1) Questions & Your AnswersYour Answer1.(Multiple Choice)Which.docx

1) Questions & Your AnswersYour Answer1.(Multiple Choice)
Which of the following expressions is true?
A. Assets + Liabilities = Stockholders' Equity.
B. Assets = Stockholders' Equity.
C. Liabilities - Assets = Stockholders' Equity.
D. Cash = Stockholders' Equity.
E. None of these.INSTRUCTIONS: Please show your final
answers in Column C (tab1) for all questions (Multiple Choice
and Essey). Please
enter the capital letter only (for example: A). Do not include the
period in your answer.2.(Multiple Choice)
Of the following items, which may be found on both an income
statement and the statement of retained earnings?
A. Net loss.
B. Dividends.
C. Capital Stock.
D. Accounts Receivable.
E. None of these.NOTE: The Essey question requires one
"number" as answer. Please put your final number/answer in
Column C here (tab 1). You can show your work (back-up) in
the next tab (tab 2). If your final answer is incorrect here, I will
give you partial credit base on the back-up.3.(Multiple Choice)
The expression "For the Year Ended December 31, 20X7" would
be the proper dating on the heading of a company's:
A. Income Statement.
B. Statement of Retained Earnings.
C. Balance Sheet.
D. Both "A" and "B".

E. None of these.4.(Multiple Choice)
Which of the following statements about journals is false?
A. The ledger is posted from transactions recorded in the
general journal.
B. Journals are posted from transactions recorded in the
general ledger.
C. Transactions reflected in the journal tend to follow
chronological sequence.
D. All accounts affected by a transaction are reflected together
in the journal.
Failure to record the purchase of office furniture on account
will result in:
A. an overstatement of assets.
B. an understatement of liabilities.
C. an overstatement of stockholders' equity.
D. All of these.
Richards Corporation incurred and paid $25,000 of rent during
August. The appropriate journal entry to completely account
for this activity is:
A. Debit Cash/Credit Rent Payable.
B. Debit Cash/Rent Expense.
C. Debit Rent Expense/Credit Cash.
D. Debit Rent Expense/Credit Rent Payable.
If payday occurs on each Wednesday for the weekly pay period
ending the previous Friday, and an entry is made each Friday to
accrue the payroll for that week, the journal entry to record on

each Friday would involve a debit to:
A. Wage Expense.
B. Wages Payable.
C. Cash.
D. Cash Expense.
During June, Zorba Magazine sold for cash six advertising
spaces for $400 each to be run in the July through December
issues. On that date, Zorba properly recognized Unearned
Revenue. The adjusting entry to record on July 31 includes:
A. a debit to Unearned Revenue for $400.
B. a credit to Unearned Revenue for $400.
C. a credit to Revenue for $2,000.
D. a debit to Cash for $2,000.
On January 26, a customer paid Collin Printing $250 in advance
for printing. On January 28, Collin printed 500 posters for
Grubb at a price of 30¢ each. The proper entry on January 28
would include a:
A. debit to Unearned Revenue of $250.
B. credit to Unearned Revenue for $100.
C. credit to Unearned Revenue for $250.
D. debit to Unearned Revenue for $100.
The proper journal entry to close an $11,000 debit balance in
the Dividends account would include:
A. a credit to Dividends for $11,000.
B. a credit to Income Summary for $11,000.
C. a credit to Retained Earnings for $11,000.

D. a credit to Expenses for $11,000.
Which of the following statements about reversing entries is
true?
A. Identical balances eventual result with or without reversing
entries.
B. Reversing entries may not be used with accrued revenues.
C. Reversals are usually for adjusting items that do not
involve future cash flow.
D. All of the above.
Working capital is equal to:
A. current liabilities divided by current assets.
B. current assets divided by current liabilities.
C. current assets x current liabilities.
D. current assets - current liabilities.
Which of the following statements is false?
A. List price minus invoice price is equal to the amount of the
trade discount.
B. Trade discounts are a convenient means of reducing list
prices to invoice prices.
C. Trade discounts are not entered in the accounting records.
D. Trade discounts are the same thing as cash discounts.
Merchandise is sold on account on January 16, terms 2/10, n/30,
and recorded by debiting Accounts Receivable and crediting
Sales for $2,000. If payment occurs on January 31, the journal
entry would include a credit to:

