100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
Test Bank for College Accounting, 14th Canadian Edition by Jeffrey Slater CA$41.16   Add to cart
Quickly navigate to
Preview
  2.  
  3. College Accounting
  4.  
  5. College Accounting
  6.  
  7. College Accounting

Exam (elaborations)

Test Bank for College Accounting, 14th Canadian Edition by Jeffrey Slater
 2 views  0 purchase

Test Bank for College Accounting: A Practical Approach 14ce 14th Canadian Edition by Jeffrey Slater, Debra Good; Debra Good ISBN-13: 2416 Full chapters test bank PDF 1 Accounting Concepts and Procedures An Introduction 2 Debits and Credits Analyzing and Recording Business Transactions 3 ...

[Show more]

Preview 1 out of 410  pages

Document information

  • July 11, 2022
  • 410
  • 2021/2022
  • Exam (elaborations)
  • Questions & answers

Subjects

Written for

All documents for this subject (179)

Seller

avatar-seller
Tutor247

Reviews received

Content preview

Exam
Chapter 01
Name___________________________________


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

1) The heading of a balance sheet (in correct order) would include 1)
A) who, what, when B) who, what, why
C) who, where, when. D) why, what, where

2) The financial statement that shows revenue and expenses for a period of time is the 2)
A) income statement. B) statement of owner's equity.
C) balance sheet. D) statement of cash flows.

3) Which of the following would have claims against the assets of the business? 3)
A) Cash and Equipment B) Cash and liabilities
C) Liabilities and owner's equity D) Equipment and liabilities

4) The balance sheet contains 4)
A) expenses, assets and cash. B) assets, liabilities and owner's equity.
C) assets, liabilities and revenues. D) liabilities, expenses and capital.

5) Go Blue Retail Store collected $12,000 of its accounts receivable. The expanded accounting 5)
equation changes include
A) Cash and Revenue increase $12,000.
B) Cash increases and Accounts Receivable decreases $12,000.
C) Accounts Receivable decreases and Capital increases $12,000.
D) Cash and Capital increase, $12,000.

6) The claims of creditors against the assets of a business are 6)
A) liabilities. B) expenses. C) assets. D) revenues.

7) How does the purchase of equipment on account affect the accounting equation? 7)
A) Assets increase; owner's equity increases.
B) Liabilities increase; owner's equity decreases.
C) Assets increase; liabilities increase.
D) Assets increase; liabilities decrease.

8) Boxes R' Us paid $2,000 in salaries and wages for February. This transaction will 8)
A) increase expenses and increase liabilities.
B) decrease assets and expenses.
C) increase expenses and decrease revenue.
D) decrease assets and increase expenses.

9) When the company pays salaries, which of the following is true? 9)
A) Assets and Expenses increase. B) Liabilities and Capital increase.
C) Assets and Capital increase. D) None of the above are correct.

10) Which of the following would be considered a subdivision of owner's equity? 10)
A) Liabilities B) Cash C) Expenses D) Assets


1

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller Tutor247. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for CA$41.16. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

79789 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
CA$41.16
  • (0)
  Add to cart