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Beschreibung
Quiz von k.marie.h58, aktualisiert more than 1 year ago
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Erstellt von k.marie.h58
vor fast 10 Jahre
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Frage 1
Frage
A stockholer is an owner of one or more shares of a corporation
Antworten
- True
- False
Frage 2
Frage
Retained earnings are earnings distributed to stockholders
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- True
- False
Frage 3
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A dividend is an amount earned by a corporation and not yet distributed to stockholders.
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- True
- False
Frage 4
Frage
A group of persons elected by the stockholders to manage a corporation is called a board of directors.
Antworten
- True
- False
Frage 5
Frage
A board of directors distributes earnings of a corporation to stockholders by declaring a dividend
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- True
- False
Frage 6
Frage
The purpose of a work sheet is to plan adjustments and summarize their information necessary to prepare financial statments
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- True
- False
Frage 7
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The steps for preparing a work sheet are similar for proprietorships and corporations
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- True
- False
Frage 8
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The Supplies-Office account must be adjusted to show the expense of hat supplies that are used during the year
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- True
- False
Frage 9
Frage
The Prepaid Insurance account is adjusted to show the value of insurance that has been used
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- True
- False
Frage 10
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During a fiscal period, the amount of merchandise on hand increases and decreases
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- True
- False
Frage 11
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Assets that will be used for a number of years in the operation of a business are called current assets
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- True
- False
Frage 12
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Accumulated depreciation is the depreciation expense that has been recorded since the purchase of a plant asset
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- True
- False
Frage 13
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Federal income tax is an expense of a corporation
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- True
- False
Frage 14
Frage
When a corporation makes the quarterly payment of estimated federal income tax, the cash account is credited.
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- True
- False
Frage 15
Frage
Financial statements provide the primary source of information needed by owners and managers to make decisions on the future activity of business.
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- True
- False
Frage 16
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An income statement is used to report a business's financial progress
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- True
- False
Frage 17
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An income statement for a merchandising business has three main sections: revenue section, cost of merchandise sold section, and expenses section
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- True
- False
Frage 18
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Cost of merchandise sold is also known as cost of goods sold
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- True
- False
Frage 19
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Total expenses on an income statement are deducted from the gross profit on sales to find net income before federal income tax
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- True
- False
Frage 20
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When a business's expenses are less than the gross profit on sales, the difference is known as a net loss.
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- True
- False
Frage 21
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Increasing sales revenue while keeping cost of merchandise sold the sale will increase gross profit on sales
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- True
- False
Frage 22
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A statement of stockholders' equity contains two major sections: capital stock and retained earnings
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- True
- False
Frage 23
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Data needed to prepare the liabilities section of a balance sheet are obtained from a work sheet
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- True
- False
Frage 24
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Rules double lines across both amount columns below the Assets section and below the Stockholders' Equity section show that the assets equal liabilities plus owners' equity
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- True
- False
Frage 25
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General ledger account balances are changed only by posting journal entries
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- True
- False
Frage 26
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Temporary accounts are closed at the end of a fiscal period to prepare the general ledger for the next fiscal period
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- True
- False
Frage 27
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The trial balance columns of a work sheet and an income statement contain the information needed to journalize closing entries
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- True
- False
Frage 28
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The ending account balances of permanent accounts for one fiscal period are the beginning account balances for the next fiscal period.
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- True
- False
Frage 29
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The income summary account is closed into the retained earnings account
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- True
- False
Frage 30
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After all closing entries are posted, the income statement accounts are the only general ledger accounts that have balances
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- True
- False
Frage 31
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The purpose of the post-closing trial balance is to prove the general ledger equality of debits and credits.
