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Quiz for ACIS 2115 - Principles of Accounting at Virginia Tech (VT)

Quiz Information

Material Type:Quiz 1
Professor:Staff
Class:ACIS 2115 - Principles of Accounting
Subject:Accounting & Information Systems
University:Virginia Polytechnic Institute And State University
Term:Fall 2005
Keywords:
  • Cash Transactions
  • Information Pertains
  • Cash Dividend
  • National Bank
  • Balance Sheet Income
  • Application
  • Income Statement
  • The Income Statement
  • Acis 2115 Quiz
  • Comprehensive
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Sample Document Text

ACIS 2115 Quiz 1 1. Z Company borrowed $500 cash from the National Bank. As a result of this transaction, Z Company's a. equity would increase by $500. b. liabilities would decrease by $500. c. assets would increase by $500. d. revenue would decrease by $500. 2. Which of the following illustrates how a cash dividend affects a company's financial statements? Balance Sheet Income Statement Statement of Assets = Liab. + Equity Rev. ? Exp. = Net Inc. Cash Flow a. + n/a + n/a n/a n/a + FA b. + n/a + + n/a + + OA c. ? n/a ? n/a + ? ? OA d. ? n/a ? n/a n/a n/a ? FA The following information pertains to the next three questions. At the beginning of 2003, X Company had assets of $300, liabilities of $150, and common stock of $50. During 2003 the company earned revenue of $400, incurred expenses of $250, and paid dividends of $100. Liabilities and common stock did not change during 2003. All transactions were ca...

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