A01 Lesson 2 Exam SCORE 100 PERCENT

Question 1 (5 points)

 

When services are rendered but payment is not made, which account would be increased?

Question 1 options:

	accounts receivable
	accounts payable
	cash
	withdrawal

Question 2 (5 points)

 

Go Blue Retail Store collected $12,000 of its accounts receivable. The expanded accounting equation changes include __________.

Question 2 options:

	cash and capital increase, $12,000
	cash and revenue increase, $12,000
	cash increases and accounts receivable decreases $12,000
	accounts receivable decreases and capital increases $12,000

Question 3 (5 points)

 

A company has the following balances in its asset accounts: Cash, $750; Accounts Receivable, $125; Equipment, $2,000; Supplies, $875. The amount of the company's total assets is __________.

Question 3 options:

	$875
	$1,750
	$2,875
	$3,750

Question 4 (5 points)

 

An accounting report that shows the changes in capital during the accounting period is __________.

Question 4 options:

	a balance sheet
	an income statement
	a statement of owner's equity
	All of these answers are correct.

Question 5 (5 points)

 

Which of the following transactions has no effect on owner's equity?

Question 5 options:

	paying salaries expense
	equipment purchase
	billing for services rendered
	a withdrawal

Question 6 (5 points)

 

The increase or decrease in the owner's equity is reported on the __________.

Question 6 options:

	income statement
	statement of owner's equity
	balance sheet
	All of these answers are correct.

Question 7 (5 points)

 

The payment of accounts payable would __________.

Question 7 options:

	increase both assets and liabilities
	increase assets and decrease liabilities
	decrease both assets and liabilities
	decrease assets and increase liabilities

Question 8 (5 points)

 

Ryan withdrew cash from the business to pay his personal cell phone bill. The expanded accounting equation changes include __________.

Question 8 options:

	increase in both cash and withdrawal
	decrease in both cash and withdrawal
	decrease in cash and increase in withdrawal
	increase in cash and decrease in withdrawal

Question 9 (5 points)

 

The financial statement that shows revenue and expenses for a period of time is the __________.

Question 9 options:

	balance sheet
	income statement
	statement of owner's equity
	statement of cash flows

Question 10 (5 points)

 

A company has $4,500 in its Revenue account at the end of a period. The Expenses are as follows: Rent, $750; Utilities, $150; Salaries, $2,400; Insurance, $225. The net income (loss. for the period is __________.

Question 10 options:

	$3,600
	($2,100.
	$975
	($1,425.

Question 11 (5 points)

 

Carrie billed her legal clients $6,000 for legal work completed during the month. This transaction will __________.

Question 11 options:

	cause a $6,000 increase in revenues and liabilities
	cause a $6,000 increase in revenues and a decrease in liabilities
	cause a $6,000 increase in assets and revenues
	not be recorded until the cash is collected

Question 12 (5 points)

 

Which of the following is not one of the four basic financial statements?

Question 12 options:

	Statement of Cash Flows
	Income Statement
	Statement of Company Position
	Balance Sheet

Question 13 (5 points)

 

The net income or net loss is calculated on the __________.

Question 13 options:

	balance sheet
	statement of owner's equity
	income statement
	None of the above answers are correct.

Question 14 (5 points)

 

The statement of owner's equity contains the __________.

Question 14 options:

	owner's capital for the beginning of the period
	liabilities of the company
	total amount owed by credit customers
	balance in the cash account

Question 15 (5 points)

 

The financial statement that shows business results in terms of revenue and expenses is __________.

Question 15 options:

	an income statement
	a balance sheet
	a statement of owner's equity
	the statement of cash flows

Question 16 (5 points)

 

Which of the following statements is prepared first?

Question 16 options:

	Statement of Owner's Equity
	Balance Sheet
	Income Statement
	None of the above

Question 17 (5 points)

 

An expense should be recorded when __________.

Question 17 options:

	the bill is paid
	the expense is incurred
	a bill is received in the mail
	None of the above answers are correct.

Question 18 (5 points)

 

If 'Ol Fashioned Toys' revenues are less than its expenses during the accounting period, then __________.

Question 18 options:

	owner's withdrawals decrease net income
	net income causes liabilities to decrease
	the business will incur a loss
	owner's withdrawals increase owner's equity

Question 19 (5 points)

 

If a company's revenues are higher than its expenses, it will cause __________.

