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UTA ENTRANCE ACCOUNTING
EXAM QUESTIONS & 100%
VERIFIED ANSWERS
Pay dividends to shareholders (O, I, or F) -correct-answer-Financing
Collect dividends from investments (O, I, or F) -correct-answer-Operating
Revenue reported on the income statement would be equal to -correct-answer-
the value of services provided during the period
Rent expense reported on the income statement represents -correct-answer-the
service that was provided to the company
The notes to the financial statements provide -correct-answer-the financial
accounting principles followed by the company
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A company reports $200,000 total assets, $60,000 total equity and $180,000 total
revenues. What are total liabilities? -correct-answer-$140,000
A business records revenues when -correct-answer-it provides goods and services
to customers
The most common way that a business communicates the results of operation is -
correct-answer-financial statements
The financial statement that reports the financial position of a business on a
certain date is the -correct-answer-balance sheet
Which of the following items is a revenue?
interest earned
interest paid
collections from customers
paying for an expense before it is provided -correct-answer-interest earned
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The reason a company has an audit is -correct-answer-to lend credibility to the
financial information
The Financial Accounting Standards Board -correct-answer-provides general
guidance on accounting
An expense is -correct-answer-cost of providing goods and services
Financial accounting -correct-answer-records all transactions and reports a
summary of transactions
Who is responsible for the financial statements provided by the company? -
correct-answer-Management
Which of the following is not considered an expense? -correct-answer-prepaid
expenses
Determine the financial statement the following accounts are reported on: (B, I, or
C)
UTA ENTRANCE ACCOUNTING
EXAM QUESTIONS & 100%
VERIFIED ANSWERS
Pay dividends to shareholders (O, I, or F) -correct-answer-Financing
Collect dividends from investments (O, I, or F) -correct-answer-Operating
Revenue reported on the income statement would be equal to -correct-answer-
the value of services provided during the period
Rent expense reported on the income statement represents -correct-answer-the
service that was provided to the company
The notes to the financial statements provide -correct-answer-the financial
accounting principles followed by the company
,2|Page
A company reports $200,000 total assets, $60,000 total equity and $180,000 total
revenues. What are total liabilities? -correct-answer-$140,000
A business records revenues when -correct-answer-it provides goods and services
to customers
The most common way that a business communicates the results of operation is -
correct-answer-financial statements
The financial statement that reports the financial position of a business on a
certain date is the -correct-answer-balance sheet
Which of the following items is a revenue?
interest earned
interest paid
collections from customers
paying for an expense before it is provided -correct-answer-interest earned
, 3|Page
The reason a company has an audit is -correct-answer-to lend credibility to the
financial information
The Financial Accounting Standards Board -correct-answer-provides general
guidance on accounting
An expense is -correct-answer-cost of providing goods and services
Financial accounting -correct-answer-records all transactions and reports a
summary of transactions
Who is responsible for the financial statements provided by the company? -
correct-answer-Management
Which of the following is not considered an expense? -correct-answer-prepaid
expenses
Determine the financial statement the following accounts are reported on: (B, I, or
C)
