ACCT 301 Week 2 Quiz (15 MCQ's)

Jul 25th, 2016
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(TCO 1) Which of the following would not be considered an external user of accounting data for XYZ Company? Internal Revenue Service Agent Management Creditors Customers (TCO 1) The cost of assets consumed or services used is also known as _________. a revenue. an expense. a liability. an asset. (TCO 1) The financial statement that summarizes the changes in retained earnings for a specific period of time is the _________. Student Answer: balance sheet. income statement. statement of cash flows. retained earnings statement. (TCO 1) Pinson Company began the year with retained earnings of $210,000. During the year, the company recorded revenues of $300,000, expenses of $228,000, and paid dividends of $24,000. What was Pinson’s retained earnings at the end of the year? Student Answer: $306,000 $258,000 $486,000 $282,000 (TCO 4) Which of the following statements is not true? Student Answer: Comparability means using the same accounting principles from year to year within

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ACCT 301 Week 2 Quiz (15 MCQ's)(TCO 1) Which of the following would not be considered an external user of accounting data forXYZ Company?Internal Revenue Service AgentManagementCreditorsCustomers(TCO 1) The cost of assets consumed or services used is also known as _________.a revenue.an expense.a liability.an asset.(TCO 1) The financial statement that summarizes the changes in retained earnings for a specificperiod of time is the _________.Student Answer: balance sheet.income statement.statement of cash flows.retained earnings statement.(TCO 1) Pinson Company began the year with retained earnings of $210,000. During the year,the company recorded revenues of $300,000, expenses of $228,000, and paid dividends of$24,000. What was Pinsons retained earnings at the end of the year?Student Answer: $306,000$258,000$486,000$282,000(TCO 4) Which of the following statements is not true?Student Answer: Comparability means using the same accounting principles from year to yearwithin a company.Reliability is the quality of information that gives assurance that it is free of error or bias.Relevant accounting information must be capable of making a difference in a d

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