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Question 1
The best definition of assets is the
collections of resources belonging to the company
and the claims on these resources.
cash owned by the company. owners' investment
in the business. resources belonging to a company
that have future

2. benefit to the company.
Question 2
Which of the following is not a liability?
Accounts Payable Accounts Receivable
Interest Payable Unearned Service Revenue
Question 3
Which of the following financial statements is
divided into major categories of operating,
investing, and financing activities?
The statement of cash flows.
The income statement.
The balance sheet.
The retained earnings statement.
Question 4
Ending retained earnings for a period is equal
to
beginning

3. Retained earnings + Net income - Dividends.
Retained earnings - Net income + Dividends
Retained earnings - Net income - Dividends.
Retained earnings + Net income +
Dividends.
Question 5
Which of the following is not an advantage of
the corporate form of business organization?
No personal liability Easy
to raise funds Easy to
transfer ownership
Favorable tax treatment
Question 6
An advantage of the corporate form of business is
that
it is simple to establish.
it has limited life.

4. its owner's personal resources are at stake. its
ownership is easily transferable via the sale of
shares of stock
Question 7
A small neighborhood barber shop that is
operated by its owner would likely be organized
as
a
proprietorship.
partnership.
joint venture.
corporation.
Question 8
If services are rendered for cash, then
stockholders' equity will
decrease. liabilities will increase.
liabilities will decrease. assets will
increase.

5. Question 9
A revenue generally
increases assets and stockholders' equity.
increases assets and liabilities. increases
assets and decreases stockholders'
equity.
leaves total assets unchanged.
Question 10 A revenue account
has a normal balance of a debit. is decreased
by credits. is increased by credits. is increased
by debits.
Question 11
Which accounts normally have debit balances?
Assets, expenses, and dividends
Assets, expenses, and revenues Assets,
expense, and retained earnings

6. Assets, liabilities, and dividends Question
12
In recording an accounting transaction in a
double-entry system
the number of debit accounts must equal the
number of credit accounts. there must only be two
accounts affected by any
transaction.
there must always be entries made on both sides
of the accounting equation. the amount of the
debits must equal the amount of
the credits.
Question 13
The usual sequence of steps in the transaction
recording process is
journalize, analyze, post to the ledger.
post to the ledger, journalize, analyze.
analyze, journalize, post to the ledger.

7. journalize, post to the ledger, analyze.
Question 14
Under the expense recognition principle
expenses
are recognized when
they contribute to the production of
revenue. they are billed by the supplier. they
are paid. the invoice is received.
Question 15
The revenue recognition principle dictates that
revenue should be recognized in the accounting
records:
in the period that income taxes are paid.
when cash is received.
when the performance obligation is
satisfied. at the end of the month.

8. Question 16
Merchandising companies that sell to retailers
are
known as
brokers. corporations. wholesalers.
service firms.
Question 17
Gross profit equals the difference
between
sales revenue and cost of goods sold.
sales revenue and operating expenses.
net income and operating expenses.
sales revenue and cost of goods sold
plus operating expenses
Question 18
Net income will result if gross profit exceeds

9. purchases. cost of goods sold. operating
expenses.
cost of goods sold plus operating
expenses.
Question 19
Under the perpetual system, cash freight
costs incurred by the buyer for the
transporting of goods is recorded in which
account?
Freight-In
Inventory
Freight Expense
Freight-Out
Question 20
Financial information is presented
below: Operating expenses $ 25000
Sales revenue 175000 Cost of goods sold
125000
The profit margin ratio would be

10. Question 21
Financial information is presented
below: Operating expenses $ 31000 Sales
returns and allowances 6000 Sales
discounts 5000 Sales revenue 180000
Cost of goods sold 87000
The gross profit rate would be
Question 22
Financial information is presented
below: Operating expenses $ 54000 Sales
returns and allowances 5000 Sales
discounts 5000 Sales revenue 206000
Cost of goods sold 109000
Gross Profit would be
$102000.

11. $92000.
$97000.
$87000
Question 23
The LIFO inventory method assumes that the cost
of the latest units purchased are
not allocated to cost of goods sold or ending
inventory.
the first to be allocated to cost of goods sold.
the last to be allocated to cost of goods sold.
the first to be allocated to ending inventory.
Question 24
Which of the following statements is correct
with
respect to inventories?
FIFO seldom coincides with the actual physical
flow of inventory.
The FIFO method assumes that the costs of the
earliest goods acquired are the last to be sold.
It is generally good business management to
sell the most recently acquired goods first.

12. Under FIFO, the ending inventory is based on
the
latest units purchased.
Question 25
All of the following are examples of internal
control procedures except
reconciling the bank statement.
customer satisfaction surveys. insistence
that employees take vacations. using
prenumbered documents.
Question 26
Each of the following is a feature of internal
control except
recording of all transactions.
bonding of employees. an
extensive marketing plan.

13. separation of duties.
Question 27
For which of the following errors should the
appropriate amount be subtracted from the
balance per books on a bank reconciliation?
Check written for $95, but recorded by
the
company as $59
Deposit of $500 recorded by the bank as $50.
Check written for $53, but recorded by the
company as $35.
A returned $200 check recorded by the bank as
$20.
Question 28
A check written by the company for $126 is
incorrectly recorded by a company as $162. On the
bank reconciliation, the $36 error should be
deducted from the balance per
books. added to the balance per
bank.

14. added to the balance per books.
deducted from the balance per
bank.
Question 29
The following information was available for
Blossom Company at December 31, 2017:
beginning inventory $93000; ending inventory
$146000; cost of goods sold $676000; and
sales $824000. Blossom inventory turnover
ratio (rounded) in 2017 was
7.3 times.
4.6 times.
6.9 times.
5.7 times.
Question 30
The following information was available for
Sheridan Company at December 31, 2017:
beginning inventory $80000; ending inventory
$132000; cost of goods sold $644000; and sales
$816000. Sheridan days in inventory (rounded)
in
2017 was

15. 47.4
days. 45.1
days. 59.8
days.
74.5
days.
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