test 20 questions this is a timed test and it needs to be do

test 20 questions this is a timed test and it needs to be done in 30 mins!!!!Question 1 By definition, which type of organization has stockholders?PartnershipsSole ProprietorshipsMerchandisersCorporations1 points   Question 2 The concept that dictates accountants to assume the business will continue to operate into the future is:Going ConcernMaterialityHistorical CostConservatism1 points   Question 3 TheMaximum Experience Company acquired a building for $500,000. MaximumExperience had an appraisal done and found that the building was worth$575,000. The seller had paid $300,000 for the building six years ago.Which accounting principle would prescribe that Maximum Experiencerecord the building on its records at $500,000?Revenue recognition principleBusiness entity principleCost principleGoing-concern principle1 points   Question 4 OnDecember 15, 2013, Myers Legal Services signed a $50,000 contract with aclient to provide legal services to the client in 2014. Whichaccounting principle would require Myers Legal Services to record thelegal fees revenue in 2014 and not 2013?Monetary unit principleCost principleRevenue recognition principleGoing-concern principle1 points   Question 5 MarianMosely is the owner of Mosely Accounting Services. Which accountingassumption requires Marian to keep her personal financial informationseparate from the financial information of Mosely Accounting Services?Cost assumptionBusiness entity assumptionGoing-concern assumptionFull disclosure assumption1 points   Question 6 The primary objective of financial accounting is to:Provide financial statements to help external users analyze and interpret an organization’s activities.Monitor and control company activities.Provide information on both the costs and benefits of managing products and services.Serve the decision-making needs of internal users.1 points   Question 7 Generally accepted accounting Principles:Intend to make information on the financial statements relevant, reliable, and comparable.Oversees Security and Exchange CommissionFocus on the review of a situation.Never change.1 points   Question 8 Which of the following is NOT a part of SOX?Public Company Accounting Oversight BoardIncludes standards for all United States boards, management, and accounting firmsAuditor independenceCorporate senior executives take responsibility for accuracy and completeness1 points   Question 9 All of the following are advantages of the corporate form of business EXCEPT:Limited liability of ownersEase of raising capitalFlow through taxation of ownersDouble taxation of dividends1 points   Question 10 The Income Statement shows:Assets, liabilities, and equity of a companyThe results of operations over a period of timeFinancial position of an organization at a point in timea reconciliation of the beginning and ending balance of the statement of retained earnings1 points   Question 11 The accounting equation is best stated as_Assets=Liabilities+EquityEquity=Liabilities-assetsLiabilities=Assets+EquityAssets=Liabilites-equity1 points   Question 12 Hunting& Fishing Corporation has revenues of $100,000, expenses of$80,000, and dividends of $12,000 for the year. What is their netincome?$20,000$92,000$112,000$88,0001 points   Question 13 Revenues, expenses and dividends are all a part of:LiabilitiesThe Income StatementAssetsRetained Earnings1 points   Question 14 Miranda opens her business by investing $12,000. How does this affect the accounting equation?Increase Cash and decrease EquityIncrease Cash and Increase EquityDecrease Cash and Increase EquityIncrease Equity and Decrease Liabilities1 points   Question 15 A net income or loss is originally shown on the:Balance SheetIncome statementStatement of Retained EarningsCash Flow Statement1 points   Question 16 Which of the following statements illustrates the accounting equation?Balance SheetCash Flow StatementIncome statementStatement of Retained Earnings1 points   Question 17 If equity is $300,000 and liabilities are $192,000, then assets equal:$492,000$108,000$192,000$300,0001 points   Question 18 Accounts payable appear on which of the following statements?Statement of cash flowsStatement of retained earningsBalance sheetIncome statement1 points   Question 19 Howwould the accounting equation of Boston Company be affected by thebilling of a client for $10,000 of consulting work completed? +$10,000 accounts receivable, +$10,000 cash.+$10,000 accounts receivable, +$10,000 revenue.+$10,000 accounts receivable, -$10,000 accounts payable.+$10,000 accounts receivable, +$10,000 accounts payable.1 points   Question 20 The financial statement that describes where a company’s cash came from and how it was spent during the period is the:Statement of cash flows.Income statement.Balance sheet.Statement of financial position.

