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Question;Question 1 of 205.0 PointsWhen services are rendered but payment isn?t made, which account would be increased?A. Accounts receivableB. Accounts payable C. CashD. WithdrawalReset SelectionMark for Review What's This?Question 2 of 205.0 Points F.O.B. shipping point meansa. the buyer pays for the freight. b. the seller pays for the freight.c. the title passes at time of shipment.d. Both A and CReset SelectionMark for Review What's This?Question 3 of 205.0 PointsWhen using a periodic inventory method, which account is increased when you buy merchandise inventory?A. Cost of Goods Sold B. Beginning Inventory C. Ending Inventory D. PurchasesReset SelectionMark for Review What's This?Question 4 of 205.0 PointsAn account that would be increased by a debit isA. cash.B. fees earned.C. capital.D. accounts payable.Reset SelectionMark for Review What's This?Question 5 of 205.0 PointsThe person or company that borrows money and signs a promissory note payable is theA. drawee. b. drawer.C. payee. D. maker.Reset SelectionMark for Review What's This?Question 6 of 205.0 PointsR&R Lumber reports gross sales of $70,000. If sales returns and allowances are $10,000 and sales discounts are $3,000, what are the net sales?A. $83,000 B. $63,000C. $57,000D. $70,000Reset SelectionMark for Review What's This?Question 7 of 205.0 PointsA partnership is a business thatA. is easy to form. B. ends with the death of a partner. C. is owned by more than one person.D. All of the aboveReset SelectionMark for Review What's This?Question 8 of 205.0 PointsA company can deem an employee as salariedA. if it doesn?t want to pay overtime wages.B. if the employee meets the salaried laws under the Fair Labor Standards Act.C. to make the payroll process easier.D. if the employee has been employed at the company for one year or longer.Reset SelectionMark for Review What's This?Question 9 of 205.0 PointsWhen a bond issued at face value is retired, what is the journal entry?A. Debit Bond Interest Expense, credit CashB. Debit Bonds Payable, credit Cash C. Debit Cash, credit Bonds Payable D. Debit Cash, credit Bond Interest ExpenseReset SelectionMark for Review What's This?Question 10 of 205.0 PointsLumber used in construction of a building is part ofA. raw material costs.B. labor costs. C. manufacturing overhead.D. None of the aboveReset SelectionMark for Review What's This?Question 11 of 205.0 PointsCharacteristics of a corporation includeA. stockholders having unlimited liability.B. direct management by the stockholders. C. stockholders having limited liability.D. stockholders choosing a board of directors.Reset SelectionMark for Review What's This?Question 12 of 205.0 PointsThe depreciation of equipment will require an adjustment that results inA. total assets increasing and total expenses increasing. B. total assets increasing and total expenses decreasing. C. total assets and expenses decreasing.D. total assets decreasing and total expenses increasing.Reset SelectionMark for Review What's This?Question 13 of 205.0 PointsDebt management ratios measureA. how effectively a company is using its cash.B. how well a company is using debt versus equity position.C. a company?s ability to earn profit. D. a company?s ability to meet payable obligations.Reset SelectionMark for Review What's This?Question 14 of 205.0 PointsMary and Jeff entered into a partnership agreement. However, the agreement didn?t state how income and losses would be divided. The law states that income will be dividedA. equally. B. according to investments.C. according to abilities.D. None of the aboveReset SelectionMark for Review What's This?Question 15 of 205.0 PointsIn the dividend process, the liability Dividend Payable is recognized on the date ofA. declaration.B. record. C. payment. D. stock issue.Reset SelectionMark for Review What's This?Question 16 of 205.0 PointsWhich of the following is prepared first?A. Balance sheet B. Income statementC. Statement of owner?s equity D. Trial balanceQuestion 17 of 205.0 PointsThe drawee is theA. person who writes the check.B. bank with which the drawer has an account. C. person to whom the check is payable. D. person who reconciles the account.Reset SelectionMark for Review What's This?Question 18 of 205.0 PointsWhich of the following is a non-depreciable asset?A. Desk chairsB. LandC. ComputerD. BuildingReset SelectionMark for Review What's This?Question 19 of 205.0 PointsCarrie billed her legal clients $6,000 for legal work completed during the month. This transaction willA. cause a $6,000 increase in revenues and liabilities. B. cause a $6,000 increase in revenues and a decrease in liabilities.C. cause a $6,000 increase in assets and revenues.D. not be recorded until the cash is collected.Reset SelectionMark for Review What's This?Question 20 of 205.0 PointsWhen recording transactions in two or more accounts and the totals of the debits and credits are equal, it?s calledA. debiting.B. crediting.C. posting. D. double-entry bookkeeping.

 

Paper#41563 | Written in 18-Jul-2015

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