Dashboard / My Courses / MBA700-48189-SUMMER2023 / Module 1 / Practice Assessment 1
Started on Friday, May 12, 2023, 5:16 PM
State Finished
Completed on Friday, May 12, 2023, 5:19 PM
Time taken 3 mins 16 secs
Grade 30.00 out of 30.00 (100%)
Question 1
Correct
Mark 3.00 out of 3.00
For each independent situation below, calculate the missing values.
NOTE: DO NOT enter dollar signs. Although not required, you may enter commas to designate thousands, if you wish.
Assets Liabilities Owner's Equity
$32,000 $17,000 $ 15000
$168,700 $ 22400 $146,300
$17,500 $16,830 $ 670
$ 562700 $232,000 $330,700
$382,170 $ 256900 $125,270
,Question 2
Correct
Mark 3.00 out of 3.00
For the items listed below, indicate how the item affects equity (increase, decrease, or no impact).
Item Increase? Decrease? No Impact?
Decrease
Expenses
Assets No Impact
Gains Increase
Liabilities No Impact
Dividends Decrease
Question 3
Correct
Mark 3.00 out of 3.00
For each independent situation below, calculate the missing values.
NOTE: DO NOT enter dollar signs. Although not required, you may enter commas to designate thousands, if you wish.
Revenues - Expenses + Gains - Losses = Net Income (Loss)
$1,813 $1,595 $181 $109 $ 290
$ 147640 $146,095 $0 $2,248 ($703)
$109,562 $99,470 $ 1740 $2,429 $9,403
$38,266 $ 39296 $464 $870 ($1,436)
$1,264,835 $1,242,643 $15,950 $ 0 $38,142
,Question 4
Correct
Mark 3.00 out of 3.00
Indicate whether each statement describes financial accounting or managerial accounting.
Item Financial? Managerial?
The information is directed at external users who are making decisions Financial Accounting
pertaining to investing, extending credit, and other decisions.
Managerial Accounting
The principal users are the organization’s managers.
Financial Accounting
The key focus is on the entity as a whole.
Managerial Accounting
The rules and principles are very flexible.
Financial Accounting
The information gathered is usually available after an independent
audit has been completed.
, Question 5
Correct
Mark 3.00 out of 3.00
Identify the following as True or False:
Item True? False?
Managerial accounting reports must comply with the rules set in place by the FASB. False
True
Financial accounting reports are typically general-purpose reports.
Financial accounting reports pertain to the entity as a whole, whereas managerial accounting True
focuses more on subunits of the organization.
False
The main users of the financial accounting information are the internal users.
True
Managerial reports are prepared on an as-needed basis.
True
Financial accounting reports often must be audited at least annually by an independent auditor.
Started on Friday, May 12, 2023, 5:16 PM
State Finished
Completed on Friday, May 12, 2023, 5:19 PM
Time taken 3 mins 16 secs
Grade 30.00 out of 30.00 (100%)
Question 1
Correct
Mark 3.00 out of 3.00
For each independent situation below, calculate the missing values.
NOTE: DO NOT enter dollar signs. Although not required, you may enter commas to designate thousands, if you wish.
Assets Liabilities Owner's Equity
$32,000 $17,000 $ 15000
$168,700 $ 22400 $146,300
$17,500 $16,830 $ 670
$ 562700 $232,000 $330,700
$382,170 $ 256900 $125,270
,Question 2
Correct
Mark 3.00 out of 3.00
For the items listed below, indicate how the item affects equity (increase, decrease, or no impact).
Item Increase? Decrease? No Impact?
Decrease
Expenses
Assets No Impact
Gains Increase
Liabilities No Impact
Dividends Decrease
Question 3
Correct
Mark 3.00 out of 3.00
For each independent situation below, calculate the missing values.
NOTE: DO NOT enter dollar signs. Although not required, you may enter commas to designate thousands, if you wish.
Revenues - Expenses + Gains - Losses = Net Income (Loss)
$1,813 $1,595 $181 $109 $ 290
$ 147640 $146,095 $0 $2,248 ($703)
$109,562 $99,470 $ 1740 $2,429 $9,403
$38,266 $ 39296 $464 $870 ($1,436)
$1,264,835 $1,242,643 $15,950 $ 0 $38,142
,Question 4
Correct
Mark 3.00 out of 3.00
Indicate whether each statement describes financial accounting or managerial accounting.
Item Financial? Managerial?
The information is directed at external users who are making decisions Financial Accounting
pertaining to investing, extending credit, and other decisions.
Managerial Accounting
The principal users are the organization’s managers.
Financial Accounting
The key focus is on the entity as a whole.
Managerial Accounting
The rules and principles are very flexible.
Financial Accounting
The information gathered is usually available after an independent
audit has been completed.
, Question 5
Correct
Mark 3.00 out of 3.00
Identify the following as True or False:
Item True? False?
Managerial accounting reports must comply with the rules set in place by the FASB. False
True
Financial accounting reports are typically general-purpose reports.
Financial accounting reports pertain to the entity as a whole, whereas managerial accounting True
focuses more on subunits of the organization.
False
The main users of the financial accounting information are the internal users.
True
Managerial reports are prepared on an as-needed basis.
True
Financial accounting reports often must be audited at least annually by an independent auditor.
