ACC 311 Quiz 1 - ACC 311 Quiz #1 (9/2/2010) Name: Class...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
ACC 311 Name: Quiz #1 (9/2/2010) Class Time : 1. Indicate whether each of the following statements is True or False. (6 points) a. Assets = Liabilities – Stockholders’ Equity False b. Net income = Revenues + Expenses False c. The two components of stockholders’ equity are Contributed capital and Liabilities; False d. Investments made by owners in a business increase revenues. False e. Increases in asset accounts are recorded as Credits in the asset accounts. False f. The following represents the correct sequence in the accounting cycle True (1)Business transaction (2) Journal entry in General Journal (3) Post to General Ledger (4) Prepare Trial Balance PPC has been operating for three years. At December 31, 2006, the accounting records reflected the following: Cash 30,000 Accounts receivable 8,000 Equipment 15,000 Accounts payable 12,000 Long-term Note Payable 8,000 Contributed capital 12,000 Retained earnings 21,000 During 2007, the company had the following summarized activities:
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 06/07/2011 for the course ACC 311 taught by Professor Charrier during the Fall '08 term at University of Texas at Austin.

Page1 / 4

ACC 311 Quiz 1 - ACC 311 Quiz #1 (9/2/2010) Name: Class...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online