ACC 557 Week 2 Quiz
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This 0 page Study Guide was uploaded by an elite notetaker on Wednesday November 11, 2015. The Study Guide belongs to fin571 at Kaplan University taught by in Fall 2015. Since its upload, it has received 26 views.
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Date Created: 11/11/15
1 The United States and the international standardsetting environment are primarily driven by meeting the needs of tax authorities investors and creditors academic researchers central government planners 2 If the retained earnings account increases from the beginning of the year to the end of the year then p net income is less than dividends p a net loss is less than dividends p the company must have sold stock p net income is greater than dividends If an individual asset is increased then 3 p there must be an equal decrease in a speci c liability there must be an equal decrease in stockholders39 equity p there must be an equal decrease in another asset p any of these is possible 4The accounting process is correctly sequenced as identi cation recording communication p recording communication identi cation p communication recording identi cation p identi cation communication recording 4 If total assets equal 345000 and total stockholders39 equity equal 120000 then total liabilities must equal p 465000 p There is not enough information given to determine this F 225000 P 120000 6Liabilities of a company would not include p notes payable p salaries and wages payable p accounts payable r39 cash 7 Bright Eyes Downtown Diner received a bill of 600 from the Jronand Wine Advertising Agency The owner A A Bondy is postponing payment of the bill until a later date The effect on speci c items in the basic accounting equation is p a decrease in Accounts Payable and an increase in Retained Earnings p a decrease in Cash and an increase in Retained Earnings p a decrease in Cash and an increase in Accounts Payable p an increase in Accounts Payable and a decrease in Retained Earnings 8 Net income results when p Revenues gt Expenses p Revenues lt Expenses p Assets gt Liabilities Revenues Expenses 9 Liabilities of a company are owed to r underwriters r creditors r debtors p benefactors 10 At October 1 Arcade Fire Enterprises reported stockholders39 equity of 35000 During October common stock of 2000 was issued and the company earned net income of 7000 If stockholders39 equity at October 31 totas 40000 what amount of dividends were paid during the month a 2000 a 4000 in 5000 11 Ethics are the standards of conduct by which one39s actions are judged as r all of these p honest or dishonest p right or wrong p fair or unfair 12 Which of the following is not a reason one set of international accounting standards are needed p multinational corporations p mergers and acquisitions p information technology p all of these are reasons one set of international accounting standards are needed 13Stockholders39 equity is decreased by all of the following except expenses r dividends p sales of stock a net losses 14The concern about international companies adopting SOXtype standards centers on the governing authorities p comparability costbene t analysis fu ethics issues 15 The private sector organization involved in developing accounting principles is the p Financial Accounting Standards Board p Financial Auditors39 Standards Body p Feasible Accounting Standards Body p Financial Accounting Studies Board
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