The concept that a business has a reasonable expectation of remaining in business for the foreseeable future is called the:

a. economic entity assumption.

b. monetary unit assumption.

c. periodicity assumption.

d. going concern assumption

Under a perpetual inventory system, acquisition of merchandise for resale is debited to:

A) the Merchandise Inventory account.

B) the Purchases account.

C) the Supplies account.

D) the Cost of Goods Sold account.

The balance sheet should be prepared:

a. before the income statement and the statement of owner's equity

b. before the income statement and after the statement of owner's equity

c. after the income statement and the statement of owner's equity

d. after the income statement and before the statement of owner's equity

The comparison of a company's financial condition and performance across time is known as:

A. Horizontal analysis.

B. Vertical analysis.

C. Political analysis.

D. Financial reporting.

E. Investment analysis.

Which of the following is always recorded in the general journal?

a. rendering services for cash

b. purchases of supplies on account

c. rendering services on account

d. closing entries

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The recording of the jobs completed would include a debit to:

a. Cost of Goods Sold

b. Factory Overhead

c. Work in Process

d. Finished Goods

Assume that Able and Bart both have a $50,000 interest in a partnership. Now Curt buys Able’s share for$60,000. What is the entry in the partnership books for this transaction?

a. DR - cash $60,000 DR capital-Curt

b. DR - capital-Able$50,000 CR capital-Curt $50,000

c. DR - capital-Able$60,000 CR capital-Curt $60,000

d. none of the above

A list of all account names used to record transactions of a company is referred to as the:

A. General journal

B. Chart of Accounts

C. Balance sheet

D. Income statement

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An expanded version of the accounting equation could be:

a. Assets + Revenues = Liabilities + Stockholders' Equity - Expenses

b. Assets - Liabilities = Paid-in Capital - Revenues - Expenses

c. Assets = Liabilities - Paid-in Capital + Beginning Retained Earnings + Revenues - Expenses - Dividends

d. Assets = Liabilities + Paid-in capital + Revenues - Expenses