Bloom's: Remembering ACCT.WARD.16.01-03 - 01-03 LEARNING OBJECTIVES: ACCT.ACBSP.APC.06 - Recording Transactions ACCREDITING STANDARDS: ACCT.ACBSP.APC.16 - Current Liabilities Reporting ACCT.AICPA.FN.03 Measurement – BUSPROG: Analytic The accounting equation may be expressed as Assets = Equities Liabilities − Assets + Liabilities = Stockholders' Equity Assets = Revenues Liabilities − Assets Liabilities = Stockholders' Equity − d ANSWER: Easy DIFFICULTY: Bloom's: Remembering ACCT.WARD.16.01-03 - 01-03 LEARNING OBJECTIVES: ACCT.ACBSP.APC.06 - Recording Transactions ACCREDITING STANDARDS: ACCT.AICPA.FN.03 Measurement – BUSPROG: Analytic Which of the following is not an asset? investments cash inventory stockholders' equity d ANSWER: Easy DIFFICULTY: Bloom's: Remembering ACCT.WARD.16.01-03 - 01-03 LEARNING OBJECTIVES: ACCT.ACBSP.APC.06 - Recording Transactions ACCREDITING STANDARDS: ACCT.AICPA.FN.03 Measurement – BUSPROG: Analytic The assets and liabilities of a company are $128,000 and $84,000, respectively. Stockholders' equity should equal $212,000 $44,000 $128,000 $84,000 b ANSWER: Assets Liabilities + Equity RATIONALE: = Stockholders’ $128,000 $84,000 + Equity = Stockholders’ Equity = $44,000 Stockholders’ Easy DIFFICULTY: Bloom's: Applying ACCT.WARD.16.01-03 - 01-03 LEARNING OBJECTIVES: ACCT.ACBSP.APC.06 - Recording Transactions ACCREDITING STANDARDS: ACCT.AICPA.FN.03 Measurement – BUSPROG: Analytic
Bloom's: Remembering LEARNING OBJECTIVES: ACCT.WARD.16.01-03 - 01-03 ACCREDITING STANDARDS: ACCT.ACBSP.APC.06 - Recording Transactions ACCT.ACBSP.APC.16 - Current Liabilities Reporting ACCT.AICPA.FN.03 – Measurement BUSPROG: Analytic The accounting equation may be expressed as Assets = Equities − Liabilities Assets + Liabilities = Stockholders' Equity Assets = Revenues − Liabilities Assets − Liabilities = Stockholders' Equity ANSWER: d DIFFICULTY: Easy Bloom's: Remembering LEARNING OBJECTIVES: ACCT.WARD.16.01-03 - 01-03 ACCREDITING STANDARDS: ACCT.ACBSP.APC.06 - Recording Transactions ACCT.AICPA.FN.03 – Measurement BUSPROG: Analytic Which of the following is not an asset? investments cash inventory stockholders' equity ANSWER: d DIFFICULTY: Easy Bloom's: Remembering LEARNING OBJECTIVES: ACCT.WARD.16.01-03 - 01-03 ACCREDITING STANDARDS: ACCT.ACBSP.APC.06 - Recording Transactions ACCT.AICPA.FN.03 – Measurement BUSPROG: Analytic The assets and liabilities of a company are $128,000 and $84,000, respectively. Stockholders' equity should equal $212,000 $44,000 $128,000 $84,000 ANSWER: b RATIONALE: Assets = Liabilities + Stockholders’ Equity $128,000 = $84,000 + Stockholders’ Equity Stockholders’ Equity = $44,000 DIFFICULTY: Easy Bloom's: Applying LEARNING OBJECTIVES: ACCT.WARD.16.01-03 - 01-03 ACCREDITING STANDARDS: ACCT.ACBSP.APC.06 - Recording Transactions ACCT.AICPA.FN.03 – Measurement BUSPROG: Analytic
FinMan_Chapter_01_Introduction_to_Accounting_and_Business.docx