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
Accounting Chapter 1 quiz with actual answers. $8.99   Add to cart
Quickly navigate to
Preview
  2.  
  3. Accounting 101
  4.  
  5. Accounting 101

Exam (elaborations)

Accounting Chapter 1 quiz with actual answers.
 5 views  0 purchase
  • Course
  • Accounting 101
  • Institution
  • Accounting 101

Accounting Chapter 1 quiz with actual answers.

Preview 1 out of 3  pages

Document information

  • August 29, 2024
  • 3
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • accounting chapter 1 quiz with actual answers

Written for

  • Accounting 101
  • Accounting 101

Seller

avatar-seller
Professorkaylee

Content preview

Accounting Chapter 1 quiz with actual
answers.

"Accounting is ingrained in our society and is vital to our economic system." Do you agree? ANS - Yes



Listed here are some items found in the financial statements of Finzelberg. Indicate in which financial
statement each item would appear.

(a) Service revenue = ?

(b) Equipment = ?

(c) Advertising expense = ?

(d) Accounts receivable = ?

(e) Common stock = ?

(f) Interest payable = ? ANS - (a) Service revenue = Income Statement

(b) Equipment = Balance Sheet

(c) Advertising expense = Income Statement

(d) Accounts receivable = Balance Sheet

(e) Common stock = Balance Sheet

(f) Interest payable = Balance Sheet



"A company's net income appears directly on the income statement and the retained earnings
statement, and it is included indirectly in the company's balance sheet." Do you agree? ANS - Yes



What is the basic accounting equation? ANS - Assets = Liabilities + Stockholders' Equity



Which of these items are liabilities of White Glove Cleaning Service?

(a) Cash

(b) Accounts payable

(c) Dividends

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 Professorkaylee. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $8.99. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

67232 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
$8.99
  • (0)
  Add to cart