Accounting Essay 7

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At the end of 2011, retained earnings for the Bisk Company was $1,750. Revenue earned by the company in 2011 was $2,000, expenses paid during the period were $1,100, and dividends paid during the period were $500. Based on this information alone, retained earnings at the beginning of 2011 was [pic]

|[pic] |$850. | |[pic][pic] |$1,350. | |[pic] |$4,000. | |[pic] |$2,150. |

GAAP" stands for
[pic]
|[pic] |Generally Authorized Auditing Principles | |[pic] |Government Authorized Accounting Procedures | |[pic] |Generally Applied Accounting Procedures | |[pic][pic] |Generally Accepted Accounting Principles |

The total equity of Timberlake Company at the beginning of 2011 amounted to $3,500. During 2011 the company reported net income of $1,800 and paid a $500 dividend. If retained earnings at the end of 2011 is $2,200, what was beginning contributed capital? [pic]

|[pic] |$2,100 | |[pic] |$3,100 | |[pic] |$400 | |[pic][pic] |$2,600 |

Which of the following could represent the effects of an asset source transaction on a company's financial statements? |[pic] |

[pic]
|[pic] |[pic] | |[pic] |[pic] | |[pic][pic] |[pic] | |[pic] |[pic] |

The Mason Company is a manufacturer of fine home furnishings. Which term best describes Mason's role in society? [pic]
|[pic] |Regulatory Agency | |[pic][pic] |Conversion Agent | |[pic] |Consumer | |[pic] |Resource Owner |

Which of the following could describe the effects of an asset exchange transaction on a company's financial statements? |[pic] |

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|[pic] |[pic]...
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