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ACTG 121 - CH1
| Question | Answer |
|---|---|
| "The Accounting Equation is: A. Assets + Liabilities = Owner’s Equity. B. Assets = Liabilities – Owner’s Equity. C. Assets = Liabilities + Owner’s Equity. D. Assets = Liabilities x Owner’s Equity. " | C. Assets = Liabilities + Owner’s Equity. |
| Which item is not an asset? A. Cash B. Accounts Payable C. Accounts Receivable D. Supplies | |
| Total liabilities decreased by $75,000 & total owner’s equity increased by $90,000 during the same accounting time period what is the net effect on total assets during this period? $15,000 increase $15,000 decrease $90,000 increase $90,000 decrease | |
| Recording accounting goods and services at actual cost is mandated by the: A. Stable Monetary Unit Assumption. B. Continuity (Going Concern) Assumption. C. Entity Assumption. D. Historical Cost Principle. | |
| Which financial statement formula is the same as the accounting equation? A. Income Statement B. Statement of Retained Earnings C. Balance Sheet D. Statement of Cash Flow | |
| The Stable Monetary Unit Assumption allows one to: A. ignore the effects of inflation. B. assume that the dollar’s purchasing power does not fluctuate. C. do both A and B. D. do none of the above. | |
| Which financial statement reports on the revenues and expenses during a specified period of time? A. Income Statement B. Statement of Retained Earnings C. Balance Sheet D. Statement of Cash Flows |
Created by:
cgaff@my.smccd.edu
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