American Public University ACCT 300 Week 1 Quiz 2014 (Graded)

| August 14, 2017

ACCT300 week 1 quizQuestion 1 of 205.0/ 5.0 PointsWhen a business borrows money, it incurs a(n): B.liability. C.receivable. D.additional equity. Question 2 of 205.0/ 5.0 PointsPaying expenses affects which financial statement elements? A.Assets only B.Stockholders’ equity only C.Assets and stockholders’ equity D.Assets and liabilities Question 3 of 200.0/ 5.0 PointsAnthony, Inc. buys land for $50,000 cash. The net effect on assets is:A.$50,000 increase. B.$0. C.$50,000 decrease. D.$25,000 increase. Question 4 of 205.0/ 5.0 PointsThe basic financial statements do not include the: A.income statement. return. C.balance sheet. D.statement of cash flows. Question 5 of 205.0/ 5.0 PointsThe branch of accounting related to the management’s financial decisions is known as financial accounting. A. True B. FalseQuestion 6 of 205.0/ 5.0 PointsThe role of accounting in business is best defined information system that provides reports to stakeholders about the economic activities and condition of a business. B.a method of forecasting the future profitability of a company. C.the policies, procedures, and strategies used in a business. D.transaction analysis. Question 7 of 205.0/ 5.0 PointsThe basic type of stock issued to owners is called common stock. A. True B. FalseQuestion 8 of 200.0/ 5.0 PointsAny given transaction must affect at least two different parts of the accounting equation. A. True B. FalseQuestion 9 of 205.0/ 5.0 PointsA to Z Corporation issued a $30,000 note payable to borrow cash from the bank. On the Statement of Cash Flows, the transaction would be classified as: A.Cash Flows from Operating Activities. B.Cash Flows from Investing Activities. C.Cash Flows from Financing Activities. D.Noncash transaction. Question 10 of 205.0/ 5.0 PointsReporting the financial condition of a business at a point in time and the changes in the financial condition of a business over a period of time are the two major objectives of: accounting. B.union contracts. C.managerial accounting. accounting. Question 11 of 205.0/ 5.0 PointsAssets are acquired through investing activities when resources are purchased. A. True B. FalseQuestion 12 of 205.0/ 5.0 PointsIncluding all relevant data a reader needs to understand the financial condition and performance of a business refers to which concept?A.Adequate disclosure concept B.Going concern concept C.Objectivity concept D.Business entity concept Question 13 of 205.0/ 5.0 PointsThe effect of every transaction is an increase or a decrease in one or more of the accounting equation elements. A. True B. FalseQuestion 14 of 200.0/ 5.0 PointsWhen an account receivable is collected in cash, the total assets of the business increase. A. True B. FalseQuestion 15 of 205.0/ 5.0 PointsThe balance sheet represents the accounting equation. A. True B. FalseQuestion 16 of 205.0/ 5.0 PointsBuying equipment for cash affects which account/accounts? A.Cash only B.Retained earnings only C.Equipment and retained earnings D.Cash and equipment Question 17 of 205.0/ 5.0 PointsWhich of the following is an appropriate representation of the accounting equation? A.Assets + Liabilities = Stockholders’ equity B.Assets = Liabilities + Stockholders’ equity C.Assets = Liabilities D.Assets = Liabilities + Retained earnings Question 18 of 205.0/ 5.0 PointsWhich of the following is not considered to be a liability? A.Note payable B.Accounts receivable C.Unearned revenues D.Accounts payable Question 19 of 200.0/ 5.0 PointsThe first month of operation showed the net cash from operating activities to be $3,760, the net cash from investing activities to be ($5,415), and the ending cash balance to be $3,425. The net cash from financing activities must be: A.$1,770. B.$5,080. C.$5,750. D.$12,600. Question 20 of 200.0/ 5.0 PointsWhich principle determines the amount initially entered into the records for purchases? A.Cost principle B.Going concern concept C.Business entity concept D.Objectivity concept

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