NEED ASAP PLEASE Question 1 Which one of the following is not an external user o

Question

NEED ASAP PLEASE

Question 1

Which one of the following is not an external user of accounting information?

Customers

Investors

Regulatory agencies

All of these are external users

3 points

Question 2

The first step in solving an ethical dilemma is to

identify and analyze the principal elements in the situation.

identify the alternatives.

recognize an ethical situation and the ethical issues involved.

weigh the impact of each alternative on various stakeholders.

3 points

Question 3

Generally accepted accounting principles are

income tax regulations of the Internal Revenue Service.

standards that indicate how to report economic events.

theories that are based on physical laws of the universe.

principles that have been proven correct by academic researchers.

3 points

Question 4

Which of the following events is not a business transaction?

Issuance of stock in exchange for cash.

Hired employees.

Incurred utility expenses for the month.

Earned revenue for services provided.

3 points

Question 5

When assets are distributed to the owners of a corporation, these distributions are termed

depletions.

consumptions.

dividends.

a credit line.

3 points

Question 6

If total liabilities increased by $8,000, then

assets must have decreased by $8,000.

stockholders' equity must have increased by $8,000.

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

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

3 points

Question 7

If total liabilities increased by $30,000 and stockholders' equity increased by $20,000 during a period of time, then total assets must change by what amount and direction during that same period?

$50,000 decrease

$10,000 decrease

$10,000 increase

$50,000 increase

3 points

Question 8

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

Revenues

$ 340,000

Retained Earnings, Beginning

$ 60,000

Equipment

$ 80,000

Expenses

$ 250,000

Cash

$ 90,000

Dividends

$ 20,000

Supplies

$ 10,000

Accounts payable

$ 40,000

Accounts receivable

$ 70,000

Common Stock

$ 80,000

Misra's assets on December 31 are

$180,000.

$250,000.

$360,000.

$ 490,000.

3 points

Question 9

Mofro's Computer Repair Shop started the year with total assets of $300,000 and total liabilities of $200,000. During the year, the business recorded $500,000 in computer repair revenues, $300,000 in expenses, and Mofro paid dividends of $50,000. Stockholders' equity at the end of the year was

$200,000.

$100,000.

$250,000.

$300,000.

3 points

Question 10

A balance sheet shows

assets, liabilities, and stockholders' equity.

expenses, dividends, and stockholders' equity.

revenues, expenses, and dividends.

revenues, liabilities, and stockholders' equity.

3 points

Question 11

At September 1, Foli Co. reported retained earnings of $136,000. During the month, Foli generated revenues of $20,000, incurred expenses of $12,000, purchased equipment for $5,000 and paid dividends of $2,000. What is the amount of retained earnings at September 30?

$136,000

$142,000

$8,000

$137,000

3 points

Question 12

Grayton Industries purchased supplies for $1,000. The Company paid $500 in cash and agreed to pay the balance in 30 days. The journal entry to record this transaction would include a debit to an asset account for $1,000, a credit to a liability account for $500. Which of the following would be the correct way to complete the recording of the transaction?

Credit an asset account for $500.

Credit the Retained Earnings account for $500.

Credit another liability account for $500.

Debit the Retained Earnings account for $500.

3 points

Question 13

Radio Moscow Industries purchased supplies for $1,000. They paid $400 in cash and agreed to pay the balance in 30 days. The journal entry to record this transaction would include a debit to an asset account for $1,000, a credit to a liability account for $600. Which of the following would be the correct way to complete the recording of the transaction?

Credit an asset account for $400.

Credit another liability account for $400.

Credit the retained earnings account for $400.

Debit the retained earnings account for $400.

3 points

Question 14

A credit to a liability account

must be accompanied by a debit to an asset account.

indicates an increase in the amount owed to creditors.

is an error.

indicates a decrease in the amount owed to creditors.

3 points

Question 15

In recording business transactions, evidence that an accounting transaction has taken place is obtained from

business documents.

the Internal Revenue Service.

the public relations department.

the SEC.

3 points

Question 16

On June 1, Leno Inc. buys a copier machine for her business and finances this purchase with cash and a note. When journalizing this transaction, the company's accountant will

make a simple entry.

use two journal entries.

make a compound entry.

list the credit entries first, which is proper form for this type of transaction.

3 points

Question 17

A three column form of account is so named because it has columns for

debit, credit, and balance.

debit, credit, and date.

debit, credit, and account name.

debit, credit, and reference.

3 points

Question 18

The first step in designing a computerized accounting system is the creation of the

general ledger.

general journal.

trial balance.

chart of accounts.

3 points

Question 19

Chik Chik Company showed the following balances at the end of its first year:

Cash

$ 6,000

Prepaid insurance

$ 9,400

Accounts receivable

$ 7,000

Accounts payable

$ 5,600

Notes payable

$ 8,400

Common stock

$ 2,800

Dividends

$ 1,400

Revenues

$ 44,000

Expenses

$ 35,000

What did Chik Chik Company show as total credits on its trial balance?

$51,400

$60,800

$62,200

$70,200

3 points

Question 20

Which of the following time periods would not be referred to as an interim period?

Monthly

Quarterly

Semi-annually

Annually

Customers

Investors

Regulatory agencies

All of these are external users

Explanation / Answer

Solution:

Question 1

The answer to the above question is -

Investors.

They are the part of the oreganisation as they help the organization by finance.

Question 3

The answer to the above question is –

Principles that have been proven correct by academic researchers.

They are neither regulations or standards nor theories of universe.

Question 4

The answer to the above question is -

Hired Employees

It is not a business transaction. However, when he is paid or his salary become due, it will be a business transaction.

Question 5

The answer to the above question is –

Dividends.

Dividends are distributed to the owners as the income for their investment in the organization.

Question 8

The answer to the above question is –

Equipment

80,000

Cash

90,000

Supplies

10,000

Account receivable

70,000

Assets

250,000

Equipment

80,000

Cash

90,000

Supplies

10,000

Account receivable

70,000

Assets

250,000

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