ACCT 201A Midterm #1 Version C
To be relevant, what characteristic must accounting information exhibit?
a. It must be compared with other companies.
b. It must be verifiable.
c. It must be capable of making a difference in a decision.
d. It must
Correct. Rensing Corporation had these transactions during 2010. Analyze the transactions and indicate whether each transaction resulted in a cash flow from operating activities, investing activities, financing activities, or noncash investing and f
ACCT 201A Midterm #1 Version A
1. Which of the following has the advantage of enabling a business to raise
funds most easily?
d. Sole proprietorship
Which of the following items will be reported on the stat
Correct. The balance sheet for Reading Company reports the following information on July 1, 2010. READING COMPANY Balance Sheet (partial) Long-term liabilities
Bonds payable $2,000,000 Less: Discount on bonds payable 30,000 $1,970,000 Reading decid
2. Appendix A Requirement 2 Total May Revenue
Revenue: Sales of Bikes
Sales on Account
Revenue: Bike Tune Ups
Total May Revenue
ACCT 201A Quiz #1 - Version B
1. Which of the following is the correct sequence of events?
A. Record a transaction in the journal; analyze the transaction; post it to the ledger
B. None of the answer choices provides the correct sequence