Question 7
The accounting equation may be expressed as
Question 8
Which of the following activities involves collecting the necessary funds to
support the business?
Question 9
Which of the following is an asset?
Question 10
Which of the following would not be considered an external user of
accounting data for the Julian Company?
Question 11
Ashley‘s Accessory Shop started the year with total assets of $140,000 and
total liabilities of $80,000. During the year the business recorded $220,000 in
revenues, $110,000 in expenses, and dividends of $40,000. The net income
reported by Ashley‘s Accessory Shop for the year was
Question 12
Stockholders‘ equity is comprised of
Question 13
Marvin Services Corporation had the following accounts and balances:
If the balance of the Buildings account was $42,000 and $3,000 of Accounts
Payable were paid in cash, what would be the balance of the total
stockholders' equity?
Question 14
All of the following are interrelationships that are important to understand
when preparing financial statements except
Question 15
External users want answers to all of the following questions except
Question 16