GEA3600 - Final Exam UPDATED ACTUAL Questions and CORRECT Answers

LSUS MBA 700 Week 1 UPDATED
ACTUAL Questions and CORRECT
Answers
Which of the following does not represent an asset of a company?
Select one or more:
a. Amounts owed to suppliers.
b. Supplies held by the company.
c. Amounts receivable from customers.

d. Equipment owned and used for operations. - CORRECT ANSWER a. Amounts owed to
suppliers.


You can find the following information in the statement of stockholder's equity:
Select one:
a. Bonds payable
b. Net income
c. Accounts payable

d. Total asset - CORRECT ANSWER b. Net income


Independent, private-sector group that is primarily responsible for setting financial reporting
rules in - CORRECT ANSWER Financial
Accounting
Standards
Board
(FASB)


Ensure that auditors follow strict guidelines when conducting their audits. - CORRECT
ANSWER Public
Company

, Accounting
Oversight
Board


Develop a single set of high-quality, understandable global accounting standards. - CORRECT
ANSWER International
Accounting
Standards
Committee
(IASB)


Enforce proper application of financial reporting rules for companies whose securities are
publicly t - CORRECT ANSWER Securities
and
Exchange
Commission
(SEC)


Jonny had the following final balances after the first year of operations: assets, $65,000;
stockholders'
equity, $35,000; dividends, $5,000; and net income, $6,000. What is the amount of Jonny's
liabilities?
Select one:
a. $55,000.
b. $30,000.
c. $7,000.

d. $13,000. - CORRECT ANSWER b. $30,000.


Which of the following statements regarding financial reports is correct?