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    Chapter 01 QS 1-14-16 Accounting in Business

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    Sharmi la
    The document appears to be a quiz on accounting concepts from Chapter 1. It contains multiple choice and short answer questions testing understanding of: 1) How different transactions affect the accounting equation components of assets, liabilities, and equity. 2) Which financial statements various accounting items would be reported in such as the income statement, statement of equity, or balance sheet. 3) Calculating revenues, expenses, profits, assets, liabilities, and equity amounts based on information provided. The quiz covers basic accounting concepts including the accounting equation and financial statements.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd

    Chapter 01 QS 1-14-16 Accounting in Business

    Uploaded by

    Sharmi la
    140 views10 pages
    The document appears to be a quiz on accounting concepts from Chapter 1. It contains multiple choice and short answer questions testing understanding of: 1) How different transactions affect the accounting equation components of assets, liabilities, and equity. 2) Which financial statements various accounting items would be reported in such as the income statement, statement of equity, or balance sheet. 3) Calculating revenues, expenses, profits, assets, liabilities, and equity amounts based on information provided. The quiz covers basic accounting concepts including the accounting equation and financial statements.

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    The document appears to be a quiz on accounting concepts from Chapter 1. It contains multiple choice and short answer questions testing understanding of: 1) How different transactions affect the accounting equation components of assets, liabilities, and equity. 2) Which financial statements various accounting items would be reported in such as the income statement, statement of equity, or balance sheet. 3) Calculating revenues, expenses, profits, assets, liabilities, and equity amounts based on information provided. The quiz covers basic accounting concepts including the accounting equation and financial statements.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    140 views10 pages

    Chapter 01 QS 1-14-16 Accounting in Business

    Uploaded by

    Sharmi la
    The document appears to be a quiz on accounting concepts from Chapter 1. It contains multiple choice and short answer questions testing understanding of: 1) How different transactions affect the accounting equation components of assets, liabilities, and equity. 2) Which financial statements various accounting items would be reported in such as the income statement, statement of equity, or balance sheet. 3) Calculating revenues, expenses, profits, assets, liabilities, and equity amounts based on information provided. The quiz covers basic accounting concepts including the accounting equation and financial statements.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 10

    6/1/23, 6:02 PM Chapter 01 QS 1-14-16 Accounting in Business

    Chapter 01 QS 1-14-16 Accounting in


    Business
    Total points 15/36

    Email *

    [email protected]

    0 of 0 points

    Full Name *

    Sharmila Manoharan

    Chapter 01 QS 1-14 4 of 15 points

    QS 1-14 Uses of accounting LO7

    For each transaction Described, identify which component of the accounting equation
    increases and/or decreases.

    https://docs.google.com/forms/d/e/1FAIpQLSdIgILnVzqAekiAQnRfGtWmB056BWjgHayw3c7qhyRHNn_4xA/viewscore?viewscore=AE0zAgBAK5DS… 1/10
    6/1/23, 6:02 PM Chapter 01 QS 1-14-16 Accounting in Business

    A credit customer paid his account. *

    Increase decreases N/A Score

    Assets 1/1

    Liabilities 0/1

    Equty 0/1

    Supplies were purchased on credit. *

    Increase decreases N/A Score

    Assets 1/1

    Liabilities 1/1

    Equty 0/1

    https://docs.google.com/forms/d/e/1FAIpQLSdIgILnVzqAekiAQnRfGtWmB056BWjgHayw3c7qhyRHNn_4xA/viewscore?viewscore=AE0zAgBAK5DS… 2/10
    6/1/23, 6:02 PM Chapter 01 QS 1-14-16 Accounting in Business

    The balance owing regarding the supplies purchased in part above was paid. *

    Increase decreases N/A Score

    Assets 0/1

    Liabilities 0/1

    Equty 0/1

    Last month telephone bill was received today. It will be paid on due date, which is *
    10 days from now.

