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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 - 28
BE 172
Identify whether the following items would be reported on the income statement (IS) or balance
sheet (BS).
1. Cash
2. Service Revenue
3. Notes Payable
4. Interest Expense
5. Accounts Receivable
Solution 172
(3 min.)
1. Balance Sheet (BS)
2. Income Statement (IS)
3. Balance Sheet (BS)
4. Income Statement (IS)
5. Balance Sheet (BS)
BE 173
Use the following information to calculate for the year ended December 31, 2008 (a) net income
(net loss), (b) ending owner’s equity, and (c) total assets.
Supplies
$
1,000
Revenues
$23,000
Operating expenses
12,000
Cash
15,000
Accounts payable
9,000
Drawings
1,000
Accounts receivable
3,000
Notes payable
1,000
Beginning Capital
5,000
Equipment
6,000
Solution 173
(5 min.)
(a)
$11,000
(b)
$3,000
(c)
$25,000
BE 174
Listed below in alphabetical order are the balance sheet items of Mowen Company at December
31, 2008. Prepare a balance sheet and include a complete heading.
Accounts payable
$
6,000
Accounts receivable
15,000
Building
96,000
Cash
11,000
Mowen, Capital
121,000
Office equipment
5,000
Accounting in Action
1 - 29
Solution 174
(5 min.)
MOWEN COMPANY
Balance Sheet
December 31, 2008
ASSETS
Cash
$
11,000
Accounts receivable
15,000
Office equipment
5,000
Building
96,000
Total assets
$127,000
LIABILITIES AND OWNER’S EQUITY
Liabilities
Accounts payable
$
6,000
Owner’s equity
Mowen, Capital
121,000
Total liabilities and owner’s equity
$127,000
EXERCISES
Ex. 175
Below is a list of important abbreviations widely used in business. For each abbreviation give the
full designation.
1.
CPA
_____________________________________________
2.
IRS
_____________________________________________
3.
FBI
_____________________________________________
4.
FASB
_____________________________________________
5.
GAAP
_____________________________________________
6.
SEC
_____________________________________________
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