strayer acc100 week 1 quiz ch 1

Question 1

Which of the following would not be considered an external user of accounting data for the GHI Company?

Customers

Internal Revenue Service Agent

Management

Creditors

Question 2

If an owner makes a withdrawal of cash from a proprietorship, then

there will be a new liability showing the owner owes money to the business.

there has been a violation of accounting principles.

owner's equity will decrease.

owner's equity will increase.

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Question 3

Owner's capital at the end of the period is equal to

owner's capital at the beginning of the period plus net income minus drawings.

net income.

assets plus liabilities.

owner's capital at the beginning of the period plus net income minus liabilities.

Question 4

The accounting process involves all of the following except

communicating financial information to users by preparing financial reports.

recording nonquantifiable economic events.

identifying economic transactions that are relevant to the business.

analyzing and interpreting financial reports.

Question 5

Your answer is.

Net income results when

Revenues < Expenses.

Revenues > Expenses.

Assets > Liabilities.

Revenues = Expenses.

Question 6

Collection of a $1,000 Accounts Receivable

increases an asset $1,000; decreases an asset $1,000.

decreases an asset $1,000; decreases a liability $1,000.

decreases a liability $1,000; increases owner's equity $1,000.

increases an asset $1,000; decreases a liability $1,000.

uestion 7

Misra Company compiled the following financial information as of December 31, 2014:

Revenues $340,000

Owner's Capital (1/1/11) 140,000

Equipment 80,000

Expenses 250,000

Cash 90,000

Owner's Drawings 20,000

Supplies 10,000

Accounts payable 40,000

Accounts receivable 70,000

Misra's owner's equity on December 31, 2014 is

$90,000.

$140,000.

$250,000.

$210,000.

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Question 8

As of June 30, 2014, Actual Tigers Company has assets of $100,000 and owner's equity of $40,000. What are the liabilities for Actual Tigers Company as of June 30, 2014?

$140,000

$40,000

$60,000

$100,000

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Question 9

Stahl Consulting started the year with total assets of $60,000 and total liabilities of $15,000. During the year, the business recorded $48,000 in catering revenues and $30,000 in expenses. Stahl made an additional investment of $9,000 and withdrew cash of $15,000 during the year. The net income reported by Stahl Consulting for the year was:

$3,000.

$12,000.

$27,000.

$18,000.

Question 10

Stahl Consulting started the year with total assets of $60,000 and total liabilities of $15,000. During the year, the business recorded $48,000 in catering revenues and $30,000 in expenses. Stahl made an additional investment of $9,000 and withdrew cash of $15,000 during the year. Owner's equity changed by what amount from the beginning of the year to the end of the year?

$45,000

$9,000

$12,000

$3,000