Accounting Issues Multiple Choice Questions Homework Help
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1. Which of the following is an advantage of corporations relative to partnerships and sole proprietorships?
Reduced legal liability for investors.
Harder to transfer ownership.
Most common form of organization.
2. Buying assets needed to operate a business is an example of a(n)
3. For 2007 Landford Corporation reported net income of $30,000; net sales $400,000; and average share outstanding 6,000. There were no preferred stock dividends. What was the 2007 earnings per share?
4. Free cash flow provides an indication of a company s ability to
generate cash to invest in new capital expenditures.
generate net income.
generate cash to pay dividends.
both a and c.
5. The dividend account
is increased with a debit.
is decreased with a credit.
is not an expense account.
all of the above
6. Kerner Company showed the following balances at the end of its first year:
Prepaid insurance 1,000
Accounts receivable 5,000
Accounts payable 4,000
Notes payable 6,000
Common stock 2,000
What did Kerner Company show as total credits on its trial balance?
7. Under the accrual basis of accounting
cash must be received before revenue is recognized.
net income is calculated by matching cash outflows against cash inflows.
events that change a company’s financial statements are recognized in the period they occur rather than in the period in which cash is paid or received.
the ledger accounts must be adjusted to reflect a cash basis of accounting before financial statements are prepared under generally accepted accounting principles.
8. Reese 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 $1,600 still on hand. The appropriate adjusting journal entry to be made at the end of the period would be
Debit Office Supplies Expense, $1,600; Credit Office Supplies, $1,600.
Debit Office Supplies, $2,400; Credit Office Supplies Expense, $2,400.
Debit Office Supplies Expense, $2,400; Credit Office Supplies, $2,400.
Debit Office Supplies, $1,600; Credit Office Supplies Expense, $1,600.
9. Baxtor Company purchased merchandise inventory with an invoice price of $5,000 and credit terms of 2/10, n/30. What is the net cost of the goods if Baxtor Company pays within the discount period?
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10. At the beginning of the year, Midtown Athletic had an inventory of $400,000. During the year, the company purchased goods costing $1,600,000. If Midtown Athletic reported ending inventory of $600,000 and sales of $2,000,000, their cost of goods sold and gross profit rate must be
$1,000,000 and 50%
$1,400,000 and 30%
$1,000,000 and 30%
$1,400,000 and 70%
11. In a period of increasing prices, which inventory flow assumption will result in the lowest amount of income tax expense?
Average Cost Method
Income tax expense for the period will be the same under all assumptions.
12. An aircraft company would most likely have a
high inventory turnover.
low profit margin.
low inventory turnover.
13. A very small company would have the most difficulty in implementing which of the following internal control activities?
Separation of duties
Limited access to assets
Periodic independent verification by and external auditor.
Sound personnel procedures
14. Which of the following is not a suggested procedure to establish internal control over cash disbursements?
Anyone can sign the checks.
Different individuals approve and make the payments.
Blank checks are stored with limited access.
The bank statement is reconciled monthly.
15. An aging of a company’s accounts receivable indicates that $4,000 is estimated to be uncollectible. If Allowance for Doubtful Accounts has a $1,200 debit balance, the adjustment to record bad debts for the period will require a
debit to Bad Debts Expense for $4,000.
debit to Allowance for Doubtful Accounts for $5,200.
debit to Bad Debts Expense for $5,200.
credit to Allowance for Doubtful Accounts for $4,000.
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