FiltersDone

Question type

Essay

Multiple Choice

Short Answer

True False

Matching

Exam 1: Introduction to Accounting and Business

Show Answer

Share

---

All types

Filters

Study FlashcardsPractice ExamLearn

Question 31

Multiple Choice

Review LaterAdd Note

Review Later

Which of the following is not a certification for accountants?

A) CIA
B) CMA
C) CISA
D) All are certifications.

E) A) and D)
F) B) and C)

Correct Answer

verified

Show Answer

Question 32

Essay

Review LaterAdd Note

Review Later

Selected transactions completed by a proprietorship are described below. Indicate the effects of each transaction on assets, liabilities, and owner's equity by inserting "+" for increase and "-" for decrease in the appropriate columns at the right. If appropriate, you may insert more than one symbol in a column. $\begin{array}{ll}&&A&L&OE\\\hline(a) & \text{Received cash owner as an additional investment} &\_\_\_\_&\_\_\_\_&\_\_\_\_\\(b) & \text{Purchased supplies on account} &\_\_\_\_&\_\_\_\_&\_\_\_\_\\(c) & \text{Paid rent for the curent month} &\_\_\_\_&\_\_\_\_&\_\_\_\_\\(d) & \text{Received cash for services sold to customers} &\_\_\_\_&\_\_\_\_&\_\_\_\_\\(e) & \text{Returned some defective supplies purchased in (b)} &\_\_\_\_&\_\_\_\_&\_\_\_\_\\(f) & \text{Paid insuratice premiums in advance} &\_\_\_\_&\_\_\_\_&\_\_\_\_\\(g) & \text{Paid cash to creclitor for purchases in(b)} &\_\_\_\_&\_\_\_\_&\_\_\_\_\\(h) & \text{Charged customers for services sold on account} &\_\_\_\_&\_\_\_\_&\_\_\_\_\\(i) & \text{Paid cash to a customer as a refund for an overcharge} &\_\_\_\_&\_\_\_\_&\_\_\_\_\\(j) & \text{Received cash on account from customers} &\_\_\_\_&\_\_\_\_&\_\_\_\_\\(k) & \text{Owner withdrew cash for personal use} &\_\_\_\_&\_\_\_\_&\_\_\_\_\\(I) & \text{Recorded the cost of supplies used during the year} &\_\_\_\_&\_\_\_\_&\_\_\_\_\\(m) & \text{Received invoice for electricity used} &\_\_\_\_&\_\_\_\_&\_\_\_\_\\(n) & \text{Paidwages} &\_\_\_\_&\_\_\_\_&\_\_\_\_\\(o) & \text{Purchased a truck for cash} &\_\_\_\_&\_\_\_\_&\_\_\_\_\end{array}$

Correct Answer

verified

_TB2085_00...

View Answer

Show Answer

Question 33

Essay

Review LaterAdd Note

The total assets and total liabilities of Paul's Pools, a proprietorship, at the beginning and at the end of the current fiscal year are as follows: $\begin{array}{ll}&Jan.~ 1&Dec.~ 31\\\hline\text { Total assets } & \$ 280,000 &\$475,000\\\text { Total liabilities } & 205,000 &130,000\end{array}$

Profit is the difference between

The accounting equation can be expressed as Assets - Liabilities = Owner's Equity.

The Sarbanes-Oxley Act prohibits CPAs from providing nonaudit investment banking services.

Given the following: Beginning capital $ 58,000 Ending capital $ 30,000 Owner's withdrawals $ 25,000 Calculate net income or net loss.

The assets and liabilities of S&P Day Spa at December 31, 2014 and its revenue and expenses for the year are listed below. The capital of the owner was $68,000 at January 1, 2014. The owner invested an additional $10,000 during the year. Prepare a balance sheet for the year ended December 31, 2014.

Purchasing supplies on account increases liabilities and decreases equity.

A corporation is a business that is legally separate and distinct from its owners.

Paying an account payable increases liabilities and decreases assets.

The objectivity concept requires that

Which of the following isnot a characteristic of a corporation?

On July 1 of the current year, the assets and liabilities of John Wong, DVM, are as follows: Cash, $27,000; Accounts Receivable, $12,300; Supplies, $3,100; Land, $35,000; Accounts Payable, $13,900. What is the amount of owner's equity (John Wong's capital) as of July 1 of the current year?

select whether each of the following activities would be reported on the Statement of Cash Flows as an Operating Activity, an Investing Activity, a Financing Activity, or does not appear on the Cash Flow Statement.

How does receiving a bill to be paid next month for services received affect the accounting equation?

If total assets increased by $190,000 during a specific period and liabilities decreased by $10,000 during the same period, the period's change in total owner's equity was a $200,000 increase.

A summary of cash flows for Lopez Wedding Planning for the year ended December 31, 2011 is shown below. Cash receipts: Cashreceived from customers $~~~~~~~~~\$ 57,361$ Cashreceived from bank loan $~~~~~~~~~15.000$ Prepare a statement of cash flows for Lopez Wedding Planning for the year ended December 31, 2011.

Simpson Auto Body Repair purchased $20,000 of Machinery. The company paid $8,000 in cash at the time of the purchase and signed a promissory note for the remainder to be paid in four monthly installments. (a) How will the purchase affect the accounting equation? (b) How will the payment of the first monthly installment affect the accounting equation?

If total liabilities decreased by $46,000 during a period of time and owner's equity increased by $60,000 during the same period, the amount and direction (increase or decrease) of the period's change in total assets is