CBAD 201 Final Exam – Questions With Reliable Solutions
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Practice questions for this set
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revenues − expenses.
Choose an answer
The owner of a________ is personally liable for
1 Net income is computedas: 2
all thebusiness's debts.
The ending balance of Retained Earnings is
3 4 Receivables are classifiedas:
reported onthe:
Don't know?
Terms in this set (108)
The owner of a________ is proprietorship
personally liable for all the
business's debts.
In1990, Johnson Company $200,000
purchased a building for
$200,000. In2022, a real estate
professional says the building
has a fair value of$1,900,000. In
2022, a similar building down the
street recently sold for
$900,000. Whatvalue, before
consideration of accumulated
depreciation, is reported for the
building on the balance sheet at
December31, 2022?
, The principle stating that assets historical cost.
acquired by the business should
be recorded at their actual cost
on the date of purchaseis:
The assets of acompany: resources that are expected to produce a future benefit.
Receivables are classifiedas: assets
Net income is computedas: revenues − expenses.
At the end of the current $37,000.
accountingperiod, account
balances were asfollows: Cash,
$28,000; AccountsReceivable,
$40,000; CommonStock,
$19,000; RetainedEarnings,
$12,000. Liabilities at the end of
the periodwere:
Jonathan is a patent attorney Corporation
and is starting a legal practice.
What form of business
organization limits his liability to
the amount he has invested in
thebusiness?
Revenues were$144,000, Net income was$4,000; the change in retained earnings was
expenses were$140,000, and $2,000.
cash dividends declared and
paid were$2,000. What were the
net income and the change in
retained earnings for the
period?
Which financial statement income statement
answers the followingquestion:
How well did the company
perform during theyear?
The portion of net income that retained earnings.
the company has kept over a
period of years and not used for
dividends iscalled:
The balance sheet reports assets, liabilities, and equity.
informationabout:
Which financial statement must income statement
be prepared before theothers?
The ending balance of Retained Balance Sheet & Statement of Retained Earnings.
Earnings is reported onthe:
As a practicalmatter, most at the end of the accounting period.
companies prepare financial
statements:
When services are performed accounts receivable is increased.
onaccount:
The debt created by a business account payable.
when it makes a purchase of
inventory on account isa(n):
When a company borrows both asset and liability accounts
money(cash) from thebank,
which type ofaccount(s) is(are)
increased?
The left side of a T−account is debit side.
alwaysthe:
Save
Students also studied
Perio Study DENT 475 - Implant components NBDE II Review - Pro
Teacher 78 terms 42 terms 69 terms
Hunter_Charters Preview gillphil Preview melissa_jarvis7
Practice questions for this set
Learn 1 /7 Study with Learn
revenues − expenses.
Choose an answer
The owner of a________ is personally liable for
1 Net income is computedas: 2
all thebusiness's debts.
The ending balance of Retained Earnings is
3 4 Receivables are classifiedas:
reported onthe:
Don't know?
Terms in this set (108)
The owner of a________ is proprietorship
personally liable for all the
business's debts.
In1990, Johnson Company $200,000
purchased a building for
$200,000. In2022, a real estate
professional says the building
has a fair value of$1,900,000. In
2022, a similar building down the
street recently sold for
$900,000. Whatvalue, before
consideration of accumulated
depreciation, is reported for the
building on the balance sheet at
December31, 2022?
, The principle stating that assets historical cost.
acquired by the business should
be recorded at their actual cost
on the date of purchaseis:
The assets of acompany: resources that are expected to produce a future benefit.
Receivables are classifiedas: assets
Net income is computedas: revenues − expenses.
At the end of the current $37,000.
accountingperiod, account
balances were asfollows: Cash,
$28,000; AccountsReceivable,
$40,000; CommonStock,
$19,000; RetainedEarnings,
$12,000. Liabilities at the end of
the periodwere:
Jonathan is a patent attorney Corporation
and is starting a legal practice.
What form of business
organization limits his liability to
the amount he has invested in
thebusiness?
Revenues were$144,000, Net income was$4,000; the change in retained earnings was
expenses were$140,000, and $2,000.
cash dividends declared and
paid were$2,000. What were the
net income and the change in
retained earnings for the
period?
Which financial statement income statement
answers the followingquestion:
How well did the company
perform during theyear?
The portion of net income that retained earnings.
the company has kept over a
period of years and not used for
dividends iscalled:
The balance sheet reports assets, liabilities, and equity.
informationabout:
Which financial statement must income statement
be prepared before theothers?
The ending balance of Retained Balance Sheet & Statement of Retained Earnings.
Earnings is reported onthe:
As a practicalmatter, most at the end of the accounting period.
companies prepare financial
statements:
When services are performed accounts receivable is increased.
onaccount:
The debt created by a business account payable.
when it makes a purchase of
inventory on account isa(n):
When a company borrows both asset and liability accounts
money(cash) from thebank,
which type ofaccount(s) is(are)
increased?
The left side of a T−account is debit side.
alwaysthe:
