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1)
Land
is purchased by a business for $100,000. The company pays for the land by a
cash payment of $20,000 and promised to pay the remaining amount at a later
period. What is net effect of this transaction on the business’s accounting
equation?
a.
Assets
increase by $100,000; liabilities increase by $80,000.
b.
Assets
increase by $100,000; expenses increase by $20,000; liabilities increase by
$80,000.
c.
Assets
increase by $80,000; liabilities increase by $80,000.
d.
Assets
increase by $100,000; liabilities increase by $100,000.
2)
Which
of the following is a collection of all the accounts, the changes in those
accounts, and their balances?
a.
source
document
b.
journal
c.
ledger
d.
trial
balance
3)
An
expense that has been incurred but not yet paid is called a(n):
a.
accrued
revenue.
b.
prepaid
expense.
c.
unearned
revenue.
d.
accrued
expense.
4)
The
time span during which cash is paid for goods and services, which are then sold
to customers from whom the business collects cash is called the:
a.
production
time.
b.
operating
cycle.
c.
accounting
cycle.
d.
sales
time.
5) Which of the
following accounts are included in an income statement?
a. Land, Salaries
Payable
b. Owner’s Name,
Capital, Owner’s Contribution
c. Furniture, Cash
d. Service Revenue, Utilities
Expense
6)
Which
of the following is an example of an intangible asset?
a.
Equipment
b.
Plant
c.
Property
d.
Copyright
