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Exam 1: Introduction to Accounting and Business

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Question 61

Multiple Choice

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The unit of measure concept

A) is only used in the financial statements of manufacturing companies
B) is not important when applying the cost concept
C) requires that different units be used for assets and liabilities
D) requires that economic data be reported in yen in Japan or dollars in the United States

E) A) and D)
F) None of the above

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Question 62

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Which of the items below is not a business entity?

A) entrepreneurship
B) proprietorship
C) partnership
D) corporation

E) A) and B)
F) All of the above

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Question 63

Multiple Choice

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Gomez Service Company paid its first installment on a note payable in the amount of $2,000. How will this transaction affect the accounting equation?

The excess of revenue over the expenses incurred in earning the revenue is called capital stock.

Given the following: Beginning retained earnings $ 70,000 Ending retained earnings $ 48,000 Dividends declared and paid $ 21,000 Calculate net income or net loss.

The statement of cash flows consists of three sections: cash flows from operating activities, cash flows from income activities, and cash flows from equity activities.

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

The Austin Land Company sold land for $85,000 in cash. The land was originally purchased for $65,000. At the time of the sale, $40,000 was still owed to Regions Bank. After the sale, The Austin Land Company paid off the loan. Explain the effect of the sale and the payoff of the loan on the accounting equation.

From the following list of accounts taken from Lamar's accounting records, identify those that would appear on the income statement.

All financial statements are identified by the name of the business, the title of the statement, and the date or period of time.

Discuss internal and external users of accounting information. What areas of accounting provide them with information? Give an example of the type of report each type of user might use.

A financial statement user would determine if a company was profitable or not during a specific period of time by reviewing

The monetary value charged to customers for the performance of services sold is called a(n)

Which of the following is not a business transaction?

Which of the following is not a business transaction?

No significant differences exist between the accounting standards issued by the FASB and the IASB.

Which of the following concepts relates to separating the reporting of business and personal economic transactions?

Financial reports are used by

The objectivity concept requires that

Amos Moving Services' account balances at March 31, 2011, the end of the current year, are listed below. The Retained Earnings balance was $180,000 at April 1, 2010, the beginning of the current year. Based on the data provided for Amos Moving Services, prepare a balance sheet as of March 31, 2011.