How do revenues for a period relate to the beginning and ending balances in retained earnings?
A) Revenues will increase the beginning balance of retained earnings for the period.
B) Revenues will decrease the beginning balance of retained earnings for the period.
C) Revenues less expenses will either increase or decrease the beginning balance of retained earnings for the period.
D) Revenues less expenses will either increase or decrease the ending balance of retained earnings for the period.
12) Which of the following best describes a liability?
A) Liabilities are a form of share capital.
B) Liabilities are future economic benefits to which a company is entitled.
C) Liabilities are accounts receivable of the company.
D) Liabilities are economic obligations to creditors to be paid at some future date by the company.
13) Shareholders' equity for Raisin Corporation on January 1, 2010 and December 31, 2010 were $60,000 and $75,000, respectively. Assets on January 1, 2010 and December 31, 2010 were $115,000 and $105,000, respectively. Liabilities on January 1, 2010 were $55,000. What is the amount of liabilities on December 31, 2010?
D) indeterminable from the given information
A) always affect net income
B) are distributions to shareholders of assets (usually cash) generated by net income
C) are expenses
D) are distributions to shareholders of assets (usually cash) generated by a favourable balance in retained earnings
15) A form of the accounting equation can be stated as Assets - Liabilities = Share capital + Retained earnings.
16) The accounting equation must always be in balance.
17) Liabilities are often referred to as "outsider claims" and owners' equity as "insider claims" to assets.
18) Shareholders' equity is often referred to as "net assets" and represents the residual amount of business assets that can be claimed by the owners.
19) The basic component of share capital is retained earnings.
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