1. The basic financial statements do NOT include the
a. income statement.
b. tax return.
c. balance sheet.
d. statement of cash flows.
2. Which of the following is NOT an element of the financial accounting system?
a. A set of rules for determining the recording of economic events
b. A framework for preparing financial statements
c. A set of rules for the stock exchange
d. Controls to determine whether errors occur during recording
3. If a $15,000 purchase of equipment for cash is incorrectly recorded as an increase to equipment and as an increase to cash, at the end of the period assets will
a. exceed liabilities and stockholders’ equity by $15,000.
b. equal liabilities and stockholders’ equity.
c. exceed liabilities and stockholders’ equity by $30,000.
d. exceed liabilities and stockholders’ equity by $40,000.
4. Which of the following is NOT considered to be a liability?
a. Note payable
b. Accounts receivable
c. Unearned revenues
d. Accounts payable
5. Which of the following statements is NOT true about liabilities?
a. Liabilities are debts owed to outsiders.
b. Account titles of liabilities often include the term “payable.”
c. Cash received before services are performed is considered to be a liability.
d. Liabilities do not include wages owed to employees of the company.
6. Which of the following accounts is a stockholders’ equity account?
b. Capital Stock
c. Prepaid Insurance
d. Accounts Payable
7. Which of the following group of accounts are all assets?
a. Cash, Accounts Payable, Buildings
b. Accounts Receivable, Revenue, Cash
c. Prepaid Expenses, Buildings, Patents
d. Unearned Revenues, Prepaid Expenses, Cash
8. Which of the following situations increase stockholders’ equity?
a. Supplies are purchased on account.
b. Services are provided on account.
c. Cash is received from customers.
d. Utility bill will be paid next month.
9. Stockholders’ Equity will be reduced by all of the following accounts EXCEPT:
d. All of the above reduce Stockholders’ Equity.
10. Expenses can be defined as
a. assets consumed.
b. services used in the process of generating revenues.
c. costs that have been incurred during the normal course of business.
d. all of these.
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