Accounting 1 - Grade for Ivan Rivera: Unit 10 Final Exam...

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Grade for Ivan Rivera: Unit 10 Final Exam Numeric grade: 84/220 Letter grade: Comments: (none) < Close Window
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Autograde Summary Date Taken: 9/8/2009 8:45:38 PM Time Spent: 0:44:29 Points Received: 84 / 220 (38.2%) These are the automatically computed results of your exam. Grades for essay questions, and comments from your instructor, are in the "Details" section below. Question Type: # Questions: # Correct: Multiple choice 55 21 Grade Details 1. Question: Which of the following best describes accounting? Your Answer: records economic data but does not communicate the data to users according to any specific rules is an information system that provides reports to stakeholders CORRECT is of no use by individuals outside of the business is used only for filling out tax returns and for financial statements for various type of governmental reporting
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requirements Points Received: 4 of 4 Comments: 2. Question: Which of the following is not a step in providing accounting information to stakeholders? Your Answer: Points Received: 0 of 4 Comments: 3. Question: Equipment with an estimated market value of $45,000 is offered for sale at $65,000. The equipment is acquired for $10,000 in cash and a note payable of $40,000 due in 30 days. The amount used in the buyer's accounting records to record this acquisition is ________. Your Answer: Points Received: 4 of 4
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Comments: 4. Question: Aztec Company is selling a piece of land adjacent to their business. An appraisal reported the market value of the land to be $100,000. The Majestic Company initially offered to buy the land for $87,000. The companies settled on a purchase price of $95,000. On the same day, another piece of land on the same block sold for $102,000. Under the cost concept, what is the amount that will be used to record this transaction in the accounting records? Your Answer: Points Received: 4 of 4 Comments: 5. Question: A business paid $9,000 to a creditor in payment of an amount owed. The effect of the transaction on the accounting equation was to ________. Your Answer: Points Received: 0 of 4 Comments: 6. Question:
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If total assets decreased by $47,000 during a period of time and owner's equity increased by $24,000 during the same period, then the amount and direction (increase or decrease) of the period's change in total liabilities is ________. Your Answer: Points Received: 0 of 4 Comments: 7. Question: The Kennedy Company sold land for $60,000 in cash. The land was originally purchased for $40,000, and at the time of the sale, $15,000 was still owed to First National Bank on that purchase. After the sale, The Kennedy Company paid off the loan to First National Bank. What is the effect of the sale and the payoff of the loan on the accounting equation?
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Accounting 1 - Grade for Ivan Rivera: Unit 10 Final Exam...

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