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GB 518 Unit 1 Quiz Updated

GB 518 Unit 1 Quiz Updated
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GB 518 Week 1 Quiz NEW

GB 518 Quiz 1
 
GB518 Financial Accounting Principles and Analysis
 
Question : If equity is $300,000 and liabilities are $192,000, then assets equal:
 
Question 2. Question : If assets are $99,000 and liabilities are $32,000, then equity equals:
 
Question 3. Question : Reebok had income of $150 million and average assets of $1,800 million. Its return on assets is:
 
 Question 4. Question : Unearned revenues are:
 
        Revenues that have been earned and received in cash  
  Revenues that have been earned but not yet collected in cash  
  Liabilities created when a customer pays in advance for products or services before the revenue is earned 
  Recorded as an asset in the accounting records  
  Increases to retained earnings  
 
Question 5. Question : Technological advancement
 
      Has replaced accounting  
  Has not changed the work that accountants do  
  Has freed accounting professionals to concentrate more on the analysis and interpretation of information 
  In accounting has replaced the need for decision makers  
  In accounting is only available to large corporations  
 
Question 6. Question : Of the following accounts, the one that normally has a credit balance is:
 
  Cash  
  Office Equipment  
  Sales Salaries Payable  
  Dividends  
  Sales Salaries Expense  
 
Question 7. Question : Net Income:
 
        Decreases equity  
  Represents the amount of assets owners put into a business  
  Equals assets minus liabilities  
  Is the excess of revenues over expenses  
  Represents the owners' claims against assets  
 
Question 8. Question : Internal users of accounting information include:
 
    Shareholders  
  Customers  
  Creditors  
  Government regulators  
  Line Supervisor   
 
Question 9. Question : A company has twice as much owner's equity as it does liabilities. If total liabilities are $50,000, what amounts of assets are owned by the company?
 
  $50,000  
  $100,000  
  $150,000  
  $200,000  
 
Question 10. Question : A credit is used to record:
 
        An increase in an expense account  
  An increase in an asset account  
  An increase in an unearned revenue account  
  A decrease in a revenue account  
  A decrease to retained earnings   
 
Question 11. Question : Apatha Company has assets of $600,000, liabilities of $250,000 and equity of $350,000. It buys office equipment on credit for $75,000. The effects of this transaction include:
 
  Assets increase by $75,000 and expenses increase by $75,000  
  Assets increase by $75,000 and expenses decrease by $75,000  
  Liabilities increase by $75,000 and expenses decrease by $75,000 
  Assets decrease by $75,000 and expenses decrease by $75,000  
  Assets increase by $75,000 and liabilities increase by $75,000  
 
Question 12. Question : The principle that (1) requires revenue to be recognized at the time it is earned, (2) allows the inflow of assets associated with revenue to be in a form other than cash and (3) measures the amount of revenue as the cash plus the cash equivalent value of any non-cash assets received from customers in exchange for goods or services is called the:
 
  Going-concern principle  
  Cost principle  
  Revenue recognition principle  
  Objectivity principle  
  Business entity principle  
 
Question 13. Question : Which of the following is the primary purpose of accounting?
 
        To establish a business  
  To identify, record and communicate business transactions  
  To deceive stockholders  
  To keep from paying taxes  
  To establish credit for a company   
 
Question 14. Question : Assets created by selling goods and services on credit are:
 
        Accounts payable  
  Accounts receivable  
  Liabilities  
  Expenses  
 
Question 15. Question : Double-entry accounting is an accounting system:
 
      That records each transaction twice  
  That records the effects of transactions and other events in at least two accounts with equal debits and credits 
  In which the impact of each transaction is recorded in two or more accounts but that could include two debits and no credits 
  That may only be used if T-accounts are used  
  That insures that errors never occur   
 
Question 16. Question : An example of a financing activity is:
 
        Buying office supplies  
  Obtaining a long-term loan  
  Buying office equipment  
  Selling inventory  
  Buying land  
 
Question 17. Question : A debit is:
 
        An increase in an account  
  The right-hand side of a T-account  
  A decrease in an account  
  The left-hand side of a T-account  
  An increase to a liability account  
 
Question 18. Question : Risk is:
 
      Net income divided by average total assets  
  The reward for investment  
  The uncertainty about the expected return that will be earned from an investment 
  Unrelated to expected return   
 
Question 19. Question : Which of the following statements best describes the relationship of U.S. GAAP and IFRS?
 
        They are identical  
  They are entirely different conceptual frameworks  
  They are similar but not identical  
  Neither has anything to do with accounting  
  They both relate only to publicly traded companies   
 
Question 20. Question : Source documents include all of the following except:
 
  Sales tickets  
  Ledgers  
  Checks  
  Purchase orders  
  Bank statements  
 
Question 21. Question : Stride Rite has total assets of $425 million. Its total liabilities are $110 million. Its equity is $315 million. Calculate the debt ratio.
        38.6%  
  13.4%  
  34.9%  
  25.9%  
  14.9%  
 
Question 22. Question : An asset created by prepayment of an expense is:
 
  Recorded as a debit to an unearned revenue account  
  Recorded as a debit to a prepaid expense account  
  Recorded as a credit to an unearned revenue account  
  Recorded as a credit to a prepaid expense account  
  Not recorded in the accounting records until the earnings process is complete  
 
Question 23. Question : Increases in retained earnings from a company's earnings activities are:
             Assets  
  Revenues  
  Liabilities  
  Stockholder's Equity  
  Expenses  
Question 24. Question : Which of the following accounting principles dictates when expenses are recognized?
        Revenue recognition principle  
  Monetary unit principle  
  Business entity principle  
  Matching principle  
  Full disclosure principle  
 
Question 25. Question : Prepaid expenses are:
 
          Payments made for products and services that do not ever expire 
  Classified as liabilities on the balance sheet  
  Decreases in retained earnings  
  Assets that represent prepayments of future expenses  
  Promises of payments by customers 

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