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  3. Strayer ACC 557 Week 2 Chapter 1 Quiz 

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
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