accy_test_1_mc - ACCOUNTING 201 TEST 1 MULTIPLE CHOICE 1...

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

View Full Document Right Arrow Icon
ACCOUNTING 201 TEST 1 MULTIPLE CHOICE 1. Financial reports are used by: d. management, creditors, investors (all of the above) 2. Which best describes accounting? b. is an information system that provides reports to stakeholder 3. The business entity concept means: d. entity is a separate, individual economic unit for which data are recorded, analyzed, and reported 4. Owned resources of a business which provide a future benefit are referred to as: a. assets 5. If total liabilities decreased by $25,000 during a period of time and equity increased by $30,000 during the same period, the amount and direction in total assets is: c. $5,000 increase 6. Revenue should be recognized when: b. The service is performed 7. Which of the following types of accounts have a normal credit balance? c. revenue and liabilities 8. The classification and normal balance of the dividends account is: d. stockholders equity with a debit balance 9. A credit balance in which of the following would likely indicate an error?
Image of page 1

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

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

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern