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ACC 310 Unit 4 Quiz Answers - FOUNDATIONS OF ACCOUNTING

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ACC 310 FOUNDATIONS OF ACCOUNTING Unit 4 Quiz Answers

  1. The basic accounting equation may be expressed as 
  2. If the transaction causes an asset account to decrease, which of the following related effects may occur? 
  3. A balance sheet shows 
  4. Liabilities of a company are owed to 
  5. Which of the following choices is not correct? 
  6. A dividend is 
  7. If total liabilities decreased by $50,000 and stockholders' equity increased by $30,000 during a period of time, then total assets must change by what amount and direction during that same period? 
  8. If expenses are paid in cash, then 
  9. On June 1, Jerry’s Boat Corp. reported stockholders' equity of $85,000. During June, common stock of $3,500 was issued and the company earned net income of $17,000. If stockholders' equity at June 30 totals $93,000, what amount of dividends were paid during the month? 
  10. At October 1, Arcade Fire Enterprises reported stockholders' equity of $70,000. During October, no stock was issued and the company earned net income of $18,000. If stockholders' equity at October 31 totals $78,000, what amount of dividends were paid during the month? 
  11. Centro-matic Company began the year with stockholders' equity of $30,000. During the year, Centro-matic issued additional shares of stock in exchange for cash of $42,000, recorded expenses of $120,000, and paid dividends of $8,000. If Centro-matic’s ending stockholders' equity was $112,000, what was the company’s revenue for the year? 
  12. Black Keys Company began the year with stockholders' equity of $280,000. During the year, the company recorded revenues of $375,000, expenses of $285,000, and paid dividends of $30,000. What was Black Keys’ stockholders' equity at the end of the year? 

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