American Public University ACCT 300 Week 1 Quiz

Jun 23rd, 2016
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Question 1 of 20 5.0/ 5.0 Points When a business borrows money, it incurs a(n): A. tax. B. liability. C. receivable. D. additional equity. Question 2 of 20 5.0/ 5.0 Points Paying expenses affects which financial statement elements? A. Assets only B. Stockholders’ equity only C. Assets and stockholders’ equity D. Assets and liabilities Question 3 of 20 0.0/ 5.0 Points Anthony, Inc. buys land for $50,000 cash. The net effect on assets is: A.$50,000 increase. B.$0. C.$50,000 decrease. D.$25,000 increase. Question 4 of 20 5.0/ 5.0 Points The basic financial statements do not include the: A. income statement. B. tax return. C. balance sheet. D. statement of cash flows. Question 5 of 20 5.0/ 5.0 Points The branch of accounting related to the management's financial decisions is known as financial accounting. A. True B. False Question 6 of 20 5.0/ 5.0 Points The role of accounting in business is best defined as: A. an information system that provides reports t

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American Public University ACCT 300 Week 1 QuizQuestion 1 of 205.0/ 5.0 PointsWhen a business borrows money, it incurs a(n):A. tax.B. liability.C. receivable.D. additional equity.Question 2 of 205.0/ 5.0 PointsPaying expenses affects which financial statement elements?A. Assets onlyB. Stockholders equity onlyC. Assets and stockholders equityD. Assets and liabilitiesQuestion 3 of 200.0/ 5.0 PointsAnthony, Inc. buys land for $50,000 cash. The net effect on assets is:A.$50,000 increase.B.$0.C.$50,000 decrease.D.$25,000 increase.Question 4 of 205.0/ 5.0 PointsThe basic financial statements do not include the:A. income statement.B. tax return.C. balance sheet.D. statement of cash flows.Question 5 of 205.0/ 5.0 PointsThe branch of accounting related to the management's financial decisions is known asfinancial accounting.A. TrueB. FalseQuestion 6 of 205.0/ 5.0 PointsThe role of accounting in business is best defined as:A. an information system that provides reports to stakeholders about the economic activitiesand condition of a business.B.a method of forecasting the future profitability of a company.C.the policies, procedures, and strategie

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