15. During the month of February, Hoffer Company had cash receipts of $7,500 and

Question

15. During the month of February, Hoffer Company had cash receipts of $7,500 and cash disbursements of $8,600. The February 28 cash balance was $1,800. What was the January 31 beginning cash balance? <?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" /?>

A. $700

B. $1,100

C. $2,900

D. $0

E. $4,300

16. Identifying business activities requires selecting transactions and events relevant to an organization. Which of the following events would be recorded in the accounting records of Acme Car Wash?

A. Acme washes 500 cars

B. J.B. Smith, a customer, buys lunch at the restaurant next door to Acme while waiting for her car to be washed

C. Clean Company, a supplier, sells 50 pounds of soap to ABC Company

D. Sudsey Company, a supplier, goes out of business

E. Acme hires Andrea as a receptionist

17. Internal users of accounting information always include: (Points : 1)

A. Shareholders

B. Managers

C. Lenders

D. Suppliers

E. Customers

18. The area of accounting aimed at serving the decision making needs of internal users is

A. Financial accounting

B. Managerial accounting

C. External auditing

D. SEC reporting

19. Which of the following statements is true of external information users?

A. They are directly involved in managing the organization

B. Their needs are met by the managerial area of accounting

C. They have limited access to an organization's accounting information

D. They use accounting information to help improve the efficiency and effectiveness of an organization

20. Which of the following is the correct sequence for the heading for ABC Company

Explanation / Answer

C. $2,900

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