quize unit2 - Points Received: 2 of 2 5. Question: Which of...

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Grade Details 1. Question: Ramirez Company received their first electric bill in the amount of $60 which will be paid next month. How will this transaction affect the accounting equation? Your Answer: Increase Liabilities (Accounts Payable) and decrease Owner's Equity (Utilities Expense) CORRECT ANSWER Increase Liabilities (Accounts Receivable) and decrease Owner's Equity (Utilities Expense) Decrease Assets (Cash) and decrease Liabilities (Accounts Payable) Decrease Assets (Cash) and decrease Owner's Equity (Utilities Expense) INCORRECT Points Received: 0 of 2 2. Question: If beginning capital was $70,000, ending capital is $48,000, and the owner's withdrawals were $21,000, the amount of net income or net loss was Your Answer:
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Points Received: 0 of 2 3. Question: The initials GAAP stand for Your Answer: Points Received: 2 of 2 4. Question: Which of the following is not true of accounting principles? Your Answer:
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Unformatted text preview: Points Received: 2 of 2 5. Question: Which of the following is the best description of accounting's role in business? Your Answer: Points Received: 2 of 2 6. Question: Presently, the dominant body in the development of accounting principles is the Your Answer: Points Received: 2 of 2 7. Question: Owned resources of a business are referred to as Your Answer: Points Received: 2 of 2 8. Question: The asset created by a business when it makes a sale on account is termed Your Answer: Points Received: 2 of 2 9. Question: Owner's withdrawals Your Answer: Points Received: 2 of 2 10. Question: If total liabilities decreased by $55,000 during a period of time and owner's equity increased by $60,000 during the same period, the amount and direction (increase or decrease) of the period's change in total assets is Your Answer: Points Received: 2 of 2...
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quize unit2 - Points Received: 2 of 2 5. Question: Which of...

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