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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
Accounting in Action
1 - 21
Use the following information for questions 144–146.
Jenkins Catering started the year with total assets of $20,000 and total liabilities of $5,000. During
the year, the business recorded $16,000 in catering revenues and $8,000 in expenses. Jenkins
made an additional investment of $3,000 and withdrew cash of $5,000 during the year.
144.
The owner’s equity at the end of the year was
a. $21,000.
b. $18,000.
c. $8,000.
d. $2,000.
145.
The net income reported by Jenkins Catering for the year was
a. $16,000.
b. $11,000.
c. $8,000.
d. $3,000.
146.
Owner’s equity changed by what amount from the beginning of the year to the end of the
year?
a. $15,000
b. $14,000
c. $6,000
d. $3,000
147.
During the year 2008, Toronto Enterprises earned revenues of $45,000, had expenses of
$25,000, purchased assets with a cost of $5,000 and had owner drawings of $3,000. Net
income for the year is
a. $45,000.
b. $20,000.
c. $17,000.
d. $15,000.
148.
At October 1, Bennington Enterprises reported owner’s equity of $35,000. During October,
no additional investments were made and the company earned net income of $4,000. If
owner’s equity at October 31 totals $32,000, what amount of owner drawings were made
during the month?
a. $0
b. $1,000
c. $3,000
d. $7,000
149.
At October 1, Bennington Enterprises reported owner’s equity of $35,000.
During
October, no additional investments were made and the company posted a net loss of
$3,000. If owner’s equity at October 31 totals $32,000, what amount of owner drawings
were made during the month?
a. $0
b. $1,000
c. $3,000
d. $7,000
Test Bank for Accounting Principles, Eighth Edition
1 - 22
150.
At October 1, Bennington Enterprises reported owner’s equity of $35,000.
During
October, the owner made additional investments of $2,000 and the company earned net
income of $6,000.
If owner’s equity at October 31 totals $40,000, what amount
of owner
drawings were made during the month?
a. $0
b. $3,000
c. $4,000
d. $5,000
151.
At October 1, Bennington Enterprises reported owner’s equity of $35,000.
During
October, the owner made additional investments of $5,000 and the company posted a net
loss of $3,000.
If owner’s equity at October 31 totals $35,000, what amount of owner
drawings were made during the month?
a. $0
b. $2,000
c. $3,000
d. $5,000
Additional Multiple Choice Questions
152.
Which of the following is
not
part of the accounting process?
a. Recording
b. Identifying
c. Financial decision making
d. Communicating
153.
The first part of the accounting process is
a. communicating.
b. identifying.
c. processing.
d. recording.
154.
Keeping a systematic, chronological diary of events that are measured in dollars and
cents is called
a. communicating.
b. identifying.
c. processing.
d. recording.
155.
Auditing is
a. the examination of financial statements by a CPA in order to express an opinion on
their fairness.
b.
a part of accounting that involves only recording of economic events.
c.
an area of accounting that involves such activities as cost accounting, budgeting, and
accounting information systems.
d. conducted by the Securities and Exchange Commission to ensure that registered
financial statements are presented fairly.
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