ACCT 301 Quiz 1

Jul 25th, 2016
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Question 1. Which of the following statements is most applicable to the business entity concept? a. the owner is part of the business entity b. an entity is organized according to state or federal statutes c. an entity is organized according to the rules set by the FASB d. the entity is an individual economic unit for which data are recorded, analyzed, and reported 2 . Elli Catering Services previously bought equipment with an estimated market value of $45,000 and is now offering it for sale at $65,000. The Trang Restaurant Group acquired it for $10,000 in cash and a note payable of $40,000 due in 30 days. The amount used in Trang’s accounting records to record this acquisition is a. $50,000 b. $65,000 c. $10,000 d. $45,000 3. If Chesapeake Company’s total liabilities decreased by $25,000 during a period of time and owner's equity increased by $30,000 during the same period, the amount and direction (increase or decrease) of the period's change in total assets is a. $65,000 i

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ACCT 301 Quiz 1Report this Question as InappropriateQuestion1. Which of the following statements is most applicable to the business entity concept?a. the owner is part of the business entityb. an entity is organized according to state or federal statutesc. an entity is organized according to the rules set by the FASBd. the entity is an individual economic unit for which data are recorded, analyzed, and reported2 . Elli Catering Services previously bought equipment with an estimated market value of$45,000 and is now offering it for sale at $65,000. The Trang Restaurant Group acquired it for$10,000 in cash and a note payable of $40,000 due in 30 days. The amount used in Trangsaccounting records to record this acquisition isa. $50,000b. $65,000c. $10,000d. $45,0003. If Chesapeake Companys total liabilities decreased by $25,000 during a period of time andowner's equity increased by $30,000 during the same period, the amount and direction (increaseor decrease) of the period's change in total assets isa. $65,000 increaseb. $5,000 decreasec. $5,000 increased. $65,000 decrease4. Brielle Financial Services paid $9,000 to a creditor in payment of an amount owed. The effectof the transaction on the accounting equation was toa. increase one asset, decrease another assetb. increase an asset, increase a liabilityc. decrease an asset, decrease a liabilityd. increase an asset, increase owner's equity5. When revenue is earned ita. increases assets, increase

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