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11) The owner(s) of a business will most likely face "double taxation" if their business is organized as a(n): A) corporation. B) LLC. C) partnership. D) proprietorship. 12) The ability to raise large amounts of capital is a key characteristic of a: A) partnership. B) not-for-profit. C) corporation. D) proprietorship. 13) The separation between the owners and the managers of.

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11) Which of the following accounts does cash-basis accounting ignore? A) Payables B) Revenue C) Cash D) Expenses 12) Which of the following entries would be recorded ONLY if a company is using the accrual method of accounting? A) Cash 1,000      Accounts receivable 1,000 B) Salary expense 1,000      Cash 1,000 C) Cash 1,000      Service revenue 1,000 D) Supplies 1,000      Cash 1,000 13) Which of the following entries would be recorded if a.

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Learning Objective 1-2 1) Managerial accounting focuses on information for decision makers outside the company, such as creditors and taxing authorities. 2) Business owners use accounting information to set goals, evaluate progress toward those goals, and take corrective action when needed. 3) Outside investors would ordinarily use financial accounting information to decide.

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29) Which of the following is the correct order of steps to journalize an entry? A) Identify each account affected, determine increase or decrease in each account, record the transaction. B) Identify each account affected, record the transaction, determine increase or decrease in each account. C) Record the transaction, identify each account affected,.

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11) Martin Supply Co. paid $350 cash to a materials supplier that it owed from the previous month.  What is the effect of the cash payment on the accounts of the company? A) Materials account increases; Retained earnings account decreases. B) Cash account decreases; Accounts payable increases. C) Accounts payable increases; Retained earnings.

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34) Which of the following journal entries would be recorded if a business renders service and receives cash of $400 from the customer? A) Service revenue 400      Cash 400 B) Service revenue 400      Accounts payable 400 C) Cash 400      Service revenue 400 D) Service revenue 400      Accounts receivable 400 35) Which of the following journal entries would be recorded if a business makes a cash payment to.

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24) Adjusting entries NEVER involve: A) expenses. B) cash. C) liabilities. D) revenues. 25) If an adjusting entry includes a debit to Rent expense, that would indicate that the payment of rent had been previously recorded as a(n) ________ entry. A) prepaid expense B) depreciation C) accrued expense D) accrued revenue 26) An entry that reflects the using up of.

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15) The business collects a $5,000 account receivable from its customer. How is the accounting equation affected? A) Assets increase $5,000; liabilities decrease $5,000. B) One asset increases by $5,000; another asset decreases $5,000. C) Assets increase $5,000; liabilities increase $5,000. D) Assets increase $5,000; stockholders' equity increases $5,000. 16) Total liabilities increase by $7,000..

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11) Which of the following are MOST likely to be users of managerial accounting information? A) Potential investors B) Creditors C) Customers D) Company managers 12) Which of the following are likely to be users of financial accounting information? A) Taxing authorities B) Creditors C) Potential investors D) All of the above Learning Objective 1-3 1) The AICPA's Code of.

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21) A trial balance is a list of all of the accounts with their balances. 22) Expenses are increases in stockholders' equity caused by providing goods or services for customers. 23) Which of the following is the detailed record of the changes in a particular asset, liability, or stockholders' equity? A) Journal B) Trial.

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5) In accounting, the matching principle means to match which of the following? A) Revenues to liabilities B) Expenses to assets C) Expenses to revenues D) Expenses to liabilities 6) The matching principle means which of the following? A) Revenues are subtracted from expenses. B) Expenses are subtracted from revenues. C) Assets are subtracted from liabilities. D) Liabilities are.

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14) The following is the ending month's balances for Toys Galore. Accounts payable $6,790 Revenues 8,680 Cash 4,500 Expenses 1,050 Furniture 8,370 Accounts receivable 7,710 Common stock 930 Notes payable 5,230 What is the total amount of debits for the trial balance? A) $21,630 B) $16,400 C) $20,580 D) $30,310 15) The following is the ending month's balances for Toys Galore. Accounts payable $6,790 Revenues 8,680 Cash 4,500 Expenses 1,050 Furniture 8,370 Accounts receivable 7,710 Common stock 930 Notes payable 5,230 What is the net income for Toys Galore.

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23) A business makes a cash payment for advertising expense. Which account is debited? A) Cash B) Service revenue C) Accounts receivable D) Advertising expense 24) A business makes a cash payment for advertising expense. Which account is credited? A) Cash B) Service revenue C) Accounts receivable D) Advertising expense 25) A business pays out cash dividends to shareholders. Which.

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9) Accounting standards are formulated by the: A) SEC. B) AICPA. C) FASB. D) IRS. 10) The Sarbanes-Oxley Act ("SOX") made it a criminal offense to: A) steal shareholders' money. B) default on loans from creditors. C) declare bankruptcy. D) falsify financial information. 11) Which of the following organizations requires publicly owned companies to be audited by independent accountants (CPAs)? A).

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5) Assets are $150,000 and total liabilities are $90,000. Total stockholders' equity will be: A) $180,000. B) $300,000. C) $240,000. D) $60,000. 6) Assets are $270,000 and stockholders' equity is $90,000. Liabilities will be: A) $60,000. B) $360,000. C) $270,000. D) $180,000. 7) A business performs services for its customers. Payment is expected to be received next month. How does.

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11) Which of the following accounts is a stockholders' equity account? A) Accrued liability B) Accounts payable C) Prepaid expense D) Retained earnings 12) Prepaid expenses are recorded as: A) assets. B) liabilities. C) debits and credits. D) retained earnings. 13) In a typical chart of accounts, liabilities appear before assets. 14) In a typical chart of accounts, what information is.

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