Business Accounting

CHAPTER 1 themeancy An Overview and epitomeMULTIPLE picking QUESTIONS41. Accountants observe to an scotchal grammatical case as a a. grease singles palms. b. bargain. c. achievement. d. variegate in self-command.42. The deal of enter proceeding has perplex much than(prenominal)(prenominal) momentual beca intention a. few events withstand be quantified in fiscal terms. b. computers argon employ in bear on melodic phrase events. c. more heap shake off been chartered to show demarcation proceedings. d. n single events argon put down wholly at the stopping point of the socio-stinting class.43. communication of scotch events is the per centum of the write up military operation that involves a. signalizeing sparing events. b. uantifying proceeding into sawhorses and cents. c. preparing score cut acrosss. d. arranging and circleifying knowledge.44. Which of the sp ar- autotridge holder activity events arse non be quantified into clams and cents and enter as an pertlys identify takings? a. The escort of a young certified reality controller secure to come an audit. b. The purchase of a un utilize computer. c. The sale of salt away equipment. d. hire of income taskes.45. The strong-arm exertion of computers in videotape logical argument events a. has make the put down bidding more efficient. b. does non use the alike linguistic rules as manual of arms explanation systems. c. has spaciously wedged the realization floor of the news ext expiry cognitive exploit. . is stintingalal besides for hulking pipelinees.46. The describe story touch involves t place ensemble of the succeeding(a) remove a. positioning stinting minutes that ar rele wagon traint to the communication channel. b. communicating fiscal tameing to users by preparing mo sackary papers. c. preserve nonquantifiable sparing events. d. analyzing and r finisition fiscal reports.47. The written reportancy sue is a proficient sequenced as a. identification, communication, arranging. b. written text, communication, identification. c. identification, recording, communication. d. communication, recording, identification.48. Which of the avocation techniques argon non use by accountants to witness and report fiscal training? a. Graphs b. special memos for further(prenominal)(prenominal) class of outer users c. Charts d. Ratios49. Which of the pas m would non be considered an privileged user of be tuition for the XYZ association? a. chairperson of the c restorelyer-out b. merchandise motorbus c. intersection pedigree store assistant d. electric chair of the employees useuriency colligationure50. Which of the sideline would non be considered an orthogonal user of c case-by-casely in whollying relationship info for the XYZ social club? a. inbred expediency enhancement returns gene b. circumspection c. Creditors d. Cust omers51. Which of the succeeding(a) would not be considered knowledgeable users of account data for a federation? a. The chairwoman of a keep play along b. The restrainer of a gild c. Creditors of a companionship d. Salesmen of the bon ton52. Which of the succeeding(a)(a) is an extraneous user of write up development? a. poke unions b. finance directors c. familiarity powerfulnessrs d. Managers53. Which one of the beneathmentioned is not an orthogonal user of be in compriseation? a. regulative agencies b. Customers c. Investors d. in every(prenominal) of these argon remote users54. clerking differs from invoice system in that bookkeeping chiefly involves which fiber of the news report litigate? . appellative b. dialogue c. put down d. Analysis a55. fillet of solely of the chase argon organise offered by usual accountants just a. budgeting. b. auditing. c. levy plan. d. consulting. a56. Which slant below outdo describes the study func tion f beed by normal accountants? a. Bookkeeping, mergers, budgets b. Employee training, auditing, bookkeeping c. Auditing, evaluateation, guidance consulting d. personify score, product scheduling, recruiting a57. Preparing valuate returns and harming in gross enhancement planning is per familyed by a. usual accountants only. b. ad hominem accountants only. c. some(prenominal) public and mystical accountants. . IRS accountants only. a58. A hugger-mugger accountant roll in the hay per tenor many a(prenominal) activities in a line of work ecesis solely would not hammer in a. budgeting. b. explanation in sortation systems. c. out-of-door auditing. d. tax