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