Post-Class Quiz #1

Weekly Post-class Online quiz #1: Principles of Accounting-T123WSB-9 09:50, 14/01/2023
Weekly Post-class Online quiz #1

Due Jan 5 at 10:15pm Points 15 Questions 15
Available Jan 5 at 9:30pm - Jan 5 at 10:15pm 45 minutes
Time Limit 45 Minutes
This quiz was locked Jan 5 at 10:15pm.
Attempt History
Attempt Time Score
LATEST Attempt 1 22 minutes 15 out of 15
Score for this quiz: 15 out of 15

Submitted Jan 5 at 9:52pm
This attempt took 22 minutes.
Question 1 1 / 1 pts
Which of the follow statements regarding the primary objective of

financial reporting is correct?
To be useful, information must follow the Generally

Accepted Accounting Principles which are created and
governed by the Securities and Exchange commission.
Correct!
Information that is faithfully represented is complete,
neutral, and free from error.
https://lms.westernsydney.edu.vn/courses/744/quizzes/10056 Trang 1 / 10
The primary objective of financial reporting is to provide

information useful for the acquisition of long-term assets.
Relevant information ensures that users of the

information will make the correct decisions.
Which of the following events cannot be quantified into dollars

and cents and recorded as an accounting transaction?
Payment of income taxes.
Correct!
The appointment of a new cPa firm to perform an audit.
The sale of store equipment.
The purchase of a new computer.
The assumption that the unit of measure remains sufficiently

constant over time is part of the
Correct! monetary unit assumption.
economic entity assumption.
cost principle.
historical cost principle.
Fred Jones, the sole owner of a business, withdraws cash for his
personal use. How does this trAnsaction affect the accounting
equation?
The assets increase and liabilities decrease.
The assets decrease and equity increases.
Correct! The assets decrease and equity decreases.
The assets, liabilities, and equity remain the same.
Which of the following events is NOT recorded by accountants?
Correct! effects of an economic boom
sale of merchandise on account
purchase of a building for $200,000 cash
signing a $400,000 note to purchase land
Hollywood Talent Services is a sole proprietorship operated by

Phil Morris. The net income of Hollywood Talent Services is
$23,000 for the year. The beginning and ending Morris, capital
account was $33,000 and $50,000, respectively. during the year,
there were no new capital contributions. calculate the amount of
the owner's withdrawals for the year.
Correct! $6,000
$16,000
$10,000
$9,000
Ten years ago, a company purchased a building for $190,000. at

that time, the company felt that the building was worth $215,000.
The current market value of the building is $450,000. The
building has been assessed at $425,000 for property tax
purposes. at which amount should the company record the
building in its accounting records?
$425,000
Correct! $190,000
$215,000
$450,000
A net loss occurs when:
Correct!
total expenses and losses exceed total revenues and
gains.
total revenues and dividends exceed total expenses and

losses.
not enough cash exists.
total revenues exceed total expenses.
The CEO of Clarkson company owns a vacation home in Hawaii.

Clarkson company owns a factory in Detroit where it is
headquartered. Which of these properties is considered to be
assets of the business?
Correct! only the factory in Detroit
both the vacation home in Hawaii and the factory in

Detroit
only the vacation home in Hawaii
neither the vacation home in Hawaii nor the factory in

Detroit
Which financial statement answers the following question: What

is the company's financial position at fiscal year end?
Correct!
balance sheet
statement of cash flows
income statement
statement of retained earnings
Which financial statement answers the following question: How

well did the company perform during the year?
Correct!
income statement
balance sheet
statement of cash flows
statement of retained earnings
Which of the following statements is TRUE for a limited liability

company?
The owners have unlimited liability for the debts of the

business.
Members are not taxed like members of a partnership.
Members have unlimited liability for the debts of the

business.
Correct!
Members have limited liability for debts only up to the
extent of their investment in the LLc.
Regarding liabilities, which of the following statements is

incorrect?
Correct!
Liabilities are economic resources that are expected to
benefit the business in the future.
Liabilities represent one of the two claims to assets.
A creditor who has loaned money to a business has a

claim to some of the business's assets until the business
pays the debt.
Many, but not all, liabilities have the word payable in their
titles.
Performed services for $3,000 on account; received cash on

account, $8,000; paid $900 for repair expense; paid $1,600 to a
supplier that it owed from the previous month. What is the
combined effect on cash of these June trAnsactions?
$5,500 decrease
Correct! $5,500 increase
$8,000 increase
$2,500 decrease
The assets of a company:
include property, plant, and equipment and accounts

payable.
include short-term investments and notes payable.
must equal the liabilities of the company.
Correct!
represent economic resources that are expected to
produce a future benefit.
Quiz Score: 15 out of 15

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Weekly Post-class Online quiz #1: Principles of Accounting-T123WSB-9 09:50, 14/01/2023

Weekly Post-class Online quiz #1

This quiz was locked Jan 5 at 10:15pm.

Score for this quiz: 15 out of 15

Which of the follow statements regarding the primary objective of

To be useful, information must follow the Generally

The primary objective of financial reporting is to provide

Relevant information ensures that users of the

Which of the following events cannot be quantified into dollars

Payment of income taxes.

The appointment of a new cPa firm to perform an audit.

The sale of store equipment.

The purchase of a new computer.

The assumption that the unit of measure remains sufficiently

Correct! monetary unit assumption.

economic entity assumption.

historical cost principle.

The assets increase and liabilities decrease.

The assets decrease and equity increases.

Correct! The assets decrease and equity decreases.

The assets, liabilities, and equity remain the same.

Which of the following events is NOT recorded by accountants?

Correct! effects of an economic boom

sale of merchandise on account

purchase of a building for $200,000 cash

signing a $400,000 note to purchase land

Hollywood Talent Services is a sole proprietorship operated by

Ten years ago, a company purchased a building for $190,000. at

A net loss occurs when:

total revenues and dividends exceed total expenses and

not enough cash exists.

total revenues exceed total expenses.

The CEO of Clarkson company owns a vacation home in Hawaii.

Correct! only the factory in Detroit

both the vacation home in Hawaii and the factory in

only the vacation home in Hawaii

neither the vacation home in Hawaii nor the factory in

Which financial statement answers the following question: What

statement of cash flows

statement of retained earnings

Which financial statement answers the following question: How

statement of cash flows

statement of retained earnings

Which of the following statements is TRUE for a limited liability

The owners have unlimited liability for the debts of the

Members are not taxed like members of a partnership.

Members have unlimited liability for the debts of the

Regarding liabilities, which of the following statements is

Liabilities represent one of the two claims to assets.

A creditor who has loaned money to a business has a

Performed services for $3,000 on account; received cash on

Correct! $5,500 increase

The assets of a company:

include property, plant, and equipment and accounts

include short-term investments and notes payable.

must equal the liabilities of the company.

Quiz Score: 15 out of 15

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