test1&2[1] - 1.

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1.   Proprietorships are owned by one owner and provide only services to their customers.    Student Response Value Correct Answer Feedback 1.  False 100%       2. True      Score: 2/2    2.   The basic difference between manufacturing and merchandising companies is the completion level of the  products they purchase for resale to customers.    Score: 2/2    3.   A retained earnings statement is viewed as the connecting link between the income statement and the balance  sheet.    Score:
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2/2    4.   The business entity concept means that    Score: 0/2    5.   An account receivable is a claim against a customer arising from a sale on account.    Score: 2/2    6.   There are four transactions that affect Stockholders’ Equity.  Which are the two transactions that increase  Stockholders’ Equity? 
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  Score: 2/2    7.   The Sarbanes-Oxley Act prohibits CPAs from providing nonaudit investment banking services.    Score: 0/2    8.   Receiving a bill or otherwise being notified that an amount is owed is  not  recorded until the amount is paid.    Score: 2/2    9.
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  If a building is appraised for $85,000, offered for sale at $90,000, and a corporation pays $80,000 cash for it,  the corporation would record the building at $85,000.    Score: 2/2    10.   Expenses are expired costs of doing business.    Score: 0/2    11.   The unit of measure concept:    Score:
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0/2    12.   Equipment with an estimated market value of $55,000 is offered for sale at $75,000. The equipment is acquired  for $20,000 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    Score: 0/2    13.   The financial statement that presents a summary of the revenues and expenses of a business for a specific  period of time, such as a month or year, is called a(n)    Score: 0/2    14.
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  Collins Landscape Company purchased various landscaping supplies on account to be used for landscape  designs for their customers.  How will this business transaction affect the accounting equation?    Score: 2/2    15.   How does receiving a bill to be paid next month for services rendered affect the accounting equation?    Score: 2/2    16.   Which of the following  not  a requirement for obtaining a CPA certificate?   
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  Score: 2/2    17.   How does the rendering of services on account affect the accounting equation?    Score: 2/2    18.  
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This note was uploaded on 11/12/2010 for the course ACCT 48638 taught by Professor Sterns during the Fall '10 term at Riverside Community College.

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test1&2[1] - 1.

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