ACCT 5312 Exam 1 Questions and Answers
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Terms in this set (65)
Additional paid-in capital represents the difference between the total amounts invested
by the stockholders and the par or stated value of
stock
The principle of consistency means the effect of any change in the accounting method
that will be disclosed in the financial statements or
notes
The statement of cash flows shows how cash changed during the period
, At the end of the year, retained 4710 (x + 750 - 360 = 5100) solve for x
earnings totaled 5100.00 During the
year, net income was 750 and
dividends of 360 were decalred and
paid. Retained earnings at the
beginning of the year totaled
Current U.S. Generally Accepted financial position at the end of the period.
Accounting Principles and auditing
standards require the financial
statements of an entity for the
reporting period to include:
Retained Earnings represents: cumulative net income that has not been
distributed to stockholders as dividends.
The balance sheet shows the 325,000 (Inventory + Cash + AR)
following accounts and
amounts:Inventory, $84,000; Long-
term Debt 125,000; Common Stock
$60,000; Accounts Payable $44,000;
Cash $132,000; Buildings and
Equipment $390,000; Short-term
Debt $48,000; Accounts Receivable
$109,000; Retained Earnings
$204,000; Notes Payable $54,000;
Accumulated Depreciation
$180,000.Total current assets on the
balance sheet are
Accrual accounting is designed to match revenues and expenses
Practice Questions with Solutions Newest |
Already Graded A+
Save
Terms in this set (65)
Additional paid-in capital represents the difference between the total amounts invested
by the stockholders and the par or stated value of
stock
The principle of consistency means the effect of any change in the accounting method
that will be disclosed in the financial statements or
notes
The statement of cash flows shows how cash changed during the period
, At the end of the year, retained 4710 (x + 750 - 360 = 5100) solve for x
earnings totaled 5100.00 During the
year, net income was 750 and
dividends of 360 were decalred and
paid. Retained earnings at the
beginning of the year totaled
Current U.S. Generally Accepted financial position at the end of the period.
Accounting Principles and auditing
standards require the financial
statements of an entity for the
reporting period to include:
Retained Earnings represents: cumulative net income that has not been
distributed to stockholders as dividends.
The balance sheet shows the 325,000 (Inventory + Cash + AR)
following accounts and
amounts:Inventory, $84,000; Long-
term Debt 125,000; Common Stock
$60,000; Accounts Payable $44,000;
Cash $132,000; Buildings and
Equipment $390,000; Short-term
Debt $48,000; Accounts Receivable
$109,000; Retained Earnings
$204,000; Notes Payable $54,000;
Accumulated Depreciation
$180,000.Total current assets on the
balance sheet are
Accrual accounting is designed to match revenues and expenses
