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If
liabilities total $70,000 and stockholders’ equity totals $50,000, then total
assets must be:
Answer
a.
$20,000.
b.
$80,000.
c.
$120,000.
d.
$30,000.
e.
$30,000.
If
the disposal of a segment meets the criteria of a disposal of a segment, then:
Answer
a.
the
loss on disposal is an extraordinary item.
b.
the
loss on disposal is categorized as “other expense”.
c.
the
results of operations of the segment will be reported in conjunction with the
gain or loss on disposal.
d.
the
disposal qualifies as a change in entity, and prior years’ statements
presented on comparative purposes must be restated.
e.
the
effects of the disposal are shown as part of operations.
Which
of the following would be classified as an extraordinary item on the income
statement?
Answer
a.
Loss
from a strike
b.
Correction
of an error related to a prior period
c.
Write-off
of obsolete inventory
d.
Loss
on disposal of a segment of business
e.
Loss
from prohibition of a product
Changes
in account balances of Multi-Plus Inc. during 2014: 2024 – Essay Writing Service. Custom Essay Services Cheap were:
Increase
Assets
$420,000
Liabilities
125,000
Capital
Stock
100,000
Additional Paid-In
Capital
140,000
Retained
Earnings
?
Assuming that there were no charges to retained earnings other than dividends
of $62,000, the net income for 2010 – Essay Writing Service: Write My Essay by Top-Notch Writer was:
Answer
a.
($7,000)
b.
$55,000
c.
$117,000
d.
$257,000
e.
none
of the answers are correct
Which
of these statements is not true?
Answer
a.
Asset,
liability, and stockholders’ equity accounts are referred to as permanent
accounts.
b.
Revenue,
expense, and dividend accounts are described as temporary accounts.
c.
Temporary
accounts are closed at the end of the period to retained earnings.
d.
The
balance sheet will not balance until the temporary accounts are closed to
retained earnings.
e.
With
double-entry, each transaction is recorded twice.
Which
of the following would not be considered a subsequent event to financial
statements?
Answer
a.
A
major customer declares bankruptcy subsequent to the balance sheet date, but
prior to issuing the statements. This event was not considered on the balance
sheet date.
b.
A
major purchase of a subsidiary to the balance sheet date, but prior to
issuing the statements.
c.
Substantial
debt incurred subsequent to the balance sheet date, but prior to issuing the statements.
d.
Substantial
stock issued subsequent to the balance sheet date, but prior to issuing the
statements.
e.
Hiring
of employees for a new store, subsequent to the balance sheet date, but prior
to issuing the statements.
Which
of the following statements is not true?
Answer
a.
A
qualified opinion or an adverse opinion may bring into question the
reliability of the financial statements.
b.
A
disclaimer of opinion indicates that one should not look to the auditor’s
report as an indication of the reliability of the statements.
c.
In
some cases, outside accountants are associated with financial statements when
they have performed less than an audit.
d.
A
review is substantially less in scope than an examination in accordance with
generally accepted auditing statements.
e.
The
accountant’s report expresses an opinion on reviewed financial statements.
The
most significant current source of generally accepted accounting principles is
the:
Answer
a.
New
York Stock Exchange.
b.
Accounting
Principles Board.
c.
Accounting
Research Studies.
d.
AICPA
committee on Accounting Procedure.
e.
Financial
Accounting Standards Board.
Which
of the following is not true relating to treasury stock?
Answer
a.
A
firm creates treasury stock when it repurchases its own stock and does not
retire it.
b.
Treasury
stock lowers the stock outstanding.
c.
Treasury
stock may be recorded at the cost of the stock.
d.
Treasury
stock may be recorded at par or stated value.
e.
Treasury
stock is, in essence, an increase in paid-in capital.
Which
of the following is not a common characteristic of preferred stock?
Answer
a.
Voting
rights
b.
Preference
as to dividends
c.
Preference
in liquidation
d.
Callability
by the corporation
e.
None
of the answers are correct.
At
the end of the fiscal year, an adjusting entry is made that increases salaries
payable and increases salaries expense. This entry is an application of which
accounting principle?
