Accounting, Test 1
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- 1.
- A.
Sales of products or services
- B.
Owners' claims to resources
- C.
Resources owned
- D.
Costs of selling products or services
- E.
Amounts owed
- 2.What's revenue?
- A.
Costs of selling products or services
- B.
Expense to run business
- C.
Sales of products or services
- D.
Distributions to stockholders
- E.
Assets purchased to run business
- 3.What are expenses?
- A.
Costs of selling products or services
- B.
Sales of products or services
- C.
Amounts owed
- D.
Distributions to stockholders
- E.
Owners' claims to resources
- 4.
- A.
Assets - liabilities = stockholders' equity
- B.
Assets + liabilities = stockholders' equity
- C.
Liabilities - stockholders' equity = assets
- 5.
- A.
Bank loan
- B.
Interest paid to a credit union
- C.
Principle paid to Lehman bank
- D.
Monthly rent on office space
- 6.What is the statement called that measures activities involving cash recipts and cash payments over an interval of time?
- A.
Income Statement
- B.
Balance Sheet
- C.
The Statement of Stockholders' Equity
- D.
The Statement of Cash Flows
- 7.
- A.
Balance Statement
- B.
Financial accounting net income
- C.
Revenues
- D.
Expenses
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