Which item(s) is(are) reported on the balance sheet?
A. Inventory
B. Accounts payable
C. Retained earnings
D. All of the listed choices
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During the year, McKenna Company’s stockholders’ equity increased from $99,000 to $115,000. McKenna earned net income of $25,000. Assume no changes in the capital stock accounts. How much in dividends did McKenna declare during the year?
A. $25,000
B. $0
C. $9,000
D. $16,000
Noonan Company had total assets of $145,000 and total stockholders’ equity of $75,000 at the beginning of the year. During the year, assets increased by $47,000 and liabilities increased by $14,000. Stockholders’ equity at the end of the year is
A. $136,000
B. $122,000
C. $108,000
D. $142,000
Which of the following is a true statement about International Financial Reporting Standards?
A. They are not needed for U.businesses since the United States already has the strongest accounting standards in the world.
B. They are more exact (contain more rules) than U.generally accepted accounting principles.
C. They are converging gradually with U.standards.
D. They are not being applied anywhere in the world yet, but soon they will be.
Which of the following is the most accurate statement regarding ethics as applied to decision making in accounting?
A. Ethics has no place in accounting, since accounting deals purely with numbers.
B. It is impossible to learn ethical decision making, since it is just something you decide to do or not to do.
C. Ethics is becoming less and less important as a field of study in business.
D. Ethics involves making difficult choices under pressure and should be kept in mind in making every decision, including those involving accounting.
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