Accounting Review Chapter 1 Quiz

Consider the overall effects on Global Cleaning Service from selling and performing services on account for

6, 400 a n d p a y i n g e x p e n s e s t o t a l i n g

$6, 400 and paying expenses totaling$ 2,What is Global Cleaning Service's net income or net loss?

0%
faithful representation concept
0%
net income of $3,900
0%
employees
0%
increase both assets and equity by $180

Generally Accepted Accounting Principles (GAAP) are currently formulated by the

0%
financial position on a specific date
0%
faithful representation concept
0%
Financial Accounting Standards Board (FASB)
0%
stockholders not personally liable for entity's debts

Assume that Global Cleaning Services performed cleaning services for a department store on account for $How would this transaction affect Global Cleaning Service's accounting equation?

0%
faithful representation concept
0%
net income of $3,900
0%
Financial Accounting Standards Board (FASB)
0%
increase both assets and equity by $180

Accounting is the information system that

0%
sole proprietorship
0%
financial position on a specific date
0%
stockholders not personally liable for entity's debts
0%
measure business activities, communicates the results to decision makers, and process information into reports

Assume that Global Cleaning Service performed cleaning services for a department store on account for $How would the transaction affect Global Cleaning Service's accounting equation?

0%
faithful representation concept
0%
increase both assets and equity by $180
0%
Financial Accounting Standards Board (FASB)
0%
net income of $3,900

Assume Global Cleaning Service had a net income of

$570 for the year, Global Cleaning Service'd beginning and ending total assets were$ 4, 520 and $4, 180, respectively. Calculate Global Cleaning Service's return on assets (ROA) for the year.

0%
increase both assets and equity by $180
0%
employees
0%
$1,350
0%
13.1%

The balance sheep reports the

0%
financial position on a specific date
0%
Financial Accounting Standards Board (FASB)
0%
increase both assets and equity by $180
0%
faithful representation concept

At the end of a recent year, Global Cleaning Service, a full-service house and office cleaning service, had total assets of

$3,360 and an equity of$ 2,How much were Global Cleaning Service's liabilities?

0%
net income of $3,900
0%
employees
0%
13.1%
0%
$1,350

0:0:2

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