test 20 questions this is a timed test and it needs to be do

test 20 questions this is a timed test and it needs to be done in 30 mins!!!!Question 1 By definition, which type of organization has stockholders?PartnershipsSole ProprietorshipsMerchandisersCorporations1 points   Question 2 The concept that dictates accountants to assume the business will continue to operate into the future is:Going ConcernMaterialityHistorical CostConservatism1 points   Question 3 TheMaximum Experience Company acquired a building for $500,000. MaximumExperience had an appraisal done and found that the building was worth$575,000. The seller had paid $300,000 for the building six years ago.Which accounting principle would prescribe that Maximum Experiencerecord the building on its records at $500,000?Revenue recognition principleBusiness entity principleCost principleGoing-concern principle1 points   Question 4 OnDecember 15, 2013, Myers Legal Services signed a $50,000 contract with aclient to provide legal services to the client in 2014. Whichaccounting principle would require Myers Legal Services to record thelegal fees revenue in 2014 and not 2013?Monetary unit principleCost principleRevenue recognition principleGoing-concern principle1 points   Question 5 MarianMosely is the owner of Mosely Accounting Services. Which accountingassumption requires Marian to keep her personal financial informationseparate from the financial information of Mosely Accounting Services?Cost assumptionBusiness entity assumptionGoing-concern assumptionFull disclosure assumption1 points   Question 6 The primary objective of financial accounting is to:Provide financial statements to help external users analyze and interpret an organization’s activities.Monitor and control company activities.Provide information on both the costs and benefits of managing products and services.Serve the decision-making needs of internal users.1 points   Question 7 Generally accepted accounting Principles:Intend to make information on the financial statements relevant, reliable, and comparable.Oversees Security and Exchange CommissionFocus on the review of a situation.Never change.1 points   Question 8 Which of the following is NOT a part of SOX?Public Company Accounting Oversight BoardIncludes standards for all United States boards, management, and accounting firmsAuditor independenceCorporate senior executives take responsibility for accuracy and completeness1 points   Question 9 All of the following are advantages of the corporate form of business EXCEPT:Limited liability of ownersEase of raising capitalFlow through taxation of ownersDouble taxation of dividends1 points   Question 10 The Income Statement shows:Assets, liabilities, and equity of a companyThe results of operations over a period of timeFinancial position of an organization at a point in timea reconciliation of the beginning and ending balance of the statement of retained earnings1 points   Question 11 The accounting equation is best stated as_Assets=Liabilities+EquityEquity=Liabilities-assetsLiabilities=Assets+EquityAssets=Liabilites-equity1 points   Question 12 Hunting& Fishing Corporation has revenues of $100,000, expenses of$80,000, and dividends of $12,000 for the year. What is their netincome?$20,000$92,000$112,000$88,0001 points   Question 13 Revenues, expenses and dividends are all a part of:LiabilitiesThe Income StatementAssetsRetained Earnings1 points   Question 14 Miranda opens her business by investing $12,000. How does this affect the accounting equation?Increase Cash and decrease EquityIncrease Cash and Increase EquityDecrease Cash and Increase EquityIncrease Equity and Decrease Liabilities1 points   Question 15 A net income or loss is originally shown on the:Balance SheetIncome statementStatement of Retained EarningsCash Flow Statement1 points   Question 16 Which of the following statements illustrates the accounting equation?Balance SheetCash Flow StatementIncome statementStatement of Retained Earnings1 points   Question 17 If equity is $300,000 and liabilities are $192,000, then assets equal:$492,000$108,000$192,000$300,0001 points   Question 18 Accounts payable appear on which of the following statements?Statement of cash flowsStatement of retained earningsBalance sheetIncome statement1 points   Question 19 Howwould the accounting equation of Boston Company be affected by thebilling of a client for $10,000 of consulting work completed? +$10,000 accounts receivable, +$10,000 cash.+$10,000 accounts receivable, +$10,000 revenue.+$10,000 accounts receivable, -$10,000 accounts payable.+$10,000 accounts receivable, +$10,000 accounts payable.1 points   Question 20 The financial statement that describes where a company’s cash came from and how it was spent during the period is the:Statement of cash flows.Income statement.Balance sheet.Statement of financial position.