Creditors' claims on the assets of a company are called: ( )
A. Net losses.
B. Expenses.
C. Revenues.
D. Liabilities.
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The difference between a company's assets and its liabilities, or net assets is: ( )
A. Net income.
B. Expense.
C. Equity.
D. Revenue.
Viscount Company collected $42,000 cash on its accounts receivable. The effects of this transaction as reflected in the accounting equation are ( )
A. Total assets decrease and equity increases.
Both total assets and total liabilities decrease.
C. Total assets, total liabilities, and equity are unchanged.
D. Both total assets and equity are unchanged and liabilities increase.
The financial statement that identifies where a company's cash came from and where it went during the period is the ( )
A. Statement of changes in owner's equity.
B. Statement of cash flows.
C. Balance sheet.
D. Income statement.
Regardless of the inventory costing system used, cost of goods available for sale must be allocated at the end of the period between ( )
A. beginning inventory and net purchases during the period.
B. ending inventory and beginning inventory.
C. net purchases during the period and ending inventory.
D. ending inventory and cost of goods sold.
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