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Equipment would appear on the: A) income statement with the revenues B) balance sheet wi

Equipment would appear on the:

A) income statement with the revenues

B) balance sheet with the long-term assets

C) balance sheet with the current assets

D) income statement with the operating expenses

32) Depreciation is normally associated with which asset on the balance sheet?

A) Land

B) accounts receivable

C) inventory

D) equipment

33) Cash would appear on the:

A) income statement with the revenues

B) retained earnings statement with the net income

C) balance sheet with the current assets

D) balance sheet with the current liabilities

34) Accounts payable would appear on the:

A) income statement with the expenses

B) retained earnings statement with the dividends

C) balance sheet with the current assets

D) balance sheet with the current liabilities

35) When accounting for cash collected from customers, the transaction would appear on the cash flow statement as a(an):

A) operating activity

B) financing activity

C) investing activity

D) activity that would not appear on the cash flow statement.

36) When a repurchase of shares is done by a company it:

A) increases the amount of owners' equity

B) decreases the amount of owners' equity

C) decreases the amount of total liabilities

D) increases the amount of total liabilities

37) All of the following are considered standard financial statements except the:

A) statement of earnings

B) statement of assets

C) statement of retained earnings

D) cash flow statement

38) The statement that presents a summary of the revenues and expenses of an entity is called the:

A) balance sheet

B) cash flow statement

C) statement of retained earnings

D) income statement

39) The income statement presents a summary of the:

A) revenues and expenses of an entity for a specific time period

B) assets and liabilities of an entity

C) cash inflows and outflows of an entity

D) changes that occurred in the shareholders' equity of an entity

40) Increases in shareholders' equity arise from:

A) investments by the owner

B) payment of dividends

C) net income earned during the period

Dec 09 2019 Read more Less More

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