1850688
Descripción
Test por k.marie.h58, actualizado hace más de 1 año
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Creado por k.marie.h58
hace casi 10 años
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Pregunta 1
Pregunta
A stockholer is an owner of one or more shares of a corporation
Respuesta
- True
- False
Pregunta 2
Pregunta
Retained earnings are earnings distributed to stockholders
Respuesta
- True
- False
Pregunta 3
Pregunta
A dividend is an amount earned by a corporation and not yet distributed to stockholders.
Respuesta
- True
- False
Pregunta 4
Pregunta
A group of persons elected by the stockholders to manage a corporation is called a board of directors.
Respuesta
- True
- False
Pregunta 5
Pregunta
A board of directors distributes earnings of a corporation to stockholders by declaring a dividend
Respuesta
- True
- False
Pregunta 6
Pregunta
The purpose of a work sheet is to plan adjustments and summarize their information necessary to prepare financial statments
Respuesta
- True
- False
Pregunta 7
Pregunta
The steps for preparing a work sheet are similar for proprietorships and corporations
Respuesta
- True
- False
Pregunta 8
Pregunta
The Supplies-Office account must be adjusted to show the expense of hat supplies that are used during the year
Respuesta
- True
- False
Pregunta 9
Pregunta
The Prepaid Insurance account is adjusted to show the value of insurance that has been used
Respuesta
- True
- False
Pregunta 10
Pregunta
During a fiscal period, the amount of merchandise on hand increases and decreases
Respuesta
- True
- False
Pregunta 11
Pregunta
Assets that will be used for a number of years in the operation of a business are called current assets
Respuesta
- True
- False
Pregunta 12
Pregunta
Accumulated depreciation is the depreciation expense that has been recorded since the purchase of a plant asset
Respuesta
- True
- False
Pregunta 13
Pregunta
Federal income tax is an expense of a corporation
Respuesta
- True
- False
Pregunta 14
Pregunta
When a corporation makes the quarterly payment of estimated federal income tax, the cash account is credited.
Respuesta
- True
- False
Pregunta 15
Pregunta
Financial statements provide the primary source of information needed by owners and managers to make decisions on the future activity of business.
Respuesta
- True
- False
Pregunta 16
Pregunta
An income statement is used to report a business's financial progress
Respuesta
- True
- False
Pregunta 17
Pregunta
An income statement for a merchandising business has three main sections: revenue section, cost of merchandise sold section, and expenses section
Respuesta
- True
- False
Pregunta 18
Pregunta
Cost of merchandise sold is also known as cost of goods sold
Respuesta
- True
- False
Pregunta 19
Pregunta
Total expenses on an income statement are deducted from the gross profit on sales to find net income before federal income tax
Respuesta
- True
- False
Pregunta 20
Pregunta
When a business's expenses are less than the gross profit on sales, the difference is known as a net loss.
Respuesta
- True
- False
Pregunta 21
Pregunta
Increasing sales revenue while keeping cost of merchandise sold the sale will increase gross profit on sales
Respuesta
- True
- False
Pregunta 22
Pregunta
A statement of stockholders' equity contains two major sections: capital stock and retained earnings
Respuesta
- True
- False
Pregunta 23
Pregunta
Data needed to prepare the liabilities section of a balance sheet are obtained from a work sheet
Respuesta
- True
- False
Pregunta 24
Pregunta
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
Respuesta
- True
- False
Pregunta 25
Pregunta
General ledger account balances are changed only by posting journal entries
Respuesta
- True
- False
Pregunta 26
Pregunta
Temporary accounts are closed at the end of a fiscal period to prepare the general ledger for the next fiscal period
Respuesta
- True
- False
Pregunta 27
Pregunta
The trial balance columns of a work sheet and an income statement contain the information needed to journalize closing entries
Respuesta
- True
- False
Pregunta 28
Pregunta
The ending account balances of permanent accounts for one fiscal period are the beginning account balances for the next fiscal period.
Respuesta
- True
- False
Pregunta 29
Pregunta
The income summary account is closed into the retained earnings account
Respuesta
- True
- False
Pregunta 30
Pregunta
After all closing entries are posted, the income statement accounts are the only general ledger accounts that have balances
Respuesta
- True
- False
Pregunta 31
Pregunta
The purpose of the post-closing trial balance is to prove the general ledger equality of debits and credits.
