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Multiple Choice Questions ( 2 points each) Select...




Multiple Choice Questions ( 2 points each) Select the ONE, BEST Answer 1. External users of accounting information include: A. Shareholders. B. Customers. C. Creditors. D. Government regulators. E. All of the above. 2. Accounting certifications include the: A. Certified Public Accountant. B. Certified Management Accountant. C. Certified Internal Auditor. D. Chartered Financial Analyst. E. All of the above. 3. The major activities of a business include: A. Operating. B. Financing. C. Investing. D. All of the above. 4. The accounting process begins with: A. Analysis of business transactions and events. B. Preparing financial statements and other reports. C. Summarizing the recorded effect of business transactions. D. Presentation of financial information to decision-makers. E. Preparation of the trial balance. 5. A debit is: A. An increase in an account. B. The right-hand side of a T-account. C. A decrease in an account. D. The left-hand side of a T-account. E. An increase to a liability account. 6. Of the following accounts, the one that normally has a credit balance is: A. Cash. B. Office Equipment. C. Sales Salaries Payable. D. Owner, Withdrawals. E. Sales Salaries Expense. 7. A balance column ledger account is: A. An account entered on the balance sheet. B. An account with debit and credit columns for posting entries and another column for showing the balance of the account after each entry is posted. C. Another name for the withdrawals account. D. An account used to record the transfers of assets from a business to its owner. E. A simple form of account that is widely used in accounting to illustrate the debits and credits required in recording a transaction. 8. The time period principle assumes that an organization's activities can be divided into specific time periods including: A. Months. B. Quarters. C. Fiscal years. D. Calendar years. E. All of the above. 9. Profit margin is defined as: A. Revenues divided by net sales. B. Net sales divided by assets. C. Net income divided by net sales. D. Net income divided by assets. E. Net sales divided by assets. 10. A trial balance prepared before any adjustments have been recorded is: A. An adjusted trial balance. B. Used to prepare financial statements. C. An unadjusted trial balance. D. Correct with respect to proper balance sheet and income statement amounts. E. Only prepared once a year. On November 1 of the current year, Lois Bell began Lois Bell, Interior Design with an initial investment of $50,000 cash. On November 30 her records showed the following (alphabetically arranged) items and amounts: Problem #1 (25 points ) . From the information given, prepare a November income statement. Problem #2 ( 30 points ) Dolly Barton began Barton Office Services in October and during that month completed these transactions: (a) Invested $10,000 cash, and $15,000 of computer equipment. (b) Paid $500 cash for an insurance premium covering the next 12 months. (c) Completed a word processing assignment for a customer and collected $1,000 cash. (d) Paid $200 cash for office supplies. (e) Paid $2,000 for October's rent. Prepare journal entries to record the above transactions. Explanations are unnecessary. Problem #3 ( 25 points ) 13. Prior to recording adjusting entries on December 31, a company's Store Supplies account had an $880 debit balance. A physical count of the supplies showed $325 of unused supplies available as of December 31. Prepare the required adjusting entry.


Paper#5980 | Written in 18-Jul-2015

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