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Exam 1: Introduction to Accounting and Business

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Question 81

True/False

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Receiving payments on an account receivable increases both equity and assets.

A) True
B) False

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Question 82

Multiple Choice

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The monetary value charged to customers for the performance of services sold is called an

A) asset
B) net income
C) capital
D) revenue

E) A) and B)
F) A) and C)

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Question 83

Multiple Choice

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From the following list of items taken from Lamar's accounting records,identify those that would appear on the income statement.

The accounting equation can be expressed as Assets - Liabilities = Shareholder's Equity.

Financial accounting provides information to all users,while the main focus for managerial accounting is to provide information to the management.

Determine the missing amount "X" for each of the following:

Earning revenue

On July 1 of the current year,the assets and liabilities of John Wong,DVM,are as follows: Cash,$27,000; Accounts Receivable,$12,300; Supplies,$3,100; Land,$35,000; Accounts Payable,$13,900.What is the amount of stockholders' equity as of July 1 of the current year?

All of the following statements regarding the ratio of liabilities to stockholders' equity are true except

Name and describe the four primary financial statements for a corporation.

If net income for a company was $50,000,$20,000 in cash dividends were paid and the shareholders invested $10,000 in cash,the stockholders' equity increased by $40,000.

Darnell Company purchased $88,000 of computer equipment from Joseph Company.Darnell Company paid for the equipment using cash that had been obtained from the initial investment by Donnie Darnell. Which entity or entities Darnell Company,Joseph Company,and Donnie Darnell should record the transaction involving the computer equipment on their accounting records?

Which of the following is a business transaction?

A business is an organization in which basic resources or inputs,like materials and labor,are assembled and processed to provide outputs in the form of goods or services to customers.

Ramierez Company received its first electric bill in the amount of $60 which will be paid next month.How will this transaction affect the accounting equation?

Expenses are recorded when

If the liabilities owed by a business total $300,000 and stockholders' equity is equal to $300,000,then the assets also total $300,000.

Indicate whether each of the following accounts represents an asset,liability,or stockholders' equity: a .Accounts Payable b. Wages Expense c. Common Stock d. Accounts Receivable e .Dividends f .Land

An account receivable is a claim against a customer resulting from a sale on account.

How does receiving a bill to be paid next month for services received affect the accounting equation?