Strayer ACC 557 Week 2 Chapter 1 Quiz
This Tutorial contains All possible Questions from this chapter (it contains more than 200 questions set)
SOME SAMPLE QUESTIONS ARE GIVEN BELOW OUT OF THOSE 200 QUESTIONS
Question no 1
- tax authorities.
- investors and creditors.
- academic researchers.
- central government planners
Question no 2
If the retained earnings account increases from the beginning of the year to the end of the year, then
- net income is less than dividends.
- a net loss is less than dividends.
- the company must have sold stock.
- net income is greater than dividends
Question no 3
If an individual asset is increased, then
- there must be an equal decrease in a specific liability.
- there must be an equal decrease in stockholders’ equity.
- there must be an equal decrease in another asset.
- any of these is possible
Question no 4
The accounting process is correctly sequenced as
- identification, recording, communication.
- recording, communication, identification.
- communication, recording, identification.
- identification, communication, recording.
Question no 5
- There is not enough information given to determine this.
Question no 6
Liabilities of a company would not include
- notes payable.
- salaries and wages payable.
- accounts payable.
Question no 7
Bright Eyes Downtown Diner received a bill of $600 from the Jronand Wine Advertising Agency. The owner, A. A. Bondy is postponing the payment of the bill until a later date. The effect on specific items in the basic accounting equation is
- a decrease in Accounts Payable and an increase in Retained Earnings.
- a decrease in Cash and an increase in Retained Earnings.
- a decrease in Cash and an increase in Accounts Payable.
- an increase in Accounts Payable and a decrease in Retained Earnings.
Name: Jennifer Lucas
Status: Online ⬤
Classes Taken: 3878
Question no 8
Net income results when
- Revenues > Expenses.
- Revenues < Expenses.
- Assets > Liabilities.
Question no 9
Liabilities of a company are owed to
Question no 10
On October 1, Arcade Fire Enterprises reported stockholders’ equity of $35,000. During October, the common stock of $2,000 was issued and the company earned a net income of $7,000. If stockholders’ equity at October 31 totals $40,000, what amount of dividends were paid during the month?
Question no 11
Ethics are the standards of conduct by which one’s actions are judged as
- all of these.
- honest or dishonest.
- right or wrong.
- fair or unfair.
Question no 12
Which of the following is not a reason one set of international accounting standards are needed?
- multinational corporations
- mergers and acquisitions
- information technology
- all of these are reasons one set of international accounting standards are needed.
Question no 13
Stockholders’ equity is decreased by all of the following except
- sales of stock.
- net losses.
Question no 14
The concern about international companies adopting SOX-type standards centers on
- the governing authorities.
- cost-benefit analysis.
- ethics issues.
Question no 15
The private sector organization involved in developing accounting principles is the
- Financial Accounting Standards Board.
- Financial Auditors’ Standards Body.
- Feasible Accounting Standards Body.
- Financial Accounting Studies Board