Unit I Assessment Principles of Accounting I.docx - Unit I...

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Unit I Assessment Principles of Accounting IQUESTION 1Hollywood Talent Services is a sole proprietorship operated by Phil Morris. The net income of HollywoodTalent Services is $23,000 for the year. The beginning and ending Morris, Capital account was $33,000and $50,000, respectively. During the year, there were no new capital contributions. Calculate theamount of the owner's withdrawals for the year.$16,000$6,000$10,000$9,000
5 pointsQUESTION 2Dynamic Production Services started the year with total assets of $130,000 and total liabilities of$50,000. The company is a sole proprietorship. The revenues and the expenses for the year amounted to$100,000 and $60,000, respectively. During the year, there were no new capital contributions, and theowner withdrew $45,000. Calculate Dynamic's net income for the year.
5 pointsQUESTION 3GAAP refers to guidelines for accounting information in the United States. The acronym GAAP in thisstatement refers to __________.
5 pointsQUESTION 4Which of the following statements is TRUE of a sole proprietorship?
5 pointsQUESTION 5
Which of the following organizations is responsible for the creation and governance of accountingstandards in the United States?Financial Accounting Standards BoardInstitute of Management AccountantsAmerican Institute of Certified Public AccountantsSecurities and Exchange Commission
5 pointsQUESTION 6The equity of Alliance Company is $100,000 and the total liabilities are $10,000. The total assets are__________.
5 pointsQUESTION 7The Sarbanes-Oxley Act (SOX) __________.
5 pointsQUESTION 8Spring Company has assets and equity that amount to $260,000 and $70,000, respectively. Liabilitiestotal __________.
5 points

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Term
Summer
Professor
N/A
Tags
Accounting, Balance Sheet, Generally Accepted Accounting Principles, LANDSCAPING SERVICES

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