Accounting Quiz
Accounting Quiz
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Operating Investing Financing None of these |
Income statement Balance sheet Statement of cash flows Retained earnings statement |
income statement. balance sheet. statement of cash flows. retained earnings statement. |
$32,450 $27,450 $6,550 $18,150 |
increase total assets. decrease total assets. have no effect on total assets. increase stockholders’ equity. |
income statement. tax return balance sheet. statement of cash flows. |
increase total assets. decrease total assets. have no effect on total assets. increase stockholders’ equity. |
decreases assets and stockholders’ equity. increases assets and decreases liabilities. decreases assets and increases liabilities. decreases assets and decreases liabilities. |
accounting equation retained earnings statement intangible asset section classified balance sheet |
the closing process. converting to cash basis accounting. the adjustment process. going concern adjustments. |
Asset Revenue Stockholders’ equity Liability |
$3,000. $40,000. $37,000. $43,000. |
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. |
Selling expense Miscellaneous expense Administrative expense Other expense |
All expenses Cost of merchandise sold Operating expenses Sales expenses |
$50,000 $47,000 $52,000 $48,000 |
Management’s operating style. organizational structure. personnel policies. all of these. |
Service charges Outstanding checks Deposits in transit Notes collected by the bank |
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. |
Coins Checks Money orders Commercial paper |
default. deferral. accrual. promissory note. |
long-term liabilities. fixed assets. current assets. investments. |
maker. payee. seller. receiver. |
September 30. October 2. October 3. October 1. |
at current market values. at replacement costs. at cost less accumulated depreciation. in a separate section along with intangible assets. |
residual value. scrap value. book value. both residual value and scrap value. |
current operating expenses. assets and amortized over their estimated useful life. assets and amortized over 40 years. current assets. |
$93,500 $91,550 $85,700 $89,600 |
take-home pay. pay net of taxes. net pay. gross pay. |
Debt financing Equity financing Asset financing Both debt financing and equity financing |
common stock. treasury stock. no-par stock. preferred stock. |
As an asset As a decrease in stockholders’ equity As an increase in stockholders’ equity Treasury stock is not shown on the balance sheet. |
the minimum selling price of the stock established by the articles of incorporation. the minimum amount the stockholder will receive when the corporation is liquidated. the monetary amount assigned to each share of stock in the articles of incorporation. the amount of dividends per share to be received each year. |
$798.85 $873.77 $953.16 $1,223.77 |
Other expense section Cost of merchandise sold Operating expenses Interest expense is on the balance sheet, not the income statement. |