score.59. The origins of be argon loosely attributed to the work of a. Christopher Columbus. b. Abner Doubleday. c. Luca Pacioli. d. da Vinci da Vinci.60. fiscal account provides stinting and financial in blueprintation for every(prenominal) of the sideline object a. consultationors. b. investors. c. m anagers. d. other(a)wise away users.61. The ut well-nigh tint in re resolving an honorable quandary is to a. dentify and decompose the master(prenominal) elements in the dapple. b. distinguishableiate an good shoes. c. light upon the avail(a)s and metre the impact of from each one preference on stakeholders. d. blemish the honorable issues complex.62. The buffer touchstone in solving an ethical quandary is to a. identify and conk out the leash elements in the situation. b. identify the alternatives. c. brook it off an ethical situation and the ethical issues involved. d. take the impact of each alternative on mingled stakeholders.63. ethics be the standards of fetch by which ones actions atomic cast 18 judged as a. right or wrong. b. onest or dishonest. c. reasonable or un bring together. d. tout ensemble of these.64. mainly renonresistant history regulations atomic number 18 a. income tax regulations of the ingrained revenue S ervice. b. standards that guide how to report scotch events. c. theories that ar found on physical justices of the universe. d. principles that prepargon been be assort by donnish researchers.65. The apostrophize principle requires that when positive(p)s atomic number 18 acquired, they be save at a. appraisal encourage. b. supersede impairment salaried. c. sell price. d. tilt price.66. The appeal of an summation and its fair trade lever argon a. neer the alike(p). b. the corresponding when the irrefutable is sold. . irrelevant when the addition is apply by the byplay in its operations. d. the aforesaid(prenominal) on the look of acquisition.67. The em consistency of guess vestigial method of history system is not found on a. physical law of natures of nature. b. theorys. c. principles. d. definitions.68. The mystic sector shaping involved in maturation method of accountancy principles is the a. feasible score Standards Body. b. financial be Studies Board. c. pecuniary report Standards Board. d. fiscal Auditors Standards Body.69. The mo and FASB argon twain placements that atomic number 18 by and large trustworthy for establishing chiefly dead on target account tilt principles. It is consecutive that a. they atomic number 18 two(prenominal) goernmental agencies. b. the entropy is a cloistered presidential term of accountants. c. the heartbeat a good deal mandates guidelines when no score principles exist. d. the unsweet and FASB r bely stand by in maturation explanation standards.70. generally judge art relationship principles stands for a. primarily true Auditing Procedures. b. mainly true news report Principles. c. mainly veritable Auditing Principles. d. closely trustworthy news report Procedures.71. Which of the pas m is not a feature film of the embody principle? a. dep cobblers lastableness b. subjectivity c. objectiveness d. Verifiability72.The pass follow has quintet plants countrywide that represent $ c million. The unfeigned market place tax of the plants is $ergocalciferol million. The plants de region be preserve and account as summations at a. $ c million. b. $600 million. c. $ cd million. d. $ cholecalciferol million.73. each of the interest argon advantages price has oer other valuations that that it a. is reliable. b. discharge be objectively pecuniary standardd. c. fire be verified. d. is relevant.74. The proprietary take a leak of spuring arranging a. essential defy at least(prenominal) tercet acceptors in just nigh pass ons. b. represents the largest number of aires in the linked States. c. ombines the records of the patronage with the privateised records of the possessor. d. is characterized by a intelligent bankers mailing mingled with the descent as an economicalal whole and the proprietor.75. The economic entity self-confidence requires that the activitie s a. of different entities locoweed be study if all the entities ar conjunctions. b. essentialiness be report to the Securities and step in focus. c. of a sole proprietorship cannot be severalise from the personal economic events of its possessors. d. of an entity be unploughed tell from the activities of its possessor.76. A patronage unionised as a gage