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1. The Sarbanes-Oxley Act was passed to
A. prevent fraud at public companies.
B. replace all of the old accounting procedures with new ones.
C. improve the accuracy of the company’s financial reporting.
D. Both A and C
2. Which of the following would result if the business purchased supplies on credit?
A. Supplies would increase, and Cash would decrease.
B. Supplies would increase, and Capital would increase.
C. Supplies would increase, and Accounts Payable would increase.
D. The purchase of supplies isn’t a business transaction.
3. How does the purchase of office equipment on account affect the accounting equation?
A. Assets increase, and liabilities decrease.
B. Assets increase, and owner’s equity increases.
C. Assets increase, and liabilities increase.
D. Liabilities increase, and owner’s equity decreases.
4. Logan’s Motor Sports buys $30,000 of equipment on credit. Which of the following is a true statement?
A. Total assets increase.
B. Total assets are unchanged.
C. Total liabilities decrease.
D. Total liabilities are unchanged
5. Bob purchased a new computer for the company on account. The transaction will
A. increase Computer and increase Capital.
B. decrease Cash and increase Accounts Payable.
C. decrease Cash and increase Computer.
D. increase Computer and increase Accounts Payable.
6. If total liabilities are $1,000 and total assets are $8,000, owner’s equity must be
A. $7,000.
B. $3,000.
C. $10,000.
D. $13,000.
Explanation:
Assets = Liabilities + owner equity
Owner equity = 8000-1000= 7000
7. Assets are equal to
A. liabilities + owner’s equity.
B. liabilities – owner’s equity.
C. liabilities – revenues.
D. revenues – expenses.
8. Strum Hardware has total assets of $50,000. What are the total assets if new equipment is purchased for $10,000 cash?
A. $45,000
B. $50,000
C. $55,000
D. $60,000
Explanation:
9. Katie’s Vegetarian Restaurant, with total assets of $90,000, borrows $15,000 from the bank. Which of the following is a true statement upon borrowing the money?
A. Total assets are now $105,000.
B. Total assets are now $80,000.
C. Total assets are now $15,000.
D. Total assets are now $75,000.
Explanation:
10. Which transaction would cause one asset to increase and another asset to decrease?
A. The owner invested cash in the business.
B. The business paid a creditor.
C. The business incurred an expense on credit.
D. The business bought supplies for cash.
11. Which of the following is an advantage of a sole proprietorship form of business?
A. There’s limited personal risk.
B. The business can continue indefinitely.
C. The owner makes all the decisions.
D. All of the above
12. A legal firm would be considered a
A. merchandise company.
B. manufacturer.
C. service company.
D. None of the above
13. Which of the following is not a type of business organization?
A. Corporation
B. Partnership
C. Sole proprietorship
D. Operation
14. Mary invested cash in her new business. Which effect will this have?
A. Increase an asset; increase a liability
B. Decrease an asset; increase a liability
C. Increase an asset; increase owner’s equity
D. Increase an asset; decrease owner’s equity
15. Which of the following would result if a business purchased equipment with a 40% down payment in cash?
A. Equipment would increase, and Cash would decrease.
B. Accounts Payable would increase.
C. Since the equipment hasn’t been paid in full, there’s nothing to record.
D. Both A and B
16. The claims of creditors against the assets are
A. expenses.
B. revenues.
C. liabilities.
D. owner’s equity.
17. Bonnie’s Baskets purchases $4,000 worth of office equipment on account. This causes
A. Cash and Capital to decrease.
B. Office Equipment and Accounts Payable to increase.
C. Office Equipment to decrease and Accounts Payable to increase.
D. Accounts Payable to increase and Capital to decrease.
18. The purchase of supplies for cash would affect which account category?
A. Assets
B. Liabilities
C. Capital
D. Expense
19. If total liabilities are $18,000 and owner’s equity is $21,000, the total assets must be
A. $39,000.
B. $5,000.
C. $20,000.
D. $17,000.
Explanation :
20. The balance sheet contains
A. liabilities, expenses, and capital.
B. assets, liabilities, and revenues.
C. expenses, assets, and cash.
D. assets, liabilities, and owner’s equity.
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