charter oak acc101 week 1 test part 1

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A complete set of
financial statements for Hartman Company, at December 31, 2001, would include
each of the following, except:

Answer

• Question
2

1.37 out of 1.37 points

2. Which financial statement is at a
specific date?

Answer

• Question
3

1.37 out of 1.37 points

3. In comparison with a financial
statement prepared in conformity with generally accepted accounting principles,
a management accounting report ismore likely to:

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• Question
4

0 out of 1.37 points

4. The auditor’s report on the published
financial statements of a large corporation should be viewed as:

Answer

• Question
5

1.37 out of 1.37 points

5. Generally accepted accounting
principles are intended to assist accountants in preparing financial statements
that:

Answer

• Question
6

1.37 out of 1.37 points

6. Suppose a number of your friends have
organized a company to develop and sell a new software product. They have asked you to loan them $10,000 to
help get the company started, and have promised to repay your $10,000 plus 15%
interest in one year. Of the following,
which amount may be described as the return on your investment?

Answer

• Question
7

1.37 out of 1.37 points

7. The nature of an asset is best
described as:

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• Question
8

0 out of 1.37 points

8. If a company purchases equipment for
$50,000 by issuing a note payable:

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• Question
9

0 out of 1.37 points

9. The valuation of assets in the balance
sheet is based primarily upon:

Answer

• Question
10

1.37 out of 1.37 points

10. The owner of Seafood Restaurant
purchased a new car for his daughter who is away at college at a cost of
$19,000 and reported this amount as Delivery Vehicle in the restaurant’s
balance sheet. The reporting of this
item in this manner violated the:

Answer

• Question
11

1.37 out of 1.37 points

11. If cash flows from operating activities
is a negative amount:

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• Question
12

1.37 out of 1.37 points

12. Which of the following will not cause a
change in the owners’ equity of a business?

Answer

• Question
13

1.37 out of 1.37 points

13. Which of the following transactions
would cause a change in owners’ equity?

Answer

• Question
14

1.37 out of 1.37 points

14. An expense is:

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• Question
15

1.37 out of 1.37 points

15. A transaction caused an increase in
both assets and owners’ equity. This transaction could have been:

Answer

• Question
16

1.37 out of 1.37 points

16. The concept of adequate disclosure
means that:

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• Question
17

1.37 out of 1.37 points

17. If cash increases during a year, it
must mean that:

Answer

• Question
18

1.37 out of 1.37 points

Use the following to answer
questions 18-19:

At December 31, 2000, the accounting records of Breher
Corporation contain the following items:

Accounts Payable $ 24,000
Accounts Receivabe
$ 60,000

Land 360,000 Cash
?

Capital Stock ? Equipment 180,000

Building
250,000 Notes payable 280,000

Retained Earnings 250,000

18.
Refer to the above data. If
Capital Stock is $600,000, the amount of Cash owned by

Answer

• Question
19

1.37 out of 1.37 points

19. Refer to the above data. If Capital Stock is $450,000, total assets of
Breher Corporation at December 31, 2000, amount to:

Answer

• Question
20

1.37 out of 1.37 points

Use the following to answer
questions 20-22:

At December 31, 2001, the accounting records of Delmar
Products, Inc. contain the following items:

Accounts Payable $ 15,000
Accounts Receivabe
$ 40,000

Land 80,000 Cash
22,000

Building
? Equipment 200,000

Notes Payable 60,000 Capital Stock 295,000

Retained Earnings ?

20. Refer to
the above data. If total assets of
Delmar Products, Inc. are $400,000, Building is carried in Delmar Product’s
accounting records at:

Answer

• Question
21

1.37 out of 1.37 points

• Question
22

1.37 out of 1.37 points

22. Refer to the above data. If Retained Earnings at December 31, 2001, is
$50,000, total assets amount to:

Answer

• Question
23

0 out of 1.37 points

Use the following to answer
questions 23-25:

Burgoyne, Co. had the following transactions during the
month of August, 2001:

* Cash received from bank loans was $5,000.

* Dividends of $2,000 were paid to stockholders in cash.

* Revenues earned and received in cash amounted to $4,500

* Expenses incurred and paid were $2,500

23. Refer to
the above data. What amount of net
income will be reported on an income statement for the month of August, 2001?

Answer

• Question
24

0 out of 1.37 points

24. Refer to the above data. At the
beginning of August, 2001, owners’ equity in
Burgoyne, Co. was $60,000. Given the transactions of August, 2001, what
will owners’ equity be at the end of the month?

Answer

• Question
25

0 out of 1.37 points

25. Refer to the above data. For the month
of August, 2001, net cash flows from operating activities for Burgoyne were:

Answer

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