Question 19 options:

	an increase in owner's equity
	a decrease in owner's equity
	an increase in assets
	no effect on owner's equity

Question 20 (5 points)

 

BPK Industries has a net income for the period of $2,500. The balance in the Owner's Capital account for the beginning of the period is $5,000 and the owner has withdrawn $1,650 for personal expenses. The balance in the Owner's Capital account at the end of the period will be __________.

Question 20 options:

	$5,850
	$7,500
	$850
	$9,150

 

A01 Week-3 Discussion

Explain the concept of double entry bookkeeping.

(150 words)

 

 

A01 Week-1 Discussion

Define, compare and contrast sole proprietorships, partnerships, and corporations?

(260 words with 1 reference)

 

 

Ashworth Semester Exam A01S Introduction to Accounting

A01S : Introduction to Accounting

Accounting provides information to:

managers.

government.

investors.

All of the above.

Which is an advantage of a sole proprietorship form of business?

There is limited personal risk.

The business can continue indefinitely.

The owner makes all the decisions.

All of the above.

If total assets are $35,000 and total liabilities are $8,000, Capital must equal:

12000

27000

8000

20000

Revenue, expenses, and withdrawals are subdivisions of:

assets.

liabilities.

owner's equity.

All of the above.

A formal account that has columns for date, explanation, post reference, debit, and credit is called the:

T account.

standard account form.

ledger.

chart of accounts.

An account that would be decreased by a credit is:

cash.

fees earned.

capital.

accounts payable.

The time period for which a statement of owner's equity is prepared is a(n):

calendar year.

accounting period.

fiscal period.

accounting cycle.

Financial statements that are prepared for a period shorter than a year are called:

accounting period statements.

fiscal year statements.

interim statements.

journal statements.

How are explanations distinguished in the journal?

They are underlined.

They are in bold print.

They are indented below the credit entries.

They are written at the margin, in line with the debit entries.

Prepaid Rent is considered to be a(n):

liability.

asset.

contra-asset.

revenue.

    

HCS490 Week 1 Shifts_in_our_healthcare_system

Our health care system changes frequently. In this assignment you will review our current health care system and how it has evolved in the past three to five years. This will give you the necessary background knowledge to complete this assignment and other assignments in this course.

Research different events or shifts in our health care system within the past three to five years.

Select a current event or shift in the health care system from your research that has occurred within the past three to five years. This resource could be from a newspaper, magazine, or journal from the University Library or similar source.

Write a 350- to 700-word reflection that details the changing landscape of our health care system based on your research and selected current event or shift.

• Explain the current event or shift you selected.
• Describe the impact of this current event or shift on the health care system on health care consumers.
• Remember, you, your friends, and family are health care consumers.
• As you think about the impact to consumers, consider the impact experienced when there was a shift from acute care to wellness and prevention and the shift in accountability.
• Explain your personal perception of the current event or shift you have selected.
• Remember, it is not appropriate to share personal medical information and background.

Cite 1 peer-reviewed, scholarly, or similar reference.

     

A01 Online Exam 8_11 SCORE 100 Percent.

Question 1

Outstanding checks __________.

  A.  have been subtracted on the bank records but not the checkbook records

  B.  have not been presented to the bank for payment and have not been subtracted from the checkbook

  C.  have not been presented to the bank for payment but have been subtracted in the checkbook

  D.  have been returned to the business for non-payment

 

Question 2

Internal control over a company's assets should include which of the following?

  A.  Responsibilities and duties of employees will be divided.

  B.  All cash receipts will be deposited into the bank the same day they arrive.

  C.  All cash payments will be made by check (except petty cash..

  D.  All of these answers are correct.

 

Question 3

The bank statement shows __________.

  A.  the beginning bank balance of the cash at the start of the month

  B.  the checks the bank has paid and any deposits received

  C.  any other charges or additions to the bank balance

  D.  All of these answers are correct.

 

Question 4

From the bank reconciliation no entry was recorded for deposits in transit. This would cause __________.

