ACC 290 week 5 MCQ finals

Question
1) Which financial statement is used to determine cash generated from operations?

2) In terms of sequence, in what order must the four basic financial statements be prepared?

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3) In classifying transactions, which of the following is true in regard to assets?

4) An increase in an expense account must be

5) ABC Corporation issues 100 shares of $1 par common stock at $5 per share, which of the following is the correct journal entry?

6) In the first month of operations, the total of the debit entries to the cash account amounted to $1,400 and the total of the credit entries to the cash account amounted to $600. The cash account has a

7) Which ledger contains control accounts?

8) Smith is a customer of ABC Corporation. Smith typically purchases merchandise from ABC on account. Which ledger would ABC use to keep track of the details of Smith’s account?

9) Under the cash basis of accounting

10) Under the accrual basis of accounting,

11) The Vintage Laundry Company purchased $6,500 worth of laundry supplies on June 2 and recorded the purchase as an asset. On June 30, an inventory of the laundry supplies indicated only $2,000 on hand. The adjusting entry that should be made by the company on June 30 is

12) Greese Company purchased office supplies costing $4,000 and debited Office Supplies for the full amount. At the end of the accounting period, a physical count of office supplies revealed $1,100 still on hand. The appropriate adjusting journal entry to be made at the end of the period would be

13) Based on the account balance below, what is the total of the debit and credit columns of the adjusted trial balance?

Service revenue

$3,300

Equipment

$6,400

Cash

1,525

Prepaid insurance

1,225

Unearned revenue

5,320

Depreciation expense

640

Salary

1,050

Accum. depreciation

1,280

Common stock

390

Retained earnings

550

14) An adjusted trial balance

15) Given the following adjusted trial balance, net income for the year is:

Debit

Credit

Cash

$781

Accounts receivable

1,049

Inventory

1,562

Prepaid rent

43

Property, plant & equipment

150

Accumulated depreciation

26

Accounts payable

41

Unearned revenue

61

Common stock

103

Retained earnings

3,305

Service revenue

134

Interest revenue

28

Salary expense

80

Travel expense

33

Total

$3,698

$3,698

16)Given the following adjusted trial balance, what will be the totals for the debit and credit columns of the post-closing trial balance?

Debit

Credit

Cash

$1,562

Accounts receivable

2,098

Inventory

3,124

Prepaid rent

86

Property, plant, & equipment

300

Accumulated depreciation

$52

Accounts payable

82

Unearned revenue

172

Common stock

206

Retained earnings

6,610

Service revenue

218

Interest revenue

56

Salary expense

160

Travel expense

66

Totals

$7,396

$7,396

17) Given the following adjusted trial balance:

Debit

Credit

Cash

$781

Accounts receivable

1,049

Inventory

1,562

Prepaid rent

43

Property, plant & equipment

150

Accumulated depreciation

$26

Accounts payable

41

Unearned revenue

61

Common stock

103

Retained earnings

3,305

Service revenue

134

Interest revenue

28

Salary expense

80

Travel expense

33

Total

$3,698

$3,698

After closing entries have been posted, the balance in retained earnings will be

18)Net income is recorded on the work sheet under the

19) At the beginning of the year, Uptown Athletic had an inventory of $400,000. During the year, the company purchased goods costing $1,500,000. If Uptown Athletic reported ending inventory of $600,000 and sales of $2,000,000, their cost of goods sold and gross profit rate would be

20) During the year, Sarah’s Pet Shop’s merchandise inventory decreased by $30,000. If the company’s cost of goods sold for the year was $450,000, purchases would have been

21) At the beginning of the year, Wildcat Athletic had an inventory of $200,000. During the year, the company purchased goods costing $700,000. If Wildcat Athletic reported ending inventory of $300,000 and sales of $1,000,000, their cost of goods sold and gross profit rate would be

22) The entry to record of sale of $900 with terms of 2/10, n/30 will include a

23)

Dobler Company uses a periodic inventory system. Details for the inventory account for the

Units

Per unit price

Total

Balance, 1/1/2012

200

$5.00

$1,000

Purchase, 1/15/2012

100

5.3

530

Purchase, 1/28/2012

100

5.5

550

An end of the month (1/31/2012), inventory showed that 140 units were on hand. If the company uses LIFO, what is the value of the ending inventory?

24) The difference between ending inventory using LIFO and ending inventory using FIFO is referred to as

25) A consistent application of an inventory costing method enhances

26) The accountant at Patton Company has determined that income before income taxes amounted to $11,000 using the FIFO costing assumption. If the income tax rate is 30% and the amount of income taxes paid would be $300 greater if the LIFO assumption were used, what would be the amount of income before taxes under the LIFO assumption?

27) A very small company would have the most difficulty in implementing which of the following internal control activities?

28) A system of internal control

29) The custodian of a company asset should

30) The Sarbanes Oxley Act (2002) applies to

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