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  3. Radboud Universiteit Nijmegen (RU)
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  5. Accounting (MANBCU168)

Exam (elaborations)

Accounting exercises with answers (multiple choice)

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 17 purchases
  • Course
  • Accounting (MANBCU168)
  • Institution
  • Radboud Universiteit Nijmegen (RU)
  • Book
  • Horngren\'s Accounting with MyAccountingLab, Global Edition

Up to 150 practice assignments multi-choice accounting. At the Radboud University your exam consists of multiple choice assignments, these exercise assignments can help you prepare. They are tasks answers (at the bottom of the file are the answers)

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Document information

  • July 1, 2020
  • 29
  • 2019/2020
  • Exam (elaborations)
  • Unknown

Subjects

  • accounting
  • block 4
  • first year
  • radboud
  • radboud university
  • radboud accounting
  • assignments accounting
  • accounting summary
  • accounting assignments
  • accounting assignments
  • accounting summary radboud

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  • Radboud Universiteit Nijmegen (RU)
  • Economie en bedrijsfeconomie
  • Accounting (MANBCU168)
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Exam

Name___________________________________


MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.

1) Tim invests money into his business. The two accounts affected are: 1)
A) an asset and a liability. B) an asset and an equity.
C) two asset accounts. D) a liability and an equity.

2) Which of the following is most likely to be a user of information in a managerial accounting 2)
setting?
A) Potential investors B) Department heads
C) Creditors D) Customers

3) The first step in incorporation is to: 3)
A) have the board of directors designate a president.
B) obtain a charter from the state.
C) agree to a set of bylaws.
D) issue the first shares of stock.

4) Each financial statement includes a heading giving three pieces of data. Which of the following 4)
items is NOT included in these headings?
A) Name of the financial statement B) Name of the business
C) Name of the preparer of the statement D) Date or time period covered

5) In an LLC, who is responsible for the company's debts? 5)
A) The individual investors B) The company itself
C) The partners D) The proprietor

6) Bill Rogers has three different businesses. He has only one bank account for transactions relating to 6)
all his various businesses. Which of the following concepts or principles of accounting is Bill
violating?
A) Cost principle B) Going-concern concept
C) Reliability concept D) Entity concept

7) Which of the following accounts is NOT an example of an owner's equity account? 7)
A) Capital B) Additional investments
C) Drawing D) Cash




1

, 8) McKenna Company purchases equipment for a cash down payment of $10,000 and a note payable 8)
of $30,000. Which of the following journal entries is correctly recorded using the accepted standard
format?
A) Equipment 40,000
Cash 10,000
Note payable 30,000

B) Cash 10,000
Note payable 30,000
Equipment 40,000

C) Cash 10,000
Equipment 40,000
Note payable 30,000

D) Cash 10,000
Note payable 30,000
Equipment 40,000



9) A business makes a principal payment of cash on a note payable. The note payable was originally 9)
issued for the purchase of equipment. Which of the following occurs?
A) An asset is debited and an asset is credited.
B) An asset is credited and a liability is debited.
C) An asset is debited and a liability is credited.
D) A liability is debited and a liability is credited.

10) A business receives cash in payment of accounts receivable. Which of the following occurs? 10)
A) An asset is credited and a liability is debited.
B) An asset is debited and an asset is credited.
C) A liability is debited and a liability is credited.
D) An asset is debited and a liability is credited.

11) A business receives a cash payment for services rendered. Which of the following occurs? 11)
A) An asset is debited and a liability is credited.
B) An asset is debited and a revenue account is credited.
C) An asset is debited and a revenue account is debited.
D) An asset is credited and a liability is debited.




2

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