Module 1 Practice Assessment
1. A list of assets, liabilities, and owners' equity as of a specific date is a(n):
Select one:
a. income statement.
b. balance sheet.
c. statement of cash flows.
d. retained earnings statement.
2. Debts owed by a business are referred to as:
a. stockholders' equity.
b. equities.
c. liabilities.
d. accounts receivable.
3. Given the following list of accounts, calculate Total Assets:
Accounts Receivable $ 10,000
Capital Stock 20,000
Cash 25,300
Equipment 16,800
Fees Earned 44,400
Miscellaneous Expense 17,800
Rent Expense 3,250
Retained Earnings 7,850
Salaries Expense 15,400
Wages Expense 15,000
This study source was downloaded by 100000824189183 from CourseHero.com on 04-17-2022 02:03:43 GMT -05:00
https://www.coursehero.com/file/37449659/Module-1-Practice-Assessmentdocx/
1. A list of assets, liabilities, and owners' equity as of a specific date is a(n):
Select one:
a. income statement.
b. balance sheet.
c. statement of cash flows.
d. retained earnings statement.
2. Debts owed by a business are referred to as:
a. stockholders' equity.
b. equities.
c. liabilities.
d. accounts receivable.
3. Given the following list of accounts, calculate Total Assets:
Accounts Receivable $ 10,000
Capital Stock 20,000
Cash 25,300
Equipment 16,800
Fees Earned 44,400
Miscellaneous Expense 17,800
Rent Expense 3,250
Retained Earnings 7,850
Salaries Expense 15,400
Wages Expense 15,000
This study source was downloaded by 100000824189183 from CourseHero.com on 04-17-2022 02:03:43 GMT -05:00
https://www.coursehero.com/file/37449659/Module-1-Practice-Assessmentdocx/
