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Exam 1: Accounting Concepts and Procedures

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Question 41

Multiple Choice

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Go Blue Retail Store collected $12,000 of its accounts receivable.The expanded accounting equation changes include:

A) Cash and Capital increase,$12,000.
B) Cash and Revenue increase $12,000.
C) Cash increases and Accounts Receivable decreases $12,000.
D) Accounts Receivable decreases and Capital increases $12,000.

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

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Question 42

True/False

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The left side of the accounting equation shows what is owned by the business.

A) True
B) False

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Question 43

Multiple Choice

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Which of the following items is not listed on the balance sheet?

If total liabilities are $1,000 and total assets are $8,000,owner's equity must be:

Which financial statement is prepared first?

The cash purchase of a truck was recorded as a purchase on credit.Due to this error:

Mary invested cash in her new business.What effect will this have?

Revenue and cash will always be the same amount.

Given the following account balances,determine the total liabilities.Cash $350,Accounts Receivable $275,Equipment $300 and Capital $700. $ ________

Which of the following is not a type of business organization?

If the assets owned by a business total $60,000 and liabilities total $30,000,then owner's equity totals $90,000.

Expenses:

The four parts of owner's equity include capital,liabilities,revenue,and expenses.

Prepare the financial statements for H.Logan of Logan Motorcycles from the following account balances: 1)an income statement,2)a statement of owner's equity,and 3)a balance sheet for the month ended October 31,200x.You will need to calculate the value of the Accounts Payable account (note: remember the basic accounting equation). $\begin{array} { l l } \text { Cash } & \$ 1,300 \\\text { Accounts Receivable } & 500 \\\text { Equipment } & 2,000 \\\text { Accounts Payable } & ? ? ? \\\text { Travis, Capital } & 3,000 \\\text { Revenue } & 1,000 \\\text { Expenses } & 700 \\\text { Travis, Withdrawal } & 100\end{array}$

Revenue,expenses,and withdrawals are subdivisions of:

Which accounts are affected when the owner withdraws cash from the business?

Indicate whether each of the following represents

The claims of creditors against the assets are:

Determine the beginning capital balance of a business having an ending capital balance of $10,900,no additional investments,withdrawals of $2,500,and a net income of $4,100. $ ________

If the liabilities owed by a business total $250,000,then the assets must also total $250,000.