We Write Essays for Students
Tell us about your assignment and we will find the best writer for your paper
Get Help Now!
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 |
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. |
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. |
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. |
||
|
Question 5 of 20 |
|
|
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. |
|
Question 6 of 20 |
5.0 Points |
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. |
Assets are equal to
|
A. liabilities + owner’s equity. |
|
B. liabilities – owner’s equity. |
|
C. liabilities – revenues. |
|
D. revenues – expenses. |
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 |
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. |
||
|
Question 10 of 20 |
|
|
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. |
||
|
Question 11 of 20 |
|
|
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 |
|
Question 12 of 20 |
5.0 Points |
A legal firm would be considered a
|
A. merchandise company. |
|
B. manufacturer. |
|
C. service company. |
|
D. None of the above |
Which of the following is not a type of business organization?
|
A. Corporation |
||
|
B. Partnership |
||
|
C. Sole proprietorship |
||
|
D. Operation |
||
|
Question 14 of 20 |
|
|
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 |
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 |
||
|
Question 16 of 20 |
|
|
The claims of creditors against the assets are
|
A. expenses. |
|
B. revenues. |
|
C. liabilities. |
|
D. owner’s equity. |
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. |
The purchase of supplies for cash would affect which account category?
|
A. Assets |
|
B. Liabilities |
|
C. Capital |
|
D. Expense |
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. |
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. |
The post The sarbanes-oxley act | Business & Finance homework help appeared first on EssayCola.
Welcome to originalessaywriters.com, our friendly and experienced essay writers are available 24/7 to complete all your assignments. We offer high-quality academic essays written from scratch to guarantee top grades to all students. All our papers are 100% plagiarism-free and come with a plagiarism report, upon request
Tell Us “Write My Essay for Me” and Relax! You will get an original essay well before your submission deadline.
