Quiz
FA Chapter 1
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Perguntas do quiz (15)
1The primary objective of financial reporting is to provide information
- AUseful for making investment and credit decisions
- BAbout the profitability of the enterprise
- CTo the federal government
- DOn the cash flows of the company
2Which type of business organization provides the least amount of protection for bankers and other creditors of the company?
- APartnership
- BProprietorship
- CCorporation
- DBoth a and be
3Assets are usually reported at their:
- AHistorical cost
- BCurrent market value
- CAppraised value
- DNone of the above
4During March, assets increased by $19.000 and liabilities increased by $6000. Shareholders' equity must have:
- AIncreased by $13 000
- BDecreased by $13 000
- CIncreased by $25 000
- DDecreased by $25 000
5The amount a company expects to collect from customers appears on the
- AStatement of cash flows
- BBalance sheet in the current assets section
- CIncome statement in the expenses section
- DBalance sheet in the shareholders' equity section
6All of the following are current assets except
- AInventory
- BSales revenue
- CCash
- DAccounts receivable
7Revenues are
- ADecreases in liabilities resulting from paying off loans
- BIncreases in paid-in capital resulting from the owners investing in the business
- CIncreases in retained earnings resulting from selling products or perfoming services
- DAll of the above
8The financial statement that reports revenues and expenses is called the
- AStatement of cash flows
- BIncome statement
- CBalance sheet
- DStatement of changes in equity
9Another name for the balance sheet is the
- AStatement of financial position
- BStatement of operations
- CStatements of profit and loss
- DStatement of earnings
10Rainbow Corporation began the year with cash of $32,000 and other assets that totalled
$22,000. During the year Rainbow earned sales revenue of $133,000 and had the following expenses:
salaries: $56,000; rent: $10,000; and utilities: $5,000. At year-end Rainbow’s cash balance- A$62 000
- B$ 12 000
- C$20 000
- D$43 200
11Advanced Instruments had retained earnings of $150,000 at December 31, 20X5. Net
income for 20X6 totaled $120,000, and dividends for 20X6 were $20,000. How much retained
earnings should Advanced Instruments report at December 31, 20X6?- A$150 000
- B$ 250 000
- C$130 000
- D$290 000
12Which of the following is not an enhancing qualitative characteristic?
- AMateriality
- BUnderstandiblity
- CVerifability
- DComparability
13. Cash paid to purchase a building appears on the statement of cash flows among the
- AFinancing activities
- BInvesting activities
- CShareholders equity
- DOperating activities
14The shareholders’ equity of Diakovsky Company at the beginning and end of 20X6
totaled $16,000 and $21,000, respectively. Assets at the beginning of 20X6 were $25,000. If
Diakovsky Company’s liabilities increased by $8,000 in 20X6, how much were total assets at
the end of 20X6? Use the accounting equation.- A$ 41 000
- B$ 46 000
- C$ 35 000
- D$ 38 000
15Answer
- Aa
- Bb
- Cc
- Dd
Informações
- Descrição
- Quiz sobre FA Chapter 1, criado por meli ssa em 31-01-2019.
- Autor
- meli ssa
- Idioma
- English
- Visualizações
- 319
- Avaliação
- 5,0 de 5 · 2 avaliações Avalie este quiz