quizz 1.2 - 1. The majority of U.S. business is transacted...

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1.  The majority of U.S. business is transacted by proprietorships.   A) True B) False Points Earned:  0.0/5.0  Correct Answer(s): False 2.  The retained earnings statement would not show   A)  dividends.   B)  revenues and expenses.   C)  the retained earnings beginning balance.   D)  the ending retained earning balance.   Points Earned:  5.0/5.0  Correct Answer(s): B 3.  If total liabilities decreased by $25,000 and stockholders’ equity increased by $5,000 during a period of time, then total assets must change by what amount and direction during that same period?   A)  $20,000 increase   B)  $20,000 decrease   C)  $30,000 increase   D)  $25,000 increase   Points Earned:  5.0/5.0  Correct Answer(s): B 4.  A different set of financial statements usually is prepared for each user.   A) True B) False Points Earned:  0.0/5.0  Correct Answer(s): False
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5.  The purchase of equipment is an example of a financing activity.   A) True B) False Points Earned:  5.0/5.0  Correct Answer(s): False 6.  Payments to owners are operating activities.   A) True B) False Points Earned:  5.0/5.0  Correct Answer(s): False 7.  Buying assets needed to operate a business is an example of a(n)
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This note was uploaded on 06/21/2011 for the course GOVT 1301 taught by Professor Capentor during the Spring '11 term at Cy-Fair College.

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quizz 1.2 - 1. The majority of U.S. business is transacted...

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