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Who is responsible for preparing a companys financial statements? Company management The company's tax department The Financial Accounting Standards Board The company's external auditor The audit committee of the Board of Directors
Question 2
Which of the following is an asset? (check all that apply) Common Stock Retained Earnings Cash Prepaid Rent Notes Payable
Question 3
What are Ending Retained Earnings in the table below? Total Assets Total Liabilities Total Stockholders Equity Beginning Retained Earnings Ending Retained Earnings Dividends Revenues Expenses Net Income Cash
Not enough information
300 120
30 ? 10 190 140
50
20 70 50 -20
Question 4
Which of the following transactions violates the balance sheet equation? (check all that apply) Reduce cash and reduce a liability Increase cash and increase an expense Increase cash and reduce inventory (a non-cash asset) Increase revenues and reduce a liability Increase cash and reduce a liability
Question 5
Which of the following are liabilities? (check all that apply) Salaries Payable Retained Earnings Prepaid Rent Common Stock Employment Contracts
Question 6
Which of the following accounts would be increased with a Credit? (check all that apply) Additional Paid-in Capital Revenue Inventory Prepaid Rent Notes Payable
Question 7
Which of these journal entries represent paying cash to reduce a liability? (check all that apply) Dr. Cash 1000 1000
100 100
500 500
Dr. Cash
300 300
500 500
Question 8
Which journal entry reflects the following transaction?:
BOC sold 10,000 shares of $1 par value stock to investors for $5 per share.
10,000 10,000
Dr. Cash
50,000
10,000
50,000 40,000
50,000 50,000
Question 9
Which journal entry reflects the following transaction?:
Dr. Cash 75,000 Cr. Equipment 75,000 Dr. Equipment 75,000 Cr. Cash 75,000
Question 10
Which journal entry reflects the following transaction?:
Dr. Cash Cr. Prepaid Rent Dr. Cash Cr. Rent Expense Dr. Prepaid Rent Cr. Cash Dr. Rent Revenue Cr. Cash