Acct 1a

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Question 1
2 out of 2 points
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| The cost concept is the basis for entering the exchange price into the accounting records.Answer | | | | | Selected Answer: | True|
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Question 2
2 out of 2 points
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| Allen Marks is the sole stockholder of Great Marks Company. As of the end of its accounting period, December 31, 2011, Great Marks Company has assets of $940,000 and liabilities of $300,000. During 2012, Allen Marks purchased an additional $65,000 of capital stock and received $45,000 in cash dividends from the business. What is the amount of net income during 2012, assuming that as of December 31, 2012, assets were $995,000, and liabilities were $270,000?Answer | | | | | Selected Answer:| $ 65,000|

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Question 3
0 out of 2 points
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| All of the following are general-purpose financial statements exceptAnswer | | | | | Selected Answer:| retained earnings statement |
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Question 4
2 out of 2 points
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| Which of the following is not a certification for accountants?Answer | | | | | Selected Answer:| All are certifications.|
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Question 5
0 out of 2 points
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| Cash dividends paid to stockholders decrease assets and increase equity.Answer | | | | | Selected Answer: | True|
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Question 6
2 out of 2 points
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| Which of the following concepts relates to separating the reporting of business and personal economic transactions? Answer | | | | | Selected Answer:| business entity concept|
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Question 7
2 out of 2 points
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| The excess of revenue over the expenses incurred in earning the revenue is called capital stock.Answer | | | | | Selected Answer: | False|
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Question 8
2 out of 2 points
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| All financial statements are identified by the name of the business, the title of the statement, and the date or period of time.Answer | | | | | Selected Answer: | True|
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Question 9
2 out of 2 points
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| Only large companies such as Wal-Mart, JCP, General Motors, and the Bank of America can be organized as corporations.Answer | | | | | Selected Answer: | False|
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Question 10
2 out of 2 points
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| If a building is appraised for $85,000, offered for sale at $90,000, and the buyer pays $80,000 cash for it, the buyer would record the building at $85,000.Answer | | | | | Selected Answer: | False|

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Question 11
0 out of 2 points
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| Which of the following is true in regards to a Limited Liability Company?Answer | | | | | Selected Answer:| Combines the attributes of a partnership and a corporation.|
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Question 12
2 out of 2 points
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| The following are examples of external users of accounting information exceptAnswer | | | | | Selected Answer:| managers|
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Question 13
2 out of 2 points
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| Receiving payments on an account receivable increases both equity and assets.Answer | | | | | Selected Answer: | False|
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Question 14
2 out of 2 points
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| The debt created by a business when it makes a purchase on account is referred to as anAnswer | | | | | Selected Answer:| account payable|
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Question 15
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| Most businesses in the United States areAnswer | | | | | Selected Answer:| corporations|
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Question 16
0 out of 2 points
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| Senior executives cannot be criminally prosecuted for the wrong doings they commit on behalf of the companies where they work.Answer | | | | | Selected Answer: | [None Given]|
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Question 17
2 out of 2 points
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| The initials GAAP stand forAnswer | | | |
| Selected Answer:| Generally Accepted Accounting Principles|
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Question 18
0 out of 2 points
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| Earning revenueAnswer | | | |...
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