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<ul><li> 1. 2010 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 11e by SlaterAccounting Concepts and Procedures Chapter 1</li></ul> <p> 2. 1.A business that has only one owner is known as a: </p> <ul><li>A. Partnership </li></ul> <ul><li>B. Corporation </li></ul> <ul><li>C. Sole Proprietorship </li></ul> <ul><li>D. Trust </li></ul> <p> 2010 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 11e by SlaterLO-1 3. 1.A business that has only one owner is known as a: </p> <ul><li>A. Partnership </li></ul> <ul><li>B. Corporation </li></ul> <ul><li>C. Sole Proprietorship </li></ul> <ul><li>D. Trust </li></ul> <p> 2010 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 11e by SlaterLO-1 4. 2.A business that is owned by stockholders is known as a: </p> <ul><li>A. Partnership </li></ul> <ul><li>B. Corporation </li></ul> <ul><li>C. Sole Proprietorship </li></ul> <ul><li>D. Trust </li></ul> <p> 2010 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 11e by SlaterLO-1 5. 2.A business that is owned by stockholders is known as a: </p> <ul><li>A. Partnership </li></ul> <ul><li>B. Corporation </li></ul> <ul><li>C. Sole Proprietorship </li></ul> <ul><li>D. Trust </li></ul> <p> 2010 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 11e by SlaterLO-1 6. 3. Companies like Kohls and Macys would be considered: </p> <ul><li>A. Service Companies </li></ul> <ul><li>B. Manufacturers </li></ul> <ul><li>C. Merchandise Companies </li></ul> <ul><li>D. Single Product Companies </li></ul> <p> 2010 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 11e by SlaterLO-1 7. 3. Companies like Kohls and Macys would be considered: </p> <ul><li>A. Service Companies </li></ul> <ul><li>B. Manufacturers </li></ul> <ul><li>C. Merchandise Companies </li></ul> <ul><li>D. Single Product Companies </li></ul> <p> 2010 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 11e by SlaterLO-1 8. 4.A financial consulting firm would be considered a: </p> <ul><li>A. Service Company </li></ul> <ul><li>B. Manufacturer </li></ul> <ul><li>C. Merchandise Company </li></ul> <ul><li>D. Single Product Company </li></ul> <p> 2010 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 11e by SlaterLO-1 9. 4.A financial consulting firm would be considered a: </p> <ul><li>A. Service Company </li></ul> <ul><li>B. Manufacturer </li></ul> <ul><li>C. Merchandise Company </li></ul> <ul><li>D. Single Product Company </li></ul> <p> 2010 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 11e by SlaterLO-1 10. 5. Items such as cash and supplies would be classified as: </p> <ul><li>A. Assets </li></ul> <ul><li>B. Equities </li></ul> <ul><li>C. Liabilities </li></ul> <ul><li>D. Capital Expenditures </li></ul> <p> 2010 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 11e by SlaterLO-1 11. 5. Items such as cash and supplies would be classified as: </p> <ul><li>A. Assets </li></ul> <ul><li>B. Equities </li></ul> <ul><li>C. Liabilities </li></ul> <ul><li>D. Capital Expenditures </li></ul> <p> 2010 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 11e by SlaterLO-1 12. 6. Which of the following would be considered a liability? </p> <ul><li>A. Accounts Receivable</li></ul> <ul><li>B. Petty Cash Fund </li></ul> <ul><li>C. Electric Bill</li></ul> <ul><li>D. Accounts Payable </li></ul> <p> 2010 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 11e by SlaterLO-1 13. 6. Which of the following would be considered a liability? </p> <ul><li>A. Accounts Receivable</li></ul> <ul><li>B. Petty Cash Fund </li></ul> <ul><li>C. Electric Bill</li></ul> <ul><li>D. Accounts Payable </li></ul> <p> 2010 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 11e by SlaterLO-1 14. 7. If a company purchased supplies on credit, what would occur? 2010 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 11e by SlaterA. Accounts Receivable would decrease. B.Accounts Receivable would increase. C.Accounts Payable would increase. D. Accounts Payable would decrease. LO-2 15. 7. If a company purchased supplies on credit, what would occur? 2010 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 11e by SlaterA. Accounts Receivable would decrease. B.Accounts Receivable would increase. C.Accounts Payable would increase. D. Accounts Payable would decrease. LO-2 16. 8.When the owner makes an investment of cash in the business, what occurs? </p> <ul><li>A. Cash Increases </li></ul> <ul><li>B. Cash Decreases </li></ul> <ul><li>C. Drawing Account Increases </li></ul> <ul><li>D. Capital Decreases </li></ul> <p> 2010 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 11e by SlaterLO-2 17. 8.When the owner makes an investment of cash in the business, what occurs? </p> <ul><li>A. Cash Increases </li></ul> <ul><li>B. Cash Decreases </li></ul> <ul><li>C. Drawing Account Increases </li></ul> <ul><li>D. Capital Decreases </li></ul> <p> 2010 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 11e by SlaterLO-2 18. 