Thevaluationofassetsonthebalancesheetisgenerallybasedon:
A. currentfairmarketvalueasestablishedbyindependentappraisers.
B. historicalcost.
C. sellingprice.
D. whatitwouldcosttoreplacetheasset.
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Theaccountingequationcanbeexpressedas:
Assets=Liabilities - OwnersEquity
B. Assets+Liabilities=OwnersEquity
C. Assets-Liabilities=OwnersEquity
D. OwnersEquity-Assets=Liabilities
Thenatureofanassetisbestdescribedas:
A. aneconomicresourcethatsexpectedtobenefitfutureoperations.
B. somethingwithphysicalformthatsvaluedatcostintheaccountingrecords.
C. somethingownedbyabusinessthathasareadymarketvalue.
D. aneconomicresourcerepresentingcashortherighttoreceivecashinthefuture
Whichfinancialstatementcoversaperiodoftime?
A. Balancesheet&Incomestatement
B. Incomestatement&Statementofcashflows
C. Balancesheet&Statementofcashflows
D. Balancesheet&Statementofretainedearnings
Howwouldnetincomebemostlikelytoaffecttheaccountingequation?
A. Increaseassetsandincreaseliabilities
B. Decreaseassetsanddecreaseliabilities
C. Increaseliabilitiesanddecreasestockholders’equity
D. Increaseassetsandincreasestockholders’equity
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