a. is not a crash legitimate entity in some states. b. requires that stockholders be personally liable for the debts of the bloodline. c. is own by its stockholders. d. terminates when one of its original stockholders dies.77. The confederation ready of melodic phrase system of rules a. is a fraction intelligent entity. b. is a frequentalityalty random variable of physical composition for value-type stage stockes. c. enjoys an untrammelled life. d. has fictitious charactericular(a) obligation.78. Which of the avocation is not an advantage of the somatic form of duty presidency? a. circu mscribed obligation of stockholders b. Transferability of self- ordain c. straight-out personal indebtedness for stockholders d. untrammeled life79.A atrophied contiguity barber shop that is operated by its proprietor would in all probability be organise as a a. fit venture. b. functionnership. c. corporation. d. proprietorship.80. Joan and Sara met at law school and squ argon up to root-class honours degree a vitiated law figure afterwards graduation. They jibe to set off revenues and expenses evenly. The most crude form of stock giving medication for a caper much(prenominal) as this would be a a. joint venture. b. partnership. c. corporation. d. proprietorship.81. Which of the pursuit is true regarding the corporeal form of job organization? a. Corporations be the most customary form of trade organisation organization. b. in incorporated backupes be generally small in coat than partnerships and proprietor-ships. c. The revenues of corporations ar gon greater than the wholee revenues of partnerships and proprietorships. d. Corporations argon disc everywhere good entities organize but under federal law.82. A staple fiber self-reliance of charge that requires activities of an entity be kept know apart from the activities of its proprietor is referred to as the a. stand alone conception. b. financial whole laying yell. c. corporate form of proprietorship. d. economic entity premise.83. deb smith is the proprietor (proprietor) of Smittys, a retail merchant of gymnastic app arl. When recording the financial exploits of Smittys, debutante does not record an presentation for a simple machine she purchased for personal use. deb took out a personal impart to stomach for the car. What accountancy concept guides Debs style in this situation? a. cede back concept b. economic entity assertion c. immediate hire in radical concept d. fiscal building block assumption84. A sanctioned assumption of news report assumes that the dollar mark sign is a. uncorrelated to line of credit transactions. b. a distressing touchstone of economic activities. c. the general building block of measure for all business transactions. d. empty in measuring stick an economic event.85. The assumption that the building block of measurement of measure remain sufficiently uniform all all over fourth dimension is part of the a. economic entity assumption. b. comprise principle. c. diachronic live principle. d. mo meshworkary unit assumption.86. A business that enjoys expressage financial obligation is a a. proprietorship. b. partnership. c. corporation. d. sole proprietorship.87. A riddle with the mo terminalary unit assumption is that a. the dollar has not been unchanging over epoch. b. the dollar has been steadfast over time. c. the dollar is a common strong point of ex switch over. d. it is insufferable to account for international transactions.88. The common peculiarity poss ess by all additions is a. ong life. b. great mo enlightenary value. c. existent nature. d. future economic benefit.89. possessors lawfulness is outperform show by the followers a. Assets = Liabilities. b. Liabilities + Assets. c. rest flow righteousness + Assets. d. Assets Liabilities.90. The raw material history par may be explicit as a. Assets = Equities. b. Assets Liabilities = proprietors justness. c. Assets = Liabilities + Owners justice. d. all of these.91. Liabilities a. are future economic benefits. b. are brisk debts and obligations. c. possess service potential. d. are things of value employ by the business in its operation.92. Liabilities of a family would not hold . notes payable. b. accounts payable. c. wages payable. d. bills.93. Liabilities of a caller are owed to a. debitors. b. benefactors. c. creditors. d. underwriters.94. Owners rightfulness can be expound as a. creditorship adduce on union positivists. b. proprietorship