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1、1.Accountingisaninformationsystemthat: A. Identifiesbusinessactivities.B. Recordsbusinessactivities.C. Communicatesbusinessactivities.D. Helpspeoplemakebetterdecisions.E.Allofthese.2.Creditors'claimsontheassetsofacompanyarecalled: A. Netlosses.B. Expenses
2、.C. Revenues.D. Equity.E.Liabilities.3.Theexcessofexpensesoverrevenuesforaperiodis: A. Netassets.B. Equity.C. Netloss.D. Netincome.E. Aliability.4.OnJune30ofthecurrentyear,theassetsandliabilitiesofPhoenixPhildellareasfollows:Cash$20,500;AccountsReceivable
3、,$7,250;Supplies,$650;Equipment,$12,000;AccountsPayable,$9,300.Whatistheamountofowner'sequityasofJuly1ofthecurrentyear? A. $8,300B. $13,050C. $20,500D. $31,1005.PhotometerCompanypaidoff$30,000ofitsaccountspayableincash.Whatwouldbetheeffectsofthistransacti
4、onontheaccountingequation? A. Assets,$30,000increase;liabilities,noeffect;equity,$30,000increase.B. Assets,$30,000decrease;liabilities,$30,000decrease;equity,noeffect.C. Assets,$30,000decrease;liabilities,$30,000increase;equity,noeffect.D. Assets,noeffect
5、;liabilities,$30,000decrease;equity,$30,000increase.E. Assets,$30,000decrease;liabilities,noeffect;equity$30,000decrease.6.Thefinancialstatementthatreportswhetherthebusinessearnedaprofitandalsoliststhetypesandamountsoftherevenuesandexpensesiscalled: A. AB
6、alanceSheet.B. AStatementofOwner'sEquity.C. AStatementofCashFlows.D. AnIncomeStatement.E. AStatementofFinancialPosition.7.Abalancesheetlists: A. Thetypesandamountsoftherevenuesandexpensesofabusiness.B. Onlytheinformationaboutwhathappenedtoequityduringatim
7、eperiod.C. Thetypesandamountsofassets,liabilities,andequityofabusinessasofaspecificdate.D. Theinflowsandoutflowsofcashduringtheperiod.E. Theassetsandliabilitiesofacompanybutnottheowner'sequity.8.Thefinancialstatementthatshowsthebeginningbalanceofowner'seq
8、uity;thechangesinequitythatresultedfromnewinvestmentsbytheowner,netincome(ornetloss);withdrawals;andtheendingbalance,isthe: A. StatementofFinancialPosition.B. StatementofCashFlows.C. BalanceSheet.D. IncomeStatement.
