Home / Questions / .Which of the following transactions does not involve an exchange of value
.Which of the following transactions does not involve an exchange of value?
|
a. |
Loss from theft |
|
b. |
Purchase of a building on credit |
|
c. |
Payment of a debt |
|
d. |
Borrowing money |
111.An accounting measurement is concerned with all except which of the following?
|
a. |
Separate entity |
|
b. |
Financial position |
|
c. |
Business transaction |
|
d. |
Money measure |
112.The separate entity concept requires that
|
a. |
transactions that involve an exchange of value be kept separate from those that do not. |
|
b. |
the personal assets and liabilities of an owner not be shown on the business's financial statements. |
|
c. |
tax records be kept separate from financial reporting records. |
|
d. |
a separate set of books be established for each segment of a business. |
113.The topic of foreign exchange rates relates most closely to the concept of
|
a. |
business transactions. |
|
b. |
separate entity. |
|
c. |
money measure. |
|
d. |
nonexchange transactions. |
114.All of the following are considered nonexchange transactions except
|
a. |
the wear and tear on machinery. |
|
b. |
losses from fire, flood, and theft. |
|
c. |
the sale of goods and services. |
|
d. |
the day-by-day accumulation of interest. |
115.Which of the following transactions involves an exchange of value?
|
a. |
Wear and tear on equipment |
|
b. |
Accumulation of interest |
|
c. |
Sale of services |
|
d. |
Flood loss |
116.Which of the following is legally a separate entity from its owner(s)?
|
a. |
Partnership only |
|
b. |
Sole proprietorship only |
|
c. |
Corporation only |
|
d. |
Sole proprietorship and partnership only |
117.Most business enterprises in the United States are
|
a. |
corporations. |
|
b. |
partnerships. |
|
c. |
sole proprietorships. |
|
d. |
government units. |
118.Which of the following is considered by accountants to be a separate entity from its owner(s)?
|
a. |
Sole proprietorship, partnership, and corporation |
|
b. |
Corporation only |
|
c. |
Partnership only |
|
d. |
Sole proprietorship only |
119.Dividends of a corporation are declared by its
|
a. |
creditors. |
|
b. |
board of directors. |
|
c. |
officers. |
|
d. |
stockholders. |
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