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APA 2111 Week 3 Quiz Help
Question 1: The purpose of accounting is to provide financial information about a business to individuals and organizations.
Student Answer:
True
False
Question 2: Since financial information is communicated in accounting terms, accounting is said to be
Student Answer:
the language of business.
public.
private.
nonprofit.
Question 3. Question : Certified Public Accountant is a professional designation that a public accountant can earn by passing a written exam and completing a specific amount of work experience.
Student Answer:
True
False
Question 4. Question : The financial statement that shows the state of the firm's assets, liabilities, and owner's equity on a specific date is called a(n)
Student Answer:
balance sheet.
statement of operations.
statement of owner's equity.
income statement.
Question 5. Question : Increases to owner's equity may be from
Student Answer: expenses that are incurred.
expenses exceeding revenue for the period.
withdrawals of cash from the business by the owner.
revenue that is derived from sales of goods or services.
Question 6. Question : An example of an expense is
Student Answer: investments
supplies consumed.
prepaid insurance.
withdrawals by the owner
Question 7. Question : Sue Lee paid $1,200 for office rent. This transaction would
Student Answer: increase assets and decrease owner's equity.
increase assets and increase liabilities.
decrease assets and decrease liabilities.
decrease assets and decrease owner's equity.
Question 8. Question : Tyler paid $3,700 on account to the company from which equipment was purchased on credit. This transaction would
Student Answer:
decrease assets and decrease liabilities.
increase assets and increase owner's equity.
increase assets and increase liabilities.
increase one asset and decrease another asset.
Question 9. Question : Meghan started her business by investing $30,000 in cash. This transaction would
Student Answer:
increase assets and increase owner's equity.
increase assets and increase liabilities.
increase one asset and decrease another asset.
decrease assets and decrease liabilities.
Question 10. Question : A purchase of an asset on account
Student Answer: increases cash.
decreases owner's equity.
increases assets.
decreases expenses
Question 11. Question : Revenue accounts normally have debit balances.
Student Answer: True
False
Question 12. Question : A credit increases liabilities and owner's equity.
Student Answer:
True
False
Question 13. Question : The balance sheet
Student Answer: is a list of all accounts showing the title and balance of each account.
is used as an aid in preparing the trial balance and income statement.
is for a period of time.
shows that assets equal liabilities plus owner's equity.
Question 14. Question : The sum of the debits must equal the sum of the credits on the trial balance.
Student Answer:
True
False
Question 15. Question : A trial balance is a list of all accounts showing the title and balance of each account.
Student Answer:
True
False
