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Exam 1: Introduction to Accounting and Business

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Question 91

Multiple Choice

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The monetary unit assumption

A) is only used in the financial statements of manufacturing companies
B) is not important when applying the cost principle
C) requires that different units be used for assets and liabilities
D) requires that economic data be reported in yen in Japan or dollars in the United States

E) All of the above
F) A) and D)

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Question 92

Multiple Choice

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Profit is the difference between

A) assets and liabilities
B) the incoming cash and outgoing cash
C) the assets purchased with cash contributed by the owner and the cash spent to operate the business
D) the amounts received from customers for goods or services and the amounts paid for
The inputs used to provide the goods or services

E) A) and C)
F) B) and C)

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Question 93

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The main objective for all business is to maximize unrealized profits.

Ramierez Company received its first electric bill in the amount of $60 which will be paid next month.How will this transaction affect the accounting equation?

All of the following are general-purpose financial statements except

The Sarbanes-Oxley Act established standards for corporate responsibility and disclosure.

Which of the following groups are considered to be internal users of accounting information?

The following are examples of external users of accounting information except

Receiving a bill or otherwise being notified that an amount is owed is not recorded until the amount is paid.

Transactions affecting stockholders' equity include

Earning revenue

Identify each of the following as either internal or external users of accounting information.

Determine the total assets at the end of the current year for Scott Industries.

About 90% of the businesses in the United States are organized as corporations.

On May 20,White Repair Service extended an offer of $108,000 for land that had been priced for sale at $140,000.On May 30,White Repair Service accepted the seller's counteroffer of $115,000.On June 20,the land was assessed at a value of $95,000 for property tax purposes.On July 4,White Repair Service was offered $150,000 for the land by a national retail chain.At what value should the land be recorded in White Repair Service's records?

If net income for a company was $50,000,$20,000 in cash dividends were paid and the shareholders invested $10,000 in cash,the stockholders' equity increased by $40,000.