Exam 1, Chapter 1 - Practice Questions Flashcards

1
Q

Equipment is found on the ___(a)___ because it is an ___(b)___ (more specifically it is a/an ___(c)___)

A

a. balance sheet
b. asset
c. long term asset

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2
Q

Fees earned are found on the ___(a)___ because they are a/an ___(b)___

A

a. income statement

b. revenue

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3
Q

Retained earnings are found on the ___(a)___ in ___(b)___ section because they are a/an ___(c)____

A

a. balance sheet
b. shareholders’ equity
c. asset

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4
Q

Wages are on the ___(a)___ because they are ___(b)___

A

a. income statement

b. expense

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5
Q

Patents are on the ___(a)___ because they are a/an ___(b)___, specifically they are a/an ___(c)___

A

a, balance sheet

b. asset
c. long term asset

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6
Q

Cost of goods sold are on the ___(a)___ because they are a/an ___(b)___, specifically they are a/an ___(c)___

A

a. income statement
b. expense
c. operating expense

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7
Q

Common stock is on the ___(a)___ because it is a/an ___(b)___, specifically it is a/an ___(c)___

A

a. balance sheet
b. equity
c. shareholder equity

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8
Q

Dividends payable are on the ___(a)___ because they are a/an ___(b)___

A

a. balance sheet

b. liability

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9
Q

Accumulated depreciation is on the ___(a)___ because it is a ___(b)___, specifically, it is a ___(c)___ because it is ___(d)___

A

a. balance sheet
b. asset
c. long term asset
d. contra asset account to your equipment account

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10
Q

Prepaid expenses are found on the ___(a)___ because they are a/an ___(b)___, specifically it is a ___(c)___

A

a. balance sheet
b. asset
c. current asset

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11
Q

Gain is on the ___(a)___ because it is a/an ___(b)___

A

a. income statement

b. revenue

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12
Q

Rent revenue is on the ___(a)___ because it is a/an ___(b)___

A

a. income statement

b. revenue

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13
Q

Supplies are on the ___(a)___ because they are a/an ___(b)___, specifically they are a/an ___(c)___

A

a. balance sheet
b. asset
c. current asset

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14
Q

Inventory is on the ___(a)___ because it is a/an ___(b)___, specifically they are a/an ___(c)___

A

a. balance sheet
b. asset
c. current asset

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15
Q

Accounts receivable are on the ___(a)___ because they are a/an ___(b)___, specifically they are a/an ___(c)___

A

a. balance sheet
b. asset
c. current asset

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16
Q

Land is on the ___(a)___ because it is a/an ___(b)___, specifically it is a/an ___(c)___

A

a. balance sheet
b. asset
c. long term asset

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17
Q

Interest payable is on the ___(a)___ because it is a/an ___(b)___, specifically it is a/an ___(c)___

A

a. balance sheet
b. liability
c. short term liability

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18
Q

Deferred revenue or unearned revenue is on the ___(a)___ because it is a/an ___(b)___, specifically this is a/an ___(c)____

A

a. balance sheet
b. liability
c. current liability

19
Q

An account payable is on the ___(a)___ because it is a ___(b)___

A

a. balance sheet

b. liability

20
Q

Cash is on the ___(a)___, and the ___(b)___ because it is a/an ___(a)___

A

a. statement of cash flows
b. balance sheet
c. asset

21
Q

Accounts receivable are on the ___(a)___ because they are a/an ___(b)___

A

a. balance sheet

b. asset

22
Q

Rent expense is on the ___(a)___ because it is a/an ___(b)___

A

a. income statement

b. expense

23
Q

Service revenue is on the ___(a)___ because it is a/an ___(b)___

A

a. income statement

b. Revenue

24
Q

Office supplies are on the ___(a)___ because they are a/an ___(b)___

A

a. balance sheet

b. asset

25
Dividends are on the ___(a)___ because they are ___(b)___
a. statement of retained earnings | b. equity/dividends
26
Salaries are on the ___(a)___ because they are a/an ___(b)___
a. income statement | b. expense
27
Earned revenue from video rentals on account results in ___(a)___ (___(b)___) and ___(c)___ (___(d)____)
a. increase asset b. accounts receivable c, increase equity d. rental revenue
28
Received cash of $10,000 results in ___(a)___ (___(b)___) and ___(c)___ (___(d)____)
a. increase asset b. cash c. increase equity d. common stock
29
Purchased office furniture on account results in ___(a)___ (___(b)___) and ___(c)___ (___(d)____)
a. increase asset b. office furniture c. increase liability d. accounts payable
30
Received cash on account in the amount of $300 results in ___(a)___ (___(b)___) and ___(c)___ (___(d)____)
a. Increased asset b. cash c. decrease asset d. accounts receivable
31
Paid cash on account in the amount of $100 results in ___(a)___ (___(b)___) and ___(c)___ (___(d)____)
a. decrease asset b. cash c. decrease liability d. accounts payable
32
Rented merchandise and received $200 results in ___(a)___ (___(b)___) and ___(c)___ (___(d)____)
a. increase asset b. cash c. increase equity d. rental revenue
33
Paying monthly office rent results in ___(a)___ (___(b)___) and ___(c)___ (___(d)____)
a. decrease asset b. cash c. decrease equity d. rent expense
34
Paying $100 cash to purchase office supplies results in ___(a)___ (___(b)___) and ___(c)___ (___(d)____)
a. decrease asset b. cash c. increase asset d. office supplies
35
Receiving cash from issuance of common stocks results in ___(a)___ (___(b)___) and ___(c)___ (___(d)____)
a. increase asset b. cash c. increase equity d. common stock
36
Cash purchase of land for a building site results in ___(a)___ (___(b)___) and ___(c)___ (___(d)____)
a. increase asset b. land c. decrease asset d. cash
37
Paying cash on accounts payable results in results in ___(a)___ (___(b)___) and ___(c)___ (___(d)____)
a. decrease asset b. cash c. decrease liability d. accounts payable
38
Purchasing equipment and signing a notes payable results in ___(a)___ (___(b)___) and ___(c)___ (___(d)____)
a. increase asset b. equipment c. increase liability d. notes payable
39
Performing a service for a customer on account results in ___(a)___ (___(b)___) and ___(c)___ (___(d)____)
a. increase asset b. accounts receivable c. increase equity d. service revenue
40
Employees worked for the week but will be paid next Tuesday results in ___(a)___ (___(b)___) and ___(c)___ (___(d)____)
a. increase liability b. salaries payable c. decrease equity d. salaries expense
41
Receiving cash from a customer on an accounts receivable results in ___(a)___ (___(b)___) and ___(c)___ (___(d)____)
a. increase asset b. cash c. decrease asset d. accounts receivable
42
Borrowing money from a bank results in ___(a)___ (___(b)___) and ___(c)___ (___(d)____)
a. increase asset b. cash c. increase liability d. notes payable
43
Cash dividends paid to stockholders results in ___(a)___ (___(b)___) and ___(c)___ (___(d)____)
a. decrease asset b. cash c. decrease equity d. equity - dividends
44
Incurring utility expenses on account results in ___(a)___ (___(b)___) and ___(c)___ (___(d)____)
a. increase liability b. accounts payable c. decrease equity d. utility expense