ACC 557 Financial AccountingWeek 2 Quiz

Question Details: #21664
ACC 557 Financial AccountingWeek 2 Quiz

ACC557 Week2 Quiz 1-  The United States and the international standard-setting environment are primarily driven by meeting the needs oftax authorities.investors and creditors.academic researchers.central government planners2-   -  If the retained earnings account increases from the beginning of the year to the end of the year, thennet income is less than dividends.a net loss is less than dividends.the company must have sold stock.net income is greater than dividends3-   -If an individual asset is increased, thenthere must be an equal decrease in a specific liability.there must be an equal decrease in stockholders' equity.there must be an equal decrease in another asset.any of these is possible4-The accounting process is correctly sequenced asidentification, recording, communication.recording, communication, identification.communication, recording, identification.identification, communication, recording.4-  If total assets equal $345,000 and total stockholders' equity equal $120,000, then total liabilities must equal$465,000.There is not enough information given to determine this.$225,000.$120,000.6-Liabilities of a company would not includenotes payable.salaries and wages payable.accounts payable.cash.7- Bright Eyes Downtown Diner received a bill of $600 from the Jronand Wine Advertising Agency. The owner, A. A. Bondy, is postponing payment of the bill until a later date. The effect on specific items in the basic accounting equation isa decrease in Accounts Payable and an increase in Retained Earnings.a decrease in Cash and an increase in Retained Earnings.a decrease in Cash and an increase in Accounts Payable.an increase in Accounts Payable and a decrease in Retained Earnings.8-Net income results whenRevenues > Expenses.Revenues <>Assets > Liabilities.9- Liabilities of a company are owed tounderwriters.creditors.debtors.benefactors.10- At October 1, Arcade Fire Enterprises reported stockholders' equity of $35,000. During October, common stock of $2,000 was issued and the company earned net income of $7,000. If stockholders' equity at October 31 totals $40,000, what amount of dividends were paid during the month?$2,000$4,000$5,000$011 -Ethics are the standards of conduct by which one's actions are judged asall of these.honest or dishonest.right or wrong.fair or unfair.12- Which of the following is not a reason one set of international accounting standards are needed?multinational corporationsmergers and acquisitionsinformation technologyall of these are reasons one set of international accounting standards are needed.13-Stockholders' equity is decreased by all of the following exceptexpenses.dividends.sales of stock.net losses.14-The concern about international companies adopting SOX-type standards centers onthe governing authorities.comparability.cost-benefit analysis.ethics issues.15- The private sector organization involved in developing accounting principles is theFinancial Accounting Standards Board.Financial Auditors' Standards Body.Feasible Accounting Standards Body.Financial Accounting Studies Board
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ACC 557 Financial Accounting Week 2 Quiz

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