Can you please check the right answer for each question

1) ls it possible to make an entry which changes only one account? A) Yes B) No 2) How many of the following transactions would affect operating cash flows reported in the statement of cash flows (all transaction involve cash)? Borrowed S50,000 from the bank Purchased $12.000 in supplies Provide services to customers for $27,000 Paid the utility bill of $750 Purchased a delivery truck for $12,000 Received $25,000 from issuing common stock A) Four B) Two. C) One. D) Three. 3) For a journal entry with only two lines, the following entry is valid: Decrease in a liability, Decrease in Dividends. A) False B) True 4) Unearned Revenue is what kind of account? A) Liability B) Revenuc C) Expense D) Asset 5) Usually we measure Inventory at A) Benefit Value ) so C) Sacrifice Value 6) For a journal entry with only two lines, the following entry is valid: Increase in an asset, Increase in Dividends. A) True B) False 7) For a journal entry with only two lines, the following entry is valid: Increase in one Revenue, Increase in another Revenue. A) False B) True 8) For a journal entry with only two lines, the following entry is valid: Decrease in Owners' Equity, Decrease in Expense. A) True B) False ) If total change in cash $44,000, nct operating cash flows $22.000, and net investing cash flows " (SI 3,000); then net financing cash flows- $35,000 B) $45,000. C) 515,000 D) S25,000. 0) For a journal entry with only two lines, the following entry is valid: Derease in Revenu, Increase in Dividends B) True 11) Which of the following are made ONLY at year end (This question may have multiple answers) B) Closing Entries A) Adjusting Entries C) Transaction Entries 12) In the Allowance Method when we we collect on a previously written off receivable A) Assets stay the same, Net Income stays the same. B) Assets increase, Net Income increases. C) It depends D) Assets decrease, Net Income decreases 13) A company received an order from a customer in June for services to be provided. Those ser vices e revenue were provided in July, and the customer paid the full amount in August. According to th recognition principle, in which month should the company record revenue? A) June C) Evenly over the three months B) August. D) July 14) Before the Ist step in the Operating Cycle, the firm has? A) Cash B) Receivable C) Inventory Accounts Payable Buildings Cash Accounts Receivable Sales Tax Payable Retained Earnings Supplies Notes Payable (due in 18 months) Interest Payable Common Stock $15,000 80,000 10,500 9,500 4,500 47,500 40,000 35,000 3,000 35,000 What is the amount of current assets, assuming the accounts above reflect normal activ ity? A) 5140,000 B) $20,000. C) S60,000. D) S175,000. 16) The assumption that a business will continue to operate into the future is the: A) Economic entity assumption B) Going concern assumption. D) Periodicity assumption. The l balance in a Contra-Owners Equity account is a: AJ DR B) It depends C) CR 18) The usual balance in a Contra-Revenue account is a: A) DR B) It depends C) CR 19) Below is the company's Cash T-account Cash Beg. 1,.200 5,200 3.100 End. 3.300 The $5,200 amount could represent which of the following? A) Ending balance of cash. C) Collection from customers. B) Purchase of supplies on account. D) Payment for salaries. 20) ABC reports the following information for the year: Net credit sales Average accounts receivable Cash collections on credit sales What is ABC's receivables turnover ratio? S120,000 20,000 100,000 A) 5.0. B) 1.2 C) 0.2. D) 6.0 21) For a journal entry with only two lines, the following entry is valid Increase in a Liability, Decrease Owners' Equity. A) True B) False 22) When the company pays stockholders a dividend, what is the effect on the accounting equation fo that company? A) Decrease assets and decrease liabilities. B) Decrease assets and decrease stockholders' equity C) Decrease stockholders' equity and increase assets D) Increase liabilities and increase assets. 23) Which of the following would increase assets and increase liabilities? A) Provide services to customers on account. 3) Purchase office supplies on account. C) Pay dividends to stockholders D) Reecive a utility bill but do not pay it immediately 24) Which of the following are classified as Accounts Receivable? (This question may have multiple answers) A) Tax refunds owed to us by the IRS. B) Monics that customers owe us for providing a service. C) Monies that customers owe us from sale of merchandise. D) Loans we made to a customer 25) For a jourmal entry with only two lines, the following entry is valid: Increase in a liability, Increase in an Expense A) True B) False 26) Choose one: A) It is possible for the Income Statement to balance B) The Income Statement always balances C) The Income Statement never balances 27) Consider the following list of accounts Cash Service Revenue Salaries Expense Accounts PayableCommon Stock Equipment Rctained Earnings Utilities Expense Accounts Reccivable Dividends How many of these accounts have a normal debit balance? A) Four B) Five. C) Seven. D) Six. 28) After the Third STEP in the Operating Cycle the firm has? A) Inventory C) Account Receivable B) None of the other three D) Cash 29) The Income Statement always balances. A) False B) True 0) If a Trial Balance balances all account balances must be correct B) some account balances may be wrong 38) Which of the following best represents value created for stockholders during the current period? A) Rctained carnings C) Total assets. B) Stockholders' equity D) Net income. 39) When you develop an entry A) Debits are on top, Credits are on the bottom B) There is no required ordering of Debits and Credits C) Credits are on top, Debits are on the bottom 40) In Cash Flow reporting at the collection of an Account Reccivable A) There is no Loss and no Gain C) There is a Gain B) There is a Loss D) It depends on the measuring system 12,000; Liabilitics 41) Use the following appropriate amounts to calculate net income: Revenues, S $5,000; Expenses, $4,000: Assets, $19,000; Dividends, $4,000 B) $6,000 C) $4,000. D) $8,000. A) S14,000. 42) Duality of Asset Valuation is primarily as issue in A) Measuring Assets B) Measuring Income 43) The ending balance of Retained Earnings can best be described as A) The amount of net income over the life of the company B) The amount of dividends paid over the life of the company C) The amount of cash received from stockholders over the life of the company D) The amount of net income over the life of the company not paid to owners in the form of dividends 44) For a journal entry with only two lines, the following entry is valid: Increase in Expense, Decrease in Dividends. B) True A) False 45) For a journal entry with only two lines, the following entry is valid: Decrease in an asset, Decrease in an Expense. A) False B) True 46) For a journal entry with only two lines, the following entry is valid Increase in an asset, Increase in a Owners' Equity A) False B) Truc 47) On January I. ABC sold $30,000 in products to a customer on account. The n on January 10, ABC collected the cash on that account. What is the impact on ABC's accounting equation from the collection of cash on January 10? A) Assets decrease and liabilities decrease. B) No net effect on the accounting equation C) Assets increase and stockholders' equity increases. D) Assets increase and liabilities decrease. 48) In a sale on account, who is undertaking a financial risk of non-payment? A) The seller C) Neither the buyer nor the seller B) Both the buyer and the seller D) The buyer 49) In Cash Flow reporting when the firm acquires inventory A) There is no Loss and no Gain C) There is a Loss B) There is a Gain D) It depends on the measuring system 50) Separation of duties refers to auditors not being allowed to perform both audit and nonaudit services for the same client. A) False B) True 51) Purchasing office equipment on account has what impact on the accounting equation? A) Stockholders' equity decreases and assets increase. B) Assets increase and stockholders' equity increases. C) Liabilities increase and assets increase. D) Assets decrease and liabilities decrease