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Creditors claims on assets

29/12/2020 Client: saad24vbs Deadline: 7 Days

1. Creditors' claims on the assets of a company are called:


Net losses


Expenses


Revenues


Equity


Liabilities




2. Which of the following elements are found on the Balance Sheet?


Service Revenue


Net Income


Operating Activities


Utilities Expense


Retained Earnings




3. Assets created by selling goods and services on credit are:


Accounts payable


Accounts receivable


Liabilities


Expenses




4. The description of the relation between a company's assets, liabilities and equity, which is expressed as Assets = Liabilities + Equity is known as the:


Income statement equation


Accounting equation


Business equation


Return on equity ratio


Net income




5. An example of an operating activity is:


Paying wages


Purchasing office equipment


Borrowing money from a bank


Selling stock


Paying off a loan




6. Of the following accounts, the one that normally has a credit balance is:


Cash


Office Equipment


Sales Salaries Payable


Dividends


Sales Salaries Expense




7. Reebok had income of $150 million and average assets of $1,800 million. Its return on assets is:


8.33%


83.3%


12.0%


120%




8. If Beginning Retained Earnings was $184,300, the company distributed $46,000 in dividends and Ending Retained Earnings was $345,000, what was the net income for the period?


$154,700


$206,700


$114,700


$575,300


$160,700




9. Ethical behavior requires:


That an auditors' pay not depend on the figures in the client's reports


Auditors to invest in businesses they audit


Analysts to report information favorable to their companies


Managers to use accounting information to benefit themselves


That an auditor provides a favorable opinion




10. A parcel of land is: offered for sale at $150,000, assessed for tax purposes at $95,000, recognized by its purchasers as being worth $140,000 and purchased for $137,000. The land should be recorded in the purchaser's books at:


$95,000


$137,000


$138,500


$140,000


$150,000




11. Prepaid expenses are:


Payments made for products and services that do not ever expire


Classified as liabilities on the balance sheet


Decreases in retained earnings


Assets that represent prepayments of future expenses




12. Apatha Company has assets of $600,000, liabilities of $250,000 and equity of $350,000. It buys office equipment on credit for $75,000. The effects of this transaction include:


Assets increase by $75,000 and expenses increase by $75,000


Assets increase by $75,000 and expenses decrease by $75,000


Liabilities increase by $75,000 and expenses decrease by $75,000


Assets decrease by $75,000 and expenses decrease by $75,000


Assets increase by $75,000 and liabilities increase by $75,000




13. Which of the following accounting principles dictates when expenses are recognized?


Revenue recognition principle


Monetary unit principle


Business entity principle


Matching principle


Full disclosure principle




14. Which of the following is the primary purpose of accounting?


To establish a business


To identify, record and communicate business transactions


To deceive stockholders


To keep from paying taxes


To establish credit for a company




15. If assets are $99,000 and liabilities are $32,000, then equity equals:


$32,000


$67,000


$99,000


$131,000


$198,000




16. Financial statements are typically prepared in the following order:


Balance sheet, statement of retained earnings, income statement


Statement of retained earnings, balance sheet, income statement


Income statement, balance sheet, statement of retained earnings


Income statement, statement of retained earnings, balance sheet




17. Unearned revenue is reported on the financial statements as:


A revenue on the balance sheet


A liability on the balance sheet


An unearned revenue on the income statement


An asset on the balance sheet


An operating activity on the statement of cash flows




18. The accrual basis of accounting:


Is generally accepted for external reporting since it is more useful for most business decisions


Is flawed because it gives complete information about cash flows


Recognizes revenues when received in cash


Recognizes expenses when paid in cash


Eliminates the need for adjusting entries at the end of each period




19. On January 1, Able Company purchased equipment costing $135,000 with an estimated salvage value of $10,500, and an estimated useful life of five years. What is the amount that should be recorded as depreciation on December 31?