9.The standard accounting equation is: </p> <ul><li>A. Assets= Owners Equity - Liabilities </li></ul> <ul><li>B. Assets= Liabilities + Owners Equity </li></ul> <ul><li>C. Assets= Liabilities Owners Equity </li></ul> <ul><li>D. Assets + Liabilities = Owners Equity </li></ul> <p> 2010 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 11e by SlaterLO-2 19. 9.The standard accounting equation is: </p> <ul><li>A. Assets= Owners Equity - Liabilities </li></ul> <ul><li>B. Assets= Liabilities + Owners Equity </li></ul> <ul><li>C. Assets= Liabilities Owners Equity </li></ul> <ul><li>D. Assets + Liabilities = Owners Equity </li></ul> <p> 2010 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 11e by SlaterLO-2 20. 10.All of the following are considered assetsexcept : </p> <ul><li>A. Supplies </li></ul> <ul><li>B. Office Equipment </li></ul> <ul><li>C. Accounts Receivable </li></ul> <ul><li>D. Capital </li></ul> <p> 2010 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 11e by SlaterLO-1 21. 10.All of the following are considered assetsexcept : </p> <ul><li>A. Supplies </li></ul> <ul><li>B. Office Equipment </li></ul> <ul><li>C. Accounts Receivable </li></ul> <ul><li>D. Capital </li></ul> <p> 2010 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 11e by SlaterLO-1 22. 11.A balance sheet contains all of the following accountsexcept : </p> <ul><li>A. Liabilities </li></ul> <ul><li>B. Owners Equity </li></ul> <ul><li>C. Expenses </li></ul> <ul><li>D. Assets </li></ul> <p> 2010 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 11e by SlaterLO-2 23. 11.A balance sheet contains all of the following accountsexcept : </p> <ul><li>A. Liabilities </li></ul> <ul><li>B. Owners Equity </li></ul> <ul><li>C. Expenses </li></ul> <ul><li>D. Assets </li></ul> <p> 2010 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 11e by SlaterLO-2 24. 12.A net loss occurs when: </p> <ul><li>A. Revenues exceed Expenses </li></ul> <ul><li>B. Expenses exceed Revenues </li></ul> <ul><li>C. Assets exceed Liabilities </li></ul> <ul><li>D. Liabilities exceed Assets </li></ul> <p> 2010 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 11e by SlaterLO-3 25. 12.A net loss occurs when: </p> <ul><li>A. Revenues exceed Expenses </li></ul> <ul><li>B. Expenses exceed Revenues </li></ul> <ul><li>C. Assets exceed Liabilities </li></ul> <ul><li>D. Liabilities exceed Assets </li></ul> <p> 2010 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 11e by SlaterLO-3 26. 13. Cash taken by the owner from the business for personal use is known as a(n): </p> <ul><li>A. Liability </li></ul> <ul><li>B. Withdrawal </li></ul> <ul><li>C. Expense </li></ul> <ul><li>D. Loss </li></ul> <p> 2010 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 11e by SlaterLO-3 27. 13. Cash taken by the owner from the business for personal use is known as a(n): </p> <ul><li>A. Liability </li></ul> <ul><li>B. Withdrawal </li></ul> <ul><li>C. Expense </li></ul> <ul><li>D. Loss </li></ul> <p> 2010 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 11e by SlaterLO-3 28. 14.The Statement of Owners Equity: </p> <ul><li>A. Determines the Capital balance at the end of the month </li></ul> <ul><li>B. Determines whether a Net Income or Net Loss occurred during the month </li></ul> <ul><li>C. Determines whether Assets = Liabilities + Owners Equity </li></ul> <ul><li>D. Determines how much was paid in expenses for the month </li></ul> <p> 2010 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 11e by SlaterLO-3 29. 14.The Statement of Owners Equity: </p> <ul><li>A. Determines the Capital balance at the end of the month </li></ul> <ul><li>B. Determines whether a Net Income or Net Loss occurred during the month </li></ul> <ul><li>C. Determines whether Assets = Liabilities + Owners Equity </li></ul> <ul><li>D. Determines how much was paid in expenses for the month </li></ul> <p> 2010Prentice Hall Business Publishing, College Accounting: A Practical Approach, 11e by SlaterLO-3 30. 15.Which of the following is the correct order in which financial statements are to be completed? </p> <ul><li>A. Balance Sheet, Statement of Owners Equity, Income Statement </li></ul> <ul><li>B.Statement of Owners Equity, Balance Sheet, Income Statement </li></ul> <ul><li>C.Income Statement, Statement of Owners Equity, Balance Sheet </li></ul> <ul><li>D. Income Statement, Balance Sheet, Statement of Owners Equity </li></ul> <p> 2010 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 11e by SlaterLO-4 31. 15.Which of the following is the correct order in which financial statements are to be completed? </p> <ul><li>A. Balance Sheet, Statement of Owners Equity, Income Statement </li></ul> <ul><li>B.Statement of Owners Equity, Balance Sheet, Income Statement </li></ul> <ul><li>C.Income Statement, Statement of Owners Equity, Balance Sheet </li></ul> <ul><li>D. Income Statement, Balance Sheet, Statement of Owners Equity </li></ul> <p> 2010 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 11e by SlaterLO-4</p>