ACC 101 Full Version 323 Latest Update

ACC 101 Full Version 323
QN=1 If assets are $199,000 and liabilities are $132,000, then equity equals
a. $32,000.
b. $67,000.
c. $99,000.
d. $131,000.
e. $198,000.
QN=2 A cash outflow from the company into its owner is called a(n):
a. Liability.
b. Withdrawal.
c. Expense.
d. Profit.
e. Investment.
QN=3 Liability created by purchasing goods and services on credit (tín dụng) are:
a. Accounts payable.
b. Accounts receivable.
c. Liabilities.
d. Expenses.
e. Equity.
QN=4 Photometer Company paid off $30,000 of its accounts payable in cash. What
would be the effects of this transaction on the accounting equation?
a. Assets, $30,000 increase; liabilities, no effect; equity, $30,000 increase.
b. Assets, $30,000 decrease; liabilities, $30,000 decrease; equity, no effect.
c. Assets, $30,000 decrease; liabilities, $30,000 increase; equity, no effect.
d. Assets, no effect; liabilities, $30,000 decrease; equity, $30,000 increase.
e. Assets, $30,000 decrease; liabilities, no effect; equity $30,000 decrease.
QN=5 How does Lead Company record by the billing of a client for $15,000 of service
completed?
a. +$15,000 accounts receivable, -$15,000 accounts payable.
b. +$15,000 accounts receivable, +$15,000 accounts payable.
c. +$15,000 accounts receivable, +$15,000 cash.
d. +$15,000 accounts receivable, +$15,000 revenue.
e. +$15,000 accounts receivable, -$15,000 revenue.