超星 - Chapter 1 Quick Check

单选题

The accounting equation can be expressed as

Assets - Liabilities = Owners’ equity
B. Owners’ equity – Assets = Liabilities
C. Assets = Liabilities - Owners’ equity
D. Assets + Liabilities = Owners’ equity

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单选题

Sarah Zocki is interviewing next week for a job at Rainbow Inks Corporation. Which financial statement should she examine to evaluate how well Rainbow Inks Corporation performed last year?

A. Balance sheet
B. Income Statement
C. Statement of cash flows
D. Statement of retained earnings

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单选题

During the year, Snowtown Corporation has $320,000 in revenues, $115,000 in expenses, and $8,000 in dividend declarations and payments. Stockholders’ equity changed by

A. +$205,000
B. -$197,000
C. +$213,000
D. +$197,000

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单选题

During the year, Snowtown Corporation has $320,000 in revenues, $115,000 in expenses, and $8,000 in dividend declarations and payments. Snowtown Corporation had

A. net income of $123,000
B. net income of $205,000
C. net income of $435,000
D. net loss of $135,000

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单选题

Jammer Corporation holds cash of $8,000 and owes $21,000 on accounts payable. Jammer has accounts receivable of $33,000, inventory of $28,000, and land that cost $42,000. How much are Jammer’s total assets and liabilities?

A. Total Assets$83,000; Liabilities$49,000
B. Total Assets$69,000; Liabilities$63,000
C. Total Assets$111,000; Liabilities$49,000
D. Total Assets$111,000; Liabilities$21,000

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单选题

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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单选题

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

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单选题

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

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单选题

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.

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单选题

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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