Which ot the tollowing persons or groups have the ult$$mate control of a corporation?

$\frac{?}{{?}_{?}}$ points

$\_$ A$)$ the chief executive officer

B$)$ the board of directors

C$)$ the audit committee

D$)$ the shareholders

Since they are both the same activities, the terms "accounting" and "bookkeeping" are synonymous and can be used interchangeably.

$2$ points

A$)$ True

B$)$ False

The owners' interest in the assets of a corporation is known as:

$2$ points

A$)$ assets

B$)$ shareholders equity

C$)$ expenses

D$)$ revenues

If liabilities increase $$120,000$ during a given period and shareholders' equity decreases $$25,000$ during the same period, assets must:

$2$ points

A$)$ decrease $$145,000$

B$)$ increase $$145,000$

C$)$ increase $$95,000$

D$)$ decrease $$95,000$

On January $1,2020,$ total assets for Liftoff Technologies were $$125,000$; on December $31,2020,$ total assets were $$145,000.$ On January $1,2020,$ total liabilities were $$110,000$; on December $31,2020,$ total liabilities were $$115,000.$ What are the amount of the change and

$2$ points

the direction of the change in Liftoff Technologies shareholders' equity for $2020?$

A$)$ decrease of $$15,000$

B$)$ increase of $$15,000$

C$)$ increase of $$30,000$

D$)$ decrease of $$30,000$

Which financial statement must be prepared before the others?

$2$ points

A$)$ income statement

B$)$ balance sheet

C$)$ cash flow statement

D$)$ retained earnings statement

Interest payable, income tax payable and salary payable are all examples of:

$2$ points

A$)$ accrued liabilities

B$)$ prepaid expenses

C$)$ expenses of future periods

D$)$ retained earnings

The payment of an amount owed to a creditor would:

$2$ points

A$)$ increase assets

B$)$ increase liabilities

C$)$ decrease net income

D$)$ decrease liabilities

An owner investment of a building, valued at $$100,000$ with an $$80,000$ outstanding mortgage, transferring this asset into the business would:

$2$ points

A$)$ increase assets by $$20,000$

B$)$ increase assets by $$80,000$

C$)$ increase shareholders equity by $$20,000$

D$)$ increase shareholders equity by $$100,000$

The purchase of office equipment for cash would include a:

$2$ points

A$)$ debit to Cash

B$)$ debit to Office Equipment

C$)$ credit to Accounts Payable

D$)$ credit to Office Equipment

Paying a dividend to the company's shareholders would include a:

$2$ points

A$)$ debit to Cash and a credit to Dividends

B$)$ debit to Dividends and a credit to Cash

C$)$ debit to Retained Earnings and a credit to Dividends

D$)$ debit to Accounts Payable and a credit to Retained Earnings