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Accounting College > Midterm 1-3 > Flashcards

Midterm 1-3 Flashcards

1
Q

Receiving Dividends

Operating
Investing
Financing

A

Operating

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2
Q

Selling a Building

Operating
Investing
Financing

A

Investing

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3
Q

Issuing a Common Stock

Operating
Investing
Financing

A

Financing

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4
Q

Paying Salaries

Operating
Investing
Financing

A

Operating

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5
Q

Paying Taxes

Operating
Investing
Financing

A

Operating

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6
Q

Buying Common Stock

Operating
Investing
Financing

A

Investing

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7
Q

Paying interest

Operating
Investing
Financing

A

Operating

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8
Q

Borrowing money

Operating
Investing
Financing

A

Financing

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9
Q

Paying dividends

Operating
Investing
Financing

A

Financing

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10
Q

Paying back loan

Operating
Investing
Financing

A

Financing

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11
Q

Buying Land

Operating
Investing
Financing

A

Investing

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12
Q

Salaries payable is a liability associated with a (deferred/accrued) expense.

A

Accrued

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13
Q

(Cash/accrual) basis accounting does not comply with GAAP

A

Cash

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14
Q

Paying salaries to employees involves an (inflow/outflow) of cash.

A

Outflow

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15
Q

Issuing stock for cash involves an (inflow/outflow) of cash.

A

Inflow

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16
Q

When an expense is incurred, Stockholders’ Equity (increases/decreases).

A

Decreases

17
Q

Accumulated Depreciation (increases/decreases) the value of an asset.

A

Decreases

18
Q

When inventories or supplies are used up they move from the Balance Sheet the (Statement of Cash Flows/ Income Statement)

A

Income Statement

19
Q

In the equation for Retained Earnings, Dividends (Declared/Paid) are subtracted.

A

Declared

20
Q

What is the effect of falling to make an adjusting entry for Prepaid Rent?

a. Assets are too low and Equity is too high
b. Liabilities are too high and Equity is too high
c. Assets are too high and liabilities are too high
d. Assets are too high and equity is too high

A

D.

21
Q

What is the effect of failing to make an adjusting entry for deferred revenue?

a. Assets are too high and liabilities are too high
b. Liabilities are too high and Equity is too low
c. Liabilities are too low and Equity is too low
d. Assets are too low and liabilities are too high

A

B.

Accounting College (11 decks)

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