Quiz 1 V3 - c) Changes to GAAP must be approved by the...

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Quiz ONE Name Student ID # V3 1) XYZ corporation has the following accounts: Dividends= $50,000 Liabilities = $120,000 Revenues = $150,000 Retained Earnings (beginning balance) = $30,000 Expenses = $80,000 Contributed Capital = $10,000 Assume that this is all the financial information that belongs to XYZ Corporation for 2008. Total assets (12/31/2008) = a) $40,000 b) $100,000 c) $180,000 d) $140,000 e) None of the above RE = 30,000 + 70,000 -50,000 = 50,000 Assets = 120,000 + 50,000 + 10,000 = 180,000 2) Which of the following regarding GAAP is true? a) GAAP is the abbreviation for generally accepted accounting principles. b) GAAP is the abbreviation of goodie, another accounting problem.
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Unformatted text preview: c) Changes to GAAP must be approved by the Senate Finance Committee. d) None of the above. 3) For XYZ corporation, assets = $180,000, liabilities = $50,000, contributed capital = $15,000. How much is retained earnings? a) $80,000 b) $125,000 c) $75,000 d) $85,000 e) None of the above 180,000 -50,000-15,000 =115,000 4) Which of the following regarding retained earnings is false? a) Retained appears in the stockholders equity section of the balance sheet. b) Retained earnings is decreased by net income. c) Retained earnings represents earnings not distributed to stockholders in the form of dividends. d) None of the above....
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Quiz 1 V3 - c) Changes to GAAP must be approved by the...

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