XBCOM 275 Week 4 Assignment Article Rebuttal

 This file comprises XBCOM 275 Entire Course A+ Study Guide

Business - Accounting
 1. Creditors' claims on the assets of a company are called:  Net losses Expenses Revenues Equity Liabilities

 2. Which of the following elements are found on the Balance Sheet?  Service Revenue Net Income Operating Activities Utilities Expense Retained Earnings

 3. Assets created by selling goods and services on credit are:  Accounts payable Accounts receivable Liabilities Expenses

 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

 5. An example of an operating activity is:  Paying wages Purchasing office equipment Borrowing money from a bank Selling stock Paying off a loan

 6. Of the following accounts, the one that normally has a credit balance is:  Cash Office Equipment Sales Salaries Payable Dividends Sales Salaries Expense

 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%

 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

 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

 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

 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

 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

 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

 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

 15. If assets are $99,000 and liabilities are $32,000, then equity equals:  $32,000 $67,000  $99,000 $131,000 $198,000

 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

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