ACC 557 Week 2 Chapter 1 Quiz (all possible questions)\t\u00a0\tThis Tutorial contains All possible Questions from this chapter (it contains more than 200 questions set)\t\u00a0\tSOME SAMPLE QUESTIONS ARE GIVEN BELOW OUT OF THOSE 200 QUESTIONS\t\u00a0\t1-\u00a0 The United States and the international standard-setting environment are primarily driven by meeting the needs of\ttax authorities.\tinvestors and creditors.\tacademic researchers.\tcentral government planners\t2-\u00a0 \u00a0\t–\u00a0 If the retained earnings account increases from the beginning of the year to the end of the year, then\tnet income is less than dividends.\ta net loss is less than dividends.\tthe company must have sold stock.\tnet income is greater than dividends\t3-\u00a0 \u00a0\t-If an individual asset is increased, then\tthere must be an equal decrease in a specific liability.\tthere must be an equal decrease in stockholders’ equity.\tthere must be an equal decrease in another asset.\tany of these is possible\t4-The accounting process is correctly sequenced as\tidentification, recording, communication.\trecording, communication, identification.\tcommunication, recording, identification.\tidentification, communication, recording.\t4-\u00a0 If total assets equal $345,000 and total stockholders’ equity equal $120,000, then total liabilities must equal\t$465,000.\tThere is not enough information given to determine this.\t$225,000.\t$120,000.\t6-Liabilities of a company would\u00a0not\u00a0include\tnotes payable.\tsalaries and wages payable.\taccounts payable.\tcash.\t7- Bright Eyes Downtown Diner received a bill of $600 from the Jronand Wine Advertising Agency. The owner, A. A. Bondy, is postponing payment of the bill until a later date. The effect on specific items in the basic accounting equation is\ta decrease in Accounts Payable and an increase in Retained Earnings.\ta decrease in Cash and an increase in Retained Earnings.\ta decrease in Cash and an increase in Accounts Payable.\tan increase in Accounts Payable and a decrease in Retained Earnings.\t8-Net income results when\tRevenues > Expenses.\tRevenues < Expenses.\tAssets > Liabilities.\t9- Liabilities of a company are owed to\tunderwriters.\tcreditors.\tdebtors.\tbenefactors.\t10- At October 1, Arcade Fire Enterprises reported stockholders’ equity of $35,000. During October, common stock of $2,000 was issued and the company earned net income of $7,000. If stockholders’ equity at October 31 totals $40,000, what amount of dividends were paid during the month?\t$2,000\t$4,000\t$5,000\t$0\t11 -Ethics are the standards of conduct by which one’s actions are judged as\tall of these.\thonest or dishonest.\tright or wrong.\tfair or unfair.\t12- Which of the following is not a reason one set of international accounting standards are needed?\tmultinational corporations\tmergers and acquisitions\tinformation technology\tall of these are reasons one set of international accounting standards are needed.\t13-Stockholders’ equity is decreased by all of the following except\texpenses.\tdividends.\tsales of stock.\tnet losses.\t14-The concern about international companies adopting SOX-type standards centers on\tthe governing authorities.\tcomparability.\tcost-benefit analysis.\tethics issues.\t15- The private sector organization involved in developing accounting principles is the\tFinancial Accounting Standards Board.\tFinancial Auditors’ Standards Body.\tFeasible Accounting Standards Body.\tFinancial Accounting Studies Board<\/p>\n","protected":false},"excerpt":{"rendered":"
ACC 557 Week 2 Chapter 1 Quiz (all possible questions) \u00a0 This Tutorial contains All possible Questions from this chapter (it contains more than 200 questions set) \u00a0 SOME SAMPLE QUESTIONS ARE GIVEN BELOW OUT OF THOSE 200 QUESTIONS \u00a0 Read More …<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-200270","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts\/200270","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/comments?post=200270"}],"version-history":[{"count":0,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts\/200270\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/media?parent=200270"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/categories?post=200270"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/tags?post=200270"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}