2007
Posts: 23
Location: Greenland
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| Posted: Tue Mar 04, 2008 7:09 pm Post subject: Accouting help? |
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| Qn 13. $ 65,000Qn 21. amounts recorded in the financial statements must be based on independently verifiable evidenceQn 33. Accounting provides information to managers to operate the business and to other stakeholders to make decisions regarding the economic condition of the company.Qn 41. assets increase $55,000; stockholders' equity increases $55,000Qn 53. $23,000 increaseQn 62. Purchased equipment, paid cash of $4,000, with the remainder to be paid in paymentsQn 72. Dr Equipment 3,000Cr Accounts Payable 2,250Cr Cash 750Qn 83. revenues and liabilitiesQn 92. Accounts Payable, debit; Cash, creditQn 101. Notes PayableCongratulations on your wedding:-) |
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