Financial Accounting Principles MCQs Homework Help Online
- September 15, 2017
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- Category: Accounting QA
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1. Financial statements are typically prepared in the following order:
a. Balance sheet, statement of retained earnings, income statement
b. Statement of retained earnings, balance sheet, income statement
c. Income statement, balance sheet, statement of retained earnings
d. Income statement, statement of retained earnings, balance sheet
2. Unearned revenue is reported on the financial statements as:
a. A revenue on the balance sheet
b. A liability on the balance sheet
c. An unearned revenue on the income statement
d. An asset on the balance sheet
e. An operating activity on the statement of cash flows
3. The accrual basis of accounting:
a. Is generally accepted for external reporting since it is more useful for most business decisions
b. Is flawed because it gives complete information about cash flows
c. Recognizes revenues when received in cash
d. Recognizes expenses when paid in cash
e. Eliminates the need for adjusting entries at the end of each period
4. 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
a. $27,000
b. $24,900
c. $29,100
d. $135,000
5. 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):
a. Adjusted trial balance
b. Work sheet
c. Post-closing trial balance
d. Unadjusted trial balance
e. General ledger
6. Which of the following identifies the proper order of the accounting cycle
a. Analyze, Journalize, Unadjusted Trial Balance
b. Analyze, Post, Unadjusted Trial Balance
c. Journalize, Post, Adjusted Trial Balance
d. Unadjusted Trial Balance, Adjusted Trial Balance, Close
e. Adjusted Trial Balance, Adjustments, Financial Statements
7. 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:
a. Income Summary account
b. Closing account
c. Balance column account
d. Contra account
8. A trial balance prepared after adjustments have been recorded is called a(n):
a. Balance sheet
b. Adjusted trial balance
c. Unadjusted trial balance
d. Classified balance sheet
e. Unclassified balance sheet
9. 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. A debit to Cash and a credit to Salaries Payable
b. A debit to Cash and a credit to Prepaid Salaries
c. A debit to Salaries Payable and a credit to Cash
d. A debit to Salaries Payable and a credit to Salaries Expense
e. No entry would be necessary on January 5
10. 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 ?
a. $74,800
b. $37,647
c. $60,265
d. $23,112
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11. Which of the following accounts would not be on the post closing trial balance
a. Accounts Payable
b. Accounts Receivable
c. Common Stock
d. Dividends
12. A trial balance prepared after the closing entries have been journalized and posted is the:
a. Unadjusted trial balance
b. Post-closing trial balance
c. General ledger
d. Adjusted trial balance
e. Work sheet
13. 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:
a. Debit Prepaid Insurance, $1,800; credit Cash, $1,800
b. Debit Prepaid Insurance, $1,440; credit Insurance Expense, $1,440
c. Debit Prepaid Insurance, $360; credit Insurance Expense, $360
d. Debit Insurance Expense, $360; credit Prepaid Insurance, $360
e. Debit Insurance Expense, $360; credit Prepaid Insurance, $1,440
14. 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
a. $1,350
b. $450
c. $1,012.50
d. $337.50
e. $37.50
15. A company earned $2,000 in net income for October. Its net sales for October were $10,000. Its profit margin is:
a. 2%
b. 20%
c. 200%
d. 500%
e. $8,000
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