problem1: Which of the following would not be considered an internal user of accounting data for the ABC Company?
[A] Merchandise inventory clerk
[B] President of the employees' labor union
[C] President of the company
[D] Production manager
[A] increase both assets and liabilities
[B] increase assets and decrease liabilities
[C] decrease both assets and liabilities
[D] decrease assets and increase liabilities
problem3: Which of the following events cannot be quantified into dollars and cents and recorded as an accounting transaction?
[A] The sale of store equipment.
[B] Payment of income taxes.
[C] The appointment of a new CPA firm to perform an audit.
[D] The purchase of a new computer.
problem4: The normal balance of any account is the;
[A] side which increases that account
[B] side which decreases that account
[C] left side
[D] right side
problem5: At January 1, 2008, Burton Industries reported stockholders' equity of $130,000. During 2008, The Company had a net loss of $30,000 and paid dividends of $20,000. At December 31, 2008, the amount of stockholders' equity is;