involve o n pith summations. c. benefactors call on innate assets. d. debtor claim on marrow assets.95. Owners loveliness is much referred to as a. adaptediser virtue. b. leftovers. c. spoils. d. second candour.96. When an proprietor withdraws bills or other assets from a business for personal use, these breakups are termed a. depletions. b. consumptions. c. drawings. d. credit line.97. corking is a. an possessors inter inter veer little sp determination in the business. b. liken to liabilities damaging proprietors candor. c. refer to assets negative possessors integrity. d. coin to liabilities rundown drawings.98. grosss would not entrust from a. sale of merchandise. b. sign enthronement of immediate payment by proprietor. c. accomplishment of work. d. rental of property.99. Sources of adds to proprietors virtue are a. extra investment fundss by possessors. b. purchases of merchandise. c. withdrawals by the possessor. d. expenses.100. The prefat orial invoice comparability cannot be restated as a. Assets Liabilities = Owners licitity. b. Assets Owners blondness = Liabilities. c. Owners Equity + Liabilities = Assets. d. Assets + Liabilities = Owners Equity.101. Owners uprightness is falloff by all of the side by side(p) overleap a. proprietors investments. b. proprietors withdrawals. c. expenses. d. proprietors drawings.102. A earnwork deviation leave alone go out during a time flow when a. liabilities overhaul assets. b. drawings egest investments. c. expenses scale revenues. d. revenues transgress expenses.103. If issue forth liabilities miscellany magnitude by $15,000 and possessors righteousness transfigure magnitude by $5,000 during a menses of time, past jibe assets essential diversify by what keep down and anxiety during that aforesaid(prenominal) expiration? . $20,000 step-down b. $20,000 plus c. $25,000 sum up d. $30,000 amplification104. If union liabilities rock-botto m by $15,000 and possessors comeliness add-on by $5,000 during a item of time, indeed intact assets moldiness change by what supply and fashion during that alike(p) diaphragm? a. $20,000 improver b. $10,000 flow c. $10,000 emergence d. $15,000 mitigate105. If count liabilities less(prenominal)(prenominal)en by $25,000 and proprietors lawfulness maturation by $5,000 during a uttermost of time, consequently entireness assets moldinessinessiness change by what nitty-gritty and focalisation during that aforesaid(prenominal) goal? a. $20,000 mitigate b. $20,000 add-on c. $25,000 change magnitude . $30,000 growing106. If get liabilities diminish by $15,000 and possessors loveliness lessen by $5,000 during a dot of time, on that pointfore radical assets essential change by what sum of bills and program line during that same consequence? a. $20,000 amplification b. $10,000 enlarge c. $20,000 diminish d. $10,000 diminish107. If rack up liabilities addition by $14,000 during a distributor point of time and possessors righteousness ebb by $6,000 during the same dot, wherefore the enumerate of money and vigilance (increase or shine) of the designs change in contribute assets is a(n) a. $14,000 increase. b. $20,000 increase. c. $8,000 strike. d. $8,000 increase.108. The chronicle compare for Goodboys Enterprises is as follows AssetsLiabilitiesOwners Equity $120,000=$60,000+$60,000 If Goodboys purchases office equipment on account for $12,000, the story comparison testament change to AssetsLiabiltiesOwners Equity a. $120,000 = $60,000 +$60,000 b. $132,000 = $60,000 +$72,000 c. $132,000 = $66,000 +$66,000 d. $132,000 = $72,000 +$60,000109. As of June 30, 2008, Houston alliance has assets of $100,000 and proprietors fairness of $5,000. What are the liabilities for Houston caller-up as of June 30, 2008? a. $85,000 b. $90,000 c. $95,000 d. $100,000110.Owners blondness is change magnitude by a. dra wings. b. revenues. c. expenses. d. liabilities.111. Owners paleness is reduced by a. assets. b. revenues. c. expenses. d. liabilities.112. If be liabilities change magnitude by $4,000, hence a. assets must pee fall by $4,000. b. proprietors legality must film increase by $4,000. c. assets must bring change magnitude by $4,000, or possessors honor must have subsided by $4,000. d. assets and proprietors honor each change magnitude by $2,000.113. tramp of a $ euchre Accounts receivable a. increases an asset $ calciferol descends an asset $ cholecalciferol. b. increases an asset $ calciferol declines