Practice Quiz 2B
Complete the following quiz for the lesson: General Purpose Financial Statements
1 point
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If assets decreased by $12,000 during a year and owners' equity increased by $4,000, then liabilities must have *
1 point
For the current accounting year, beginning and ending total liabilities were $15,000 and $31,000, respectively. At year-end, owner's equity amounted to $29,000, and total assets were $21,000 larger than at the beginning of the year. If the owner's capital contributions for the year amounted to $5,000 and dividends paid to owners totaled $2,000, net income or net loss for the year was *
1 point
During the current year, assets increased from $11,000 to $19,000, and liabilities decreased from $9,000 to $7,500. If no additional capital contributions were made during the year, dividends totaled $4,000, and expenses totaled $21,000, determine total revenues for the year? *
1 point
The financial statements interrelate in the sense that *
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Which of the following financial statements reflect activity for a period of time (month, quarter or year)? *
1 point
A building owned by a business would not be classified as a current asset unless *
1 point
Which of the following is directly reflected in a statement of retained earnings? *
1 point
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