ACCT 3311 - Accounting: Entrance Exam 2025 University of
Texas, Arlington
100% scored 124 out
of 124
1 of 124
Definition
Net Sales -Cost of goods sold
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Cost Of Goods Sold Net Income
Net Profit Gross Profit
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2 of 124
Term
An accounting year that covers a period of time other than January
1 through December 31 is typically referred to as a_year.
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Fiscal Annual
Calendar Quarterly
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3 of 124
Term
Under the ______ ________ methods, uncollectible accounts are recognized
when the actual loss is confirmed.
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Allowance method Aging method
, Percentage of sales method Direct write-off
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4 of 124
Term
The Sales account and Purchases account should include:
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Only credit sales and cash
purchases. Only cash sales and cash purchases.
Both cash and credit sales and
Only sales of non-merchandise
cash and credit purchases of
items.
merchandise.
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5 of 124
Definition
Principal x Rate x Time
i.e. If $100,000 is borrowed at 6% per year for 18 months, the total
interest will amount to $9,000 ($100,000 x 6% x 1.5 years).
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If the buyer is to incur all Which of the following transactions
freight charges, the terms are would have no impact on
F.O.B. stockholders' equity?
_____________
The proper journal entry to record
$1,000 of Dividends paid by The total amount of interest on
Myer's Corporation is: a loan is calculated as
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6 of 124
Term
Amounts in the adjusted trial balance columns of the worksheet are
extended to the _____________ _____________ , retained earnings, or balance sheet
columns of the work sheet.
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Cash Flow Statement Income Statement
Retained Earnings Statement Balance Sheet
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7 of 124
Texas, Arlington
100% scored 124 out
of 124
1 of 124
Definition
Net Sales -Cost of goods sold
Give this one a try later!
Cost Of Goods Sold Net Income
Net Profit Gross Profit
, Don't know?
2 of 124
Term
An accounting year that covers a period of time other than January
1 through December 31 is typically referred to as a_year.
Give this one a try later!
Fiscal Annual
Calendar Quarterly
Don't know?
3 of 124
Term
Under the ______ ________ methods, uncollectible accounts are recognized
when the actual loss is confirmed.
Give this one a try later!
Allowance method Aging method
, Percentage of sales method Direct write-off
Don't know?
4 of 124
Term
The Sales account and Purchases account should include:
Give this one a try later!
Only credit sales and cash
purchases. Only cash sales and cash purchases.
Both cash and credit sales and
Only sales of non-merchandise
cash and credit purchases of
items.
merchandise.
Don't know?
5 of 124
Definition
Principal x Rate x Time
i.e. If $100,000 is borrowed at 6% per year for 18 months, the total
interest will amount to $9,000 ($100,000 x 6% x 1.5 years).
, Give this one a try later!
If the buyer is to incur all Which of the following transactions
freight charges, the terms are would have no impact on
F.O.B. stockholders' equity?
_____________
The proper journal entry to record
$1,000 of Dividends paid by The total amount of interest on
Myer's Corporation is: a loan is calculated as
Don't know?
6 of 124
Term
Amounts in the adjusted trial balance columns of the worksheet are
extended to the _____________ _____________ , retained earnings, or balance sheet
columns of the work sheet.
Give this one a try later!
Cash Flow Statement Income Statement
Retained Earnings Statement Balance Sheet
Don't know?
7 of 124
