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Wharton Business Foundations Intro To Fi

This document contains a 10 question quiz on basic accounting concepts. The questions cover topics like the preparation of financial statements, identifying accounts as assets or liabilities, journal entries to record transactions, and the accounting equation. For each question there are multiple choice or checkbox options to select the correct answer.

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237 views4 pages

Wharton Business Foundations Intro To Fi

This document contains a 10 question quiz on basic accounting concepts. The questions cover topics like the preparation of financial statements, identifying accounts as assets or liabilities, journal entries to record transactions, and the accounting equation. For each question there are multiple choice or checkbox options to select the correct answer.

Uploaded by

Geet
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Quiz 1, 10 questions (100%)

1. Who is responsible for preparing a company’s financial statements?


The Financial Accounting Standards Board
The audit committee of the Board of Directors
Company management
The company's external auditor
The company's tax department
1 point

2. Which of the following is an asset? (check all that apply)


Cash
Common Stock
Prepaid Rent
Notes Payable
Retained Earnings
1 point

3. What are Revenues in the table below?


Total Assets 300
Total Liabilities 160
Total Stockholders' Equity
Beginning Retained Earnings50
Ending Retained Earnings 60
Dividends 15
Revenues ?
Expenses 100
Net Income
Cash 30
140
110
40
Not enough information
125
1 point

4. Which of the following transactions violates the balance sheet equation? (check all that apply)
Increase cash and reduce a liability
Increase cash and increase an expense
Increase revenues and reduce a liability
Reduce cash and reduce a liability
Increase cash and reduce inventory (a non-cash asset)
1 point

5. Which of the following are assets? (check all that apply)


Retained Earnings
Accounts Receivable
Accounts Payable
Cash
Common Stock
1 point

6. Which of the following accounts would be increased with a Credit? (check all that apply)
Additional Paid-in Capital
Prepaid Rent
Notes Payable
Inventory
Revenue
1 point

7. Which of these journal entries represent paying cash to reduce a liability? (check all that apply)
Dr. Cash 1000
Cr. Notes Payable 1000

Dr. Income Taxes Payable 500


Cr. Cash 500

Dr. Cash 300


Cr. Accounts Payable 300

Dr. Retained Earnings 500


Cr. Cash 500

Dr. Land 100


Cr. Cash 100
1 point

8. Which journal entry reflects the following transaction?:


BOC bought a $300,000 building with $50,000 cash and a mortgage taken from a bank.

Dr. Building 300,000


Cr. Mortgage 250,000
Cr. Cash 50,000

Dr. Mortgage 250,000


Dr. Cash 50,000

Cr. Building 300,000

Dr. Cash 50,000


Cr. Building 300,000

Dr. Building 300,000

Cr. Cash 50,000

Dr. Building 300,000


Cr. Cash 300,000
1 point

9. Which journal entry reflects the following transaction?:


BOC bought $10,000 of inventory on account.

Dr. Accounts Payable 10,000


Cr. Inventory 10,000

Dr. Inventory 10,000


Cr. Accounts Payable 10,000

Dr. Accounts Receivable 10,000


Cr. Inventory 10,000

Dr. Inventory 10,000


Cr. Accounts Receivable 10,000

Dr. Inventory 10,000


Cr. Cash 10,000
1 point

10. Which journal entry reflects the following transaction?:


BOC declared a $9,000 dividend to be paid in cash next month.

Dr. Retained Earnings 9,000


Cr. Dividends Payable 9,000

Dr. Dividends Payable 9,000


Cr. Dividends Expense 9,000
Dr. Dividend Expense 9,000
Cr. Cash 9,000

Dr. Dividend Expense 9,000


Cr. Dividends Payable 9,000

Dr. Retained Earnings 9,000


Cr. Cash 9,000

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