Post University Accounting

Post University Accounting

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Question

 

·Chapter 1 quiz

 

· Question 1

·

 

	Which of the following is not one of the four financial statements?
Selected Answer: Correct An:   Response Feedback: The four financial statements are the Balance Sheet, Income Statement, Statement of Retained Earnings, Statement of Cash Flow.

· Question 2

2 out of 2 points

	The accounting formula is Assets =

· Question 3

2 out of 2 points

	Net Income is equal to:
Selected Answer: . :

· Question 4

0 out of 2 points

	If total liabilities decreased by $5,000 and stockholders’ equity increased by $15,000 during a period of time, then total assets must change by what amount and direction during that same time period?

· Question 5

2 out of 2 points

	Retained Earnings represents:

 

 

 

 

Chapter 2 quiz

 

 

 

· Question 1

0 out of 2 points

	Post Company uses $10,000 in cash to pay $10,000 on accounts payable.This would result in:

· Question 2

2 out of 2 points

	A company was recently formed with $ 100,000 cash contributed to the company by stock-holders. The company then borrowed $ 50,000 from a bank and bought a $ 20,000 vehicle for cash.They also purchased $10,000 of equipment by paying $ 2,000 in cash and issuing a note for the remainder. What is the amount of total assets to be reported on the balance sheet?

· Question 3

0 out of 2 points

	In regard to the balance sheet, which of the following statements is true?

· Question 4

2 out of 2 points

	Which of the following are current assets?

· Question 5

2 out of 2 points

	Which of the following true In regard to current liabilities?
Selected Answer: Correct Answer:

· Question 6

2 out of 2 points

	A company purchases $23,000 of supplies in the current month and promises to pay for them next month.How would the company record a liability for the supplies?

· Question 7

2 out of 2 points

	Alpha Company borrows $200,000 from its bank and buys equipment.How does this transaction affect the accounting equation?

2 out of 2 points

	Bravo Company purchases Land for $200,000 paying cash of $$80,000 and signing a note for the balance.The accounting entry would be:

 

 

Chapter 3 quiz

 

 

· Question 1

2 out of 2 points

	The New York Yankees baseball team has an account titled “Unearned Ticket Revenue”.What type of account is this and on what financial statement is it reported?

· Question 2

0 out of 2 points

	During November 200X John painted a barn.The customer does not pay John until January this next year.Which of the following statements is correct?

· Question 3

0 out of 2 points

	During June 200X Mary Jones incurs $8,000 of legal expense. She will pay the expense in July.She uses the accrual basis of accounting.How will these transactions affect her financial statements?

 

 

 

Week 4 quiz

 

 

· Question 1

2 out of 2 points

	Retained earnings for the ABC Company as of January 1, 200X was $800. During the year the company earned revenue of $5,000, had expenses of $3,200 and paid a cash dividend of $500.The income statement for the year ending December 31, 200X would show net income of:
Selected Answer: Correct Answer:   Response Feedback: .

· Question 2

2 out of 2 points

	The balance in Prepaid insurance is $ 2,500 before any adjustment.$1,000 worth of the insurance has expired.The adjusting journal entry should include which of the following?

· Question 3

2 out of 2 points

	On January 1, 200X the Post Company started the year with a balance of $1,000 in the supplies account.During the year the company purchased supplies for $2,000.On December 31, 200X there was $1,200 of supplies on hand.What adjusting entry would be made on December 31, 200X?

· Question 4

2 out of 2 points

	Payment of a dividend will:

· Question 5

0 out of 2 points

	Central Company purchased equipment on January 1, 200X for $12,000.The equipment has a useful life of six years.What adjusting entry would be made for 200X to record depreciation expense?

Unit 5 quiz

 

· Question 1

2 out of 2 points

	Based on the following income statement what is the Net Profit Margin Ratio? Cinnamon and Spice., Inc. Income Statement As of Dec. 31, 200X Revenue: Sales $180,000 Expenses: Selling expense 84,000 Operating expense 18,000 Interest expense 11,000 Other expense 7,000 Total expense 120,000 Net Income $60,000

