Acct 504 Quiz 1
Question 1
2 out of 2 points | | | The cost concept is the basis for entering the exchange price into the accounting records.Answer | | | | | Selected Answer: | True | | | | |
Question 2
2 out of 2 points | | | Allen Marks is the sole stockholder of Great Marks Company. As of the end of its accounting period, December 31, 2011, Great Marks Company has assets of $940,000 and liabilities of $300,000. During 2012, Allen Marks purchased an additional $65,000 of capital stock and received $45,000 in cash dividends from the business. What is the amount of net income during 2012, assuming that as of December 31, 2012, assets were $995,000, and liabilities were $270,000?Answer | | | | | Selected Answer: | $ …show more content…
| I. | Identify the consequences of a decision and its effect on others. | | II. | Consider your obligations and responsibilities to those affected by the decision. | | III. | Identify your decision based on personal standards of honesty and fairness. | | | |
Answer | | | | | Selected Answer: | I, II, and III. | | | | |
Question 21
0 out of 2 points | | | Which of the following errors would cause the trial balance totals to be unequal?Answer | | | | | Selected Answer: | A payment of $67 for insurance was posted as a debit of $42 to Prepaid Insurance and a credit of $42 to Cash. | | | | |
Question 22
0 out of 2 points | | | April | 23 | Cash | | 14,000 | | | | Capital Stock | | | 14,000 | | | Sold common stock. | | | | | | | | | |
This journal entry willAnswer | | | | | Selected Answer: | increase Stockholders’ Equity and decrease Cash | | | | |
Question 23
2 out of 2 points | | | Which of the following describes the classification and normal balance of the fees earned account?Answer | | | …show more content…
The bookkeeper shouldAnswer | | | | | Selected Answer: | Accounts Receivable, debit; Fees Earned, credit | | | | |
Question 28
2 out of 2 points | | | Normal balances appear on the side that increases the account balance.Answer | | | | | Selected Answer: | True | | | | |
Question 29
0 out of 2 points | | | The balance of the account can be determined by adding all of the debits, adding all of the credits, and adding the amounts together.Answer | | | | | Selected Answer: | True | | | | |
Question 30
2 out of 2 points |
2 out of 2 points | | | The cost concept is the basis for entering the exchange price into the accounting records.Answer | | | | | Selected Answer: | True | | | | |
Question 2
2 out of 2 points | | | Allen Marks is the sole stockholder of Great Marks Company. As of the end of its accounting period, December 31, 2011, Great Marks Company has assets of $940,000 and liabilities of $300,000. During 2012, Allen Marks purchased an additional $65,000 of capital stock and received $45,000 in cash dividends from the business. What is the amount of net income during 2012, assuming that as of December 31, 2012, assets were $995,000, and liabilities were $270,000?Answer | | | | | Selected Answer: | $ …show more content…
| I. | Identify the consequences of a decision and its effect on others. | | II. | Consider your obligations and responsibilities to those affected by the decision. | | III. | Identify your decision based on personal standards of honesty and fairness. | | | |
Answer | | | | | Selected Answer: | I, II, and III. | | | | |
Question 21
0 out of 2 points | | | Which of the following errors would cause the trial balance totals to be unequal?Answer | | | | | Selected Answer: | A payment of $67 for insurance was posted as a debit of $42 to Prepaid Insurance and a credit of $42 to Cash. | | | | |
Question 22
0 out of 2 points | | | April | 23 | Cash | | 14,000 | | | | Capital Stock | | | 14,000 | | | Sold common stock. | | | | | | | | | |
This journal entry willAnswer | | | | | Selected Answer: | increase Stockholders’ Equity and decrease Cash | | | | |
Question 23
2 out of 2 points | | | Which of the following describes the classification and normal balance of the fees earned account?Answer | | | …show more content…
The bookkeeper shouldAnswer | | | | | Selected Answer: | Accounts Receivable, debit; Fees Earned, credit | | | | |
Question 28
2 out of 2 points | | | Normal balances appear on the side that increases the account balance.Answer | | | | | Selected Answer: | True | | | | |
Question 29
0 out of 2 points | | | The balance of the account can be determined by adding all of the debits, adding all of the credits, and adding the amounts together.Answer | | | | | Selected Answer: | True | | | | |
Question 30
2 out of 2 points |