ACCT105 Week 1 Questions with answer (GRADED A)

Part 1 of 1 - 70.0/ 100.0 Points Question 1 of 10 0.0/ 10.0 Points The payment of cash to the supplier of services previously accounted for as a purchase on account would: A.Increase an asset and increase a liability. B.Increase an asset and increase stockholders’ equity. C.Increase one asset and decrease another asset. D.Decrease an asset and decrease a liability. E.None of the above. Answer Key: D Question 2 of 10 10.0/ 10.0 Points The purchase of equipment for cash would: A.Decrease an asset and decrease a liability. B.Increase an asset and increase a liability. C.Increase one asset and decrease another asset. D.Increase an asset and increase stockholders’ equity. E.None of the above. Answer Key: C Question 3 of 10 10.0/ 10.0 Points This study source was downloaded by from CourseH on 01-05-2022 07:48:01 GMT -06:00 Liabilities represent things of value owned by the business and are also known as resources. A. True B. False Answer Key: False Question 4 of 10 10.0/ 10.0 Points The creditors of an organization are the companies and individual customers who owe the business for goods and services purchased on account. A. True B. False Answer Key: False Question 5 of 10 10.0/ 10.0 Points The return of defective equipment to the supplier before it is paid for would: A.Increase an asset and increase stockholders’ equity. B.Decrease an asset and decrease a liability. C.Increase an asset and increase a liability. D.Increase one asset and decrease another asset. E.None of the above. Answer Key: B Question 6 of 10 10.0/ 10.0 Points A financial statement that has a date line similar to “For the month ended June 30, 20XX,” is a(n): A.Schedule of accounts receivable. B.Balance sheet. This study source was downloaded by f