Qn | Accounting homework help


1.   Blackstone Corporation does not report an item on the balance sheet it is not large enough to influence a financial statement user. This generally accepted accounting principle is
a.   Materiality
b.   Matching
c.   Going concern
d.   Conservatism
2.   This quality assumes that information is reasonably free from error
a.   Relevant
b.   Conservatism
c.   Understandability
d.   None of the above
3.   An economist would use financial statements of the company to forecast trends. These financial statements are examples of
a.   Managerial accounting
b.   Financial accounting
c.   Tax accounting
d.   None of the above
4.   An addition to the Internal Revenue Code of the United States impacts
a.   Financial accounting
b.   Managerial accounting
c.   Tax accounting
d.   None of the above
5.   An analyst reviews internal reports of the corporation. The report is an example of:
a.   Managerial accounting
b.   Financial accounting
c.   Tax accounting
d.   None of the above
6.   The variance report showing planned versus actual expenditures is an example of
a.   Tax accounting
b.   Managerial accounting
c.   Financial accounting
d.   None of the above
7.   Cost of goods sold are found on the
a.   Balance sheet
b.   Income statement
c.   Statement of retained earnings
d.   None of the above
8.   Which of the following statements represents a flow concept
a.   Balance sheet
b.   Income statement
c.   Statement of retained earnings
d.   Inventory statement
e.   None of the above
9.   The stock market value of a company based on which of the following accounts
a.   Assets
b.   Liabilities
c.   Capital stock
d.   Retained earnings
e.   None of the abovw
10.   Which of the following statements represents a flow concept?
a.   Balance sheet
b.   Statement of retained earnings
c.   Inventory statement
d.   None of the above
11.   Which of the following accounts is listed in order of reverse liquidity ?
a.   Currents assets
b.   Current liabilities
c.   Both a & b
d.   Capital stock
12.   Prepaid expenses are found on the
a.   Income statement
b.   Balance sheet
c.   Statement of retained earnings
d.   None of the above
13.   On the balance sheet, accounts receivable is
a.   Cash due from customers that have purchased on credit
b.   Cash from bank deposits
c.   Cash from notes payable
d.   None of the above
14.   Blackson Incorporated signed a 3 year lease for the building that Blackson occupies and paid the rent for the first six months in advance. The account that should be debited is
a.   Prepaid expenses
b.   Cash
c.   Building
d.   Accounts payable
e.   None of the above
15.   If merchandise is returned to the company and the customer receives cash, the company debits an owner’s account and
a.   Credits a liability account
b.   Debits a liability account
c.   Debits an asset account
d.   None of the above
16.   Adjusting entries reflect
a.   External transactions
b.   Internal transactions
c.   Neither a or b
17.   Whitestone LLC collected $10,000 on a credit sale. The left-hand side of the entry would be a debit :
1. Accout receivable
2. Account payable
3. Cash
4. None of the above

18.   Decreases in liability accounts are on which side of the T account
a.   Left
b.   Right
c.   Neither a or b
19.   Asset accounts typically have a
a.   Left hand side balance
b.   Right hand side balance
c.   Neither a or b
20.   Rockport LLC has PP and E (net0 of 250 on 12/31/15 and 190 on 12/31/14. Depreciation for 2015 is 200. Acquisitions net of disposition for 2015 is
a.   250
b.   260
c.   270
d.   280
21.   Wessen Company issued long-term debt of 210 paid dividends of 10 and issued capital stock of 100. Cash flow from financing activities was
a.   280
b.   290
c.   300
d.   310
22.   Marine Company issued long term debt of 370 paid dividends of 20 and issued capital stock of 100. Cash flow from financing was
a.   430
b.   440
c.   450
d.   460
23.   Which of the following increases cash
a.   Issuance of long term debt
b.   Acquisition of property, plant, and equipment
c.   Payment of dividends
d.   Decrease in short term debt
e.   None of the above
24.   The taxes payable account increased from the beginning of the accounting period to the end of the accounting period. This impacts cash flow through a,
a.   Decrease
b.   Increase
c.   Has no effect
d.   None of the above
25.   Smith company issued long term debt of 220, paid dividends of 10, issued capital stock of 100. Cash flow from financing activity are
a.   300
b.   310
c.   320
d.   330
26.   If Lorraine Company has net income of 325, depreciation of 120, and changes in current assets and liabilities of -25, then cash provided by operations is
a.   420
b.   180
c.   470
d.   None of the above
27.   If the return on assets is 0.10 and the average assets are 100. The net income is
a.   10
b.   110
c.   90
d.   None of the above
28.   If an analyst notes that inventory increased by 10% from 2014 to 2015 the analyst is using
a.   Vertical analysis
b.   Horizontal analysis
c.   RMA
d.   None of the above
29.   Eps is $4.50 and average number of common shares outstanding is 100,000 the net income minus preferred dividends is
a.   $90,000
b.   $45,000
c.   $450,000
d.   None of the above
30.   Which of the following rations measure liquidity?
a.   Current
b.   Payout
c.   Gross margin
d.   Asset turnover
e.   None of the above
31.   The ration that indicates how many dollars of current assets exist for every current dollar in current liabilities is
a.   Gross margin
b.   ROA
c.   Current
d.   ROE
32.   Which of the following is an operating performance ratio?
a.   Gross margin
b.   Debt-to-equity
c.   Current ratio
d.   None of the above
33.   If net sales are 120 and average total assets are 100 than the asset turnover ratio is
a.   80
b.   1.2
c.   1.0
d.   1.1

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