ACCT 2010 Chapter 1 Questions and Answers
The liability created by a business when it purchases coffee beans and coffee cups on credit from suppliers is termed a(n): a. Accounts Payable b. Accounts Receivable c. Revenue d. Expense a. Accounts Payable Which of the following is NOT one of the three forms of business organizations? a. Corporations b. Partnership c. Proprietorship d. Investors d. Investors An increase in an expense: a. increases revenues b. decreases liabilities c. increases assets d. decreases stockholders equity d. decreases stockholders equity GAAP refers to a. General Accounting and Auditing Principles b. Guidelines can Accounting Procedures c. General Association of Accounting Practitioners d. none of the above d. none of the above The accounting equation may be expressed as: a. Assets = Stockholders Equity - Liabilities b. Assets = Liabilities + Stockholders Equity c. Assets + Liabilities = Stockholders Equity d. Assets + Stockholders Equity = Liabilities b. Assets = Liabilities + Stockholders Equity Dividends paid: a. increases assets b. increases expenses c. decreases revenues d. decreases stockholders equity Net income results when: a. Assets Liabilities b. Revenues = Expenses c. Revenues Expenses d. Revenues Expenses c. Revenues Expenses
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