ACCY 201 Exam #1 Chapter #1 || WELL-
ENLIGHTENED.
What is the Accounting Equation? correct answers Assets= Liabilities-Equity
Is Accounts Payable an asset, liability, or stockholder's equity? correct answers asset
Is cash an asset, liability, or stockholder's equity? correct answers Asset
Are fees earned an asset, liability, or stockholders' equity? correct answers stockholders'
equity
is land an asset, liability, or stockholders' equity? correct answers asset
Are Supplies an asset, liability, or stockholders' equity? correct answers asset
Are wages expense an asset, liabilities, or stockholders' equity? correct answers stockholders'
equity
What is the effect of each of the following transactions on the three elements (assets,
liabilities, and stockholders' equity) of the accounting equation?
-Invested Cash in Business correct answers Increases assets and increases stockholders'
equity
What is the effect of each of the following transactions on the three elements (assets,
liabilities, and stockholders' equity) of the accounting equation?
-paid for utilities used in the business correct answers decreases assets and decreases
stockholders' equity
What is the effect of each of the following transactions on the three elements (assets,
liabilities, and stockholders' equity) of the accounting equation?
-Purchased Supplies for cash correct answers Increases assets and decreases assets
What is the effect of each of the following transactions on the three elements (assets,
liabilities, and stockholders' equity) of the accounting equation?
-Purchased Supplies on Account correct answers Increases assets and increases liabilities
What is the effect of each of the following transactions on the three elements (assets,
liabilities, and stockholders' equity) of the accounting equation?
-Received cash for services performed correct answers increases assets and increases
stockholders' equity
Balance Sheet or not? Accounts Receivable correct answers Balance Sheet
Balance Sheet or not? Cash correct answers Balance Sheet
Balance Sheet or not? common stock correct answers Balance Sheet
Balance Sheet or not? Fees earned correct answers not
ENLIGHTENED.
What is the Accounting Equation? correct answers Assets= Liabilities-Equity
Is Accounts Payable an asset, liability, or stockholder's equity? correct answers asset
Is cash an asset, liability, or stockholder's equity? correct answers Asset
Are fees earned an asset, liability, or stockholders' equity? correct answers stockholders'
equity
is land an asset, liability, or stockholders' equity? correct answers asset
Are Supplies an asset, liability, or stockholders' equity? correct answers asset
Are wages expense an asset, liabilities, or stockholders' equity? correct answers stockholders'
equity
What is the effect of each of the following transactions on the three elements (assets,
liabilities, and stockholders' equity) of the accounting equation?
-Invested Cash in Business correct answers Increases assets and increases stockholders'
equity
What is the effect of each of the following transactions on the three elements (assets,
liabilities, and stockholders' equity) of the accounting equation?
-paid for utilities used in the business correct answers decreases assets and decreases
stockholders' equity
What is the effect of each of the following transactions on the three elements (assets,
liabilities, and stockholders' equity) of the accounting equation?
-Purchased Supplies for cash correct answers Increases assets and decreases assets
What is the effect of each of the following transactions on the three elements (assets,
liabilities, and stockholders' equity) of the accounting equation?
-Purchased Supplies on Account correct answers Increases assets and increases liabilities
What is the effect of each of the following transactions on the three elements (assets,
liabilities, and stockholders' equity) of the accounting equation?
-Received cash for services performed correct answers increases assets and increases
stockholders' equity
Balance Sheet or not? Accounts Receivable correct answers Balance Sheet
Balance Sheet or not? Cash correct answers Balance Sheet
Balance Sheet or not? common stock correct answers Balance Sheet
Balance Sheet or not? Fees earned correct answers not
