Equity decreases with expenses and revenues. Indicate whether the statement is true or false ANSWER FALSE
Date: September 2nd, 2020
The three types of events that affect retained earnings are dividends, revenues, and expenses. Indicate whether the statement is true or false ANSWER TRUE
Date: September 2nd, 2020
Dividends are the expenses of a business. Indicate whether the statement is true or false ANSWER FALSE
Date: September 2nd, 2020
Distribution of dividends represents increases in retained earnings. Indicate whether the statement is true or false ANSWER FALSE
Date: September 2nd, 2020
Common stock represents the basic ownership of every corporation. Indicate whether the statement is true or false ANSWER TRUE
Date: September 2nd, 2020
The owners’ claims to the assets of the business are called ________. A) return on assets B) expenses C) equity D) debt ANSWER C
Date: September 2nd, 2020
Jackson Plumbing Services earned $500 by completing a job for Smith Company. The $500 earned by Jackson Plumbing Services is its ________. A) revenue B) equity C) gain D) debt ANSWER A
Date: September 2nd, 2020
International Financial Reporting Standards are comparatively more specific and more rule-based than U.S. GAAP. Indicate whether the statement is true or false ANSWER FALSE
Date: September 2nd, 2020
International Financial Reporting Standards ________ U.S. Generally Accepted Accounting Principles. A) are the same as B) are generally less specific than C) are based less on principle than D) leave less room for professional judgment than ANSWER B
Date: September 2nd, 2020
The Public Company Accounting Oversight Board is a watchdog agency that monitors the work of independent accountants who audit public companies. Indicate whether the statement is true or false ANSWER TRUE
Date: September 2nd, 2020
