Financial Statements Chapter 1 exam with
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correct answers |
On |which |financial |statement(s) |can |you |find |retained |earnings? |- |✔✔Balance |Sheet |and |Statement |
of |Stockholders' |Equity
If |net |income |is |incorrectly |reported |which |financial |statement(s) |will |be |incorrect? |- |✔✔Income |
Statement, |Cash |Flows |Statement |and |Statement |of |Stockholders' |Equity
If |assets |decrease |by |$87,000 |and |liabilities |decrease |by |$21,000 |what |will |the |impact |on |equity |be? |-
|✔✔Equity |will |decrease |by |$66,000
Which |of |the |following |is |the |best |definition |of |an |asset? |- |✔✔Resources |that |are |expected |to |
benefit |an |entity |in |the |future
If |retained |earnings |is |incorrectly |reported |which |financial |statement(s) |will |be |incorrect? |- |
✔✔Statement |of |Stockholders' |Equity |and |Balance |Sheet
If |assets |increase |by |$72,000 |and |liabilities |decrease |by |$31,000 |what |will |the |impact |on |equity |be? |- |
✔✔Equity |will |increase |by |$103,000
Calculate |net |income |given |the |following |information: |Revenues |are |$12,000; |assets |are |$15,000; |
liabilities |are |$5,000; |expenses |are |$4,000 |and |cash |is |$6,000. |- |✔✔8,000
According |to |the |accounting |conceptual |framework, |what |2 |fundamental |qualitative |characteristics |
must |information |have |in |order |to |be |useful? |- |✔✔Relevance |and |Faithful |Representation
On |which |financial |statement(s) |can |you |find |total |revenues? |- |✔✔Income |Statement
On |which |financial |statement(s) |can |you |find |dividends |payable? |- |✔✔Balance |Sheet
| | | | | |
correct answers |
On |which |financial |statement(s) |can |you |find |retained |earnings? |- |✔✔Balance |Sheet |and |Statement |
of |Stockholders' |Equity
If |net |income |is |incorrectly |reported |which |financial |statement(s) |will |be |incorrect? |- |✔✔Income |
Statement, |Cash |Flows |Statement |and |Statement |of |Stockholders' |Equity
If |assets |decrease |by |$87,000 |and |liabilities |decrease |by |$21,000 |what |will |the |impact |on |equity |be? |-
|✔✔Equity |will |decrease |by |$66,000
Which |of |the |following |is |the |best |definition |of |an |asset? |- |✔✔Resources |that |are |expected |to |
benefit |an |entity |in |the |future
If |retained |earnings |is |incorrectly |reported |which |financial |statement(s) |will |be |incorrect? |- |
✔✔Statement |of |Stockholders' |Equity |and |Balance |Sheet
If |assets |increase |by |$72,000 |and |liabilities |decrease |by |$31,000 |what |will |the |impact |on |equity |be? |- |
✔✔Equity |will |increase |by |$103,000
Calculate |net |income |given |the |following |information: |Revenues |are |$12,000; |assets |are |$15,000; |
liabilities |are |$5,000; |expenses |are |$4,000 |and |cash |is |$6,000. |- |✔✔8,000
According |to |the |accounting |conceptual |framework, |what |2 |fundamental |qualitative |characteristics |
must |information |have |in |order |to |be |useful? |- |✔✔Relevance |and |Faithful |Representation
On |which |financial |statement(s) |can |you |find |total |revenues? |- |✔✔Income |Statement
On |which |financial |statement(s) |can |you |find |dividends |payable? |- |✔✔Balance |Sheet