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- True
- False
Frage 32
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An income statement has three main sections for
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assets, liabilities and owner's equity
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revenue, expenses, and inventory
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revenue, cost of merchandise sold, and expenses
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owner's equity share of net income, and drawing
Frage 33
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cost of merchandise sold is found by taking the amount of beginning merchandice inventory
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less purchases plus ending inventory
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plus gross profit on sales
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less expenses
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plus purchases less ending inventory
Frage 34
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The revenue remaining after cost of merchandise sold has been deducted is
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gross profit on sales
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cost of merchandise sold
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net sales
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total sales
Frage 35
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one way to increase gross profit on sales is to
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decrease expenses
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decrease sales revenue
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increase sales revenue
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increase cost of merchandise sold
Frage 36
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a financial statement that summarizes the changes in a corporation's ownership for a fiscal period is
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an income statement
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a balance sheet
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a statement of stockholder's equity
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a distribution of net income statement
Frage 37
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a financial statement that reports a corporation's assets, liabilities, and stockholder's equity on a specific date
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an income statment
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a balance sheet
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an owner's equity statement
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a distribution of net income statement
Frage 38
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to prepare the corporation's balance sheet, use the information from
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the balance sheet columns of your worksheet
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the owner's equity statement
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both
-
neither
Frage 39
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When information about the account balance of each vendors needed,
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an income statement is prepared
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a schedule of accounts payable is prepared
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a schedule of account receivable is prepared
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a distribution of net income statement is prepared
Frage 40
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Liabilities owed for more than a year are called
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current liabilties
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long term liabilities
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short term liabiltiies
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debs
Frage 41
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On an income statement, merchandising businesses report
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revenue
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cost of merchandise sold
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gross profit on sales
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all of the above
Frage 42
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Total sales less sales discount and sales returns and allowances is called
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net profit
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net income
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net sales
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none of the above
Frage 43
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The two types of journal entries needed to change general ledger account balances at the end of the fiscal period are
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adjusting and correcting entries
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closing and correcting entries
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adjusting and closing entries
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none of the above
Frage 44
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Information needed for journalizing adjusting entries is taken from the
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Trial Balance columns of a work sheet
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Adjustment columns of a work sheet
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Income statement columns of a work sheet
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Balance Sheet columns of a work sheet
Frage 45
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The store supplies inventory adjustment includes a debit to Supplies Expense--Store and a credit to
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Income Summary
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Merchandise Inventory
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Purshases
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Supplies--Store
Frage 46
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The amounts needed for closing entries are obtained from the work sheet's
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Trial Balance and Balance Sheet columns
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Adjustments and Balance Sheet columns
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Income Statement and Balance Sheet columns
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Balance Sheet columns
Frage 47
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To close the revenue account, the revenue account balance for the fiscal period is transferred into
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the income summary account
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the capital accounts
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the cash account
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none of the above
Frage 48
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To close the sales account
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debit Sales; credit cash
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debit Sales; credit Income Summary
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debit Income Summary; credit Sales
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debit Cash; credit Sales
Frage 49
Frage
To close the expense and cost accounts
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debit the expenses and cost accounts; credit Income Summary
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debit the expense accounts; credit the capital accounts
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debit Income Summary; credit the expense and cost accounts
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debit Income Summary; credit the capital accounts
Frage 50
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To close the income summary account when there is net income
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debit Cash; credit Income Summary
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debit the capital accounts; credit Income Summary
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debit Income Summary; credit Retained Earnings
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debit Retained Earnings; credit Income Summary
Frage 51
Frage
Which journal entires change general ledger account balances at the end of a fiscal period
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Adjusting entries
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Closing entries
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both
-
neither
Frage 52
Frage
Which balance sheet accounts have up-to-date balances to begin a new fiscal period?
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Asset accounts
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Liability accounts
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Capital Accounts
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All of the above
Frage 53
Frage
Merchandising businesses use an accounting cycle similar to the accounting cycle of
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service businesses
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proprietorships
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corporations
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all of the above
Frage 54
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After adjusting and closing entries have been posted to the general ledger, a
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balance sheet is prepared
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trial balance is prepared
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post-closing balance sheet is prepared
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post-closing trial balance is prepared
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