1. Accounting is an information system that: 高三加油
A. Identifies business activities.
B. Records business activities.
C. Communicates business activities.
D. Helps people make better decisions.
E. All of the.
2. Creditors' claims on the asts of a company are called:
A. Net loss.
B. Expens.
C. Revenues.
D. Equity.
E. Liabilities.
3. The excess of expens over revenues for a period is:
A. Net asts.
B. Equity.
C. Net loss.
D. Net income.
E. A liability.
4. On June 30 of the current year, the asts and liabilities of Phoenix Phildell are as follows: Cash $20,500; Accounts Receivable, $7,250; Supplies, $650; Equipment, $12,000; Accounts Payable, $9,300. What is the amount of owner's equity as of July 1 of the current year?
A. $8,300
B. $13,050
C. $20,500
D. $31,100
5. Photometer Company paid off $30,000 of its accounts payable in cash. What would be the effects of this transaction on the accounting equation?
A. Asts, $30,000 increa; liabilities, no effect; equity, $30,000 increa.
B. Asts, $30,000 decrea; liabilities, $30,000 decrea; equity, no effect.
C. Asts, $30,000 decrea; liabilities, $30,000 increa; equity, no effect.
D. Asts, no effect; liabilities, $30,000 decrea; equity, $30,000 increa.
E. Asts, $30,000 decrea; liabilities, no effect; equity $30,000 decrea.
6. The financial statement that reports whether the business earned a profit and also lists 择天记黑袍
the types and amounts of the revenues and expens is called:
A. A Balance Sheet.
B. A Statement of Owner's Equity.
C. A Statement of Cash Flows.
D. An Income Statement.
E. A Statement of Financial Position.
7. A balance sheet lists:
A. The types and amounts of the revenues and expens of a business.
B. Only the information about what happened to equity during a time period.
C. The types and amounts of asts, liabilities, and equity of a business as of a specific date.
D. The inflows and outflows of cash during the period.
E. The asts and liabilities of a company but not the owner's equity.
8. The financial statement that shows the beginning balance of owner's equity; the changes in equity that resulted from new investments by the owner, net income (or net loss); withdrawals; and the ending balance, is the:
A. Statement of Financial Position.
B. Statement of Cash Flows.
C. Balance Sheet.
D. Income Statement.柿子炒鸡蛋
E. Statement of Owner's Equity.
9. Accounts payable appear on which of the following statements?
A. Balance Sheet.
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B. Income Statement.
C. Statement of Owner's Equity.
D. Statement of Cash Flows.
E. Transaction Statement.
10. A company's balance sheet shows: cash $22,000, accounts receivable $16,000, office equipment $50,000, and accounts payable $17,000. What is the amount of owner's equity?
A. $17,000.
B. $29,000.
C. $71,000.
D. $88,000.
E. $105,000.
11. The accounting process begins with:
A. Analysis of business transactions and source documents.
B. Preparing financial statements and other reports.
C. Summarizing the recorded effect of business transactions.
D. Prentation of financial information to decision-makers.
E. Preparation of the trial balance.
12. The account ud to record the transfers of asts from a business to its owner is:
A. A revenue account.
B. The owner's withdrawals account.
C. The owner's capital account.
D. An expen account.
E. A liability account.
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13. A written promi to pay a definite sum of money on a specified future date is a(n):
A. Unearned revenue.
B. Prepaid expen.
C. Credit account.
红酒配餐D. Note payable.
E. Account receivable.
14. A ledger is:
A. A record containing increas and decreas in a specific ast, liability, equity, revenue, or expen item.
B. A journal in which transactions are first recorded.
C. A collection of documents that describe transactions and events entering the accounting process.
D. A list of all accounts with their debit balances at a point in time.
E. A record containing all accounts and their balances ud by a company.
15. Double-entry accounting is an accounting system:
A. That records each transaction twice.
B. That records the effects of transactions and other events in at least two accounts with equal debits and credits.
奥硝唑分散片C. In which each transaction affects and is recorded in two or more accounts but that could include two debits and no credits.
D. That may only be ud if T-accounts are ud.
E. That insures that errors never occur.
16得意门生是什么意思. Rocky Industries received its telephone bill in the amount of $300, and immediately paid it. Rocky's general journal entry to record this transaction will include a
