Allegheny Co., Inc. engages in the following cash payments:
What is the total amount of cash paid for financing
activities?
Salaries & wages $ 1,000
Borrowing from a bank $50,000
Purchase equipment $10,000
Dividends to stockholders $15,000
A. $66,000
B. $65,000
,C. $55,000.
D. $50,000
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B. $65,000
The effects of purchasing inventories on credit are to:
A. increase assets and increase stockholders'
equity.
B. increase assets and increase liabilities.
C. decrease assets and decrease stockholders'
equity.
D. decrease assets and decrease liabilities
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B. increase assets and increase liabilities.
Those who lend money or deliver goods and services
before being paid are called
A. creditors.
B. investors.
C. debtors.
D. stockholders
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A. creditors. (suppliers, bank, employees)
,Transactions must affect the financial position of
the business to be recorded in a financial
accounting system.
A. true
B. false
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A. true
For example, the receipt of a sales order from
a customer is not recorded until the product
or service is provided to the customer.
Which of the following transactions results in an
increase in revenues?
A. Receipt of cash from bank loan.
B. Sale of land at cost for cash.
C. Collection of cash on account.
D. Sale of a product on credit.
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D. Sale of a product on credit.
The costs related to rent, utilities, and salaries in
the current reporting period are examples of
liabilities.
A. True
B. False
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, B. False
these are examples of expenses
Lakemont Resources, Inc. purchased office paper on
account for $350. Which journal entry records the payment of the office paper?
A. Accounts Payable $350
Accounts Receivable $350
B. Office Supplies $350
Cash $350
C. Accounts Payable $350
Cash $350
D. Cash $350
Accounts Payable $350
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C. Accounts Payable $350
Cash $350
Which of the following events does not require
a journal entry?
A. Performance of a service agreed to at a
past date.
B. Purchase of a two‐year insurance policy.
C. Contract to perform a service at a future
date.
D. Payment for a service performed
previously.
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What is the total amount of cash paid for financing
activities?
Salaries & wages $ 1,000
Borrowing from a bank $50,000
Purchase equipment $10,000
Dividends to stockholders $15,000
A. $66,000
B. $65,000
,C. $55,000.
D. $50,000
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B. $65,000
The effects of purchasing inventories on credit are to:
A. increase assets and increase stockholders'
equity.
B. increase assets and increase liabilities.
C. decrease assets and decrease stockholders'
equity.
D. decrease assets and decrease liabilities
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B. increase assets and increase liabilities.
Those who lend money or deliver goods and services
before being paid are called
A. creditors.
B. investors.
C. debtors.
D. stockholders
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A. creditors. (suppliers, bank, employees)
,Transactions must affect the financial position of
the business to be recorded in a financial
accounting system.
A. true
B. false
Give this one a try later!
A. true
For example, the receipt of a sales order from
a customer is not recorded until the product
or service is provided to the customer.
Which of the following transactions results in an
increase in revenues?
A. Receipt of cash from bank loan.
B. Sale of land at cost for cash.
C. Collection of cash on account.
D. Sale of a product on credit.
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D. Sale of a product on credit.
The costs related to rent, utilities, and salaries in
the current reporting period are examples of
liabilities.
A. True
B. False
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, B. False
these are examples of expenses
Lakemont Resources, Inc. purchased office paper on
account for $350. Which journal entry records the payment of the office paper?
A. Accounts Payable $350
Accounts Receivable $350
B. Office Supplies $350
Cash $350
C. Accounts Payable $350
Cash $350
D. Cash $350
Accounts Payable $350
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C. Accounts Payable $350
Cash $350
Which of the following events does not require
a journal entry?
A. Performance of a service agreed to at a
past date.
B. Purchase of a two‐year insurance policy.
C. Contract to perform a service at a future
date.
D. Payment for a service performed
previously.
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