Financial Accounting Review Questions with All Correct
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which of the following accounts would be found on the balance sheet?
a. sales revenue
b. cash
c. wages expense
d. dividends ✔Correct Answer-b. cash
which of the following is a trait or characteristic of the balance sheet?
a. it lists all of the company's revenue accounts
b. it is prepared as a specific point in time
c. all values listen on the statement are market values
d. none of the above ✔Correct Answer-b. it is prepared as a specific point in time
what information does an income statement provide a user?
a. information about the amount of cash a company has
2. whether or not a user should invest in the company
3. the results of the company's operations for a period of time ✔Correct Answer-b. whether or not
a user should invest in the company
land is a(n) ____________ account; advertising expense can found on the __________________.
a. revenue ; income statement
b. liability ; balance sheet
c. asset ; income statement
d. none of the above ✔Correct Answer-asset; income statement
inventory is a(n) _____________ account.
a stockholder's equity
b. liability
c. expense
d. none of the above ✔Correct Answer-d. none of the above
which of the following correctly expresses the accounting equation?
a. liabilities = revenues + expense
b. assets = liabilities + revenues
c. assets + stockholder's equity = liabilities
d. none of the above ✔Correct Answer-d. none of the above
ABC Company got a good deal some land. The Company paid $50,000 for property that has a market
value of $82,000. The accountant for the organization should record the land at...
a. $82,000 based on monetary unit assumption
& 100% Verified Answers |Already Graded A+
which of the following accounts would be found on the balance sheet?
a. sales revenue
b. cash
c. wages expense
d. dividends ✔Correct Answer-b. cash
which of the following is a trait or characteristic of the balance sheet?
a. it lists all of the company's revenue accounts
b. it is prepared as a specific point in time
c. all values listen on the statement are market values
d. none of the above ✔Correct Answer-b. it is prepared as a specific point in time
what information does an income statement provide a user?
a. information about the amount of cash a company has
2. whether or not a user should invest in the company
3. the results of the company's operations for a period of time ✔Correct Answer-b. whether or not
a user should invest in the company
land is a(n) ____________ account; advertising expense can found on the __________________.
a. revenue ; income statement
b. liability ; balance sheet
c. asset ; income statement
d. none of the above ✔Correct Answer-asset; income statement
inventory is a(n) _____________ account.
a stockholder's equity
b. liability
c. expense
d. none of the above ✔Correct Answer-d. none of the above
which of the following correctly expresses the accounting equation?
a. liabilities = revenues + expense
b. assets = liabilities + revenues
c. assets + stockholder's equity = liabilities
d. none of the above ✔Correct Answer-d. none of the above
ABC Company got a good deal some land. The Company paid $50,000 for property that has a market
value of $82,000. The accountant for the organization should record the land at...
a. $82,000 based on monetary unit assumption
