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

The United States and the international standard-setting environment are primarily driven by meeting the needs of

• 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

If total assets equal $345,000 and total stockholders’ equity equal $120,000, then total liabilities must equal

• $465,000.
• There is not enough information given to determine this.
• $225,000.
• $120,000.

Question no 6

Liabilities of a company would not include

• notes payable.
• salaries and wages payable.
• accounts payable.
• cash.

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.

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Question no 8

Net income results when

• Revenues > Expenses.
• Revenues < Expenses.
• Assets > Liabilities.

Question no 9

Liabilities of a company are owed to

• underwriters.
• creditors.
• debtors.
• benefactors.

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?

• $2,000
• $4,000
• $5,000
• $0

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

• expenses.
• dividends.
• sales of stock.
• net losses.

Question no 14

The concern about international companies adopting SOX-type standards centers on

• the governing authorities.
• comparability.
• 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