$27,000


$24,900


$29,100


$135,000




20. A 10-column spreadsheet used to draft a company's unadjusted trial balance, adjusting entries, adjusted trial balance and financial statements and which is an optional tool in the accounting process is a(n):


Adjusted trial balance


Work sheet


Post-closing trial balance


Unadjusted trial balance


General ledger




21. Which of the following identifies the proper order of the accounting cycle?


Analyze, Journalize, Unadjusted Trial Balance


Analyze, Post, Unadjusted Trial Balance


Journalize, Post, Adjusted Trial Balance


Unadjusted Trial Balance, Adjusted Trial Balance, Close


Adjusted Trial Balance, Adjustments, Financial Statements




22. The special account used only in the closing process to temporarily hold the amounts of revenues and expenses before the net difference is added to (or subtracted from) the retained earnings account is the:


Income Summary account


Closing account


Balance column account


Contra account




23. A trial balance prepared after adjustments have been recorded is called a(n):


Balance sheet


Adjusted trial balance


Unadjusted trial balance


Classified balance sheet


Unclassified balance sheet




24. If accrued salaries were recorded on December 31 with a credit to Salaries Payable, the entry to record payment of these wages on the following January 5 would include:


A debit to Cash and a credit to Salaries Payable


A debit to Cash and a credit to Prepaid Salaries


A debit to Salaries Payable and a credit to Cash


A debit to Salaries Payable and a credit to Salaries Expense


No entry would be necessary on January 5




25. Based on the following information, determine the current assets, assuming all accounts have a normal balance?


Cash $ 6,754 Dividends $ 2,000


Accounts receivable $ 13,733 Consulting fees earned $ 13,718


Office supplies $ 2,625 Rent expense $ 3,673


Land $ 37,153 Salaries expense $ 6,642


Office equipment $ 14,535 Telephone expense $ 560


Accounts payable $ 6,463 Miscellaneous expense $ 280


Common stock $ 54,490 Retained Earnings ?




$74,800


$37,647


$60,265


$23,112




26. Which of the following accounts would not be on the post closing trial balance?


Accounts Payable


Accounts Receivable


Common Stock


Dividends




27. A trial balance prepared after the closing entries have been journalized and posted is the:


Unadjusted trial balance


Post-closing trial balance


General ledger


Adjusted trial balance


Work sheet




28. On January 1 a company purchased a five-year insurance policy for $1,800 with coverage starting immediately. If the purchase was recorded in the Prepaid Insurance account and the company records adjustments only at year-end, the adjusting entry at the end of the first year is:


Debit Prepaid Insurance, $1,800; credit Cash, $1,800


Debit Prepaid Insurance, $1,440; credit Insurance Expense, $1,440


Debit Prepaid Insurance, $360; credit Insurance Expense, $360


Debit Insurance Expense, $360; credit Prepaid Insurance, $360


Debit Insurance Expense, $360; credit Prepaid Insurance, $1,440




29. On April 1, 2011, a company paid the $1,350 premium on a three-year insurance policy with benefits beginning on that date. What will be the insurance expense on the annual income statement for the year ended December 31, 2011?


$1,350


$450


$1,012.50


$337.50


$37.50




30. A company earned $2,000 in net income for October. Its net sales for October were $10,000. Its profit margin is:


2%


20%


200%


500%


$8,000




31. A company has sales of $1,500,000, sales discounts of $102,000, sales returns and allowances of $123,000, shipping charges of $15,000, sales commissions of $34,000,net income totaled $263,500, and cost of goods sold of $420,000. What is the net sales amount for the period?