    Increase decreases N/A Score

    Assets 1/1

    Liabilities 0/1

    Equty 0/1

    https://docs.google.com/forms/d/e/1FAIpQLSdIgILnVzqAekiAQnRfGtWmB056BWjgHayw3c7qhyRHNn_4xA/viewscore?viewscore=AE0zAgBAK5DS… 3/10
    6/1/23, 6:02 PM Chapter 01 QS 1-14-16 Accounting in Business

    Paid the employees their weekly wage. *

    Increase decreases N/A Score

    Assets 0/1

    Liabilities 0/1

    Equty 0/1

    Chapter 01  QS 1-15 11 of 14 points

    Read the Question from the Book QS 1-15 LO 5, 8

    Supplies - $10 * 1/1

    Income statement

    Statement of changes in equity

    Balance sheet

    Supplies expense - $22  * 1/1

    Income statement

    Statement of changes in equity

    Balance sheet

    https://docs.google.com/forms/d/e/1FAIpQLSdIgILnVzqAekiAQnRfGtWmB056BWjgHayw3c7qhyRHNn_4xA/viewscore?viewscore=AE0zAgBAK5DS… 4/10
    6/1/23, 6:02 PM Chapter 01 QS 1-14-16 Accounting in Business

    Accounts receivable - $25 * 0/1

    Income statement

    Statement of changes in equity

    Balance sheet

    Accounts payable - $12 * 0/1

    Income statement

    Statement of changes in equity

    Balance sheet

    Equipment - $40 * 1/1

    Income statement

    Statement of changes in equity

    Balance sheet

    Tim Roadster's withdrawals in April - $35 * 1/1

    Income statement

    Statement of changes in equity

    Balance sheet

    https://docs.google.com/forms/d/e/1FAIpQLSdIgILnVzqAekiAQnRfGtWmB056BWjgHayw3c7qhyRHNn_4xA/viewscore?viewscore=AE0zAgBAK5DS… 5/10
    6/1/23, 6:02 PM Chapter 01 QS 1-14-16 Accounting in Business

    Notes payable - $30 * 1/1

    Income statement

    Statement of changes in equity

    Balance sheet

    Utilities expense - $10 * 1/1

    Income statement

    Statement of changes in equity

    Balance sheet

    Furniture - $20 * 1/1

    Income statement

    Statement of changes in equity

    Balance sheet

    Revenue - $70 * 1/1

    Income statement

    Statement of changes in equity

    Balance sheet

    https://docs.google.com/forms/d/e/1FAIpQLSdIgILnVzqAekiAQnRfGtWmB056BWjgHayw3c7qhyRHNn_4xA/viewscore?viewscore=AE0zAgBAK5DS… 6/10
    6/1/23, 6:02 PM Chapter 01 QS 1-14-16 Accounting in Business

    Rent revenue - $35 * 1/1

    Income statement

    Statement of changes in equity

    Balance sheet

    Salaries expense - $45 * 1/1

    Income statement

    Statement of changes in equity

    Balance sheet

    Tim Roadster's investments in April - $60 * 1/1

    Income statement

    Statement of changes in equity

    Balance sheet

    Profit - $28 * 0/1

    Income statement

    Statement of changes in equity

    Balance sheet

    https://docs.google.com/forms/d/e/1FAIpQLSdIgILnVzqAekiAQnRfGtWmB056BWjgHayw3c7qhyRHNn_4xA/viewscore?viewscore=AE0zAgBAK5DS… 7/10
    6/1/23, 6:02 PM Chapter 01 QS 1-14-16 Accounting in Business

    Chapter 01  QS 1-16 0 of 7 points

    Using the information from QS 1-15, calculate the each of the following financial statement
    elements.

    Total revenues * ···/1

    4100

    Total operating expense * ···/1

    1700

    Profit * ···/1

    8400

    Total assets * ···/1

    18000

    Total liabilities * ···/1

    6200

    https://docs.google.com/forms/d/e/1FAIpQLSdIgILnVzqAekiAQnRfGtWmB056BWjgHayw3c7qhyRHNn_4xA/viewscore?viewscore=AE0zAgBAK5DS… 8/10
    6/1/23, 6:02 PM Chapter 01 QS 1-14-16 Accounting in Business

    Tim Roadster, capital (April 30, 2020) * ···/1

    10000

    Total liabilities and equity * ···/1

    18000

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    https://docs.google.com/forms/d/e/1FAIpQLSdIgILnVzqAekiAQnRfGtWmB056BWjgHayw3c7qhyRHNn_4xA/viewscore?viewscore=AE0zAgBAK5DS… 9/10
    6/1/23, 6:02 PM Chapter 01 QS 1-14-16 Accounting in Business

    https://docs.google.com/forms/d/e/1FAIpQLSdIgILnVzqAekiAQnRfGtWmB056BWjgHayw3c7qhyRHNn_4xA/viewscore?viewscore=AE0zAgBAK5D… 10/10

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