Equities are Composed of assets and stockholder's equity correct answers False
The purchase of equipment for cash would: correct answers Increase one Asset and Decrease another asset
The statement of cash flows shows cash inflows and cash outflows from (False statement) correct answers Intang...
ACCT105 || with 100% Errorless Answers.
Equities are Composed of assets and stockholder's equity correct answers False
The purchase of equipment for cash would: correct answers Increase one Asset and Decrease
another asset
The statement of cash flows shows cash inflows and cash outflows from (False statement)
correct answers Intangible activities
The payment of business debts: correct answers Has no effect on stockholders equity
All increases in cash and account receivable represent revenues, which increase retained earnings
correct answers False
Cash is increased when an outstanding account receivable is collected correct answers True
The receipt of cash on account from customers would correct answers Increase one asset and
decrease another asset
The creditors of an organization are the companies and the individual customers who owe the
business for goods and services purchased on acount correct answers False
For an exchange to occur that is recorded as a transaction in the accounting records, both sides of
the accounting equation must be affected correct answers false
a creditor of the partnership has a claim against an individuals partners personal assets if the
partnership has no cash correct answers true
Equities are composed of assets and stockholder's equity correct answers false
Investment of additional cash in the business by stockholders would correct answers Increase an
asset and increase stockholders' equity
Gomex Company collected 600 of its 12,000 accounts receivable. How is the balance sheet
affected? correct answers There is no change in total assets, liabilities, or stockholders equity
The return of defective equipment to the supplier before it is paid for would correct answers
decrease and asset and decrease a liability
Another way to express account equation is Assets - Stockholders equity = Liabilities correct
answers True
In accounting, the resources of a business organization are called correct answers assets
, A financial statement that has a date line similar to "For the month ended june 30, 20XX," is a(n)
correct answers Income statement
Liabilities represent things of value owned by the business and are also known as resources
correct answers false
If liabilities have increased by exactly the same amount that assets have increased, stockholder's
equity will have: correct answers remained the same
the accounting equation should be in balance only at the end of the years when the income of the
period is determined correct answers false
the equity ratio is equal to stockholder's equity divided by total assets correct answers true
assets are generally recorded at cost because this amount is the objective price determined in the
exchange process correct answers True
The payment of cash to the supplier of services previously accounted for as a purchase on
account would: correct answers Decrease an asset and decrease a liability.
Each partner may be held liable for the actions of other partners when they are acting within the
scope of the business. correct answers True
In accounting, the resources of a business organization are called: correct answers assets
Liabilities represent claims against the company's assets and may be in the form of accounts
payable or notes payable. correct answers True
A purchase of an asset for immediate consumption that will not be paid for until next month
would cause liabilities to increase and stockholders' equity to decrease this month. correct
answers True
One of the purposes of a ledger account is to record the complete effect of a transaction in one
place. correct answers False
Since a particular journal entry has equal debits and credits, this entry must be correct. correct
answers False
A purchase of land or equipment for cash would cause total assets to increase by the cost of the
land or equipment. correct answers False
A $150 debit to Office Equipment was entered in the account as a $150 credit. This error caused
the trial balance to be out of balance by: correct answers 300
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller FullyFocus. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $10.99. You're not tied to anything after your purchase.
