ACCOUNTING 1 TEST 1 QUESTIONS WITH
100% SOLVED ANSWERS!!
1 of 59
Term
What is the effect when $300 cash is paid to Accounts Payable/Bob's
Office Supply?
Give this one a try later!
Assets increase by $300 and Liabilities increase by $300 and
liabilities increase by $300 owner's equity decrease by $300
, Assets decrease by $300 and Assets decrease by $300 and
liabilities decrease by owner's equity decreases by $300
$300
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2 of 59
Term
Bill Carpenter, a CPA, is the Western region board member for NC
FBLA.
Bill's firm, Carpenter Associates, has been asked to prepare the audit
for
NC FBLA, and has asked that Bill be the lead auditor for the job.
What
specific rule of conduct will prevent Bill from accepting the offer?
Give this one a try later!
Insurance Expense Technology
Revenue Independence
Don't know?
3 of 59
Term
Mary has applied for a position as an accounting clerk for a local
company. She listed as her qualifications that she is a problem-solver
,and needs little direction to complete assigned tasks. These are
classified as which type of skills?
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Leadership skills Traditional skills
21st Century skills Technical skills
Don't know?
4 of 59
Term
What is an example of an account that has a normal debit balance?
a. accounts payable/Ray's office equipment; b. insurance expense; c.
Ray Smith, Capital; d. Sales
Give this one a try later!
independence Accounts Payable/Jones Supply
Insurance expense B. calendar year
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5 of 59
, Term
What is the effect on assets when the owner increases owner's
equity by
investing $1,000 in the business?
Give this one a try later!
Owner's equity is reduced by $1,000 Assets are increased by $1,000
Assets are decreased by $1,000 Liabilities are increased by $1,000
Don't know?
6 of 59
Term
Buck Dollar recently completed his CPA certification and is opening
an
office. He wants the business to be known as $AV-U-BUCK$. Which
specific rule of conduct does this violate?
Give this one a try later!
Advertising and Marketing Financial Reporting
100% SOLVED ANSWERS!!
1 of 59
Term
What is the effect when $300 cash is paid to Accounts Payable/Bob's
Office Supply?
Give this one a try later!
Assets increase by $300 and Liabilities increase by $300 and
liabilities increase by $300 owner's equity decrease by $300
, Assets decrease by $300 and Assets decrease by $300 and
liabilities decrease by owner's equity decreases by $300
$300
Don't know?
2 of 59
Term
Bill Carpenter, a CPA, is the Western region board member for NC
FBLA.
Bill's firm, Carpenter Associates, has been asked to prepare the audit
for
NC FBLA, and has asked that Bill be the lead auditor for the job.
What
specific rule of conduct will prevent Bill from accepting the offer?
Give this one a try later!
Insurance Expense Technology
Revenue Independence
Don't know?
3 of 59
Term
Mary has applied for a position as an accounting clerk for a local
company. She listed as her qualifications that she is a problem-solver
,and needs little direction to complete assigned tasks. These are
classified as which type of skills?
Give this one a try later!
Leadership skills Traditional skills
21st Century skills Technical skills
Don't know?
4 of 59
Term
What is an example of an account that has a normal debit balance?
a. accounts payable/Ray's office equipment; b. insurance expense; c.
Ray Smith, Capital; d. Sales
Give this one a try later!
independence Accounts Payable/Jones Supply
Insurance expense B. calendar year
Don't know?
5 of 59
, Term
What is the effect on assets when the owner increases owner's
equity by
investing $1,000 in the business?
Give this one a try later!
Owner's equity is reduced by $1,000 Assets are increased by $1,000
Assets are decreased by $1,000 Liabilities are increased by $1,000
Don't know?
6 of 59
Term
Buck Dollar recently completed his CPA certification and is opening
an
office. He wants the business to be known as $AV-U-BUCK$. Which
specific rule of conduct does this violate?
Give this one a try later!
Advertising and Marketing Financial Reporting
