ACC 211 Midterm Exame
ACC 211-MIDTERM EXAM (Chap 1 thru 5)
MC Qu. 113 An example of a financing activity is:
An example of a financing activity is:
Buying office supplies.
Obtaining a long-term loan.
Buying office equipment.
Selling inventory.
Buying land.
MC Qu. 114 An example of an operating activity is:
An example of an operating activity is:
Paying wages.
Purchasing office equipment.
Borrowing money from a bank.
Selling stock.
Paying off a loan.
MC Qu. 117 Net Income:
Net Income:
Decreases equity.
Represents the amount of assets owners put into a business.
Equals assets minus liabilities.
Is the excess of revenues over expenses.
Represents owners' claims against assets.
MC Qu. 150 The statement of cash flows reports all of t...
The statement of cash flows reports all of the following except:
Cash flows from operating activities.
Cash flows from investing activities.
Cash flows from financing activities.
The net increase or decrease in assets for the period reported.
The net increase or decrease in cash for the period reported.
MC Qu. 151 The basic financial statements include all o...
The basic financial statements include all of the following except:
Balance Sheet.
Income Statement.
Statement of Owner's Equity.
Statement of Cash Flows.
Trial Balance.
MC Qu. 152 The statement of owner's equity:
The statement of owner's equity:
Reports how equity changes at a point in time.
Reports how equity changes over a period of time.
Reports on cash flows for operating, financing, and investing activities over a period of time.
Reports on cash flows for operating, financing, and investing activities at a point in time.
Reports on amounts for assets, liabilities, and equity at a point in time.
MC Qu. 154 A balance sheet lists:
A balance sheet lists:
The types and amounts of the revenues and expenses of a business.
Only the information about what happened to equity during a time period.
MC Qu. 113 An example of a financing activity is:
An example of a financing activity is:
Buying office supplies.
Obtaining a long-term loan.
Buying office equipment.
Selling inventory.
Buying land.
MC Qu. 114 An example of an operating activity is:
An example of an operating activity is:
Paying wages.
Purchasing office equipment.
Borrowing money from a bank.
Selling stock.
Paying off a loan.
MC Qu. 117 Net Income:
Net Income:
Decreases equity.
Represents the amount of assets owners put into a business.
Equals assets minus liabilities.
Is the excess of revenues over expenses.
Represents owners' claims against assets.
MC Qu. 150 The statement of cash flows reports all of t...
The statement of cash flows reports all of the following except:
Cash flows from operating activities.
Cash flows from investing activities.
Cash flows from financing activities.
The net increase or decrease in assets for the period reported.
The net increase or decrease in cash for the period reported.
MC Qu. 151 The basic financial statements include all o...
The basic financial statements include all of the following except:
Balance Sheet.
Income Statement.
Statement of Owner's Equity.
Statement of Cash Flows.
Trial Balance.
MC Qu. 152 The statement of owner's equity:
The statement of owner's equity:
Reports how equity changes at a point in time.
Reports how equity changes over a period of time.
Reports on cash flows for operating, financing, and investing activities over a period of time.
Reports on cash flows for operating, financing, and investing activities at a point in time.
Reports on amounts for assets, liabilities, and equity at a point in time.
MC Qu. 154 A balance sheet lists:
A balance sheet lists:
The types and amounts of the revenues and expenses of a business.
Only the information about what happened to equity during a time period.