Quiz 1 Chapter 1 Principles of Accouting I

.pdf

School

East Mississippi Community College *

*We aren’t endorsed by this school

Course

1213

Subject

Accounting

Date

Feb 20, 2024

Type

pdf

Pages

Uploaded by maddieholt12

Quiz 1 Chapter 1 Due Jan 28 at 11:59pm Points 5 Questions 50 Available Jan 16 at 1am - Jan 28 at 11:59pm Time Limit None Allowed Attempts 4 Attempt History Attempt Time Score LATEST Attempt 1 30 minutes 4.2 out of 5 Score for this attempt: 4.2 out of 5 Submitted Jan 28 at 10:30pm This attempt took 30 minutes. Take the Quiz Again 0.1 / 0.1 pts Question 1 A claim against the customer created by selling merchandise or services on credit is called what? accounts receivable Correct! Correct! liability owner’s equity none of these Good work

0.1 / 0.1 pts Question 2 A concept of accounting that limits the economic data in the accounting system to data related directly to the activities of the business is called what? cost assumption proprietorship assumption business entity assumption Correct! Correct! asset assumption Good work 0.1 / 0.1 pts Question 3 A list of the assets, liabilities, and owner’s equity as of a specific date, usually at the close of the last day of a month or a year is which report? balance sheet Correct! Correct! income statement statement of owner’s equity pie chart

Good work 0.1 / 0.1 pts Question 4 An economic event or condition that directly changes an entity’s financial condition or directly affects its results of operations is called what? stakeholders communication concept business transaction Correct! Correct! Good work 0.1 / 0.1 pts Question 5 An information system that provides reports to stakeholders about the economic activities and condition of a business is called what? networking proprietorship communication accounting Correct! Correct!

Good work 0.1 / 0.1 pts Question 6 Assets = Liabilities + Owner’s Equity is called what? financial statements accounting equation Correct! Correct! statement equation none of these Good work 0 / 0.1 pts Question 7 Amounts used to generate revenue; assets used up or services consumed in the process of generating revenues are called what? cost concepts expenses orrect Answer orrect Answer economic units none of these ou Answered ou Answered

That's not correct 0 / 0.1 pts Question 8 The assets and liabilities of So So Service at December 31, 20Y2, the end of the current year, and its revenue and expenses for the year are listed below. The amount of capital of the owner, A. Southern, was $87,000 at December 31, 20Y2, the end of the current year after the statement of owner's equity was prepared. Using the information below, determine the amount of net income or (net loss) for the year ended December 31, 20Y2. Accounts payable 10,000 Accounts Receivable 20,000 Cash 60,000 Fees earned 100,000 Land 15,000 Miscellaneous expense 1,000 Rent expense 9,000 Supplies 2,000 Wages expense 50,000 net loss of $60,000 net income of $60,000 net income of $40,000 orrect Answer orrect Answer net income of $100,000 ou Answered ou Answered

0.1 / 0.1 pts Question 9 The assets and liabilities of So So Service at December 31, 20Y2, the end of the current year, and its revenue and expenses for the year are listed below. The amount of capital of the owner, A. Southern, was $87,000 at December 31, 20Y2, the end of the current year after the statement of owner's equity was prepared. Using the information below, determine the amount of the total assets that should be listed on the balance sheet as of December 31, 20Y2. Accounts payable 10,000 Accounts Receivable 20,000 Cash 60,000 Fees earned 100,000 Land 15,000 Miscellaneous expense 1,000 Rent expense 9,000 Supplies 2,000 Wages expense 50,000 $197,000 $107,000 $97,000 Correct! Correct!

Your preview ends here

Eager to read complete document? Join bartleby learn and gain access to the full version