ACC 205 Week 1 Quiz

Feb 3rd, 2012
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Ashford University
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Grading SummaryThese are the automatically computed results of your exam. Grades for essay questions, and comments from your instructor, are in the "Details" section below.Date Taken:Time Spent:1 h , 01 min , 18 secsPoints Received:10 / 10 (100%)Question Type:# Of Questions:# Correct:True/False11Multiple Choice99Grade Details1.Question :A business purchases equipment for cash in the amount of $8,000. Which account is credited?Student Answer:CashAccounts payableUtilities expenseEquipmentPoints Received:1 of 1Comments:2.Question :By definition, which of the following represents the owners of a corporation?Student Answer:CustomersCreditorsStockholdersEmployeesPoints Received:1 of 1Comments:3.Question :The business receives cash from a customer that is owed to the company "on account," based on services rendered to the customer previously. How does the collection of the cash affect the accounting equation?Student Answer:Assets increase; owner's equity increases.Assets increase; liabilities increase.One asset increases; one asset decreases.Assets decrease; owner's equity decreases.Points Received:1 of 1Comments:4.Question :A debt that a business owes to an outside party is called:Student Answer:an asset.a liability.stockholders' equity.revenue.Points Received:1 of 1Comments:5.Question

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