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In: Business and Management

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Sample Test Key for Midterm 1 (Chapters 1 – 4)

Multiple Choice - Circle the one best answer.

1. The primary accounting standard-setting body in the United States is the a. Securities and Exchange Commission. b. Internal Revenue Service. c. Financial Accounting Standards Board. d. Corporate Board of Directors. 2. An increase in an expense a. increases revenues. b. increases assets. c. decreases liabilities. d. decreases capital. 3. A corporation with total owners’ equity of $85,000 paid a $5,000 business debt. As a result of this transaction, total capital equity a. did not change. b. increased by $5,000. c. decreased by $5,000. d. increased to $90,000. 4. The right side of an account is always a. the debit side. b. the credit side. c. the balance of that account. d. carried forward to the next accounting period. 5. Posting is the process of a. preparing a chart of accounts. b. adding a column of figures. c. transferring journal entries to ledger accounts. d. recording entries in a journal. 6. The purpose of recording depreciation on productive assets is to a. reflect the decline in the market value of the assets each period. b. reduce income when the company has an exceptionally profitable year. c. be in conformity with the revenue recognition principle. d. allocate the original cost of a productive asset to expense over its useful life.

7. Murray Company debited Prepaid Insurance for $960 on July 1, 2001, for a one-year fire insurance policy. If the company prepares monthly financial statements, failure to make an adjusting entry on July 31, for the amount of insurance that has expired would cause...

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