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I want to double check my answers (only have 30 minutes to wait)?

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I want to double check my answers (only have 30 minutes to wait)?

Postby christos13 » Mon Aug 15, 2011 10:52 am

3. A list of assets, liabilities, and owners' equity as of a specific date is a(n) (Points: 4)
income statement.
balance sheet.
statement of cash flows.
retained earnings statement.

4. The portion of a corporation's net income retained in the business is called (Points: 4)
income statement.
balance sheet.
statement of cash flows.
retained earnings.

5. If Liabilities have a balance of $10,000 and Stockholders' Equity has a balance of $70,000, then Assets must have a balance of (Points: 4)

6. A to Z Corporation engaged in the following transaction "Issued a $30,000 note payable to borrow cash from the bank." On the Statement of Cash Flows, the transaction would be classified as (Points: 4)
Cash Flows from Operating Activities.
Cash Flows from Investing Activities.
Cash Flows from Financing Activities.
Noncash transaction.

7. For EFG Co., the transaction "Cash sales to customers" would (Points: 4)
increase total assets.
decrease total assets.
have no effect on total assets.

8. For EFG Co., the transaction "Payment of interest expense" would (Points: 4)
increase total assets.
decrease total assets.
have no effect on total assets.

9. Using accrual accounting, revenue is recorded and reported only (Points: 4)
when cash is received without regard to when the services are rendered.
when the services are rendered without regard to when cash is received.
when cash is received at the time services are rendered.
if cash is received after the services are rendered.

10. Accrued expenses are ordinarily reported on the balance sheet as (Points: 4)
fixed assets.
prepaid expenses.

11. If prepaid insurance expires over time, this asset account becomes a(n) (Points: 4)
another asset.

12. ABN Company sold goods, receiving $10,000 in cash and $25,000 on credit. How much revenue should it record under the accrual basis of accounting? (Points: 4)
None at this time

13. Multiple-step income statements show (Points: 4)
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.

14. If title to merchandise purchases passes to the buyer when the goods are shipped from the seller, the terms are (Points: 4)
FOB shipping point.
FOB destination.

15. Which of the following is NOT an example of selling expenses? (Points: 4)
Salespersons' salaries
Office salaries
Depreciation of store equipment

16. The amount of the total cash paid to the seller for merchandise purchased would normally include (Points: 4)
only the list price.
only the sales tax.
the list price plus the sales tax.
the list price less the sales tax.

17. The Sarbanes-Oxley Act of 2002 requires companies and their independent accountants to (Points: 4)
report on the financial activities of the company.
report on any fraud and theft detected in the company.
report on the state of the economy and likelihood of fraud.
report on the effectiveness of the company's internal controls.

18. The purpose of the Sarbanes-Oxley Act of 2002 is to (Points: 4)
restore public confidence and trust in the financial statements of publicly held companies.
require all companies to prepare financial statements.
protect companies from demands of investors, stockholders, and creditors.
do all of these.

19. Requiring employees to take annual vacations is part of which element of internal control? (Points: 4)
The control environment
Risk assessment
Control procedures

20. A special cash fund used to make small payments that occur frequently is called a(n) (Points: 4)
operating expenses fund.
change fund.
market fund.
petty cash fund.

21. A 60-day, 10% note for $6,000 dated April 15 is received from a customer on account. The face value of the note is (Points:
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I want to double check my answers (only have 30 minutes to wait)?

Postby alex24 » Mon Aug 15, 2011 10:55 am

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