Respuesta
- True
- False
Pregunta 32
Pregunta
An income statement has three main sections for
Respuesta
-
assets, liabilities and owner's equity
-
revenue, expenses, and inventory
-
revenue, cost of merchandise sold, and expenses
-
owner's equity share of net income, and drawing
Pregunta 33
Pregunta
cost of merchandise sold is found by taking the amount of beginning merchandice inventory
Respuesta
-
less purchases plus ending inventory
-
plus gross profit on sales
-
less expenses
-
plus purchases less ending inventory
Pregunta 34
Pregunta
The revenue remaining after cost of merchandise sold has been deducted is
Respuesta
-
gross profit on sales
-
cost of merchandise sold
-
net sales
-
total sales
Pregunta 35
Pregunta
one way to increase gross profit on sales is to
Respuesta
-
decrease expenses
-
decrease sales revenue
-
increase sales revenue
-
increase cost of merchandise sold
Pregunta 36
Pregunta
a financial statement that summarizes the changes in a corporation's ownership for a fiscal period is
Respuesta
-
an income statement
-
a balance sheet
-
a statement of stockholder's equity
-
a distribution of net income statement
Pregunta 37
Pregunta
a financial statement that reports a corporation's assets, liabilities, and stockholder's equity on a specific date
Respuesta
-
an income statment
-
a balance sheet
-
an owner's equity statement
-
a distribution of net income statement
Pregunta 38
Pregunta
to prepare the corporation's balance sheet, use the information from
Respuesta
-
the balance sheet columns of your worksheet
-
the owner's equity statement
-
both
-
neither
Pregunta 39
Pregunta
When information about the account balance of each vendors needed,
Respuesta
-
an income statement is prepared
-
a schedule of accounts payable is prepared
-
a schedule of account receivable is prepared
-
a distribution of net income statement is prepared
Pregunta 40
Pregunta
Liabilities owed for more than a year are called
Respuesta
-
current liabilties
-
long term liabilities
-
short term liabiltiies
-
debs
Pregunta 41
Pregunta
On an income statement, merchandising businesses report
Respuesta
-
revenue
-
cost of merchandise sold
-
gross profit on sales
-
all of the above
Pregunta 42
Pregunta
Total sales less sales discount and sales returns and allowances is called
Respuesta
-
net profit
-
net income
-
net sales
-
none of the above
Pregunta 43
Pregunta
The two types of journal entries needed to change general ledger account balances at the end of the fiscal period are
Respuesta
-
adjusting and correcting entries
-
closing and correcting entries
-
adjusting and closing entries
-
none of the above
Pregunta 44
Pregunta
Information needed for journalizing adjusting entries is taken from the
Respuesta
-
Trial Balance columns of a work sheet
-
Adjustment columns of a work sheet
-
Income statement columns of a work sheet
-
Balance Sheet columns of a work sheet
Pregunta 45
Pregunta
The store supplies inventory adjustment includes a debit to Supplies Expense--Store and a credit to
Respuesta
-
Income Summary
-
Merchandise Inventory
-
Purshases
-
Supplies--Store
Pregunta 46
Pregunta
The amounts needed for closing entries are obtained from the work sheet's
Respuesta
-
Trial Balance and Balance Sheet columns
-
Adjustments and Balance Sheet columns
-
Income Statement and Balance Sheet columns
-
Balance Sheet columns
Pregunta 47
Pregunta
To close the revenue account, the revenue account balance for the fiscal period is transferred into
Respuesta
-
the income summary account
-
the capital accounts
-
the cash account
-
none of the above
Pregunta 48
Pregunta
To close the sales account
Respuesta
-
debit Sales; credit cash
-
debit Sales; credit Income Summary
-
debit Income Summary; credit Sales
-
debit Cash; credit Sales
Pregunta 49
Pregunta
To close the expense and cost accounts
Respuesta
-
debit the expenses and cost accounts; credit Income Summary
-
debit the expense accounts; credit the capital accounts
-
debit Income Summary; credit the expense and cost accounts
-
debit Income Summary; credit the capital accounts
Pregunta 50
Pregunta
To close the income summary account when there is net income
Respuesta
-
debit Cash; credit Income Summary
-
debit the capital accounts; credit Income Summary
-
debit Income Summary; credit Retained Earnings
-
debit Retained Earnings; credit Income Summary
Pregunta 51
Pregunta
Which journal entires change general ledger account balances at the end of a fiscal period
Respuesta
-
Adjusting entries
-
Closing entries
-
both
-
neither
Pregunta 52
Pregunta
Which balance sheet accounts have up-to-date balances to begin a new fiscal period?
Respuesta
-
Asset accounts
-
Liability accounts
-
Capital Accounts
-
All of the above
Pregunta 53
Pregunta
Merchandising businesses use an accounting cycle similar to the accounting cycle of
Respuesta
-
service businesses
-
proprietorships
-
corporations
-
all of the above
Pregunta 54
Pregunta
After adjusting and closing entries have been posted to the general ledger, a
Respuesta
-
balance sheet is prepared
-
trial balance is prepared
-
post-closing balance sheet is prepared
-
post-closing trial balance is prepared
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