Question 11 pts The standards that indicate how companies record and report economic events in the f

 
   

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Question 11 pts

The standards that indicate how companies record and report economic events in the financial statements are

Internal Revenue Service regulations

Generally Accepted Accounting Principles

Securities Exchange Commission regulations

Financial Statement regulations

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Question 21 pts

The cost principle requires that when assets are acquired, they be recorded at

appraisal value

historical cost

market price

exchange price paid

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Question 31 pts

_ and _ are assets, _ is a liability and _ is an owner’s equity accounts

Cash, accounts payable, notes payable, owner’s drawings

Accounts receivable, prepaid rent, accounts payable, unearned revenue

Buildings, supplies, accounts receivable, owner’s drawings

Prepaid insurance, accounts receivable, unearned revenue, owner’s capital

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Question 41 pts

Revenues would result from

performance of a service

initial investment of cash by owner

collection from a customer on account

payment of supplies purchased

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Question 51 pts

The accounting equation for Gudgeyes Enterprises is as follows:

Assets Liabilities Owner’s Equity

$120,000 = $60,000 + $60,000

If Gudgeyes collects $12,000 from a customer on account, the accounting equation after the transaction will be

$120,000 = $60,000 + $60,000

$132,000 = $60,000 + $72,000

$132,000 = $66,000 + $66,000

$132,000 = $72,000 + $60,000

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Question 61 pts

Purchase of $500 supplies on account

increases an asset $500; decreases an asset $500

increases an asset $500; increases a liability $500

decreases a liability $500; increases owner’s equity $500

decreases an asset $500; decreases a liability $500

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Question 71 pts

Owner’s capital at the end of the period is equal to

owner’s capital at the beginning of the period plus net income minus liabilities

owner’s capital at the beginning of the period plus net income minus drawings

net income

assets plus liabilities

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Question 81 pts

A balance sheet

summarizes the changes in owner’s equity for a specific period of time

reports the changes in assets, liabilities, and owner’s equity over a period of time

reports the assets, liabilities, and owner’s equity at a specific date

reports the revenues and expenses for a specific period of time

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Question 91 pts

Carla’s Computer Repair Shop started the year with total assets of $270,000 and total liabilities of $180,000 During the year, the business recorded $450,000 in computer repair revenues, $250,000 in expenses, and Carla withdrew $45,000 Carla’s Capital balance at the end of the year was

$200,000

$230,000

$290,000

$245,000

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Question 101 pts

A net loss will result during a time period when

liabilities exceed assets

drawings exceed investments

expenses exceed revenues

revenues exceed expenses