A. Accounts Receivable for $1,960.
B. Accounts Receivable for $2,000.
C. Sales Discounts for $40.
D. Cash for $1,960.
On April 1, a $5,000 merchandise purchase was recorded under
the gross method. The purchase was made on account and
subject to credit terms of 2/10, n/30. The journal entry to
record payment on April 15 would include:
A. a debit to Accounts Payable for $4,900.
B. a credit to Cash for $5,000.
C. a debit to Purchase Discounts Lost for $100.
Ace Hardware Store acts as agent for Plumbing Company of
America. Accordingly, Ace holds merchandise on consignment
from Plumbing Company of America in its retail store.
Plumbing Company of America:
A. is known as the consignor.
B. should not include the consigned inventory on its balance
sheet.
C. should record a profit when the inventory is consigned to
Ace.
An inventory pricing procedure in which the oldest costs
incurred rarely have an effect on the ending inventory valuation
is:
A. FIFO.

B. LIFO.
C. Retail.
D. Weighted-average.
Which of the following inventory methods will always produce
the same results under both a periodic and perpetual system?
A. FIFO.
B. LIFO.
C. Weighted-average.
D. All of these.
Amounts that must be left on deposit and cannot be withdrawn
are known as:
A. compensating balances.
B. dead monies.
C. sinking funds.
D. demand deposits.
After preparing a bank reconciliation, certain adjustments may
be necessary to the Cash account in the company records. The
source for this journal entry could be the reconciliation of:
A. the ending balance per bank statement to the adjusted cash
balance.
B. the ending balance per company records to the adjusted
cash balance.
C. Both A and B.
D. Neither A or B.
Hastings Company replenished a $500 petty cash fund. The

petty cash box contained vouchers of $87 for postage, $173 for
supplies, $58 for gasoline, and cash on hand of $182. The
journal entry to reflect replenishment would include:
A. a credit to Petty Cash for $318.
B. debits to expense of $318.
C. a debit to Cash for $318.
D. a credit to Cash or $182.
An aging revealed a year-end target allowance of $100,000.
The beginning of year allowance contained $75,000. $40,000
was written off during the year. How much should be charged
to Uncollectible Accounts expense?
A. $40,000.
B. $65,000.
C. $70,000.
D. $135,000.
If McCarthy should collect an account in 20X6 which was
written off in 20X5, McCarthy would debit Cash for the amount
received and credit:
A. an income account entitled Adjustment of Prior Period
Earnings.
B. the Accounts Receivable account.
C. the Bad Debts Expense account.
D. the Accounts Receivable account after the original write-off
is reestablished.
Which of the following statements is false?
A. Notes receivable are initially entered in the accounting

records via a debit.
B. The interest on a note is deemed to be revenue to the maker
of the note.
C. Interest revenue is recorded as it is received and as a year-
end adjustment.
D. Principal is the amount on which interest is figured.
Which of the following costs is normally not a capital
expenditure?
A. Normal installation fees on a long-lived asset.
B. Freight charges incurred on the purchased of new
equipment.
C. Interest charges during the active construction period of a
new building.
D. General training costs for employees to operate a new
machine.
Which of the following is false?
A. Cost less accumulated depreciation equals depreciable base.
B. "Depreciation expense" and "accumulated depreciation" are
synonymous.
C. Depreciation expense normally increases over the service
life of an asset..
A new truck is purchased on January 1, 20X6. The truck cost
$10,000, has a 5-year life, and a $2,000 residual value. Given a
December 31 year-end, and use of the straight-line method, how
much is the net book value at December 31, 20X7?
A. $10,000.

B. $7,200.
C. $6,000.
D. $3,200.
Farmco recently incurred costs associated with replacing the oil
in one of its tractors. How should this cost be accounted for?
A. As a repair and maintenance expense.
B. As an increase in the cost basis of the tractor.
C. As a reduction of accumulated depreciation associated with
the tractor.
D. As an intangible.
A gain would always be recorded:
A. on an exchange lacking commercial substance.
B. when an asset is sold for less than its net book value.
C. when an asset is sold for more than its residual value.
D. when an asset is sold for cash.
Overestimating the number of barrels that can be pumped from
an oil well over its lifetime will result in:
A. understating net income each year.
B. understating depletion cost per unit each year.
C. overstating depletion expense each year.
D. understating total assets each year.
Typical current liabilities include:
A. contingent liabilities.
B. prepayment by customers.

