Financial Accounting Principles Multiple Choice Questions Homework Help Online
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1.A private organization which establishes broad accounting principles as well as specific accounting rules is the
a. Securities and Exchange Commission.
b. Internal Revenue Service.
c. Financial Accounting Standards Board.
d. Corporate Board of Directors.
2. A petty cash fund is generally established in order to
a. pay for all merchandise purchased on account.
b. pay employees’ wages.
c. make loans internally to employees.
d. pay relatively small expenditures.
3. The Income Summary account is an important account that is used
a. during interim periods.
b. in preparing adjusting entries.
c. annually in preparing closing entries.
d. annually in preparing correcting entries.
4. A petty cash fund of $100 is replenished when the fund contains $4 in cash and receipts for $93. The entry to replenish the fund would
a. credit Cash Over and Short for $3.
b. credit Miscellaneous Revenue for $3.
c. debit Cash Over and Short for $3.
d. debit Miscellaneous Expense for $3.
5. Posting is the process of
a. preparing a chart of accounts.
b. adding a column of figures.
c. transferring journal entries to ledger accounts.
d. recording entries in a journal.
6. Logan Company debited Prepaid Insurance for $960 on July 1, 2005 for a one-year fire insurance policy. If the company prepares monthly financial statements, failure to make an adjusting entry on July 31 for the amount of insurance that has expired would cause
a. assets to be overstated by $960 and expenses to be understated by $960.
b. expenses to be overstated by $80 and assets to be understated by $80.
c. assets to be overstated by $80 and expenses to be understated by $80.
d. expenses to be overstated by $960 and assets to be understated by $960.
7. Which one of the following accounts is not closed at the end of an accounting period?
a. Common Stock
c. Service Revenue
d. Insurance Expense
8. The second set of debit and credit columns on a work sheet is generally used for
a. closing entries.
b. the trial balance.
c. the balance sheet figures.
d. the adjustments.
9. Geronimo Company had net sales of $400,000, cost of goods sold of $225,000 and other operating expenses of $100,000. The company’s gross profit is
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10. Inventoriable costs include all of the following except the
a. cost of the goods purchased.
b. freight out.
c. cost of the beginning inventory.
d. freight in.
11. A check correctly written and paid by the bank for $361 is incorrectly recorded on the company’s books for $316. The appropriate adjustment on a bank reconciliation would be to
a. deduct $361 from the book’s balance.
b. deduct $45 from the book’s balance.
c. deduct $45 from the bank’s balance.
d. add $45 to the bank’s balance.
12. The Petty Cash account should be debited
a. whenever an expense is paid from the fund.
b. when the fund is established.
c. whenever the fund is replenished.
d. when the fund is liquidated.
13. An adjusted trial balance
a. is prepared after the financial statements have been prepared.
b. proves the equality of the debits and the credits of the ledger accounts.
c. is required by GAAP.
d. is prepared after the post-closing trial balance.
14. An error in the physical count of goods on hand at the end of the current period resulted in a $3,000 understatement of the ending inventory. The effect of this error in the current period is to
a. overstate cost of goods sold.
b. understate cost of goods available for sale.
c. overstate gross profit.
d. overstate net income.
15. In a period of rising prices, the inventory method that will show the highest net income is
a. Average Cost.
d. Moving Average
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