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post university acc 111 all chapter quizess

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Question;?Chapter 1;quiz;?;Question 1;?;Which;of the following is not one of the four financial statements?;Selected Answer;Correct An;Response Feedback;The four financial statements are;the Balance Sheet, Income Statement, Statement of Retained Earnings, Statement;of Cash Flow.;?;Question 2;2 out of 2 points;The;accounting formula is Assets =;?;Question 3;2 out of 2 points;Net Income is equal to;Selected Answer:.;?;Question 4;0 out of 2 points;If total liabilities decreased by $5,000 and;stockholders' equity increased by $15,000 during a period of time, then total;assets must change by what amount and direction during that same time period?;?;Question 5;2 out of 2 points;Retained Earnings represents;Chapter 2 quiz;?;Question 1;0 out of 2 points;Post;Company uses $10,000 in cash to pay $10,000 on accounts payable.This would result in;?;Question 2;2 out of 2 points;A;company was recently formed with $ 100,000 cash contributed to the company by;stock-holders. The company then borrowed $ 50,000 from a bank and bought a $;20,000 vehicle for cash.They also purchased $10,000 of equipment by;paying $ 2,000 in cash and issuing a note for the remainder. What is the;amount of total assets to be reported on the balance sheet?;?;Question 3;0 out of 2 points;In;regard to the balance sheet, which of the following statements is true?;?;Question 4;2 out of 2 points;Which;of the following are current assets?;?;Question 5;2 out of 2 points;Which;of the following true In regard to current liabilities?;Selected Answer;Correct Answer;?;Question 6;2 out of 2 points;A;company purchases $23,000 of supplies in the current month and promises to;pay for them next month.How would the company record a liability for the;supplies?;?;Question 7;2 out of 2 points;Alpha;Company borrows $200,000 from its bank and buys equipment.How does this transaction affect the;accounting equation?;2 out of 2 points;Bravo;Company purchases Land for $200,000 paying cash of $$80,000 and signing a;note for the balance.The accounting entry would be;Chapter 3 quiz;?;Question 1;2 out of 2 points;The;New York Yankees baseball team has an account titled ?Unearned Ticket;Revenue?.What type of account is this and on what;financial statement is it reported?;?;Question 2;0 out of 2 points;During;November 200X John painted a barn.The customer does not pay John until January this;next year.Which of the following statements is correct?;?;Question 3;0 out of 2 points;During;June 200X Mary Jones incurs $8,000 of legal expense. She will pay the expense in July.She uses the accrual basis of;accounting.How will these transactions affect her financial;statements?;Week 4 quiz;?;Question 1;2 out of 2 points;Retained;earnings for the ABC Company as of January 1, 200X was $800. During the year the company earned;revenue of $5,000, had expenses of $3,200 and paid a cash dividend of;$500.The income statement for the year ending December 31, 200X would show;net income of;Selected Answer;Correct Answer;Response Feedback:.;?;Question 2;2 out of 2 points;The;balance in Prepaid insurance is $ 2,500 before any adjustment.$1,000 worth of the insurance has;expired.The adjusting journal entry should include which;of the following?;?;Question 3;2 out of 2 points;On;January 1, 200X the Post Company started the year with a balance of $1,000 in;the supplies account.During the year the company purchased supplies;for $2,000.On December 31, 200X there was $1,200 of supplies;on hand.What adjusting entry would be made on December;31, 200X?;?;Question 4;2 out of 2 points;Payment;of a dividend will;?;Question 5;0 out of 2 points;Central;Company purchased equipment on January 1, 200X for $12,000.The equipment has a useful life of;six years.What adjusting entry would be made for 200X to;record depreciation expense?;Unit 5 quiz;?;Question 1;2 out of 2 points;Based on the following income statement what is;the Net Profit Margin Ratio?;Cinnamon and Spice., Inc.;Income Statement;As of Dec. 31, 200X;Revenue;Sales;$180,000;Expenses;Selling;expense;84,000;Operating;expense;18,000;Interest;expense;11,000;Other;expense;7,000;Total;expense;120,000;Net Income;$60,000;?;Question 2;2 out of 2 points;Company;A has assets of $2,000,000, liabilities = 400,000 and equity = $1,600,000.;What;is the debt to asset ratio for Company A?;Selected Answer;Correct Answer;Response Feedback;%;Unit 5 chapter 6 quiz;?;Question 1;2 out of 2 points;Sales;with terms 2/ 10, n/ 30 means;?;Question 2;2 out of 2 points;A;$ 1,000 sale is made on May 1 with terms 2/ 10, n/ 30. What amount, if;received on May 9, will the customer?s check be?;?;Question 3;2 out of 2 points;A;company has net sales of $500,000 and cost of goods sold of $400,000. The company?s gross profit percentage;is;?;Question 4;2 out of 2 points;Company;Alpha has Sales of $800,000, Sales Discounts of $40,000 and Sales Returns;of $50,000. How