C. accrued liabilities.
The account Discount on Notes Payable:
A. usually has a credit balance and is added to the Notes
Payable account.
B. is recorded only when the note has a stated interest rate.
C. is amortized over the life of the note by a transfer to
interest revenue.
D. represents future interest expense which will be incurred
over the life of the note.
Sylvan Company had sales of $1,500,000. Estimated warranty
costs are 1% of sales. Work performed under warranties during
the period actually cost $8,750. The entry to record the
warranty liability includes:
A. a debit to Warranty Expense for $23,750.
B. a debit to Warranty Expense for $15,000.
C. a debit to Warranty Expense for $8,750.
D. a debit to Warranty Expense for $6,250.
Which of the following statements is true?
A. Preemptive rights make it easy for a corporation to issue
additional shares.
B. One purpose of a corporation is to avoid "double taxation."
C. A corporate entity is typically of unlimited duration.
D. A corporation can issue common or preferred stock, but not
both.

As a normal rule of thumb, which of the following statements is
true?
A. Par value exceeds the issue price of common stock.
B. Par value is correlated to dividends on common stock.
C. Par value is correlated to dividends on preferred stock.
D. Par value is equivalent to total paid in capital.
Gaines originally issued 15,000 shares of $10 par value common
stock at $15 per share. During the current year, 1,000 of these
shares were reacquired for $20 each. The proper entry to record
the reacquisition includes:
A. a debit to Treasury Stock for $10,000.
B. a debit to Treasury Stock for $15,000.
C. a debit to Treasury Stock for $20,000.
D. a debit to Retained Earnings for $5,000.
E. None of these.
2) Back-up for Essey QuestionsNOTE: This applies to the Essey
questions ONLY. You can choose show your back-up details to
the Essey questions here (tab 2). If your final answer (tab 1) is
incorrect, I will give you partial credit base on the back-up
information. (Please number your work clearly so that I can
follow your logic.)
Your ScoreYour Answer
Solution
sYour ScoreExtra
CreditTotalNotes1.02.03.04.05.06.07.08.09.010.011.012.013.01
4.015.016.017.018.019.020.021.022.023.024.025.026.027.028.0

29.030.031.032.033.034.035.036.0Total
Name: ______________________________________Date:
________________________
Student Exploration: Building Pangaea
Vocabulary: continental drift, fossil, glacier, ice age, landmass,
Pangaea, supercontinent
Prior Knowledge Questions (Do these BEFORE using the
Gizmo.)
1. Antarctica is a frozen land, so cold and icy that no trees can
grow there. Yet scientists have discovered fossils (remains
preserved in rock) of ancient trees in Antarctica.
What do you think this means?
________________________________________________
_____________________________________________________

____________________
2. The Himalayas in central Asia are the tallest mountains in the
world. But fossils of seashells can be found high in these
mountains, far from any ocean.
How do you think they got there?
______________________________________________
_____________________________________________________
____________________
Gizmo Warm-up
1. The Gizmo allows you to drag and rotate all the major
landmasses on Earth.
· To drag a landmass, grab it in the middle.
· To rotate a landmass, grab it near the edge.
· Learn the names by opening the Tools menu and dragging the
Help icon over the landmasses.
· Mark where you live. Drag an arrow from the purple bar at left
to your location.

2. Test your geography skills. Drag and rotate landmasses
randomly until you make a big mess. Then try to move them
back to their original positions.
When you have made the best map you can, click the Tools icon
in the upper right corner, select Screen shot, and copy the image
into a blank document. Label the image “Map 1.”
3. Click Reset. Compare your map to the real one. How well did
you do? _________________
_____________________________________________________
____________________
Activity A:
Solving the puzzle
Get the Gizmo ready:
· If necessary, click Reset.
· Check that the Evidence shown is None.
Introduction: In 1915, a German scientist named Alfred
Wegener (VAY-guh-ner) proposed the theory of continental

drift. According to this theory, the landmasses once were joined
into a supercontinent called Pangaea. The landmasses then
slowly drifted to their current positions.
Question: What did Pangaea look like?
1. Observe: Drag South America close to Africa. Look at their
coastlines. What do you notice?
_____________________________________________________
____________________
2. Explore: Try to fit all the landmasses together like a puzzle.
· As much as possible, avoid overlapping landmasses.
· When you are satisfied, take a screenshot and paste it into
your document. Label this map “Map 2: Fit of the continents.”
3. Analyze: Look at your map of Pangaea.
A. How well do the continents fit together?
___________________________________
B. Is it a perfect fit? Explain.

