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Ashworth A01 Accounting Quiz 2

Question Part 1 of 1 - 95.0/ 100.0 Points Question 1 of 20 5.0/ 5.0 Points Ryan withdrew cash from the business to pay his personal cell phone bill. The expanded accounting equation changes include __________. A. increase in both cash and withdrawal B. decrease in both cash and withdrawal C. decrease in cash and increase in withdrawal D. increase in cash and decrease in withdrawal Question 2 of 20 5.0/ 5.0 Points Which of the following items are on both the balance sheet and the statement of owner's equity? A. Net loss B. Capital C. Additional owner's investments D. Owner's withdrawals Question 3 of 20 5.0/ 5.0 Points BPK Industries has a net income for the period of $2,500. The balance in the Owner’s Capital account for the beginning of the period is $5,000 and the owner has withdrawn $1,650 for personal expenses. The balance in the Owner’s Capital account at the end of the period will be __________. A. $5,850 B. $7,500 C. $850 D. $9,150 Question 4 of 20 5.0/ 5.0 Points If beginning capital was $110,000, ending capital is $95,000, and the owner's withdrawals were $10,000, the amount of net income or net loss was __________. A. net income of $5,000 B. net income of $15,000 C. net loss of $15,000 D. net loss of $5,000 Question 5 of 20 5.0/ 5.0 Points A company has $4,500 in its Revenue account at the end of a period. The Expenses are as follows: Rent, $750; Utilities, $150; Salaries, $2,400; Insurance, $225. The net income (loss. for the period is __________. A. $3,600 B. ($2,100. C. $975 D. ($1,425. Question 6 of 20 5.0/ 5.0 Points The financial statement that shows business results in terms of revenue and expenses is __________. A. an income statement B. a balance sheet C. a statement of owner's equity D. the statement of cash flows Question 7 of 20 5.0/ 5.0 Points Go Blue Retail Store collected $12,000 of its accounts receivable. The expanded accounting equation changes include __________. A. cash and capital increase, $12,000 B. cash and revenue increase, $12,000 C. cash increases and accounts receivable decreases $12,000 D. accounts receivable decreases and capital increases $12,000 Question 8 of 20 5.0/ 5.0 Points When services are rendered but payment is not made, which account would be increased? A. accounts receivable B. accounts payable C. cash D. withdrawal Question 9 of 20 5.0/ 5.0 Points Which of the following is not one of the four basic financial statements? A. Statement of Cash Flows B. Income Statement C. Statement of Company Position D. Balance Sheet Question 10 of 20 5.0/ 5.0 Points An expense should be recorded when __________. A. the bill is paid B. the expense is incurred C. a bill is received in the mail D. None of the above answers are correct. Question 11 of 20 5.0/ 5.0 Points Vic's Mart collects $700 of its accounts receivable. The expanded accounting equation impact is __________. A. cash and capital increase $700 B. cash and revenue increase $700 C. cash increases and accounts receivable decreases $700 D. accounts receivable decreases and capital increases $700 Question 12 of 20 5.0/ 5.0 Points The net income or net loss is calculated on the __________. A. balance sheet B. statement of owner's equity C. income statement D. None of the above answers are correct. Question 13 of 20 5.0/ 5.0 Points Which statement is prepared for only one date? A. Income Statement B. Statement of Cash Flows C. Balance Sheet D. Statement of Owner’s Equity Question 14 of 20 5.0/ 5.0 Points The statement of owner’s equity contains the __________. A. owner’s capital for the beginning of the period B. liabilities of the company C. total amount owed by credit customers D. balance in the cash account Question 15 of 20 5.0/ 5.0 Points Which of the following transactions has no effect on owner's equity? A. paying salaries expense B. equipment purchase C. billing for services rendered D. a withdrawal Question 16 of 20 5.0/ 5.0 Points Expenses __________. A. are costs the company incurs in carrying on operations B. are a subdivision of owner's equity C. record personal expenses not related to the business D. Both A and B are correct. Question 17 of 20 5.0/ 5.0 Points Which of the following is included in the balance sheet? A. revenue B. salaries expense C. utilities expense D. accounts payable Question 18 of 20 5.0/ 5.0 Points Which financial statement is prepared first? A. Statement of Owner's Equity B. Balance Sheet C. Income Statement D. None of the above Question 19 of 20 5.0/ 5.0 Points A revenue should be recorded when __________. A. it is earned B. payment is received C. the invoice is sent to the customer D. None of the above answers are correct. Question 20 of 20 5.0/ 5.0 Points Which accounts are affected when the company buys supplies on account? A. assets and capital B. liabilities and capital C. assets and liabilities D. None of the above answers are correct.

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