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Accounting with tables and multiple choice questions.pdf
Accounting_with_tables_and_multiple_choice_questions.pdf
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CHAPTER 1 ACCOUNTING IN ACTION SUMMARY OF QUESTI
CHAPTER 1 ACCOUNTING IN ACTION SUMMARY OF QUESTI
CHAPTER 1 ACCOUNTING IN ACTION SU...
CHAPTER 1 ACCOUNTING IN ACTION SUMMARY OF QUESTI
Test Bank for Accounting Principles, Eighth Edition
1 - 30
Solution 175
(5 min.)
1.
Certified Public Accountant
2.
Internal Revenue Service
3.
Federal Bureau of Investigation
4.
Financial Accounting Standards Board
5.
Generally Accepted Accounting Principles
6.
Securities and Exchange Commission
Ex. 176
Determine the missing amount for each of the following.
Assets
=
Liabilities
+
Owner's Equity
1.
(a)
$50,000
$95,000
2.
$125,000
(b)
$85,000
3.
$140,000
$65,000
(c)
Solution 176
(5 min.)
1.
(a) = $145,000 ($50,000 + $95,000)
2.
(b) = $40,000 ($125,000 - $85,000)
3.
(c) = $75,000 ($140,000 - $65,000)
Ex. 177
For the items listed below, fill in the appropriate code letter to indicate whether the item is an
asset, liability, or owner's equity item.
Code
Asset
A
Liability
L
Owner's Equity
OE
_____ 1. Rent Expense
_____ 6. Cash
_____ 2. Office Equipment
_____ 7. Accounts Receivable
_____ 3. Accounts Payable
_____ 8. Dan Pine, Drawing
_____ 4. Dan Pine, Capital
_____ 9. Service Revenue
_____ 5. Insurance Expense
_____
10.
Notes Payable
Solution 177
(5 min.)
1.
OE
6.
A
2.
A
7.
A
3.
L
8.
OE
4.
OE
9.
OE
5.
OE
10.
L
Accounting in Action
1 - 31
Ex. 178
At the beginning of the year, Yates Company had total assets of $550,000 and total liabilities of
$200,000. Answer the following questions viewing each situation as being independent of the
others.
(1) If total assets increased $200,000 during the year, and total liabilities decreased $75,000,
what is the amount of owner's equity at the end of the year?
(2)
During the year, total liabilities increased $230,000 and owner's equity decreased $90,000.
What is the amount of total assets at the end of the year?
(3) If total assets decreased $40,000 and owner's equity increased $130,000 during the year,
what is the amount of total liabilities at the end of the year?
Solution 178
(5 min.)
Total Assets
Total Liabilities
Owner's Equity
Beginning
$550,000
$200,000
Change
200,000
(75,000
)
Ending
$750,000
–
$125,000
=
$625,000
(1)
Total Assets
Total Liabilities
Owner's Equity
Beginning
$550,000
$200,000
$350,000
Change
230,000
(90,000
)
Ending
$690,000
(2)
=
$430,000
+
$260,000
Total Assets
Total Liabilities
Owner's Equity
Beginning
$550,000
$200,000
$350,000
Change
(40,000
)
130,000
Ending
$510,000
=
$
30,000
(3)
+
$480,000
Ex. 179
Jimmy's Carpet Cleaning has the following balance sheet items:
Van
Notes Payable
Accounts Payable
J. Fine, Capital
Cash
J. Fine, Drawing
Cleaning Supplies
Equipment
Accounts Receivable
Identify which items are
(1) Assets
(2) Liabilities
(3) Owner's Equity
Solution 179
(5 min.)
(1)
Assets—Van, Cash, Cleaning Supplies, Accounts Receivable, Equipment
(2)
Liabilities—Accounts Payable, Notes Payable
(3)
Owner's Equity— J. Fine, Capital, J. Fine, Drawing
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