BUSI 1001R Exam

BUSI 1001R Exam. Not considered a current asset - CORRECT ANSWER Land Seger Corporation reported the following amounts at the end of the first year of operations, Common Shares - 20,000; Revenues 1,000,000.00; Total assets 800,000 and total liabilities 350,000. Assuming that 80,000 of dividends were declared during the year, the shareholders' equity at the end of the year would be - CORRECT ANSWER 450,000 The financial statement that reports the financial position at the end of a period is - CORRECT ANSWER The balance sheet What financial statement would you look at in order to determine the total revenues earned in a particular period - CORRECT ANSWER The income statement Assets would include - CORRECT ANSWER accounts receivable, land and buildings The two shareholders' equity accounts typically found on a balance sheet of a corporation include - CORRECT ANSWER common stock and retained earnings Liabilities would include - CORRECT ANSWER accounts payable, accrued liabilities, notes payable Current liabilities would include - CORRECT ANSWER note payable due in two years An incorrect accounting equation is - CORRECT ANSWER Liabilities + Assets = Shareholders' equity You own 100% of the shares of a small business. Which set of accounting standards must you follow? - CORRECT ANSWER Accounting Standards for Private Enterprises (ASPE) or International Financial Reporting Standards (IFRS)