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