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1. The primary objective of financial accounting is: (Points : 2)
To serve the decision-making needs of internal users
To provide financial statements to help external users analyze and interpret an organization’s activities
To monitor and control company activities
To provide information on both the costs and benefits of managing products and services
To know what, when and how much to produce

2. Which of the following elements are found on the income statement? (Points : 2)
Cash
Accounts Receivable
Common Stock
Retained Earnings
Salaries Expense

4. Distributions of assets by a business to its stockholders are called: (Points : 2)
Dividends
Expenses
Assets
Retained earnings
Net Income

7. Net Income: (Points : 2)
Decreases equity
Represents the amount of assets owners put into a business
Equals assets minus liabilities
Is the excess of revenues over expenses
Represents the owners’ claims against assets

8. If equity is $300,000 and liabilities are $192,000, then assets equal: (Points : 2)
$108,000
$192,000
$300,000
$492,000
$792,000

9. Risk is: (Points : 2)
Net income divided by average total assets
The reward for investment
The uncertainty about the expected return that will be earned from an investment
Unrelated to expected return

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