Quiz Chapter 1

Quiz Chapter 1 - ACC 2101 SPRING 2008 QUIZ CHAPTER 1...

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Unformatted text preview: ACC 2101 SPRING 2008 QUIZ CHAPTER 1 Multiple Choice Identify the choice that best completes the statement or answers the question. 1. Plato Company signed a contract on November 27, 2007 with one of its clients and received $150,000, to perform consulting services for the client in 2008. The accounting principle that requires Plato Inc to record the revenues for consulting services in 2008 and not in 2007 would be the? A. Business entity principle B. Going Concern principle C. Monetary unit principle D. Revenue recognition principle E. Cost principle 2. A listing of a business entity’s assets, liabilities and stockholders equity as of a specific date is a(n) A. Statement of Owner’s Equity B. Cash Flow Statement C. Balance sheet D. Income Statement 3. August Rentals Inc has beginning Retained Earnings balance of $120,000. During the period, the company had a Net Income of $23,000 and Expenses of $14,000. If the Dividends paid during the period were $7,500, the ending Retained Earnings for August Rentals Inc isand Expenses of $14,000....
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