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business accounting 20 mcq

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Question;1.On the trial balance, which of the following should;have the balances listed in the debit column?;A.Assets, dividends, and expenses;B.Liabilities, revenues, and common stock;C.Liabilities, revenues, and dividends;D.Assets, revenues, and dividends;2.The unadjusted trial balance for depreciation expense;shows a $780 balance. The expense was adjusted;by $235. The adjusted trial balance figure;for depreciation expense is now a;A.$545 debit.;B.$1,015 debit.;C.$1,015 credit.;D.$545 credit.;3.The balance sheet is used to report;A.the financial position on a specific date.;B.results of operations for a specific period.;C.results of operations for a specific date.;D.the financial position for a specific period.;4.Which business form is similar to a corporation in;regard to owner liability?;A.Sole proprietorship;B.Limited liability company;C.Partnership;D.Limited liability corporation;5.A T-account has a $509 debit balance. This account is;most likely not;A.advertising expense.;B.land.;C.common stock.;D.dividends.;6.A T-account has which major parts?;A.A title, a debit side, and a credit side;B.A debit side, a credit side, and a balance;C.A debit side, a credit side, and a total column;D.A title, a current date, and a balance;7.By definition, which type of organization has;stockholders?;A.Sole proprietorships;B.Corporations;C.Limited liability companies;D.Partnerships;8.Supplies on hand were $900 at the start of the year.;At the end of the year, it was determined that $350 of supplies had been used.;What is the adjusting entry for supplies?;A.Debit supplies, $350, credit supplies;expense, $350.;B.Debit supplies expense, $550, credit supplies, $550.;C.Debit supplies, $550, credit supplies expense, $550.;D.Debit supplies expense, $350, credit supplies, $350.;9.Beginning retained earnings are $31,000, sales are;$46,800, expenses are $43,500, and dividends paid are $2,800. How much is the;net income or loss for the company?;A.($3,300);B.$3,300;C.$500;D.$34,300;10.The closing entries show a debit to retained earnings;of $350 and a credit to retained earnings of $750. There was also a credit to;dividends payable of $100. This company had a;A.net income of $400.;B.net loss of $400.;C.net income of $500.;D.net loss of $500;11.The account "Cash" had the following;changes: increase of $250, decrease of $75, increase of $113;and decrease of $35. The final balance is a;A.debit balance of $363.;B.debit balance of $253.;C.credit balance of $110.;D.credit balance of $253.;12.The matching principle in accounting requires the;matching of revenue earned with the;A.expenses incurred to produce the revenue.;B.liabilities used to produce the revenue.;C.assets used less the liabilities incurred.;D.assets used to produce the revenue.;13.Which financial statement illustrates the accounting;equation?;A.Statement of cash flows;B.Balance sheet;C.Income statement;D.Statement of retained earnings;14.Beginning retained earnings are $65,000, sales are;$29,500, expenses are $33,000, and dividends paid are $3,500. How much is the;net income or loss for the company?;A.($3,500);B.($7,000);C.$26,000;D.$0;15.Rick owns a sporting goods store. In his initial;accounting records, he included his personal computer and all of his personal;sporting gear. Rick is violating which principle of accounting?;A.Reliability;B.Entity;C.Going concern;D.Cost;16.Which of the following is a disadvantage of the;corporate form of business?;A.Ease of raising capital;B.Double taxation;C.Limited liability;D.Limited resources;17.Dividends are paid with cash to shareholders.;Dividends are in which category of the chart of accounts?;A.Liabilities;B.Stockholders' equity;C.Assets;D.Revenue;18.Collecting rent from a client three months in advance;would be an example of a/an;A.accrued revenue.;B.accrued expense.;C.deferred expense.;D.deferred revenue.;19.The income statement is used to report;A.the financial position on a specific date.;B.results of operations for a specific period.;C.results of operations for a specific date.;D.the financial position for a specific period.;20.Office equipment was purchased for $2,400 on account;to Business Furniture Company. The journal entry would include a;A.debit to Office Equipment and a credit to Accounts;Payable.;B.credit to Cash and a debit to Office Equipment;Expense.;C.debit to Office Equipment and a credit to Cash.;D.debit to Accounts Payable and a credit to;Cash.

 

Paper#44299 | Written in 18-Jul-2015

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