· Question 2

2 out of 2 points

	Company A has assets of $2,000,000, liabilities = 400,000 and equity = $1,600,000. What is the debt to asset ratio for Company A?
Selected Answer: Correct Answer:   Response Feedback: %               Unit 5 chapter 6 quiz       · Question 1 2 out of 2 points Sales with terms 2/ 10, n/ 30 means: · Question 2 2 out of 2 points A $ 1,000 sale is made on May 1 with terms 2/ 10, n/ 30. What amount, if received on May 9, will the customer’s check be? · Question 3 2 out of 2 points A company has net sales of $500,000 and cost of goods sold of $400,000. The company’s gross profit percentage is: · Question 4 2 out of 2 points Company Alpha has Sales of $800,000, Sales Discounts of $40,000 and Sales Returns of $50,000. How will this be shown on the Income Statement? · Question 5 2 out of 2 points On March 1, 200X Bravo Company sells $6,000 of services on credit terms offering a 2% discount if paid within ten days.They are paid on March 3.The customer takes the discount, what is Bravo Company’s accounting entry on March 3, 200X? Selected Answer: Correct Answer:   Response Feedback: · Question 6 2 out of 2 points The accounting entry for a sales return includes: Selected Answer: Correct Answer:   Response Feedback: Sales returns is a contra sales account. Thursday, November 2                     Unit 6 chapter 7 quiz     · Question 1 2 out of 2 points The 200X records of Thompson Company showed beginning inventory of $6,000, cost of goods sold of $14,000 and ending inventory of $8,000. The cost of purchases for 200X was: · Question 2 2 out of 2 points Post Company began the current month with $10,000 in inventory, then purchased inventory at a cost of $35,000. The inventory at the end of the month was $20,000.The cost of goods sold would be: · Question 3 2 out of 2 points Following is the inventory activity for July: Beginning Balance 10 sweaters @ $12 each 1-Jul Purchased 5 sweaters at $14 each 8-Jul Purchased 8 sweaters at $17 each 17-Jul Purchased 6 sweaters at $20 each 24-Jul Sold 12 sweaters for $30 each What is the ending inventory $ amount using the FIFO method? · Question 4 2 out of 2 points Following is the inventory activity for July: Beginning Balance 10 sweaters @ $12 each 1-Jul Purchased 5 sweaters at $14 each 8-Jul Purchased 8 sweaters at $17 each 17-Jul Purchased 6 sweaters at $20 each 24-Jul Sold 12 sweaters for $30 each What is the ending inventory $ amount using the LIFO method? Selected Answer:   $224 Correct Answer:   $224   Response Feedback: LIFO Ending Inventory consists of: 10 sweaters @ $12 each 10 $120 5 sweaters @ $14 each 5 $70 2 sweaters @ $17 each 2 $34 LIFO Ending Inventory consists of: 17 $224       Unit 6 chapter 8 quiz       · Question 1 2 out of 2 points A company lends its CEO $150,000 for 3 years at a 6% annual interest rate. Interest payments are to be made twice a year. Each interest payment will be for: · Question 2 2 out of 2 points Which of the following is true? Selected Answer: Correct Answer:   Response Feedback: . · Question 3 2 out of 2 points Post Company lends Blue Company $40,000 on April 1, accepting a 4 month, 4.5% interest note. Post Company prepares financial statements on April 30. What adjusting entry should they make? Thursday, Novembe

 

 

Unit 7 chapter 9 quiz

 

 

· Question 1

0 out of 2 points

	Which of the following is not capitalized when a piece of production equipment is acquired for a factory?
Selected Answer: Correct Answer:

· Question 2

2 out of 2 points

	On January 1, 200X Post Company purchased a machine for $80,000. The machine had a salvage value of $8,000 and a useful life of 10 years. Using straight line depreciation, the accounting entry for recording depreciation expense for the second year of operation would be:

· Question 3

2 out of 2 points

	Post Company uses straight- line depreciation for all of its depreciable assets.Post sold a piece of machinery on December 31, 2009, that it purchased on January 1, 2009 for $ 2,000. The asset had a five- year life and zero residual value. Accumulated depreciation was $400.If the sales price of the used machine was $ 1,200, the resulting gain or loss on disposal was which of the following amounts?

· Question 4

2 out of 2 points

	Post Company purchased a patent on January 1, 200X for $50,000.The patent has a useful life of 10 years.The accounting entry to record the patent amortization expense for the first year would be:

 

 

 

Chapter 11 quiz

 

 

 

· Question 1

2 out of 2 points

	Post Company issues 10,000 shares of $5 par value common stock for $20 a share. The accounting entry for this transaction would be:
Selected Answer: Correct Answer:   Response Feedback:

· Question 2

2 out of 2 points

	Dividends become a liability of the corporation:
Selected Answer: Correct Answer:

· Question 3

2 out of 2 points

	XYZ Company has 100,000 shares of stock outstanding.On January 1, 200X XYZ Company declared a cash dividend of .50 per share to be paid on January 31.On January 1 XYZ Company will make the following journal entry:

· Question 4

2 out of 2 points

	Which of the following will result when a dividend is paid?

· Question 5

2 out of 2 points

	In its most basic form, the Earnings per Share (EPS) ratio is calculated as:
Selected Answer: Correct Answer:

Thursday, November 28, 2013 4:26:27 AM EST

 

 

Er 12 quiz

 

 

· Question 1

2 out of 2 points

	Which of the following is not one of the activities shown on the Statement of Cash Flows?

· Question 2

2 out of 2 points

	Which of the following is not an operating activity shown on the Statement of Cash Flows?

· Question 3

2 out of 2 points

	Which of the following is not an investing activity shown on the Statement of Cash Flows?

· Question 4

2 out of 2 points

	Which of the following is not a financing activity shown on the Statement of Cash Flows?

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Thursday, Novem