4. What are Frank's total assets and total liabilities on December 31, 2014:
A. $ 420,000; $180,000.
B. $ 420,000; $160,000.
C. $ 440,000; $160,000.
D. $ 460,000; $130,000.
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B. $ 420,000; $160,000.
4. Ritz Company agreed to purchase certain inventory items from Hostess
Corporation. Hostess shipped the goods F.O.B. destination. On December 31, Ritz's
accounting year-end, Ritz was aware that the goods had been shipped and would be
received any day.
a. Ritz should include the goods in its inventory calculated on December 31.
,b. Ritz should include the goods in its inventory calculated on December 31, but
should not record the obligation to pay for them.
c. Ritz should not include the goods in its inventory calculated on December 31, but
should include the related payable on its balance sheet at December 31.
d. Ritz should not include the goods in its inventory calculated on December 31, and
should not include the related payable on its balance sheet at December 31
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d. Ritz should not include the goods in its inventory calculated on
December 31, and should not include the related payable on its balance
sheet at December 31
Which of the following accounts would not be closed at the end of accounting
period
A. Income summary
B. Dividend
C. Revenue
D. Capital stock
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D. Capital stock
36. When an accounts receivable account has been determined to be uncollectible
the entry to record the write off using the allowance method would include:
A. A debit to Accounts Receivable.
B. A debit to Uncollectible Account Expense.
C. A debit to Allowance for Uncollectible Accounts.
D. A credit to Notes Receivable.
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, C. A debit to Allowance for Uncollectible Accounts.
11. Which of the following is not a step in the accounting cycle?
A. Journal entries are prepared and posted to ledger accounts.
B. Trial balance is prepared.
C. Financial Statements are prepared.
D. All of the above are steps in the accounting cycle.
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D. All of the above are steps in the accounting cycle.
2. Recording a payable for the purchase of $90,000 of services incurred during the
period had what net effect at the end of the period?
A. Decrease in assets
B. Increase in owner's equity
C. Decrease in liabilities
D. No effect on assets
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D. No effect on assets
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C. 1200
, Which of the following transactions would have no impact on stockholders equity
A. Purchase of land from the proceeds of a bank loan
B. Dividend to stockholders
C. Net loss
D. Investment of cash by stockholders
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A. Purchase of land from the proceeds of a bank loan
Blankenship Company pays its employees every Friday for work rendered that week.
The payroll is typically $10,000 per week. Which of the following journal entries would
Blankenship ordinarily record on the Friday payday?
A. Salary expense 10,000
Salary payable 10,000
B. Salary expense 10,000
Cash 10,000
C. Salary payable 10,000
Cash 10,000
D. Salary payable 10,000
Salary expense 10,000
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B. Salary expense 10,000
Cash 10,000
A. $ 420,000; $180,000.
B. $ 420,000; $160,000.
C. $ 440,000; $160,000.
D. $ 460,000; $130,000.
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B. $ 420,000; $160,000.
4. Ritz Company agreed to purchase certain inventory items from Hostess
Corporation. Hostess shipped the goods F.O.B. destination. On December 31, Ritz's
accounting year-end, Ritz was aware that the goods had been shipped and would be
received any day.
a. Ritz should include the goods in its inventory calculated on December 31.
,b. Ritz should include the goods in its inventory calculated on December 31, but
should not record the obligation to pay for them.
c. Ritz should not include the goods in its inventory calculated on December 31, but
should include the related payable on its balance sheet at December 31.
d. Ritz should not include the goods in its inventory calculated on December 31, and
should not include the related payable on its balance sheet at December 31
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d. Ritz should not include the goods in its inventory calculated on
December 31, and should not include the related payable on its balance
sheet at December 31
Which of the following accounts would not be closed at the end of accounting
period
A. Income summary
B. Dividend
C. Revenue
D. Capital stock
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D. Capital stock
36. When an accounts receivable account has been determined to be uncollectible
the entry to record the write off using the allowance method would include:
A. A debit to Accounts Receivable.
B. A debit to Uncollectible Account Expense.
C. A debit to Allowance for Uncollectible Accounts.
D. A credit to Notes Receivable.
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, C. A debit to Allowance for Uncollectible Accounts.
11. Which of the following is not a step in the accounting cycle?
A. Journal entries are prepared and posted to ledger accounts.
B. Trial balance is prepared.
C. Financial Statements are prepared.
D. All of the above are steps in the accounting cycle.
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D. All of the above are steps in the accounting cycle.
2. Recording a payable for the purchase of $90,000 of services incurred during the
period had what net effect at the end of the period?
A. Decrease in assets
B. Increase in owner's equity
C. Decrease in liabilities
D. No effect on assets
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D. No effect on assets
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C. 1200
, Which of the following transactions would have no impact on stockholders equity
A. Purchase of land from the proceeds of a bank loan
B. Dividend to stockholders
C. Net loss
D. Investment of cash by stockholders
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A. Purchase of land from the proceeds of a bank loan
Blankenship Company pays its employees every Friday for work rendered that week.
The payroll is typically $10,000 per week. Which of the following journal entries would
Blankenship ordinarily record on the Friday payday?
A. Salary expense 10,000
Salary payable 10,000
B. Salary expense 10,000
Cash 10,000
C. Salary payable 10,000
Cash 10,000
D. Salary payable 10,000
Salary expense 10,000
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B. Salary expense 10,000
Cash 10,000
