509894
Descripción
Test por smjackson7, actualizado hace más de 1 año
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Creado por smjackson7
hace casi 11 años
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Pregunta 1
Pregunta
Stockholders’ equity is affected by the ____________________
Respuesta
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a. Purchase of an asset for cash
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b. Payment of a liability
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c. Collection of accounts receivable
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d. Declaration and payment of a dividend
Pregunta 2
Pregunta
2. Which of the following accounts has a normal debit balance?
Respuesta
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a. Utilities Expense
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b. Retained Earnings
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c. Design Revenue
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d. Accounts Payable
Pregunta 3
Pregunta
3. Platt Realty Corporation had the following balance sheet accounts and balances:
Accounts Payable $6,000 Common Stock ?
Accounts Receivable ? Equipment $7,000
Building 1,000 Land 7,000
Cash 3,000 Retained Earnings 2,000
If the balance in the Accounts Receivable was $17,000, what would be the total liabilities and stockholders’ equity?
Respuesta
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a. $17,000
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b. $27,000
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c. $32,000
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d. $35,000
Pregunta 4
Pregunta
4. Which of the following accounts is decreased with a credit
Respuesta
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a. Salaries Payable
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b. Unearned Management Fees
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c. Accounts Receivable
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d. Retained Earnings
Pregunta 5
Pregunta
5. Dexter Company accepts an advance fee of $500 for services to be performed next year. The entry to record this transaction would include a:
Respuesta
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a. Debit to Accounts Receivable
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b. Credit to Unearned Service Fees
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c. Credit to Cash
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d. Credit to Service Fees Earned
Pregunta 6
Pregunta
The primary purpose of the trial balance is to test the:
Respuesta
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a. Equality of debit and credit entries in the journal
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b. Recording of transactions
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c. Equality of debit and credit balances in the ledger
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d. Analysis of transactions.
Pregunta 7
Pregunta
7. Which of the following accounts probably would need to be adjusted at year end?
Respuesta
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a. Supplies
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b. Land
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c. Dividends
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d. Notes Payable
Pregunta 8
Pregunta
8. Which of the following is most likely to appear on the balance sheet as a current asset?
Respuesta
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Buildings
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Merchandise Inventory
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Accumulated Depreciation
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Common Stock
Pregunta 9
Pregunta
9. If Accounts Receivable has debit posting of $29,000, credit postings of $22,000, and a normal ending balance of $24,000, which of the following was its beginning balance?
Respuesta
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$17,000 debit
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$31,000 credit
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$31,000 debit
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$17,000 credit
Pregunta 10
Pregunta
10. A $4,000 machine is purchased by paying $1,000 cash and issuing a promissory note for the remainder. The entry should include a:
Respuesta
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Credit to Notes Payable
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Debit to Cash
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Credit to Notes Receivable
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d. Credit to Machinery
Pregunta 11
Pregunta
11. After all closing entries have been posted, which of the following accounts is most likely to have a non zero balance?
Respuesta
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Income Summary
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Service Revenue
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Wages Payable
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Interest Expense
Pregunta 12
Pregunta
12. Which of the following transactions is most likely not to result in an adjusting entry at the end of the period?
Respuesta
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Purchase of a two year insurance policy
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Payment of this month’s rent
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Purchase of office equipment
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Performance of a service for which payment was received in advance.
Pregunta 13
Pregunta
13. When a company receives an electric bill but does not pay it right away it should
Respuesta
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Debit Utilities Expense and credit Accounts Receivable
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Make no entry until the bill is paid
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Debit Utilities Expense and credit Accounts Payable
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Debit Accounts Payable and credit Utilities Expense
Pregunta 14
Pregunta
14. The entry for the expiration of prepaid advertising, originally recorded as an asset, consists of a debit to
Respuesta
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Advertising Expense and a credit to Prepaid Advertising
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Prepaid Advertising and a credit to Cash
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Advertising expense and a credit to Cash
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Prepaid Advertising and a credit to Advertising Expense
Pregunta 15
Pregunta
15. Which of the following could not possibly be a closing entry?
Respuesta
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Debit Income Summary and credit Dividends
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Debit Income Summary and credit Retained Earnings
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Debit Retained Earnings and credit Dividends
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Debit Retained Earnings and credit Income Summary
Pregunta 16
Pregunta
16. Current assets divided by current liabilities is known as the
Respuesta
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Profit margin
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Current ratio
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Working capital
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Asset turnover
Pregunta 17
Pregunta
17. Gross margin equals the difference between net sales and:
Respuesta
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Net income
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Cost of goods sold plus operating expenses
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Operating expenses
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Cost of goods sold
Pregunta 18
Pregunta
Cailor Corporation provides food services to universities. Its account balances (all normal) are provided below in alphabetical order for the month ended July 31, 2007. The Cailor Corporation, Retained Earnings account balance represents the balance as of June 30, 2007; all other account balances are as of July 31, 2007. ------------------------------------------------------------------
Respuesta
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A) Income Statement B)Statement of Retained Earnings c) Balance Sheet (unclassified)
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Do Above Work
Pregunta 19
Pregunta
Depreciation Expense appears on the Balance Sheet
Respuesta
- True
- False
Pregunta 20
Pregunta
Buildings appear on the balance sheet as a current asset?
Respuesta
- True
- False
Pregunta 21
Pregunta
Merchandise Inventory appears on the balance sheet as a current asset.
Respuesta
- True
- False
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