LLS6e Ch 01 MC Quizzes

LLS6e Ch 01 MC Quizzes - income statement of the current...

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Libby/Libby/Short 6e Chapter 1- Multiple-Choice Quizzes
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#1 Answer - D 1 What items on the balance sheet are considered to be sources for financing economic resources  (assets)? A) liabilities and contributed capital, only B) liabilities only C) contributed capital and retained earnings, only D) liabilities and stockholders' equity  #2 Answer - C 2 Which of the following items would be shown as part of the Stockholder’s Equity on the balance  sheet? A. Cash B. Notes Payable C. Retained Earnings D. Accounts Receivable #3 Answer - D 3 Assets total $450,000, liabilities total $120,000, and contributed capital totals $200,000. What is the  dollar amount of retained earnings? A) $80,000 B) $330,000 C) $320,000 D) $130,000 #4 Answer - B 4 A company sold $400,000 of merchandise for cash and $120,000 of merchandise to credit customers  who will pay for the merchandise in a later time period.  How much revenue should be reported on the 
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Unformatted text preview: income statement of the current time period? A) $280,000 B) $520,000 C) $400,000 D) $120,000 #5 Answer - A 5 The beginning balance of retained earnings was $7,500. The dividends paid to stockholders' were $1,500. The ending balance of retained earnings is $5,000. What was the net income or net loss for the accounting period? A) net loss of $1,000 B) net income of $1,000 C) net loss of $2,000 D) net income of $2,500 #6 Answer - C 6 Which cash flow activity is related to borrowing money on a long-term basis? A) operating activities B) investing activities C) financing activities D) investing and financing activities #7 Answer -A 7 Which of the following transactions would be considered an investing activity on a Statement of Cash Flows? Transaction A Purchased equipment for cash...
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This note was uploaded on 01/19/2012 for the course ACC 211 taught by Professor Sicre during the Spring '07 term at University of Miami.

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LLS6e Ch 01 MC Quizzes - income statement of the current...

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