XBCOM 275 Week 4 Assignment Article Rebuttal

Dec 2nd, 2014
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  3. This file comprises XBCOM 275 Entire Course A+ Study Guide
  5. Business - Accounting
  6. 1. Creditors' claims on the assets of a company are called:  Net losses Expenses Revenues Equity Liabilities
  8. 2. Which of the following elements are found on the Balance Sheet?  Service Revenue Net Income Operating Activities Utilities Expense Retained Earnings
  10. 3. Assets created by selling goods and services on credit are:  Accounts payable Accounts receivable Liabilities Expenses
  12. 4. The description of the relation between a company's assets, liabilities and equity, which is expressed as + Equity is known as the:  Income statement equation Accounting equation Business equation Return on equity ratio Net income
  14. 5. An example of an operating activity is:  Paying wages Purchasing office equipment Borrowing money from a bank Selling stock Paying off a loan
  16. 6. Of the following accounts, the one that normally has a credit balance is:  Cash Office Equipment Sales Salaries Payable Dividends Sales Salaries Expense
  18. 7. Reebok had income of $150 million and average assets of $1,800 million. Its return on assets is:  8.33%  83.3% 12.0% 120%
  20. 8. If Beginning Retained Earnings was $184,300, the company distributed $46,000 in dividends and Ending Retained Earnings was $345,000, what was the net income for the period?  $154,700 $206,700 $114,700 $575,300 $160,700
  22. 9. Ethical behavior requires:  That an auditors' pay not depend on the figures in the client's reports Auditors to invest in businesses they audit Analysts to report information favorable to their companies Managers to use accounting information to benefit themselves That an auditor provides a favorable opinion
  24. 10. A parcel of land is: offered for sale at $150,000, assessed for tax purposes at $95,000, recognized by its purchasers as being worth $140,000 and purchased for $137,000. The land should be recorded in the purchaser's books at:  $95,000 $137,000 $138,500 $140,000 $150,000
  26. 11. 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
  28. 12. 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
  30. 13. 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
  32. 14. 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
  34. 15. If assets are $99,000 and liabilities are $32,000, then equity equals:  $32,000 $67,000  $99,000 $131,000 $198,000
  36. 16. Financial statements are typically prepared in the following order:  Balance sheet, statement of retained earnings, income statement Statement of retained earnings, balance sheet, income statement
  38. A+ tutorial you will find here - https://bitly.com/1xptCpi
  40. It may seem best to buy books long before a class starts, but you may save some cash if you wait until the first day of each class. Sometimes, you can save yourself a purchase by doing this. Since you don't know what the situation is until you actually go to class, it is best to wait to buy. Often, the lectures and online readings will be sufficient for you to do well in the course.
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