Chapter 1-Quiz – Flashcards

Asset, Liability, Owner's Equity, Revenue, Expense? Accounts Payable

Asset, Liability, Owner's Equity, Revenue, Expense? Fees Earned

Asset, Liability, Owner's Equity, Revenue, Expense? Wages Expense

Asset, Liability, Owner's Equity, Revenue, Expense? Land

Asset, Liability, Owner's Equity, Revenue, Expense? Carol Burnette, Capital

Balance Sheet or Income Statement? Accounts Receivable

Balance Sheet or Income Statement? Cash

Balance Sheet or Income Statement? Utilities Expense

Balance Sheet or Income Statement? Sales

Balance Sheet or Income Statement? Farrah Fawcett, Capital

Which of the following groups are considered to be internal users of accounting information? a. employees and customers b. customers and vendors c. employees and managers d. government entities and banks

Which of the following is the best description of accounting's role in business? a. accounting provides stockholders with information regarding the market value of the company's stocks b. accounting provides information to managers to operate the business and to other users to make decisions regarding the economic condition of the company c. accounting helps in decreasing the credit risk of the company d. accounting is not responsible for providing any form of information to users. That is the role of the Information Systems Department

Which of the following it the authoritative body in the United States having the primary responsibility for developing accounting principles? a. FASB b. IRS c. SEC d. AICPA

Assets are a. always lower than liabilities b. equal to liabilities, less than owner's equity c. the same as expenses because they are acquired with cash d. financed by the owner and/or creditors

The assets and liabilities of the company are $128,000 and $84,000, respectively. Owner's equity should equal a. $212,000 b. $44,00 c. $128,000 d. $84,000