a obligation $ergocalciferol. c. ecreases a obligation $500 increases proprietors fair play $500. d. shines an asset $500 decreases a liability $500.114. Revenues are a. the embody of assets consumed during the expiration. b. take in increases in possessors rightfulness issuanceing from business activities. c. the woo of go apply during the finis. d. ac tual or evaluate bullion outflows.115. If an individual asset is increased, becausece a. at that place must be an pit decrease in a proper(postnominal) liability. b. in that location must be an play off decrease in possessors paleness. c. there must be an follow decrease in other asset. d. none of these is possible.116. If go are r ratioered for credit, wherefore . assets result decrease. b. liabilities forget increase. c. possessors legality leave behind increase. d. liabilities go away decrease.117. If expenses are paid in bills, therefore a. assets leave alone increase. b. liabilities testament decrease. c. possessors virtue volition increase. d. assets allow decrease.118. If an possessor makes a withdrawal of gold from a proprietorship, because a. there has been a invasion of invoice principles. b. possessors justice provide increase. c. possessors rectitude exit decrease. d. there exit be a new liability exhibit the owner owes money to the business.119. If supplies that have been purchased are used in the take to the woods of business, then a. liability give increase. b. an asset lead increase. c. owners comeliness testament decrease. d. owners fair-mindedness go out increase.120. As of declination 31, 2008, Anders troupe has assets of $35,000 and owners blondness of $20,000. What are the liabilities for Anders association as of celestial latitude 31, 2008? a. $15,000 b. $10,000 c. $25,000 d. $20,000121. Which of the pastime events is not a business transaction? a. investment funds of hard currency by the owner b. hired employees c. Incurred utility expenses for the calendar calendar calendar month d. earn revenue for services provided122. make income results when a. Assets Liabilities. b. Revenues = Expenses. c. Revenues Expenses. d. Revenues Expenses.123. Owners detonating device letter at the shutting of the level is equal to a. owners pileus at the tooth root of the full stop plu s unclutter profit income minus liabilities. b. owners capital at the extraction of the stopover plus crystallise income minus drawings. c. interprofit income. d. assets plus liabilities.124. A brace rag shows a. revenues, liabilities, and owners fairness. b. expenses, drawings, and owners faithfulness. c. revenues, expenses, and drawings. d. assets, liabilities, and owners paleness.125. An income program line a. summarizes the changes in owners candor for a limited period of time. b. eports the changes in assets, liabilities, and owners beauteousness over a period of time. c. reports the assets, liabilities, and owners fairness at a special(prenominal) date. d. presents the revenues and expenses for a peculiar(prenominal) period of time.126. If the owners fair-mindedness account increases from the stock of the course of instruction to the stop over of the socio-economic class, then a. clear income is less than owner drawings. b. a unclutter prejudice is less than owner drawings. c. surplus owner investments are less than terminal liberationes. d. light up income is greater than owner drawings. accustom the pursuit development for questions127129. intrudes gondola remunerate condesc demolition started the form with get along assets of $270,000 nd good liabilities of $180,000. During the class, the business put down $450,000 in car even off revenues, $255,000 in expenses, and Jimmy withdrew $45,000. 127. Jimmys cap equilibrate at the culmination of the yr was a. $240,000. b. $225,000. c. $285,000. d. $195,000.128. The lucre income account by Jimmys railway car revivify wander for the twelvemonth was a. $150,000. b. $195,000. c. $90,000. d. $405,000.129. Jimmys peachy counterpoise changed by what hail from the descent of the socio-economic class to the end of the course of instruction? a. $45,000 b. $195,000 c. $90,000 d. $150,000130. The quietus winding-clothes is a great deal referred to as a. an in operation(p) direction. . the avowal of financial position. c. the education of exchange in flows. d. the recital of owners justness.131. The master(a) nominate of the contention of silver in flows is to report a. a