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Final Accounting Quiz




1. The sales revenue generated during the normal course of business would be an example of which type of business activity? (Points: 3);Operating;Investing;Financing;None of these;Question 2.2. Which statement is normally prepared first? (Points: 3);Income statement;Balance sheet;Statement of cash flows;Retained earnings statement;Question 3.3. A list of assets, liabilities, and owners? equity as of a specific date is a(n) (Points: 3);income statement.;balance sheet.;statement of cash flows.;retained earnings statement.;Question 4. 4. Gilbert, Inc. had the following account balances at September 30, 2010. What is Gilbert?s net income for the month of September?;Accounts Payable;$5,000;Capital Stock;$10,000;Cash;$14,300;Equipment;$15,400;Fees Earned;$54,400;Miscellaneous Expense;$18,200;Rent Expense;$4,150;Retained Earnings;$6,550;Wages Expense;$13,900;(Points: 3);$32,450;$27,450;$6,550;$18,150;Question 5.5. For EFG Co., the transaction "Payment of dividends" would (Points: 3);increase total assets.;decrease total assets.;have no effect on total assets.;increase stockholders? equity.;Question 6.6. The basic financial statements do NOT include the (Points: 3);income statement.;tax return;balance sheet.;statement of cash flows.;Question 7.7. For EFG Co., the transaction "Payment of interest expense" would (Points: 3);increase total assets.;decrease total assets.;have no effect on total assets.;increase stockholders? equity.;Question 8.8. The payment of a liability (Points: 3);decreases assets and stockholders' equity.;increases assets and decreases liabilities.;decreases assets and increases liabilities.;decreases assets and decreases liabilities.;Question 9.9. The __________ is prepared with various sections, subsections, and captions that aid in its interpretation and analysis. (Points: 3);accounting equation;retained earnings statement;intangible asset section;classified balance sheet;Question 10.10. Updating accrual accounting records prior to preparing financial statements is called (Points: 3);the closing process.;converting to cash basis accounting.;the adjustment process.;going concern adjustments.;Question 11.11. Unearned revenue is what type of an account? (Points: 3);Asset;Revenue;Stockholders? equity;Liability;Question 12.12. The unearned rent account has a balance of $40,000. If $3,000 of the $40,000 is unearned at the end of the accounting period, the amount of the adjusting entry is (Points: 3);$3,000.;$40,000.;$37,000.;$43,000.;Question 13.13. Multiple-step income statements show: (Points: 3);gross profit but not income from operations.;neither gross profit nor income from operations.;both gross profit and income from operations.;income from operations but not gross profit.;Question 14.14. Office salaries, depreciation of office equipment, and office supplies are examples of what type of expense? (Points: 3);Selling expense;Miscellaneous expense;Administrative expense;Other expense;Question 15.15. Which expenses are subtracted from gross profit to arrive at income from operations? (Points: 3);All expenses;Cost of merchandise sold;Operating expenses;Sales expenses;Question 16. 16. Dig, Inc. had the following merchandise transactions in October;Purchases;$50,000;Purchase returns;$ 4,000;Purchase discounts;$ 1,000;Transportation in;$ 2,000;What is the total cost of merchandise purchased for Dig, Inc.? (Points: 3);$50,000;$47,000;$52,000;$48,000;Question 17.17. A firm?s internal control environment is influenced by (Points: 3);Management?s operating style.;organizational structure.;personnel policies.;all of these.;Question 18.18. Which of the following would be added to the balance per books on a bank reconciliation? (Points: 3);Service charges;Outstanding checks;Deposits in transit;Notes collected by the bank;Question 19.19. The Sarbanes-Oxley Act of 2002 requires companies and their independent accountants to (Points: 3);report on the financial activities of the company.;report on any fraud and theft detected in the company.;report on the state of the economy and likelihood of fraud.;report on the effectiveness of the company?s internal controls.;Question 20.20. Which of the following is NOT defined as cash? (Points: 3);Coins;Checks;Money orders;Commercial paper;Question 21.21. A written promise to pay a sum of money on demand or at a definite time is called a(n) (Points: 3);default.;deferral.;accrual.;promissory note.;Question 22.22. A note receivable due in 18 months is listed on the balance sheet under the caption (Points: 3);long-term liabilities.;fixed assets.;current assets.;investments.;Question 23.23. In reference to a promissory note, the person who makes the promise to pay is called the (Points: 3);maker.;payee.;seller.;receiver.;Question 24.24. The due date of a 90-day note dated July 5 is (Points: 3);September 30.;October 2.;October 3.;October 1.;Question 25.25. Fixed assets are ordinarily presented in the balance sheet (Points: 3);at current market values.;at replacement costs.;at cost less accumulated depreciation.;in a separate section along with intangible assets.;Question 26.26. Salvage value has a similar meaning as (Points: 3);residual value.;scrap value.;book value.;both residual value and scrap value.;Question 27.27. Expenditures for research and development are generally recorded as (Points: 3);current operating expenses.;assets and amortized over their estimated useful life.;assets and amortized over 40 years.;current assets.;Question 28.28. A company acquired some land for $80,000 to construct a new office complex. Legal fees paid were $2,300, delinquent taxes assumed were $3,400, and $5,850 was paid to remove an old building from which salvaged materials sold for $1,950. What is the cost basis for the land? (Points: 3);$93,500;$91,550;$85,700;$89,600;(80,000+2,300+3,400+5,850)-1,950 = 89,600;Question 29.29. The total earnings of an employee for a payroll period are referred to as (Points: 3);take-home pay.;pay net of taxes.;net pay.;gross pay.;Question 30.30. What options does a business have when financing operations? (Points: 3);Debt financing;Equity financing;Asset financing;Both debt financing and equity financing;Question 31.31. If a corporation issues only one class of stock, it is called (Points: 3);common stock.;treasury stock.;no-par stock.;preferred stock.;Question 32.32. How is treasury stock shown on the balance sheet? (Points: 3);As an asset;As a decrease in stockholders' equity;As an increase in stockholders' equity;Treasury stock is not shown on the balance sheet.;Question 33.33. The par value per share of common stock represents (Points: 3);the minimum selling price of the stock established by the articles of incorporation.;the minimum amount the stockholder will receive when the corporation is liquidated.;the monetary amount assigned to each share of stock in the articles of incorporation.;the amount of dividends per share to be received each year.;Question 34.34. An employee receives an hourly rate of $27, with time and a half for all hours worked in excess of 40 during a week. Payroll data for the current week are as follows: hours worked, 46, federal income tax withheld, $350, cumulative earnings for year prior to current week, $99,700, social security tax rate, 6.0% on maximum of $106,800, and Medicare tax rate, 1.5% on all earnings. What is the net pay for the employee? (Points: 3);$798.85;$873.77;$953.16;$1,223.77;Question 35.35. Where is interest expense listed on the income statement? (Points: 3);Other expense section;Cost of merchandise sold;Operating expenses;Interest expense is on the balance sheet, not the income statement.


Paper#81497 | Written in 18-Jul-2015

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