test bank for financial accounting making the connectionb1st edition by spiceland
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Accounting
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Alexandria State University
test bank for financial accounting making thebconnectionb1st edition by spiceland
test bank for financial accounting making thebconnectionb1st edition by spiceland
test bank for financial accounting making thebconnectionb1st edition by spiceland
test bank for financial accounting making thebconn...
test bank for financial accounting making thebconnectionb1st edition by spiceland
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Alexandria State University
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Chapter 02 - The Accounting Information System 2-1 Chapter 02 The Accounting Information System Multiple Choice Questions 1. Which of the following is not part of measuring external transactions? A. Using source documents to analyze accounts affected. B. Recording transactions. C. Making payments on all amounts owed. D. Analyzing transactions for their effect on the accounting equation. 2. External events include all of the following except : A. Paying employees' salaries. B. Purchasing equipment. C. Using office supplies. D. Collecting an account receivable. 3. Which step in the process of measuring external transactions involves assessing the equality of total debits and total credits? A. Use source documents to determine accounts affected by the transaction. B. Prepare a trial balance. C. Anal yze the impact of the transaction on the accounting equation. D. Post the transaction to the T -account in the general ledger. 4. For each transaction recorded in an accounting system, the basic equation that must be maintained at all times is: A. Assets = Liabilities + Stockholders' Equity. B. Cash Increases = Cash Decreases. C. Revenues = Expenses + Dividends. D. Assets = Liabilities. Test Bank for Financial Accounting Making the Connection 1st Edition by Spiceland
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Full all chapters instant download please go to Solutions Manual, Test Bank site: downloadlink.org Chapter 02 - The Accounting Information System 2-2 5. The following amounts are reported in the ledger of Mariah Company: What is the balance in the Common Stock account? A. $44,000. B. $32,000. C. $48,000. D. $42,000. 6. When a company incurs workers' salaries but does not pay them, how will the basic accounting equation be affected? A. Stockholders' equity decreases. B. Revenues decrease. C. Expenses decrease . D. Liabilities decrease. 7. When cash payments are made to stockholders, what is the effect on the company's accounts? A. Cash decreases and dividends increase. B. Cash increases and dividends decrease. C. Cash decreases and common stock decreases. D. Cash increases and common stock increases. 8. Which of the following is not an asset account? A. Supplies. B. Accounts Payable. C. Equipment. D. Accounts Receivable. Chapter 02 - The Accounting Information System 2-3 9. An account receivable can best be defined as: A. A payment to the owners. B. A sale of goods and services. C. A resource owned by the company. D. An amount owed by the company. 10. Receiving assets from customers before services are performed results in: A. Prepaid Assets. B. Service Revenue. C. Unearned Revenues. D. Accounts Rece ivable. 11. When the company pays stockholders a dividend, what is the effect on the accounting equation for that company? A. Decrease stockholders' equity and increase assets. B. Increase liabilities and increase assets. C. Decrease assets and decrease liabilities. D. Decrease assets and decrease stockholders' equity. 12. Pumpkin Inc. sold $500 in pumpkins to a customer on account on January 1. On January 11 Pumpkin collected the cash from that customer. What is the impact on Pumpkin's accounting equa tion from the collection of cash? A. No net effect to the accounting equation. B. Decrease assets and increase liabilities. C. Increase assets and increase liabilities. D. Decrease assets and decrease liabilities. 13. A company receives a $50,000 cash d eposit from a customer on October 15 but will not provide services until November 20. Which of the following statements is true? A. The company records service revenue on October 15. B. The company records cash collection November 20. C. The company recor ds an unearned revenue on October 15. D. The company records nothing on October 15. Chapter 02 - The Accounting Information System 2-4 14. Which of the following would increase assets and increase liabilities? A. Provide services to customers on account. B. Purchase office supplies on account. C. Pay d ividends to stockholders. D. Received a utility bill but do not pay for it. 15. Receiving cash from an account receivable: A. Increases a revenue and decreases an asset. B. Decreases a liability and increases an asset. C. Increases an asset and increase s a revenue. D. Increases one asset and decreases another asset. 16. An expense has what effect on the accounting equation? A. Decrease liabilities. B. Decrease stockholders' equity. C. Increase assets. D. No effect. 17. A revenue has what effect on t he accounting equation? A. Increase liabilities. B. Decrease assets. C. Increase stockholders' equity. D. No effect. 18. Investments by stockholders have what effect on the accounting equation? A. Assets increase and liabilities increase. B. Expenses i ncrease and liabilities increase. C. Assets increase and revenues increase. D. Assets increase and stockholders' equity increases.
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