will this be shown on the;Income Statement?;?;Question 5;2 out of 2 points;On;March 1, 200X Bravo Company sells $6,000 of services on credit terms offering;a 2% discount if paid within ten days.They are paid on March 3.The customer takes the discount;what is Bravo Company?s accounting entry on March 3, 200X?;Selected Answer;Correct Answer;Response Feedback;?;Question 6;2 out of 2 points;The;accounting entry for a sales return includes;Selected Answer;Correct Answer;Response Feedback;Sales returns is a contra;sales account.;Thursday, November 2;Unit 6 chapter 7 quiz;?;Question 1;2 out of 2 points;The;200X records of Thompson Company showed beginning inventory of $6,000, cost;of goods sold of $14,000 and ending inventory of $8,000. The cost of purchases for 200X was;?;Question 2;2 out of 2 points;Post;Company began the current month with $10,000 in inventory, then purchased;inventory at a cost of $35,000. The inventory at the end of the;month was $20,000.The cost of goods sold would be;?;Question 3;2 out of 2 points;Following is the inventory activity for July;Beginning Balance 10 sweaters;$12 each;1-Jul;Purchased 5 sweaters at $14 each;8-Jul;Purchased 8 sweaters at $17 each;17-Jul;Purchased 6 sweaters at $20 each;24-Jul;Sold 12 sweaters for $30 each;What is the ending inventory $ amount using the;FIFO method?;?;Question 4;2 out of 2 points;Following is the inventory activity for July;Beginning Balance 10 sweaters;$12 each;1-Jul;Purchased 5 sweaters at $14 each;8-Jul;Purchased 8 sweaters at $17 each;17-Jul;Purchased 6 sweaters at $20 each;24-Jul;Sold 12 sweaters for $30 each;What is the ending inventory $ amount using the LIFO method?;Selected Answer;$224;Correct Answer;$224;Response Feedback;LIFO Ending Inventory consists of;10 sweaters @ $12 each;10;$120;5 sweaters @ $14 each;5;$70;2 sweaters @ $17 each;2;$34;LIFO Ending Inventory consists;of;17;$224;Unit 6 chapter 8 quiz;?;Question 1;2 out of 2 points;A;company lends its CEO $150,000 for 3 years at a 6% annual interest rate. Interest payments are to be made;twice a year. Each interest payment will be for;?;Question 2;2 out of 2 points;Which;of the following is true?;Selected Answer;Correct Answer;Response Feedback:.;?;Question 3;2 out of 2 points;Post;Company lends Blue Company $40,000 on April 1, accepting a 4 month, 4.5%;interest note. Post Company prepares financial statements;on April 30. What adjusting entry should they make?;Thursday, Novembe;Unit 7 chapter 9 quiz;?;Question 1;0 out of 2 points;Which;of the following is not capitalized when a piece of production equipment is;acquired for a factory?;Selected Answer;Correct Answer;?;Question 2;2 out of 2 points;On;January 1, 200X Post Company purchased a machine for $80,000. The machine had a salvage value of;$8,000 and a useful life of 10 years. Using straight line depreciation, the;accounting entry for recording depreciation expense for the second year of;operation would be;?;Question 3;2 out of 2 points;Post;Company uses straight- line depreciation for all of its depreciable;assets.Post sold a piece of machinery on December 31;2009, that it purchased on January 1, 2009 for $ 2,000. The asset had a five-;year life and zero residual value. Accumulated depreciation was $400.If the sales price of the used;machine was $ 1,200, the resulting gain or loss on disposal was which of the;following amounts?;?;Question 4;2 out of 2 points;Post;Company purchased a patent on January 1, 200X for $50,000.The patent has a useful life of 10;years.The accounting entry to record the patent;amortization expense for the first year would be;Chapter 11 quiz;?;Question 1;2 out of 2 points;Post Company issues 10,000 shares of $5 par value;common stock for $20 a share. The accounting entry for this transaction;would be;Selected Answer;Correct Answer;Response Feedback;?;Question 2;2 out of 2 points;Dividends;become a liability of the corporation;Selected Answer;Correct Answer;?;Question 3;2 out of 2 points;XYZ;Company has 100,000 shares of stock outstanding.On January 1, 200X XYZ Company;declared a cash dividend of.50 per share to be paid on January 31.On January 1 XYZ Company will make;the following journal entry;?;Question 4;2 out of 2 points;Which;of the following will result when a dividend is paid?;?;Question 5;2 out of 2 points;In;its most basic form, the Earnings per Share (EPS) ratio is calculated as;Selected Answer;Correct Answer;Thursday;November 28, 2013 4:26:27 AM EST;Er 12 quiz;?;Question 1;2 out of 2 points;Which of the following is not one of the;activities shown on the Statement of Cash Flows?;?;Question 2;2 out of 2 points;Which of the following is not an operating;activity shown on the Statement of Cash Flows?;?;Question 3;2 out of 2 points;Which of the following is not an investing;activity shown on the Statement of Cash Flows?;?;Question 4;2 out of 2 points;Which of the following is not a financing;activity shown on the Statement of Cash Flows?;cThursday;Novem

 

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