Question 1

Rent expense appears on which of the following statements?

Accepted Answer

A)  Balance sheet.
B)  Income statement.
C)  Statement of retained earnings.
D)  Income statement and balance sheet.
E)  Statement of cash flows and balance sheet.

Question 2

The group that sets international preferred accounting practices is called the:

Accepted Answer

A)  AICPA.
B)  IASB.
C)  CAP.
D)  SEC.
E)  FASB.

Question 3

The financial statement that shows the changes in equity that resulted from net income (or net loss) ; and dividends to stockholders is the:

Accepted Answer

A)  Statement of financial position.
B)  Statement of cash flows.
C)  Balance sheet.
D)  Income statement.
E)  Statement of retained earnings.

Question 4

A company reported total equity of $145,000 at the beginning of the year.The company reported $210,000 in revenues and $165,000 in expenses for the year.Liabilities at the end of the year totaled $92,000.What are the total assets of the company at the end of the year?

Accepted Answer

A)  $45,000.
B)  $92,000.
C)  $98,000.
D)  $210,000.
E)  $282,000.

Question 5

External users include lenders,shareholders,customers,and regulators.

Accepted Answer

A) True 
 B)False

Exam 1: Accounting in Business

External users include lenders,shareholders,customers,and regulators.

Correct Answer
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The group that sets international preferred accounting practices is called the:

Correct Answer
verified

The financial statement that shows the changes in equity that resulted from net income (or net loss) ; and dividends to stockholders is the:

Correct Answer
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Rent expense appears on which of the following statements?

Correct Answer
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A company reported total equity of $145,000 at the beginning of the year.The company reported $210,000 in revenues and $165,000 in expenses for the year.Liabilities at the end of the year totaled $92,000.What are the total assets of the company at the end of the year?

Correct Answer
verified

Exam 1: Accounting in Business

External users include lenders,shareholders,customers,and regulators.

Correct AnswerverifiedShow Answer

The group that sets international preferred accounting practices is called the:

Correct AnswerverifiedShow Answer

The financial statement that shows the changes in equity that resulted from net income (or net loss) ; and dividends to stockholders is the:

Correct AnswerverifiedShow Answer

Rent expense appears on which of the following statements?

Correct AnswerverifiedShow Answer

A company reported total equity of $145,000 at the beginning of the year.The company reported $210,000 in revenues and $165,000 in expenses for the year.Liabilities at the end of the year totaled $92,000.What are the total assets of the company at the end of the year?

Correct AnswerverifiedShow Answer

Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
verified

Correct Answer
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