______________________________________________
C. Think about how the landmasses got from where they were to
where they are today. Does it seem realistic that the landmasses
could have moved like this? Explain.
_____________________________________________________
______________
_____________________________________________________
______________
4. Compare: If possible, present your map of Pangaea to your
classmates and teacher. Look at other maps, and talk about each
one.
A. Are the maps very similar or very different?
________________________________
B. If Alfred Wegener showed you a map like this but did not
have any other evidence, would you have believed his theory
that the continents had moved? Explain.
_____________________________________________________

______________
_____________________________________________________
______________
_____________________________________________________
______________
Activity B:
Fossil and rock evidence
· Click Reset.
· Under Evidence choose Fossils.
Question: What do fossils and rocks tell us about Pangaea?
1. Observe: The brown areas in the Gizmo show where fossils of
Lystrosaurus have been found. Lystrosaurus looked a bit like a
dinosaur, but lived in a time before dinosaurs.
A. On which landmasses did Lystrosaurus live?
_______________________________

_____________________________________________________
______________
B. Lystrosaurus probably couldn’t swim very far. How might
the locations of Lystrosaurus fossils be seen as evidence that
the continents were once together?
_____________________________________________________
______________
2. Explore: Use the fossil evidence to help you make a new map
of Pangaea. When the map is done, paste a screenshot into your
document. Label this map “Map 3: Fossil evidence.”
How well do the landmasses fit together this time?
_________________________________
3. Revise: Now under Evidence choose Rocks. The purple areas
are mountains that formed when landmasses collided 450
million years ago. The orange areas show rocks that formed
about 2 billion years ago.
Adjust your map using this evidence, and then paste a

screenshot of this map into your document. Label this map
“Map 4: Rock evidence.”
4. Compare: If possible, compare your map to those of your
classmates.
A. How similar are the maps?
_____________________________________________
B. If Wegener showed you this evidence, would you have
believed his theory? Explain.
_____________________________________________________
______________
_____________________________________________________
______________
5. Extend your thinking: Click Reset and watch India closely.
The Himalayan Mountains are found on the border of India and
Eurasia. How do you think these mountains were formed?
_____________________________________________________
____________________

_____________________________________________________
____________________
Activity C:
Ancient ice sheets
· Click Reset.
· Under Evidence choose Glaciers.
Introduction: Glaciers are large, slow-moving sheets of ice.
During ice ages, glaciers formed at the North and South Poles
and spread out to cover large areas.
Question: What does evidence of glaciers tell us about Pangaea?
1. Observe: The white areas are places that show evidence of a
massiveice sheet that existed around 250 million years ago.
A. Which landmasses show evidence of ancient glaciers?
_______________________
_____________________________________________________
______________

B. Would you expect to find large glaciers on all of these
landmasses today? Explain.
_____________________________________________________
______________
_____________________________________________________
______________
2. Explore: Drag the landmasses together to form a map of
Pangaea. Try to line up the white areas on each continent. You
can use the fossil and rock evidence as well if you like. Paste a
screenshot of this map into your document, labeled “Map 5:
Glacial evidence.”
3. Analyze: Choose Glaciers (if necessary) and look at the white
regions. Does this pattern make more sense now? Explain.
______________________________________________
_____________________________________________________
____________________

4. Extend your thinking: As glaciers moved away from the
poles, rocks stuck to the bottom of the ice were dragged over
the ground. This left scrapes and scratches on rock outcrops that
can still be seen today. The scratches show which direction the
glaciers moved.
A. Look at the arrows that show the direction of glacial
scratches. What is the pattern?
_____________________________________________________
______________
B. Which landmass do you think was located over the South
Pole in the time of Pangaea? Why? Discuss your answer with
your teacher and classmates.
_____________________________________________________
______________
_____________________________________________________
______________

Question 1
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When the Earth formed, it's condition can best be described as
Select one:
a. cold hard rock
b. hot and molten
c. much like it is today
d. completely covered in water
Question 2
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How did the moon form?
Select one:
a. an asteroid hit the earth and gauged out a chunk of rock that
became our moon.
b. the moon was always there in the beginning
c. the earth broke in two
d. a nearby planet began orbiting the Earth and became the
moon.
Question 3

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What are the four geological eras from oldest to newest?
Select one:
a. cenozoic, precambrian, paleozoic, mesozoic
b. precambrian, cenozoic, mesozoic, paleozoic
c. precambrian, paleozoic, mesozoic, cenozoic
d. paleozoic, mesozoic, precambrian, cenozoic
Question 4
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Which era lasted the longest in Earth's history?
Select one:
a. Precambrian
b. Paleozoic
c. Mesozoic
d. Cenozoic
Question 5
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In which era did life first appear?
Select one:
a. Cenozoic
b. Mesozoic
c. Paleozoic
d. Precambrian
Question 6
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What was the first form of life?
Select one:
a. algae
b. sponges
c. jellyfish
d. cyanobacteria
Question 7
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What special thing did the first form of life do to help other
organisms evolve?

