ACC400FinalExam_Brady - ACC/400 Final Exam Name: _Samaria...

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ACC/400 Final Exam Name: _________Samaria Brady ______ Part I II III Total Points 20 60 20 100 Score Part I – 20pts Multiple Choice: (2 pt each) 1. The best definition of assets is the a. cash owned by the company. b. collections of resources belonging to the company and the claims on these resources. c. Owners’ investment in the business. d. resources belonging to a company have future benefit to the company. 2. Liabilities a. are future economic benefits. b. are debts and obligations. c. possess service potential. d. are things of value owned by a business. 3. Notes to the financial statements a. are optional. b. help clarify information presented in the financial statements. c. are generally brief and few in number. d. need not be read in detail if an unqualified opinion accompanies the financial statements. 4. The liability created by a business when it purchases coffee beans and coffee cups on credit from suppliers is termed a(n) a. account payable. b. account receivable. c. revenue. d. expense. 5. An income statement a. summarizes the changes in retained earnings for a specific period of time. b. reports the changes in assets, liabilities, and stockholders’ equity over a period of time. c. reports the assets, liabilities, and stockholders’ equity at a specific date. d. presents the revenues and expenses for a specific period of time.
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6. Which of the following financial statements is concerned with the company at a point in time? a.
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This note was uploaded on 11/27/2011 for the course BUSINESS ACC 400 taught by Professor Illiana during the Spring '11 term at University of Phoenix.

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ACC400FinalExam_Brady - ACC/400 Final Exam Name: _Samaria...

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