ACCT 2110 Kahoot Exam 1

Which of the following statements is false concerning forms of business organization?

a. A corporation has tax advantages over the other forms of business organization.

Which of the following statements regarding business activities is true?

b. Financing activities include obtaining the funds necessary to begin and operate a business.

What is the total of Marker's current assets?

$14,500

What is Marker's stockholders' equity?

$17,500

Which of the following is not one of the four basic financial statements?

Auditor's report

Which of the following statements concerning retained earnings is true?

C. Retained earnings represents accumulation of the income that has not been distributed as dividends.

What is the stockholders' equity for Pitt at December 31?

$6,600

What was Grant's net income?

$12,900

Which of the following is NOT a qualitative characteristic of useful information?

Conservatism

What principle requires that expenses be recorded/reported during the same period as the revenues that it helped create?

Expense Recognition (Matching)

At what point would the event be recorded in Taylor's accounting system?

When Taylor receives the asset from the seller.

The effects of purchasing inventory on credit are to:

Increase assets and increase liabilities.

The effects of paying salaries for the current period are to:

Decrease assets and decrease stockholders' equity

Debits will:

Increase assets, expenses, and dividends

Accounts Receivable

Asset

Accounts Payable

Liability

Net Income

Stockholders' Equity (Retained Earnings)

Cash

Asset

Notes Payable

Liability

Unearned Revenue

Liability

Common Stock

Stockholders' Equity (Contributed Capital)

Dividends

Stockholders' Equity (Retained Earnings)

Equipment

Asset

Which of these is NOT a current asset?

Property, Plant, and Equipment