ACC 561 Quiz 2 - University of Phoenix Northern Virginia...

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University of Phoenix, Northern Virginia Campus ACC 561 Accounting Course Quiz 2 (Chapters 15-16) Facilitator: Randolph A. Stanley Student Name:___________________________ Grade:__________________________________ Instructions: Please answer all questions. Each question worth 1point for a total of 25points. You must only select one answer for each question. 1. Any event that affects the financial position of an organization and requires recording is called a(n)_____. a. transaction b. account c. posting d. accounting change 2. The _____ is also called the statement of financial position. a. income statement b. balance sheet c. statement of retained earnings d. statement of cash flows 3. _____ is (are) economic resources that are expected to benefit future activities. a. Stockholders’ equity b. Liabilities c. Assets d. Retained earnings 4. For a corporation, the excess of the assets over the liabilities is called _____. a. retained earnings b. paid-in capital c. common stock d. owners’ equity 5. The entity’s economic obligations to nonowners is(are) called _____. a. owners’ equity b. liabilities c. assets d. retained earnings
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6. The _____ discloses the economic resources of the organization and the claims against those resources. a. balance sheet b. income statement c. statement of cash flows d. statement of retained earnings 7. _____ are sections of the balance sheet. a.
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This note was uploaded on 10/05/2010 for the course ACC ACC561 taught by Professor David during the Spring '10 term at University of Phoenix.

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ACC 561 Quiz 2 - University of Phoenix Northern Virginia...

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