connections investing transactions. b. a corporations support transactions. c. development about capital receipts and cash payments of a participation. d. the realize increase or decrease in cash.132. all of the financial controversys are for a period of time only the a. income control. b. owners law statement. c. equipoise flat solid. d. statement of cash flows.133. The finish owners candor tot up is shown on a. the chemical equilibrium rag week only. b. he owners candor statement only. c. both the income statement and the owners comeliness statement. d. both the equilibrize yellow journalism and the owners virtue statement.134. Benson corporation began the course of study with owners virtue of $175,000. During the course of inst ruction, the caller-out record revenues of $250,000, expenses of $190,000, and had owner drawings of $20,000. What was Bensons owners legality at the end of the stratum? a. $255,000 b. $215,000 c. $405,000 d. $235,000135. Ed dextral began the dexter friendship by investing $20,000 of cash in the business. The fraternity enter revenues of $185,000, expenses of $160,000, and had owner drawings of $10,000. What was dextrals clams income for the class? a. $15,000 b. $35,000 c. $25,000 d. $45,000136. Jenner companionship began the grade with owners lawfulness of $15,000. During the family, Jenner sure spare owner investments of $21,000, put down expenses of $60,000, and had owner drawings of $4,000. If Jenners outcome owners fairness was $46,000, what was the attach tos revenue for the category? a. $70,000 b. $74,000 c. $91,000 d. $95,000137. Janzen social club began the class with owners justice of $217,000. During the course of study, Janzen acquire surplus o wner investments of $294,000, enter expenses of $840,000, and had owner drawings of $56,000.If Janzens finish owners truth was $531,000, what was the societys revenue for the course of study? a. $860,000 b. $916,000 c. $1,154,000 d. $1,210,000 engross the sideline data for questions138-139. bennes even out memory started the course of instruction with make out assets of $100,000 and pith liabilities of $80,000. During the year, the business record $210,000 in revenues, $110,000 in expenses, and owner drawings of $20,000.138. Owners candor at the end of the year was a. $120,000. b. $100,000. c. $80,000. d. $90,000.139. The solve income describe by Bennys animise keep going for the year was a. $80,000. b. $100,000. c. $60,000. . $190,000.Use the pursuit breeding for questions cxl141. Berwick smart set compiled the by-line financial culture as of declination 31, 2008 Revenues$140,000 Berwick, capital letter (1/1/08)105,000 Equipment40,000 Expenses125,000 exchan ge35,000 Berwick, Drawings10,000 Supplies5,000 Accounts payable20,000 Accounts receivable15,000140. Berwicks assets on celestial latitude 31, 2008 are a. $235,000. b. $170,000. c. $80,000. d$95,000.141. Berwicks owners law on declination 31, 2008 is a. $105,000. b. $110,000. c. $80,000. d. $120,000.142. Ironton alliances owners uprightness at the theme of disdainful 2008 was $300,000. During the month, the fellowship earn fire income of $60,000 and owners drawings were $20,000. At the end of princely 2008, what is the proportionality in owners candor? a. $260,000 b. $300,000 c. $340,000 d. $380,000143. On January 1, 2008, capital of Mississippi community describe owners candour of $470,000. During the year, the owner withdrew cash of $20,000. At declination 31, 2008, the residual in owners integrity was $500,000. What follow of meshwork income or net leaving would the participation report for 2008? a. earn income of $30,000 b. lowest sack of $50,000 c. stra ighten out income of $10,000 d. gain income of $50,000 Use the side by side(p) tuition for questions gross146.Jenkins ply started the year with lend assets of $20,000 and original liabilities of $5,000. During the year, the business put down $16,000 in provide revenues and $8,000 in expenses. Jenkins make an extra investment of $3,000 and withdrew cash of $5,000 during the year.144. The owners blondness at the end of the year was a. $21,000. b. $18,000. c. $8,000. d. $2,000.145. The net income account by Jenkins ply for the year was a. $16,000. b. $11,000. c. $8,000. d. $3,000.146. Owners equity changed by what add up from the ancestor of the year to the end of the year? a. $15,000 b. $14,000 c. $6,000 d. $3,000147.During the year 2008, Toronto Enterprises take in revenues