Answer
a.
Full
disclosure
b.
Materiality
c.
Matching
d.
Realization
e.
Historical
cost
Valuing
assets at their liquidation values is not consistent with:
Answer
a.
conservatism.
b.
materiality.
c.
going
concern.
d.
time
period.
e.
None
of the answers are correct
An
accounting period that ends when operations are at a low ebb is:
Answer
a.
a
calendar year.
b.
a
fiscal year.
c.
the
natural business year.
d.
an
operating year.
e.
None
of the answers are correct.
At
the beginning of the year, Execon Company had total assets of $200,000, total
liabilities of $110,000, and shareholders’ equity of $90,000. For the year,
Execon Company earned net income of $75,000 and declared cash dividends of
$30,000. At the end of the year, the company had total assets of $300,000 and
its shareholders’ equity was at $135,000. At the end of the year, Execon
Corporation had total liabilities of:
Answer
a.
$0.
b.
$45,000.
c.
$50,000.
d.
$165,000.
e.
None
of the answers are correct.
The
following relate to Data Original in 2014: 2024 – Essay Writing Service. Custom Essay Services Cheap. What is the ending inventory?
Purchases
$540,000
Beginning
Inventory
80,000
Purchase
Returns
10,000
Sales
800,000
Cost of Goods
Sold
490,000
Answer
a.
$120,000
b.
$140,000
c.
$210,000
d.
$260,000
e.
none of the answers are correct
The
current asset section of the balance sheet should include:
Answer
a.
land.
b.
trademarks.
c.
investment in C Company (for purposes of control).
d.
dividends payable.
e.
work in process inventory.
Who
is responsible for the preparation and integrity of financial statements?
Answer
a.
A cost accountant
b.
Get research paper samples and course-specific study resources under homework for you course hero writing service – Manage ment
c.
An auditor
d.
A bookkeeper
e.
The FASB
Which
of the following is a current liability?
Answer
a.
Prepaid insurance
b.
Retained earnings
c.
Unearned rent revenue
d.
Bonds payable
e.
Common stock
The
following data relate to Swift Company for the year ended December 31, 2014: 2024 – Essay Writing Service. Custom Essay Services Cheap.
Swift Company uses the accrual basis.
Sales on
credit
$250,000
Cost
of inventory sold on credit
170,000
Collections from
customers
220,000
Purchase of inventory on
credit
150,000
Payment for
purchases
140,000
Selling expenses (accrual
basis)
40,000
Payment for selling
expenses
45,000
Which of the following amounts represents income for Swift Company for the
year ended December 31, 2014: 2024 – Essay Writing Service. Custom Essay Services Cheap?
Answer
a.
$60,000
b.
$50,000
c.
$40,000
d.
$35,000
e.
$30,000
In
terms of debits and credits, which of the following accounts have the same
normal balances?
Answer
a.
Accounts payable, accounts receivable, notes payable
b.
Dividends, accounts receivable, notes payable
c.
Advertising expense, selling expense, accounts
receivable
d.
Land, building, accounts payable
e.
Common stock, notes payable, land
Which
of the following would be classified as an extraordinary item on the income
statement?
Answer
a.
Loss on disposal of a segment of business
b.
Cumulative effect of a change in accounting principle
c.
A sale of land
d.
An error correction that relates to a prior year
e.
A loss from a flood in a location that would not be
expected to flood
Valuing
inventory at the lower of cost or market is an application of the:
Answer
a.
time period assumption.
b.
realization principle.
c.
going concern principle.
d.
conservatism principle.
e.
None of the answers are correct
Gross
profit is the difference between:
Answer
a.
net income and operating income.
b.
revenues and expenses.
c.
sales and cost of goods sold.
d.
income from continuing operations and discontinued
operations.
e.
gross sales and sales discounts.
Tiffin
Company had retained earnings of $50,000 at the end of last year. For the
current year, income was $20,000 and dividends $15,000. What is the balance
in retained earnings at the end of the current year?
Answer
a.
$85,000
b.
$45,000
c.
$55,000
d.
$60,000
e.
none of the answers are correct
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