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GB 518 Week 1 Quiz
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GB 518 Week 1 Quiz

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GB 518 Quiz 1

 

GB518 Financial Accounting Principles and Analysis

 

Question :        If equity is $300,000 and liabilities are $192,000, then assets equal:

 

           

Question 2.      Question :        If assets are $99,000 and liabilities are $32,000, then equity equals:

 

Question 3.      Question :        Reebok had income of $150 million and average assets of $1,800 million. Its return on assets is:

 

 Question 4.     Question :        Unearned revenues are:

 

                         Revenues that have been earned and received in cash

 

                                     Revenues that have been earned but not yet collected in cash

 

                                     Liabilities created when a customer pays in advance for products or services before the revenue is earned

                                     Recorded as an asset in the accounting records

 

                                     Increases to retained earnings

 

 

Question 5.      Question :        Technological advancement

 

                         Has replaced accounting

 

                                     Has not changed the work that accountants do

 

                                     Has freed accounting professionals to concentrate more on the analysis and interpretation of information

                                     In accounting has replaced the need for decision makers

 

                                     In accounting is only available to large corporations

 

 

Question 6.      Question :        Of the following accounts, the one that normally has a credit balance is:

 

                                     Cash

 

                                     Office Equipment

 

                                     Sales Salaries Payable

 

                                     Dividends

 

                                     Sales Salaries Expense

 

 

Question 7.      Question :        Net Income:

 

             Decreases equity

 

                                     Represents the amount of assets owners put into a business

 

                                     Equals assets minus liabilities

 

                                     Is the excess of revenues over expenses

 

                                     Represents the owners' claims against assets

 

 

Question 8.      Question :        Internal users of accounting information include:

 

                         Shareholders

 

                                     Customers

 

                                     Creditors

 

                                     Government regulators

 

                                     Line Supervisor

 

 

 

Question 9.      Question :        A company has twice as much owner's equity as it does liabilities. If total liabilities are $50,000, what amounts of assets are owned by the company?

 

                                     $50,000

 

                                     $100,000

 

                                     $150,000

 

                                     $200,000

 

 

Question 10.    Question :        A credit is used to record:

 

                         An increase in an expense account

 

                                     An increase in an asset account

 

                                     An increase in an unearned revenue account

 

                                     A decrease in a revenue account

 

                                     A decrease to retained earnings

 

 

 

Question 11.    Question :        Apatha Company has assets of $600,000, liabilities of $250,000 and equity of $350,000. It buys office equipment on credit for $75,000. The effects of this transaction include:

 

                                     Assets increase by $75,000 and expenses increase by $75,000

 

                                     Assets increase by $75,000 and expenses decrease by $75,000

 

                                     Liabilities increase by $75,000 and expenses decrease by $75,000

                                     Assets decrease by $75,000 and expenses decrease by $75,000

 

                                     Assets increase by $75,000 and liabilities increase by $75,000

 

 

Question 12.    Question :        The principle that (1) requires revenue to be recognized at the time it is earned, (2) allows the inflow of assets associated with revenue to be in a form other than cash and (3) measures the amount of revenue as the cash plus the cash equivalent value of any non-cash assets received from customers in exchange for goods or services is called the:

 

                                     Going-concern principle

 

                                     Cost principle

 

                                     Revenue recognition principle

 

                                     Objectivity principle

 

                                     Business entity principle

 

 

Question 13.    Question :        Which of the following is the primary purpose of accounting?

 

             To establish a business

 

                                     To identify, record and communicate business transactions

 

                                     To deceive stockholders

 

                                     To keep from paying taxes

 

                                     To establish credit for a company

 

 

 

Question 14.    Question :        Assets created by selling goods and services on credit are:

 

             Accounts payable

 

                                     Accounts receivable

 

                                     Liabilities

 

                                     Expenses

 

 

Question 15.    Question :        Double-entry accounting is an accounting system:

 

                         That records each transaction twice

 

                                     That records the effects of transactions and other events in at least two accounts with equal debits and credits

                                     In which the impact of each transaction is recorded in two or more accounts but that could include two debits and no credits

                                     That may only be used if T-accounts are used

 

                                     That insures that errors never occur

 

 

 

Question 16.    Question :        An example of a financing activity is:

 

                         Buying office supplies

 

                                     Obtaining a long-term loan

 

                                     Buying office equipment

 

                                     Selling inventory

 

                                     Buying land

 

 

Question 17.    Question :        A debit is:

 

             An increase in an account

 

                                     The right-hand side of a T-account

 

                                     A decrease in an account

 

                                     The left-hand side of a T-account

 

                                     An increase to a liability account

 

 

Question 18.    Question :        Risk is:

 

                         Net income divided by average total assets

 

                                     The reward for investment

 

                                     The uncertainty about the expected return that will be earned from an investment

                                     Unrelated to expected return

 

 

 

Question 19.    Question :        Which of the following statements best describes the relationship of U.S. GAAP and IFRS?

 

                         They are identical

 

                                     They are entirely different conceptual frameworks

 

                                     They are similar but not identical

 

                                     Neither has anything to do with accounting

 

                                     They both relate only to publicly traded companies

 

 

 

Question 20.    Question :        Source documents include all of the following except:

 

                                     Sales tickets

 

                                     Ledgers

 

                                     Checks

 

                                     Purchase orders

 

                                     Bank statements

 

 

Question 21.    Question :        Stride Rite has total assets of $425 million. Its total liabilities are $110 million. Its equity is $315 million. Calculate the debt ratio.

             38.6%

 

                                     13.4%

 

                                     34.9%

 

                                     25.9%

 

                                     14.9%

 

 

Question 22.    Question :        An asset created by prepayment of an expense is:

 

                                     Recorded as a debit to an unearned revenue account

 

                                     Recorded as a debit to a prepaid expense account

 

                                     Recorded as a credit to an unearned revenue account

 

                                     Recorded as a credit to a prepaid expense account

 

                                     Not recorded in the accounting records until the earnings process is complete

 

 

Question 23.    Question :        Increases in retained earnings from a company's earnings activities are:

             Assets

 

                                     Revenues

 

                                     Liabilities

 

                                     Stockholder's Equity

 

                                     Expenses

 

Question 24.    Question :        Which of the following accounting principles dictates when expenses are recognized?

             Revenue recognition principle

 

                                     Monetary unit principle

 

                                     Business entity principle

 

                                     Matching principle

 

                                     Full disclosure principle

 

 

 

Question 25.    Question :        Prepaid expenses are:

 

          Payments made for products and services that do not ever expire

                                     Classified as liabilities on the balance sheet

 

                                     Decreases in retained earnings

 

                                     Assets that represent prepayments of future expenses

 

                                     Promises of payments by customers 

 

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