Select one:
a. they mulitplied rapidly
b. they could photosynthesize, adding oxygen to the
atmosphere.
c. they warmed the seas
d. they reproduced with other life forms
Question 8
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Which era is known as the age of ancient life?
Select one:
a. precambrian
b. paleozoic
c. mesozoic
d. cenozoic
Question 9
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How did fossil fuels come about?
Select one:
a. inorganic materials beneath the sea

b. the remains of plants and animals millions of years old
c. only dinosaur fossils
d. sedimentary rocks on the tops of mountains
Question 10
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Mountains began to form in which era?
Select one:
a. precambrian
b. paleozoic
c. mesozoic
d. cenozoic
Question 11
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What main event happened when Pangaea formed?
Select one:
a. The largest dinosaurs inhabited the Earth.
b. Primates evolved.
c. The Earth changed it's orbit around the Sun.
d. 90% of all marine life became extinct.

Question 12
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What important event happened during the Triassic Period?
Select one:
a. Dinosaurs and mammals appeared.
b. An asteroid hit the moon, causing it to change it's orbit.
c. Sea levels rose and mountains dissapeared.
d. The first hominids appeared.
Question 13
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Approximately how long did dinosaurs inhabit the Earth?
Select one:
a. over 200 million years
b. one billion years
c. about 100,000 years
d. only a few thousand years
Question 14
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Approximately, how long have dinosaurs been extinct?
Select one:
a. one billion years
b. 200 million years
c. 65 million years
d. 100,000 years
Question 15
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How did the great lakes form?
Select one:
a. melting glaciers from the last ice age.
b. asteroids carved out the land and then water filled them.
c. they were there since the beginning to Earth.
d. they are man-made
Question 16
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How long has there been a recorded record of human history?

Select one:
a. 100 million years
b. 100,000 years
c. 10,000 years
d. 5,000 years
Question 17
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What are the two main pieces of evidence that support the
theory of the history of the Earth?
Select one:
a. rock formations and fossils
b. fossils and coal deposits
c. radiometric dating and fossils
d. shapes of continents and ice core samples
Question 18
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Appoximately, how old are the Outer Banks?
Select one:
a. 1 million

b. 200 million
c. 100,000
d. 12,000
Question 19
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What is the current human population?
Select one:
a. 5 million
b. 14 billion
c. 500 million
d. 7 billion
Question 20
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Why is the rising human population a problem?
Select one:
a. Because poor countries cannot afford clean water and good
medicines.
b. Less people equals less resources.
c. A major catasrophe could wipe out most humans.

d. Earth's resources are being stressed and human needs may not
be able to be met if there are less resources.
7.2 Assignment: We all wonder, how did we get here? The
following assignment will take you through a theory based on
scientific evidence. Watch the video:David Christian: The
history of our world in 18 minutesYou can access the video
directly by going to this
website:http://www.ted.com/talks/david_christian_big_history.h
tml
While watching the video, answer the following questions:
1. What is the 2nd law of thermodynamics?
2. Explain the “Goldilocks Conditions”?
3. How old is the universe?
4. What are two types of energy that first appear?
5. What are the first 2 simple atoms that appeared?
6. How did the chemicals from the periodic table arise?

7. How old is our solar system and the Earth?
8. What are the “goldilocks” conditions for life?
9. Where on Earth did life begin and what were the special
conditions needed?
10. What is the main molecule of life?
11. Most life on Earth were single celled organisms until about
600 to 800 million years ago, multicellular life appeared. Name
3 forms of the earliest multicellular life.
12. When and how were the dinosaurs wiped out?
13. How long have humans occupied the Earth?
14. What was special about humans compared to other mammals
that allowed us to become more complex?
.
15. Explain “collective learning”.

16. At the end of the last ice age about 10,000 years ago. What
happened that allowed a population increase for humans?
17. How is burning fossil fuels undermining collective learning?

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