Chapter 1a

Front

Which of the following represents an obligation of the company: Expenses, Dividends, Liability, Assets?

Back

Liability

Front

Which financial statement reports a company’s assets and liabilities?

Back

Balance Sheet

Front

The financial statement that shows the financial position of a company at a specific point in time is called the:

Back

Balance Sheet

Front

The balance in retained earnings represents:

Back

The amount of income earned over the company’s life minus the dividends paid to shareholders over the company’s life.

Front

A company reports the following in its income statement: Total revenues of $500,000 and total expenses of $300,000. Which of the following is true?

Back

Net income equals $200,000.

Front

A company reports the following in its balance sheet: Total assets of $800,000 and total liabilities of $700,000. Which of the following is true?

Back

Total stockholders’ equity equals $100,000.

Front

What is a benefit to a career in accounting?

Back

High salaries, High demand for accounting graduates, Wide range of job opportunities.

Front

Traditional careers in public accounting include: Auditors, Tax preparers/planners, Business Consultants

Back

All of the choices are correct