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- Download: http://solutionzip.com/downloads/20-mcq-go-blue-retail-store-collected-12000/
- Question 1 of 20 5.0 Points
- Go Blue Retail Store collected $12,000 of its accounts receivable. The expanded accounting equation changes include which of the following?
- A. Cash and capital increase of $12,000
- B. Cash and revenue increase of $12,000
- C. Cash increase and accounts receivable decrease of $12,000
- D. Accounts receivable decrease and capital increase of $12,000
- Question 2 of 20 5.0 Points
- A company has the following balances in its asset accounts: Cash, $750; Accounts Receivable, $125; Equipment, $2,000; Supplies, $875. The amount of the company’s total assets is
- A. $875.
- B. $1,750.
- C. $2,875.
- D. $3,750.
- Question 3 of 20 5.0 Points
- An accounting report that shows the changes in capital during the accounting period is a/an
- A. balance sheet.
- B. income statement.
- C. statement of owner’s equity.
- D. All of the above
- Question 4 of 20 5.0 Points
- The net income or net loss is calculated on the
- A. balance sheet.
- B. statement of owner’s equity.
- C. income statement.
- D. None of the above
- Question 5 of 20 5.0 Points
- Which financial statement shows business results in terms of revenue and expenses?
- A. Income statement
- B. Balance sheet
- C. Statement of owner’s equity
- D. Statement of cash flows
- Question 6 of 20 5.0 Points
- Which items are on both the balance sheet and the statement of owner’s equity?
- A. Net loss
- B. Capital
- C. Additional owner’s investments
- D. Owner’s withdrawals
- Question 7 of 20 5.0 Points
- Carrie billed her legal clients $6,000 for legal work completed during the month. This transaction will
- A. cause a $6,000 increase in revenues and liabilities.
- B. cause a $6,000 increase in revenues and a decrease in liabilities.
- C. cause a $6,000 increase in assets and revenues.
- D. not be recorded until the cash is collected.
- Question 8 of 20 5.0 Points
- The financial statement that shows revenue and expenses for a period of time is the
- A. balance sheet.
- B. income statement.
- C. statement of owner’s equity.
- D. statement of cash flows.
- Question 9 of 20 5.0 Points
- Which financial statement is considered a link between the income statement and balance sheet?
- A. Statement of cash flows
- B. Statement of company assets
- C. Statement of company liquidity
- D. Statement of owner’s equity
- Question 10 of 20 5.0 Points
- Which of the following is true about expenses?
- A. They’re costs the company incurs in carrying out operations.
- B. They’re a subdivision of owner’s equity.
- C. They record personal expenses not related to the business.
- D. Both A and B
- Question 11 of 20 5.0 Points
- The statement of owner’s equity contains the
- A. owner’s capital for the beginning of the period.
- B. liabilities of the company.
- C. total amount owed by credit customers.
- D. balance in the cash account.
- Question 12 of 20 5.0 Points
- Vic’s Mart collects $700 of its accounts receivable. The expanded accounting equation impact is a/an
- A. cash and capital increase of $700.
- B. cash and revenue increase of $700.
- C. cash increase and accounts receivable decrease of $700.
- D. accounts receivable decrease and capital increase of $700.
- Question 13 of 20 5.0 Points
- Which accounts are affected when the company buys supplies on account?
- A. Assets and capital
- B. Liabilities and capital
- C. Assets and liabilities
- D. None of the above
- Question 14 of 20 5.0 Points
- Which transaction has no effect on owner’s equity?
- A. Paying salaries expense
- B. Equipment purchase
- C. Billing for services rendered
- D. A withdrawal
- Question 15 of 20 5.0 Points
- Which of the following is included in the balance sheet?
- A. Revenue
- B. Salaries expense
- C. Utilities expense
- D. Accounts payable
- Question 16 of 20 5.0 Points
- If a company’s revenues are higher than its expenses, it will cause
- A. an increase in owner’s equity.
- B. a decrease in owner’s equity.
- C. an increase in assets.
- D. no effect on owner’s equity.
- Question 17 of 20 5.0 Points
- The increase or decrease in owner’s equity is reported on the
- A. income statement.
- B. statement of owner’s equity.
- C. balance sheet.
- D. All of the above
- Question 18 of 20 5.0 Points
- When services are rendered but payment isn’t made, which account would be increased?
- A. Accounts receivable
- B. Accounts payable
- C. Cash
- D. Withdrawal
- Question 19 of 20 5.0 Points
- BPK Industries has a net income for the period of $2,500. The balance in the Owner’s Capital account for the beginning of the period is $5,000, and the owner has withdrawn $1,650 for personal expenses. The balance in the Owner’s Capital account at the end of the period will be
- A. $850.
- B. $5,850.
- C. $7,500.
- D. $9,150.
- Question 20 of 20 5.0 Points
- A company has $4,500 in its Revenue account at the end of a period. The expenses are as follows: Rent, $750; Utilities, $150; Salaries, $2,400; Insurance, $225. The net income (loss) for the period is
- A. $3,600.
- B. ($2,100).
- C. $975.
- D. ($1,425).
- Download: http://solutionzip.com/downloads/20-mcq-go-blue-retail-store-collected-12000/
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