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Accounting Quiz

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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;

 

Paper#81498 | Written in 18-Jul-2015

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