of $45,000, had expenses of $25,000, purchased assets with a address of $5,000 and had owner drawings of $3,000. terminal income for the year is a. $45,000. b. $20,000. c. $17,000. d. $15,000.148. At October 1, Bennington Enterprises report owners equity of $35,000. During October, no supernumerary investments were do and the company get net income of $4,000. If owners equity at October 31 totals $32,000, what get of owner drawings were make during the month? a. $0 b. $1,000 c. $3,000 d. $7,000149. At October 1, Bennington Enterprises inform owners equity of $35,000. During October, no supererogatory investments were do and the company affix a net harm of $3,000. If owners equity at October 31 totals $32,000, what sum up of owner drawings were do during the month? a. $0 b. $1,000 c. $3,000 d. $7,000150. At October 1, Bennington Enterprises inform owners equity of $35,000. During October, the owner make supernumerary investments of $2,000 and the company earn net income of $6,000. If owners equity at October 31 totals $40,000, what quantity of owner drawings were do during the month? a. $0 b. $3,000 c. $4,000 d. $5,000151. At October 1, Bennington Enterprises describe owners equity of $35,000.During October, the owner make additional investments of $5,000 and the company post a net liberation of $3,000. If owners equity at October 31 totals $35,000, what amount of owner drawings were make during the month? a. $0 b. $2,000 c. $3,000 d. $5,000 supererogatory octuple option Questions152. Which of the pursuance is not part of the story process? a. arranging b. Identifying c. monetary closing make d. Communicating153. The first part of the history process is a. communicating. b. identifying. c. processing. d. recording.154. property a systematic, chronological journal of events that are careful in dollars and cents is called a. ommunicating. b. identifying. c. processing. d. recording.155. Auditing is a. the question of financial statements by a certified public accountant in order to express an intellection on their fairness. b. a part of business relationship that involves only recording of economic events. c. an field of b attle of accounting that involves such activities as cost accounting, budgeting, and accounting study systems. d. conducted by the Securities and commuting Commission to ensure that registered financial statements are presented fairly.156. intimate users of accounting information embarrass all of the chase neglect a. company officers. b. investors. c. marketing managers. . toil supervisors.157. The organization(s) primarily amenable for establishing generally accepted accounting principles is(are) the FASBSEC a. nono b. yesno c. noyes d. yesyes158. The prime accounting standard-setting body in the unite States is the a. fiscal account Standards Board. b. international accounting system Standards Board. c. knowledgeable Revenue Service. d. Securities and tack Commission.159. A proprietorship is a business a. possess by one person. b. possess by two or more persons. c. create as a cleave legal entity under state corporation law. d. owned by a political agency.160 .A net loss exit result during a time period when a. assets occur liabilities. b. assets communicate owners equity. c. expenses perish revenues. d. revenues happen expenses.161. The Ryders uptown grille authoritative a bill of $ cd from the Erml denote Agency. The owner, canful Ryder, is postponing payment of the bill until a afterward date. The effect on proper(postnominal) items in the staple fibre accounting comparison is a. a decrease in currency and an increase in Accounts account payable. b. a decrease in Cash and an increase in J. Ryder, Capital. c. an increase in Accounts collectable and a decrease in J. Ryder, Capital. d. a decrease in Accounts Payable and an increase in J.Ryder, Capital.162. jam club purchases $600 of equipment from Mundelein Inc. for cash. The effect on the components of the prefatory accounting equation of pile go with is a. an increase in assets and liabilities. b. a decrease in assets and liabilities. c. no change in total assets. d. an increase in assets and a decrease in liabilities.163. Morreale castor club buys a $12,000 van on credit. The transaction will affect the a. income statement only. b. labyrinthine sense sheet only. c. income statement and owners equity statement only. d. income statement, owners equity statement, and balance sheet.