Fall98Test1

Fall98Test1 - BUSI 071 1. TEST #1 FALL 98 NAME_ SECTION_ Ch...

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BUSI 071 TEST #1 FALL 98 NAME______________ SECTION_____ 1. The father of double entry bookkeeping is A. Matt Kupec B. Chris Keldorf C. Scott Stankavage D. Luca Pacioli E. Oscar Davenport 2. The name of the newest firm resulting from this summer’s merger among large accounting organizations is A. BoydDeweyCheatumandHowe B. SnapCrackleandPop C. PricewaterhouseCoopers D. StarrTrippLewinski E. TooyoungTodrinkFourroses 3. Which of the following accounts is an asset account? A. Property Tax Expense B. Prepaid Rent Expense C. Gain on Sale of Land D. Dividends E. FICA Tax Payable 4. In which section of the ledger do dividends appear? A. Asset B. Liability C. Stockholders' equity D. Revenues and Gains E. Expenses and Losses 5. An owner has unlimited liability in a A. Proprietorship B. Partnership C. Corporation D. Both of A and B E. All of these 6. Net income equals A. Assets – Liabilities B. Liabilities + Owners’ Equity C. Assets + Liabilities D. Increase in Retained Earnings + Dividends E. Revenues + Expenses 7. If total assets equal five times liabilities and owners’ equity is $30,000, what are total assets? 1. $ 7,500 2. $ 22,500 3. $ 30,000 D. $ 37,500 1 Ch 1 N/A 1 1 1 1 1
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E. $150,000 2
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If beginning balance in retained earnings was $75, the ending balance was $105, and net income for the month was $81, how much were dividends during the month? 1. $ 30 2. $ 51 3. $ 81 4. $111 E. $180 9. If beginning balance in retained earnings was $82, the ending balance was $22, and dividends during the month were $35, what was net income (loss) for the month? A. ($ 25) B. $ 25 C. ($ 69) D. $ 69 5. $ 95 10. On January 1, 19X9, Mia had assets of $430,000 and owners’ equity of $315,000. During the year, assets increased by $70,000 and owners’ equity decreased by $15,000. What were liabilities on December 31, 19X9? A. $115,000 B. $170,000 C. $185,000 D. $200,000 E. $500,000 11. Unearned revenues: A. have been received but have not been recorded as revenues. B. have not been received and have not been recorded as revenues. C. have not been received but have been recorded as revenues. 4. have been received and have been recorded as revenues. 5. have been recorded as revenues but have not been received. 12. Which of the following changes would result in the accounting equation being in balance? A. Assets are increased by $6,000, liabilities are increased by $10,000, and owner's equity is decreased by $16,000. B. Liabilities are decreased by $8,000, assets are decreased by $10,000, and owner's equity is increased by $2,000. C. Assets are decreased by $4,000, liabilities are decreased by $3,000, and owners' equity increased by $7,000. D. Assets are decreased by $5,000, liabilities are increased by $3,000, and owner's equity is increased by $2,000. 3
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Fall98Test1 - BUSI 071 1. TEST #1 FALL 98 NAME_ SECTION_ Ch...

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