Exam (elaborations)

ACC 290 Chapter 1 thru 13 My Wiley Plus Orion Answers and Questions Week 2

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ACC 290 (ACC290)

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University Of Phoenix

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Contains Questions & answers

acc 290 chapter 1 thru 13 my wiley plus orion answ
thru 13 financial accounting 7e
introduction to financial statements

Institution
University Of Phoenix
Course
ACC 290 (ACC290)

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Chapter 1 thru 13 Financial Accounting 7e

Ch 1: Introduction to
Financial Statements

Q 1.1: What is the primary purpose of the statement of cash flows?
A to report a company's financing transactions

•
B to present information about a company's assets and

liabilities C to provide information about cash receipts and cash

payments

•
D to report how much revenue was retained in the business for future
growth

Q 1.2:
Which financial statement summarizes the financial position of a company?
•
A statement of cash flows

B balance sheet

•
C income statement

D retained earnings statement

Q 1.3: Which financial statement provides information for a specific point in
time?
A balance sheet

B statement of cash flows

•
C retained earnings statement

, •
D income statement

Q 1.4: The reports revenues and expenses and resulting net
income statement

income or less for a period in time.(income statement correct answer)
• .

Q 1.5: The income statement does not report cash received from the sale of
stock because it is not considered revenue.
A True

B

False

Q 1.6: Torres Travel’s stockholders' equity at the beginning of March 2014 was
$200,000. During the month, the company earned net income of $50,000
and paid dividends of $10,000. At the end of March 2014, what is the
amount of stockholders' equity?
•
A $260,000

•
B $200,000

•
C $150,000

D $240,000

Q 1.7: According to the basic accounting equation, (assets correct
assets

answer)
• must equal liabilities plus stockholders' equity on the balance sheet.

Q 1.8: Tonelli Trucking buys a $65,000 truck on credit. Which financial
statement will be affected by this transaction?
A balance sheet only

, B income statement, retained earnings statement, and balance sheet

•
C income statement only

•
D income statement and retained earnings statement only

Q 1.9:
Which of the following financial statements would be included in an annual
report?
•
A statement of cash flows

B all of the choices are correct

•
C retained earnings statement

•
D income statement

Q 1.10: An independent audit of an annual report must be completed by a
certified public accountant

Q 1.11:
An owner who wants to have limited liability should form which type of business
enterprise?
•
A a proprietorship

B a sole proprietorship

•
C a partnership

D a corporation

Q 1.12: Which of the following statements about accounting information is
true?
•
A Accounting communicates financial information about a business
enterprise to both internal and external users.

, •
B Accounting information is used only by internal users who
are responsible for planning and organizing a business enterprise.
•
C Accounting information is used only by external users with
a financial interest in a business enterprise.
•
D A business enterprise’s management is the major external user of
information.

Q 1.13: Which of the following would NOT be considered internal users of
accounting information for a company?
•
A marketing representatives

B customers

C technology support managers

•
D the chief executive officer

Q 1.14: Ethics are the principles of conduct that are used to judge whether
decisions are
•
A moral or immoral

•
B honest or dishonest

C all of the choices are correct

•
D right or wrong

Q 1.15: When a company borrows money from a bank to purchase equipment,
this action is called
•
A a liability activity

•
B an operating activity

C a financing activity

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Exam (elaborations)

ACC 290 Chapter 1 thru 13 My Wiley Plus Orion Answers and Questions Week 2

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