If an individual asset is increased, then

The process of recording transactions has become more efficient because

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a. fewer events can be quantified in financial terms.

b. computers are used in processing business events.

c. more people have been hired to record business transactions.

d. business events are recorded only at the end of the year.

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The accounting process is correctly sequenced as

a. identification, communication, recording.

b. recording, communication, identification.

c. identification, recording, communication.

d. communication, recording, identification.

Accounting consists of three basic activities which are related to economic events of an organization. These include

a. identifying, recording, and communicating

b. identifying, calculating, and responding

c. classifying, numbering, and reporting

d. issuing, reporting, and classifying

Which of the following would not be considered internal users of accounting data for a company?

a. The president of a company.

b. The controller of a company.

c. Creditors of a company.

d. Salesmen of the company.

Bookkeeping differs from accounting in that bookkeeping primarily involves which part of the accounting process?

a. Identification.

b. Communication.

c. Recording.

d. Analysis.

Ethics are the standards of conduct by which one’s actions are judged as

a. right or wrong.

b. honest or dishonest.

c. fair or unfair.

d. all of these.

Martin Corporation purchased land in 2007 for $290,000. In 2013, it purchased a nearly identical parcel of land for $460,000. In its 2013 balance sheet, Martin valued these two parcels of land at a combined value of $920,000. By reporting the land in this manner, Martin Corp. has violated the

a. cost principle

b. convergence

c. economic entity assumption

d. monetary unit assumption

The fair value principle is applied for

a. all assets.

b. current assets.

c. buildings.

d. investment securities.

A small neighborhood barber shop that is operated by its owner would likely be organized as a

a. joint venture.

b. partnership.

c. corporation.

d. proprietorship.

Ted Leo is the proprietor (owner) of Ted’s, a retailer of golf apparel. When recording the financial transactions of Ted’s, Ted does not record an entry for a car he purchased for personal use. Ted took out a personal loan to pay for the car. What accounting concept guides Ted’s behavior in this situation?

a. Pay back concept

b. Economic entity assumption

c. Cash basis concept

d. Monetary unit assumption

Stockholders’ equity at the end of the year was

a. $30,000.

b. $80,000.

c. $100,000.

d. $120,000.

Misra Company compiled the following financial information as of December 31, 2013:

Revenues $170,000

Retained earnings (1/1/13) 30,000

Equipment 40,000

Expenses 125,000

Cash 45,000

Dividends 10,000

Supplies 5,000

Accounts payable 20,000

Accounts receivable 35,000

Common stock 40,000

Misra’s assets on December 31, 2013 are

a. $90,000.

b. $125,000.

c. $180,000.

d $245,000.

Misra Company compiled the following financial information as of December 31, 2013:

Revenues $170,000

Retained earnings (1/1/13) 30,000

Equipment 40,000

Expenses 125,000

Cash 45,000

Dividends 10,000

Supplies 5,000

Accounts payable 20,000

Accounts receivable 35,000

Common stock 40,000

Misra’s stockholders’ equity on December 31, 2011 is

a. $45,000.

b. $70,000.

c. $105,000.

d. $125,000.

The balance sheet is frequently referred to as

a. an operating statement.

b. the statement of financial position.

c. the statement of cash flows.

d. the statement of retained earnings.

An income statement

a. summarizes the changes in retained earnings for a specific period of time.

b. reports the changes in assets, liabilities, and stockholders’ equity over a period of time.

c. reports the assets, liabilities, and stockholders’ equity at a specific date.

d. presents the revenues and expenses for a specific period of time.

If supplies that have been purchased are used in the course of business, then

a. a liability will increase.

b. an asset will increase.

c. stockholders’ equity will decrease.

d. stockholders’ equity will increase.

Net income results when

a. Assets > Liabilities.

b. Revenues = Expenses.

c. Revenues > Expenses.

d. Revenues

If expenses are paid in cash, then

a. assets will increase.

b. liabilities will decrease.

c. stockholders’ equity will increase.

d. assets will decrease.

If total liabilities increased by $8,000, then

a. assets must have decreased by $8,000.

b. stockholders’ equity must have increased by $8,000.

c. assets must have increased by $8,000, or stockholders’ equity must have decreased by $8,000.

d. assets and stockholders’ equity each increased by $4,000.

If an individual asset is increased, then

a. there must be an equal decrease in a specific liability.

b. there must be an equal decrease in stockholders’ equity.

c. there must be an equal decrease in another asset.

d. any of these is possible.

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