ACC 222 FINAL EXAM- UW- LA CROSSE
1. Which of the following best describes the term "equity?": b. The amount of interest or
claim that the owners have in business.
2. Which of the following amounts can be found from retained earnings ac-
count?: d. Amounts earned by a company but not distributed as dividends.
3. Which one of the following is not the correct date format for the respective
financial statement?: a. A balance sheet for the month ended May 31, 2024
4. Which of the following invests funds into a business and is considered
an owner?: c. Stockholders
5. Which one of the following statements is true concerning the interrelation-
ships of financial statements?: c. The amount of net income on the income statement is added to the
beginning retained earnings balance on the statement of retained earnings.
6. Lewis Corporation reported the following information for the year
ended December 31, 2024:
Net Income $10,000
Dividends 6,000
Retained earnings at December 31, 2021 25,000
What was the economic effect of the payment of Lewis's dividends?: b. The dividends
reduce total retained earnings for the year
7. Accountants are responsible for measuring various operating, investing and
financing activities. Which of the following correctly matches the activity with
its type?: b. Investing - purchasing land
8. Financing activities include:: b. Issuing common stock to stockholders
9. Tatum Enterprises' total assets decreased by $11,000 during the year. Its
stockholders' equity increased by $12,000 during the same period. Net income
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, totaled $8,000 during the year. What occurred to the company's total liabilities
during the year?: a. $23,000 decrease
10. If a company has $152,000 of revenues, declares and pays $55,000 in
div- idends, and has a net income of $89,000, how much were expenses for
the year?: d. $63,000
11. Sawaddee Enterprises began the year with total assets of $450,000 and total
liabilities of $230,000. If Sawaddee's total assets increased by $80,000 and its
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1. Which of the following best describes the term "equity?": b. The amount of interest or
claim that the owners have in business.
2. Which of the following amounts can be found from retained earnings ac-
count?: d. Amounts earned by a company but not distributed as dividends.
3. Which one of the following is not the correct date format for the respective
financial statement?: a. A balance sheet for the month ended May 31, 2024
4. Which of the following invests funds into a business and is considered
an owner?: c. Stockholders
5. Which one of the following statements is true concerning the interrelation-
ships of financial statements?: c. The amount of net income on the income statement is added to the
beginning retained earnings balance on the statement of retained earnings.
6. Lewis Corporation reported the following information for the year
ended December 31, 2024:
Net Income $10,000
Dividends 6,000
Retained earnings at December 31, 2021 25,000
What was the economic effect of the payment of Lewis's dividends?: b. The dividends
reduce total retained earnings for the year
7. Accountants are responsible for measuring various operating, investing and
financing activities. Which of the following correctly matches the activity with
its type?: b. Investing - purchasing land
8. Financing activities include:: b. Issuing common stock to stockholders
9. Tatum Enterprises' total assets decreased by $11,000 during the year. Its
stockholders' equity increased by $12,000 during the same period. Net income
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, totaled $8,000 during the year. What occurred to the company's total liabilities
during the year?: a. $23,000 decrease
10. If a company has $152,000 of revenues, declares and pays $55,000 in
div- idends, and has a net income of $89,000, how much were expenses for
the year?: d. $63,000
11. Sawaddee Enterprises began the year with total assets of $450,000 and total
liabilities of $230,000. If Sawaddee's total assets increased by $80,000 and its
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