ACCT 301/ACCT301 WEEK 2 QUIZ (100% ANSWER) - 89160

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 (TCO 1) Which of the following would not be considered an external user of accounting data for XYZ Company?

Internal Revenue Service Agent
Management
Creditors
Customers

(TCO 1) The cost of assets consumed or services used is also known as _________.

a revenue.
an expense.
a liability.
an asset.

(TCO 1) The financial statement that summarizes the changes in retained earnings for a specific period of time is the _________.

Student Answer: balance sheet.
income statement.
statement of cash flows.
retained earnings statement.

(TCO 1) Pinson Company began the year with retained earnings of $210,000. During the year, the company recorded revenues of $300,000, expenses of $228,000, and paid dividends of $24,000. What was Pinson’s retained earnings at the end of the year?

Student Answer: $306,000
$258,000
$486,000

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