Chapter #1 Quiz (Accounting 210)

Ethics are the standards of conduct by which one's actions are judged as -All of these answers are correct. -honest or dishonest. -fair or unfair. -right or wrong.

-ALL OF THESE ARE CORRECT -honest or dishonest. -fair or unfair. -right or wrong.

As of June 30, 2022, Actual Tigers Company has assets of $100,000 and stockholders' equity of $40,000. What are the liabilities for Actual Tigers Company as of June 30, 2022? -$140,000 -$40,000 -$100,000 -$60,000

-$140,000 -$40,000 -$100,000 -$60,000 (CORRECT) $100,000 − $40,000 = $60,000 (Asset tot. — Stockholders' equity tot. = Liabl. tot.)

The common characteristic possessed by all assets is -future economic benefit. -tangible nature. -great monetary value. -long life.

-FUTURE ECONOMIC BENEFIT -tangible nature. -great monetary value. -long life.

GAAP stands for -Generally Accepted Auditing Principles. -Generally Accepted Auditing Procedures. -Generally Accepted Accounting Procedures. -Generally Accepted Accounting Principles.

-Generally Accepted Auditing Principles. -Generally Accepted Auditing Procedures. -Generally Accepted Accounting Procedures. -GENERALLY ACCEPTED ACCOUNTING PRINCIPLES

The primary accounting standard-setting body in the United States is the -International Accounting Standards Board. -Financial Accounting Standards Board. -Securities and Exchange Commission. -Internal Revenue Service.

-International Accounting Standards Board. -FINANCIAL ACCOUNTING STANDARDS BOARD -Securities and Exchange Commission. -Internal Revenue Service.

Which one of the following is not an external user of accounting information? Investor Regulatory agency All of these are external users. Customer

-Investor -Regulatory agency -ALL OF THESE ARE EXTERNAL USERS -Customer

The historical cost principle requires that when assets are acquired, they are recorded at -book value. -market price. -cost. -appraisal value.

-book value. -market price. -COST -appraisal value.

A dividend is -equal to revenues less expenses. -a distribution of the company's earnings to its stockholders. -equal to liabilities minus stockholders' equity. -equal to assets minus stockholders' equity.

-equal to revenues less expenses. -A DISTRIBUTION OF THE COMPANY'S EARNINGS TO ITS STOCKHOLDERS -equal to liabilities minus stockholders' equity. -equal to assets minus stockholders' equity.

Liabilities of a company would not include -notes payable. -cash. -accounts payable. -salaries and wages payable.

-notes payable. -CASH -accounts payable. -salaries and wages payable.

A business organized as a corporation -requires that stockholders be personally liable for the debts of the business. -is owned by its stockholders. -terminates when one of its original stockholders dies. -is not a separate legal entity in most states.

-requires that stockholders be personally liable for the debts of the business. -IS OWNED BY ITS STOCKHOLDERS -terminates when one of its original stockholders dies. -is not a separate legal entity in most states.