Financial Acc Quiz1

Match the financial statement element with the statement:

• Statement of stockholders’ equity

• Expenses

• Balance Sheet

• Number of Employees

• Income statement

• Cash flow from investing activities

• Not an element

• Assets

• Statement of cash flows

• Dividend Payments

    Users of management accounting information are most likely to be:

• 1. business managers.

• 1. potential investors.

• 1. customers.

• 1. creditors.

Most Likely users of financial accounting information is:

• Taxing authorities

• Potential investors

• Creditors

• All of the above

Keira’s antiques shop started the year with total assets of $90,000 and total liabilities of $60,000. During the year, the business earned revenues of $150,000 and incurred expenses of $60,000. Keira made no additional capital contributions during the year, but did make drawings of $70,000. What is the amount of owners' equity at the end of the year?

• 1. $150,000

• 1. $70,000

• 1. $50,000

• 1. $60,000

The profit of a business is $21,000. The beginning and ending capital balances were $34,000 and $50,000, respectively. No capital contributions were made by the owner during the year.

Calculate the amount of owner's drawings.

• $15,000

• $12,000

• $13,000

• $5000

Following is an extract of account balances of Wilson Mowing Service as at 31 December of the first year of operation:

Accounts receivable $6000

Accounts payable 7000

Salary expense 7000

Repairs expense 800

Truck 10,000

Equipment 12,000

Loans payable 8100

Cash 7400

Supplies expense 1300

Service revenue 35,000

Petrol expense 2900

Salary payable 300

At the end of the year, what is the amount of total liabilities?

• $24,500

• $15,100

• 1. $15,400

• 1. $27,400

Following is an extract of account balances of Wilson Mowing Service as at 31 December of the first year of operation:

Accounts receivable $4000

Accounts payable 7000

Salary expense 5000

Repairs expense 700

Truck 11,000

Equipment 9000

Loans payable 8400

Cash 7000

Supplies expense 1000

Service revenue 32,000

Petrol expense 2900

Salary payable 300

At the end of the year, what is the amount of total Assets?

• $31,000

• $21,000

• 1. $15,000

• 1. $27,000