FiltersDone

Question type

Essay

Multiple Choice

Short Answer

True False

Matching

Exam 1: Accounting in Business

Show Answer

Share

---

All types

Filters

Study FlashcardsPractice ExamLearn

Question 101

Multiple Choice

Review LaterAdd Note

Review Later

If a parcel of land that was originally purchased for $85,000 is offered for sale at $150,000,is assessed for tax purposes at $95,000,is recognized by its purchasers as easily being worth $140,000,and is sold for $137,000,the land account transaction amount to handle the sale of the land in the seller's books is:

A) $85,000 increase.
B) $85,000 decrease.
C) $137,000 increase.
D) $137,000 decrease.
E) $140,000 decrease.

F) B) and D)
G) A) and E)

Correct Answer

verified

Show Answer

Question 102

Multiple Choice

Review LaterAdd Note

Review Later

The accounting assumption that requires every business to be accounted for separately from other business entities,including its owner or owners is known as the:

A) Time-period assumption.
B) Business entity assumption.
C) Going-concern assumption.
D) Revenue recognition principle.
E) Cost principle.

F) A) and B)
G) A) and C)

Correct Answer

verified

Show Answer

Question 103

Multiple Choice

Review LaterAdd Note

All of the following regarding a Certified Public Accountant are true except:

The difference between a company's assets and its liabilities,or net assets is:

The excess of expenses over revenues for a period is:

A common characteristic of __________ is their ability to provide expected future benefits to a business.

An external transaction is an exchange of value within an organization.

Nick's had income of $350 million and average invested assets of $2,000 million.Its ROA is:

Flash has beginning equity of $257,000,net income of $51,000,withdrawals of $40,000 and investments by owners of $6,000.Its ending equity is:

If a parcel of land that was originally acquired for $85,000 is offered for sale at $150,000,is assessed for tax purposes at $95,000,is recognized by its purchasers as easily being worth $140,000,and is sold for $137,000,the land should be recorded in the purchaser's books at:

The ____________________ describes a company's revenues and expenses over a period of time due to earnings activities.

Decreases in equity that represent costs of assets or services used to earn revenues are called:

______________________ is the recording of financial transactions and events,either manually or electronically.

Resources that are expected to yield future benefits are:

A balance sheet covers a period of time such as a month or year.

_________________ is net income divided by average total assets.

A corporation:

Risk is the _________________ about the return an investor expects to earn.

Planning is defining an organization's ideas,goals,and actions.

Arrow's net income of $117 million and average assets of $1,400 million results in a return on assets of 8.36%.