APU ACCT 300/ ACCT 300 Week 1 Quiz (100% Score) - 94593

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Question 1 of 20 5.0/ 5.0 Points When a business borrows money, it incurs a(n): A. tax. B. liability. C. receivable. D. additional equity. Question 2 of 20 5.0/ 5.0 Points Paying expenses affects which financial statement elements? A. Assets only B. Stockholders’ equity only C. Assets and stockholders’ equity D. Assets and liabilities Question 3 of 20 0.0/ 5.0 Points Anthony, Inc. buys land for $50,000 cash. The net effect on assets is: A.$50,000 increase. B.$0. C.$50,000 decrease. D.$25,000 increase. Question 4 of 20 5.0/ 5.0 Points The basic financial statements do not include the: A. income statement. B. tax return. C. balance sheet. D. statement of cash flows. Question 5 of 20 5.0/ 5.0 Points The branch of accounting related to the management's financial decisions is known as financial accounting. A. True B. False Question 6 of 20 5.0/ 5.0 Points The role of accounting in business is best defined as: A. an information system that provides reports to stakeholders about the economic activities and condition of a business. B.a method of forecasting the future profitability of a company. C.the policies, procedures, and strategies used in a business. D.transaction analysis. Question 7 of 20 5.0/ 5.0 Points The basic type of stock issued to owners is called common stock. A. True B. False Question 8 of 20 0.0/ 5.0 Points Any given transaction must affect at least two different parts of the accounting equation. A. True B. False Question 9 of 20 5.0/ 5.0 Points A to Z Corporation issued a $30,000 note payable to borrow cash from the bank. On the Statement of Cash Flows, the transaction would be classified as: A. Cash Flows from Operating Activities. B. Cash Flows from Investing Activities. C. Cash Flows from Financing Activities. D. Noncash transaction. Question 10 of 20 5.0/ 5.0 Points Reporting the financial condition of a business at a point in time and the changes in the financial condition of a business over a period of time are the two major objectives of: A. tax accounting. B. union contracts. C. managerial accounting. D. financial accounting. Question 11 of 20 5.0/ 5.0 Points Assets are acquired through investing activities when resources are purchased. A. True B. False Question 12 of 20 5.0/ 5.0 Points Including all relevant data a reader needs to understand the financial condition and performance of a business refers to which concept? A. Adequate disclosure concept B. Going concern concept C. Objectivity concept D. Business entity concept Question 13 of 20 5.0/ 5.0 Points The effect of every transaction is an increase or a decrease in one or more of the accounting equation elements. A. True B. False Question 14 of 20 0.0/ 5.0 Points When an account receivable is collected in cash, the total assets of the business increase. A. True B. False Question 15 of 20 5.0/ 5.0 Points The balance sheet represents the accounting equation. A. True B. False Question 16 of 20 5.0/ 5.0 Points Buying equipment for cash affects which account/accounts? A. Cash only B. Retained earnings only C. Equipment and retained earnings D. Cash and equipment Question 17 of 20 5.0/ 5.0 Points Which of the following is an appropriate representation of the accounting equation? A. Assets + Liabilities = Stockholders’ equity B. Assets = Liabilities + Stockholders’ equity C. Assets = Liabilities D. Assets = Liabilities + Retained earnings Question 18 of 20 5.0/ 5.0 Points Which of the following is not considered to be a liability? A. Note payable B. Accounts receivable C. Unearned revenues D. Accounts payable Question 19 of 20 0.0/ 5.0 Points The first month of operation showed the net cash from operating activities to be $3,760, the net cash from investing activities to be ($5,415), and the ending cash balance to be $3,425. The net cash from financing activities must be: A.$1,770. B.$5,080. C.$5,750. D.$12,600. Question 20 of 20 0.0/ 5.0 Points Which principle determines the amount initially entered into the records for purchases? A. Cost principle B. Going concern concept C. Business entity concept D. Objectivity concept
Solution Description

Question 1 of 20

5.0/ 5.0 Points

When a business borrows money, it incurs a(n):

A. tax.

B. liability.

C. receivable.

D. additional equity.

Question 2 of 20

5.0/ 5.0 Points

Paying expenses affects which financial statement elements?

A. Assets only

B. Stockholders’ equity only

C. Assets and stockholders’ equity

D. Assets and liabilities

Question 3 of 20

0.0/ 5.0 Points

Anthony, Inc. buys land for $50,000 cash. The net effect on assets is:

A.$50,000 increase.

B.$0.

C.$50,000 decrease.

D.$25,000 increase.

Question 4 of 20

5.0/ 5.0 Points

The basic financial statements do not include the:

A. income statement.

B. tax return.

C. balance sheet.

D. statement of cash flows.

Question 5 of 20

5.0/ 5.0 Points

The branch of accounting rel

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