$1,500,000


$1,275,000


$1,725,000


$1,521,000


$1,479,000




32. Given the following information:


Petty cash balance $ 450.00 Courier receipt $ 82.50


Postage receipt $ 48.00 Office Supplies receipt $ 56.22


Business Meal receipt $ 102.34 Cash on hand at the end of the month $ 76.21




What is the amount of cash over and short?


debit $84.73


credit $84.73


debit $160.94


credit $160.94


no cash over or short would be recorded




33. A company had net sales of $31,500 and ending accounts receivable of $2,700 for the current period. Its days' sales uncollected is equal to:


11.7 days


23.3 days


31.3 days


42.5 days


46.6 days




34. Merchandise inventory:


Is a long-term asset


Is a current asset


Includes supplies


Is classified with investments on the balance sheet


Must be sold within one month




35. A company had expenses other than cost of goods sold of $51,000. Determine sales and gross profit given cost of goods sold was $25,000 and net income was $60,000.


Sales: $136,000; Gross Profit: $111,000


Sales: $136,000; Gross Profit: $85,000


Sales: $85,000; Gross Profit: $136,000


Sales: $111,000; Gross Profit: $136,000


Sales: $60,000; Gross Profit: $25,000




36. A company had $43 missing from petty cash which was not accounted for by petty cash receipts. The correct procedure is to:


Debit Cash Over and Short for $43


Credit Cash Over and Short for $43


Debit Petty Cash for $43


Credit Petty Cash for $43


Credit Cash for $43




37. Which of the following is the most serious limitation of internal controls?


Computer error


Human fraud or human error


Cost-benefit principle


Cybercrime


Management fraud




38. Which inventory valuation method assigns a value to the inventory on the balance sheet that approximates current cost and also mimics the actual flow of goods for most businesses?


FIFO


Weighted average


LIFO


Specific identification


First In Still Here




39. A company had sales of $695,000 and its cost of goods sold of $278,000. Its gross margin equals:


$(417,000)


$695,000


$278,000


$417,000




40. Multiple-step income statements:


Are required by the FASB


Contain more detail than a simple listing of revenues and expenses


Are required for the perpetual inventory system


List cost of goods sold as an operating expense


Can only be used in perpetual inventory systems




41. Goods on consignment:


Are goods shipped by the owner to the consignee who sells the goods for the owner


Are reported in the consignee's books as inventory


Are goods shipped to the consignor who sells the goods for the owner


Are not reported in the consignor's inventory since they do not have possession of the inventory




42. A seller of goods or services, usually a manufacturer or wholesaler is known as a:


Vendor


Payee


Vendee


Creditor


Debtor




43. Physical inventory counts:


Are not necessary under the perpetual system


Are necessary to measure and adjust for inventory shrinkage


Must be taken at least once a month


Require the use of hand-held portable computers




44. A company purchased $4,000 worth of merchandise. Transportation costs were an additional $350. The company later returned $275 worth of merchandise and paid the invoice within the 2% cash discount period. The total amount paid for this merchandise is:


$3,725.00


$3,925.00


$3,995.00


$4,000.50


$4,075.00




45. The inventory valuation method that tends to smooth out erratic changes in costs is:


FIFO


Weighted average


LIFO


Specific identification


WIFO




46. A remittance advice is:


An explanation for a payment by check


A bank statement


A voucher


An EFT


A cancelled check




47. A merchandising company:


Earns net income by buying and selling merchandise


Receives fees only in exchange for services


Earns profit from commissions only


Earns profit from fares only


Buys products from consumers




48. The understatement of the beginning inventory balance causes:


Cost of goods sold to be understated and net income to be understated


Cost of goods sold to be understated and net income to be overstated


Cost of goods sold to be overstated and net income to be overstated


Cost of goods sold to be overstated and net income to be understated


Cost of goods sold to be overstated and net income to be correct




49. Alpha Company had cash sales of $94,275, credit sales of $83,450, sales returns and allowances of $1,700 and sales discounts of $3,475. Alpha's net sales for this period equal:


$94,275


$172,550


$174,250


$176,025


$177,725




50. A company has inventory of 15 units at a cost of $12 each on August 1. On August 5, they purchased 10 units at $13 per unit. On August 12 they purchased 20 units at $14 per unit. On August 15, they sold 30 units. Using the FIFO periodic inventory method, what is the value of the inventory at August 15 after the sale?


$140


$160


$210


$380


$590



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