Quiz 1

The following users are external users, except?

• Government

• Controller

• Customer

• Bank

Which is accounting principle, except?

• Going-concern

• Full-disclosure

• Cost

• Matching

Which is an asset account, except?

• Account Payble

• Account Receivable

• Note Receivable

• Supplies

Calculate change in total assets of A company if its total liability increase $1,200 but its equity decrease $750.

• $1,500

• $1,950

• $2,000

• $450

Calculate the equity of A company if Its owner's capital is $23,500, the owner's withdrawal $1,000 and net income is $12,300

• $34,800

• $35,800

• $12,200

• $15,000

A company collected $700 cash from customers for consultant service provided in last month. How does this transaction affect the accounting equation for company?

• Assets increase by $700, no effect on liabilities, equity increase by $700

• No change in Assets, and no effect on both liabilities and equity

• Assets increase by $700, liabilities increase by $700, no effect on equity

• No effect on assets, liabilities increase by $700, equity increase by $700

Which transaction appears on financing activities, excepted?

• Cash withdrawal by owner

• Obtain a loan

• Purchase of office buidling

• Cash invest by investors

Identify the account has a normal balance on debit, except? 

• Account Receivable

• Prepaid Insurance

• Inventory

• Notes payable

The following financial statement information. What is the Owner's Capital?

• $160,000

• $260,000

• $125,000

• $130,000

The following financial statement information. What is the Net Profit?

• $45,000

• $55,000

• $65,000

• $50,000