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(ACCT2010)[2012](f)quiz~hzhongaa^_49127.pdf
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Exam 1

1.Which of the following is NOT a typical source of monetary resources for a business enterprise?
a.
Investors

b.
Creditors

c.
Business earnings

d.
Employees


2.Which of the following financial statements reports the excess of a companyexpenses?
a.
Balance sheet

b.
Income statement

c.
Statement of retained earnings

d.
Statement of cash flows


's revenues over its
3. Which of the following financial statements reports the amount of cash collected and paid out by a company?
a.
Balance sheet

b.
Income statement

c.
Statement of retained earnings

d.
Statement of cash flows


4. Which of the following is NOT an external user of financial information?
a.
Competitors

b.
Employees

c.
Management

d.
Suppliers


5.In 2008, the SEC began to
a.
Allow U.S. companies trading on the U.S. stock exchange to issue their financial reports using IASB standards

b.
Require U.S. companies trading on the U.S. stock exchange to issue their financial reports using IASB standards

c.
Require non-U.S. companies trading on the U.S. stock exchange to issue their financial reports using IASB standards

d.
Allow non-U.S. companies trading on the U.S. stock exchange to issue their financial reports using IASB standards


6. Ethics are especially important in accounting because
a.
Independent accountants represent the public interest

b.
Accountants can steal money more easily than other employees

c.
Accountants have historically committed more company thefts than other employees

d.
The accounting profession does not have a code of professional conduct


7. Which of the following is NOT one of the ways that technology has changed the way
accounting is done?

a.
Technology easily allows companies to collect large amounts of data about transactions

b.
Technology allows greater access to a company's financial statements and other financial information

c.
Technology is able to perform the mechanics of accounting therefore, people are not required to understand the mechanics

d.
Technology allows for large amounts of data to be compiled quickly and accurately


8. Which of the following is a reason that you may need to understand accounting information in the future?
a.
To evaluate an employer's short and long-term potential

b.
To perform a personal budget

c.
To perform responsibilities in future employment

d.
All of these are reasons to study accounting


9.If a corporation has total assets of $350,000, total liabilities of $150,000, and retained earnings of $100,000, what is the amount of capital stock?
a.
$150,000

b.
$0

c.
$100,000

d.
$250,000


10.The following information was taken from the records of Hart Corporation for the month ended December 31, 2013:
Advertising expense $20,625
Income tax