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3. Chapter 1鈥擨ntroduction to Accounting and Business Question MC #20
(Points: 2)
Which of the following is the best description of accounting鈥檚 role in business?
1. Accounting provides stockholders with information regarding the market value of the company鈥檚 stocks.
2. Accounting provides creditors and banks with information regarding the credit risk rating of the company.
3. Accounting provides information to managers to operate the business and to other stakeholders to make decisions regarding the economic condition of the company.
4. Accounting is not responsible for providing any form of information to stakeholders. That is the role of the Information Systems Department.
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4. Chapter 1鈥擨ntroduction to Accounting and Business Question MC #67
(Points: 2)
Land, originally purchased for $20,000, is sold for $75,000 in cash. What is the effect of the sale on the accounting equation?
1. assets increase $55,000; stockholders' equity increases $55,000
2. assets increase $75,000; liabilities decrease $20,000; stockholders' equity increases $55,000
3. assets increase $20,000; no change for liabilities; stockholders' equity increases $75,000
4. assets increase $75,000; stockholders' equity increases $75,000
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5. Chapter 1鈥擨ntroduction to Accounting and Business Question MC #57
(Points: 2)
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