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Exam 1: Accounting in Business

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Question 41

Multiple Choice

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Accounts payable appear on which of the following statements?

A) Balance sheet.
B) Income statement.
C) Statement of owner's equity.
D) Statement of cash flows.
E) Transaction statement.

F) B) and D)
G) B) and E)

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Question 42

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A limited liability company offers the limited liability of a partnership or proprietorship and the tax treatment of a corporation.

A) True
B) False

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Question 43

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The rule that requires financial statements to reflect the assumption that the business will continue operating instead of being closed or sold,unless evidence shows that it will not continue,is the:

The area of accounting aimed at serving the decision making needs of internal users is:

In a business decision where there are ethical concerns,the preferred course of action should be one that:

The Superior Company acquired a building for $500,000.The building was appraised at a value of $575,000.The seller had paid $300,000 for the building 6 years ago.Which accounting principle would require Superior to record the building on its records at $500,000?

If the assets of a company increase by $55,000 during the year and its liabilities increase by $25,000 during the same year,then the change in equity of the company during the year must have been:

Use the following information as of December 31 to determine equity.

The idea that a business will continue to operate instead of being closed or sold underlies the going-concern assumption.

Identifying the proper ethical path is usually easy.

____________ are the increases in equity from a company's sales of products and services to customers.

A financial statement providing information that helps users understand a company's financial status,and which lists the types and amounts of assets,liabilities,and equity as of a specific date,is called a(n) :

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

The independent group that is attempting to harmonize accounting practices of different countries is the:

The income statement describes revenues earned and expenses incurred over a specified period of time due to earnings activities.

Assets are the resources a company owns or controls that are expected to yield future benefits.

__________________ is an information and measurement system that identifies,records and communicates relevant,reliable and comparable information about an organization's economic activities.

If Houston Company billed a client for $10,000 of consulting work completed,the accounts receivable asset increases by $10,000 and:

A company acquires equipment for $75,000 cash.This represents a(n) :

Owner financing refers to resources contributed by creditors or lenders.