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ACC FINAL Exam Complete Questions And Answers A+ Score.
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The primary objective of financial reporting is to provide information A. to the federal government. B. about the profitability of the enterprise. C. regarding the cash flows of the enterprise. D. that is useful for making investment and lending decisions. - correct answer D How much a...

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  • September 19, 2024
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  • 2024/2025
  • Exam (elaborations)
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ACC FINAL

The primary objective of financial reporting is to provide information

A. to the federal government.

B. about the profitability of the enterprise.

C. regarding the cash flows of the enterprise.

D. that is useful for making investment and lending decisions. - correct answer D



How much are total liabilities if owners' equity is $38,000 and total assets are $56,000?

A. $94,000

B. $18,000

C. $20,000

D. $74,000 - correct answer B.



Revenues are

A. Increases in paid-in capital resulting from the owners putting money into the business.

B. Increases in retained earnings resulting from selling products or performing services.

C. Increases in liabilities resulting from borrowing money.

D. All of the above. - correct answer B.



Another name for the balance sheet is

A. Statement of operations

B. Statement of earnings

C. Statement of profit and loss

D. Statement of financial position - correct answer D.



The amount of dividends declared by a company to its owners is shown on the

,A. Balance sheet

B. Income statement

C. Statement of retained earnings

D. Income statement and retained earnings statement - correct answer C.



If assets increased by $20,000 during a given period and liabilities decreased by $4,000 during the same
period, stockholders' equity must have

A. Increased by $16,000

B. Increased by $24,000

C. Decreased by $24,000

D. Decreased by $16,000 - correct answer B.



All of the following accounts generally are classified as current assets except

A. Furniture C. Office Supplies

B. Accounts Receivable D. Cash - correct answer A.



Increases in stockholders equity arise from

A. Investments in the business by owners

B. Earning net income

C. Borrowing money

D. Both A and B but not C - correct answer D.



The ending balance of retained earnings appears on

A. Both the statement of retained earnings and the balance sheet

B. The retained earnings statement only

C. The income statement only

D. The balance sheet only - correct answer A.



An owner investment of cash into the business will

,A. Increase total assets

B. Decrease total liabilities

C. Decrease stockholders' equity

D. Have no effect on total assets - correct answer A.



Purchasing office equipment on account will

A. Increase total assets

B. Increase total liabilities

C. Have no effect on stockholders' equity

D. All of the above - correct answer D.



Performing a service on account will

A. Increase total assets

B. Increase stockholders' equity

C. Decrease total liabilities

D. Both A and B. - correct answer D.



Receiving payment from a customer on account (i.e., collection of an account receivable) will

A. Increase total assets

B. Have no effect on total assets

C. Decrease liabilities

D. Increase stockholders equity - correct answer B.



Purchasing a building for $100,000 by paying cash of $20,000 and obtaining a mortgage for $80,000 will

A. Increase both total assets and total liabilities by $100,000.

B. Increase both total assets and total liabilities by $80,000.

C. Decrease total assets and increase total liabilities by $20,000.

D. Decrease both total assets and total liabilities by $20,000. - correct answer B.

, What is the effect on total assets and stockholders' equity of paying the electric

bill as soon as it is received each month?

Total assets Stockholders' equity

A. Decrease Decrease

B. No effect No effect

C. Decrease No effect

D. No effect Decrease - correct answer

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