  A.  assets to be overstated

  B.  assets to be understated

  C.  no impact since deposits in transit are already included in the balance per books

  D.  no impact since deposits are not recorded on the books

 

Question 5

Scotch Services received a credit memorandum from the bank. During the bank reconciliation they should __________.

  A.  increase their cash account on the company's books

  B.  decrease their cash account on the company's books

  C.  increase the ending cash balance on the bank statement

  D.  decrease the ending cash balance on the bank statement

 

Question 6

The journal entry to reverse the entry of a customer's nonsufficient funds check would include a __________.

  A.  debit to Cash

  B.  credit to Cash

  C.  debit to Accounts Payable

  D.  credit to Accounts Receivable

 

Question 7

Advantages of on-line banking include __________.

  A.  convenience

  B.  transaction speed

  C.  effectiveness

  D.  All of the above answers are correct.

 

Question 8

The bank statement included bank charges. On the bank reconciliation, the item is __________.

  A.  an addition to the balance per company books

  B.  an addition to the balance per bank statement

  C.  a deduction from the balance per bank statement

  D.  a deduction from the balance per company books

 

Question 9

The bank charged another company's check against our account, this would be included on the bank reconciliation as a(n. __________.

  A.  addition to the balance per books

  B.  subtraction from the balance per books

  C.  addition to the balance per bank

  D.  subtraction from the balance per bank

 

Question 10

A nonsufficient funds check was returned to your company. How does the bank treat this on your bank statement?

  A.  It is added to the bank balance.

  B.  It is shown as a debit memo.

  C.  It is shown as a credit memo.

  D.  None of these answers are correct.

 

Question 11

 Determine the adjusted cash balance per bank for Santa's Packaging on November 30, from the following information.

 

Cash balance on the bank statement

$2,350

Customer's check returned—NSF

500

Customer's note collected by the bank

600

Deposits in transit, November 30

1,400

Outstanding checks, November 30

2,650

  A.  $1,250

  B.  $1,100

  C.  $1,550

  D.  $1,350

 

Question 12

Which item should be added to the company's book balance during the bank reconciliation?

  A.  deposit in transit

  B.  check outstanding

  C.  bank service charge

  D.  note collected by the bank

 

Question 13

An example of an internal control is __________.

  A.  the use of a bank account

  B.  the use of pre-numbered checks

  C.  the use of checks with reference source documents

  D.  All of these answers are correct.

 

Question 14

Calculate, from the following information the adjusted cash balance at the end of April.

 

Bank statement ending cash balance

$2,000

General ledger cash balance ending

3,250

Bank monthly service charge

45

Deposits in transit

2,500

Outstanding checks

1,500

NSF check returned with bank statement

205

  A.  $3,000

  B.  $4,250

  C.  $4,000

  D.  $5,500

 

Question 15

How would outstanding checks be handled when reconciling the ending cash balance per the bank statement to the correct adjusted cash balance?

  A.  They would be added to the balance of the bank statement.

  B.  They would be subtracted from the balance of the bank statement.

  C.  They would be added to the balance per books.

  D.  They would be ignored.

 

Question 16

Which item(s. will require a journal entry to update the balance in the Cash account?

  A.  checks outstanding and deposits in transit

  B.  bank service charges, note collected by the bank, and deposits in transit

  C.  bank service charges, note collected by the bank, and error made by Accounting Services

  D.  None of these answers are correct.

 

Question 17

A restrictive endorsement on a check __________.

  A.  can be further endorsed by someone else

  B.  is the safest endorsement for businesses

  C.  permits the bank to use its best judgment

  D.  None of these answers are correct.

 

Question 18

Which of the following bank reconciliation items would be reflected in a journal entry?

  A.  error made by the bank

  B.  outstanding checks

  C.  bank service charges

  D.  deposit in transit

Question 19

Endorsing a check __________.

  A.  guarantees payment

  B.  transfers the right to deposit or transfer cash

  C.  cancels the transaction

  D.  All of these answers are correct.

 

Question 20

Company policy for internal control should include all of the following EXCEPT for what?

  A.  Employees will be rotated.

  B.  Monthly bank statements should be sent to and reconciled by the same employees who authorize payments and write checks.

  C.  The owner (or responsible employee. signs all checks after receiving authorization to pay from the departments concerned.

  D.  At time of payment, all supporting invoices or documents will be stamped "paid."