Accounting Unit 1 Quiz

Ace your homework & exams now with Quizwiz!

Cash - $73,000 Buildings - $191,000 Equipment - $222,000 Liabilities - $157,000 Use the following information as of December 31 to determine equity

$329,000

If equity is $349,000 and liabilities are $187,000, then assets equal:

$536,000

A general journal is:

A complete record of all transactions in chronological order from which transaction amounts are posted to the ledger accounts

Ethical behavior requires that:

Auditors' pay not depend on the success of the client's business

An account used to record the owner's investments in a business is called an:

Capitol account

The right side of a T-account is a:

Credit

Which of the following is an Expense account?

Current month's Utilities

The rule that requires financial statements to reflect the assumption that the business will continue operating instead of being closed or sold, unless evidence shows that it will not continue, is the:

Going-concern assumption

The accounting concept that requires financial statement information to be supported by independent, unbiased evidence is:

Objectivity principle

A balance sheet lists:

The types and amounts of assets, liabilities, and equity of a business as of a specific date


Related study sets

Comptia SY0-501 - 1.0 Threats, Attacks and Vulnerabilities

View Set

5 functional components of a reflex arc (ch 14)

View Set

Legal and Ethical Issues in Leadership and Management

View Set

Chapter 45: Management of Patients With Oral and Esophageal Disorders

View Set

Le Petit Prince Chapter 10 Questions

View Set

Constructive and Destructive Waves

View Set

LEADERSHIP AND MANAGEMENT ATI COMPREHENSIVE EXAM STUDYGUIDE!

View Set

Stress Management Exam 4 - Chapters 17,19,20

View Set

Computer-Assisted Legal Research

View Set

FSU - RMI 2302 - Charles Nyce - Exam 1

View Set