ACG 2025 PATERSON FSU CH.1 QUIZ
QUESTIONS WITH 100% CORRECT
ANSWERS!!
1 of 67
Definition
$380,000
Ending retained earnings = Beginning retained earnings
+ Net income - Dividends
Replace net income with revenue - expenses
Ending retained earnings = Beginning retained earnings +
Revenue - Expenses - Dividends
Re-arranging to solve for beginning retained earnings:
Beginning retained earnings = Ending retained earnings -
Revenue + Expenses + Dividends
,Beginning retained earnings = 500,000 - 800,000 + 620,000 +
60,000 Beginning retained earnings = 380,000
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During the year, Langston Company recorded revenues of
$800,000,
recorded expenses of $620,000, issued an additional $90,000 of
common stock, and paid dividends of $60,000. Its ending retained
earnings is
500,000. What was the company beginning retained earnings?
Jeremiah Company recorded the following cash transactions for
the year: Collected $80,000 from lenders
Collected $260,000 from
customers Paid $130,000 for
salaries.
Paid $10,000 in dividends.
Paid $90,000 of goods and services
Paid $20,000 to purchase office equipment.
What was the company's net cash provided by operating activities for
the year?
Jackson Company recorded the following cash transactions for
the year: Paid $150,000 for salaries.
Paid $45,000 to purchase
inventory. Paid $10,000 in
dividends.
Collected $275,000 from customers.
What is the company's net cash from operating activities for the year?
During the year, Finney Company recorded revenues of $370,000,
recorded expenses of $320,000, issued an additional $10,000 of common
stock, and paid dividends of $40,000. Its ending retained earnings is
400,000. What was the
company beginning retained earnings?
Don't know?
,2 of 67
Term
Which of the following is considered to be an internal user
of accounting data for a given business?
Give this one a try later!
Economic Economics
Management Selling
Don't know?
3 of 67
Term
The annual report provided to shareholders includes an
auditor's
report. The auditor's report includes an opinion about the
fairness of the financial statements. The party expressing
that opinion is
Give this one a try later!
an internal auditor who an independent auditor
is a company who is a Certified Public
employee Accountant.
a financial analyst who is a Chartered Accountant
, a government auditor
who is a civil servant
QUESTIONS WITH 100% CORRECT
ANSWERS!!
1 of 67
Definition
$380,000
Ending retained earnings = Beginning retained earnings
+ Net income - Dividends
Replace net income with revenue - expenses
Ending retained earnings = Beginning retained earnings +
Revenue - Expenses - Dividends
Re-arranging to solve for beginning retained earnings:
Beginning retained earnings = Ending retained earnings -
Revenue + Expenses + Dividends
,Beginning retained earnings = 500,000 - 800,000 + 620,000 +
60,000 Beginning retained earnings = 380,000
Give this one a try later!
During the year, Langston Company recorded revenues of
$800,000,
recorded expenses of $620,000, issued an additional $90,000 of
common stock, and paid dividends of $60,000. Its ending retained
earnings is
500,000. What was the company beginning retained earnings?
Jeremiah Company recorded the following cash transactions for
the year: Collected $80,000 from lenders
Collected $260,000 from
customers Paid $130,000 for
salaries.
Paid $10,000 in dividends.
Paid $90,000 of goods and services
Paid $20,000 to purchase office equipment.
What was the company's net cash provided by operating activities for
the year?
Jackson Company recorded the following cash transactions for
the year: Paid $150,000 for salaries.
Paid $45,000 to purchase
inventory. Paid $10,000 in
dividends.
Collected $275,000 from customers.
What is the company's net cash from operating activities for the year?
During the year, Finney Company recorded revenues of $370,000,
recorded expenses of $320,000, issued an additional $10,000 of common
stock, and paid dividends of $40,000. Its ending retained earnings is
400,000. What was the
company beginning retained earnings?
Don't know?
,2 of 67
Term
Which of the following is considered to be an internal user
of accounting data for a given business?
Give this one a try later!
Economic Economics
Management Selling
Don't know?
3 of 67
Term
The annual report provided to shareholders includes an
auditor's
report. The auditor's report includes an opinion about the
fairness of the financial statements. The party expressing
that opinion is
Give this one a try later!
an internal auditor who an independent auditor
is a company who is a Certified Public
employee Accountant.
a financial analyst who is a Chartered Accountant
, a government auditor
who is a civil servant
