Book keeping, Finance And Accounting

Question: Gerald's had opening total stockholders' equity of $160,000. During the year, total assets increased by $240,000 and total liabilities increased by $120,000. Their net income was $180,000. No additional investments were made. However, some amount was paid as dividend during the year. What was the amount of the dividend paid?
A
$20,000.

B
$60,000.

C
$140,000.

D
$220,000.

Note: Not available
1. Report
Question: '2/10, net 30' is an example of:
A
Terms

B
Methods

C
Systems

D
None of these

Note: Not available
1. Report
Question: A check issued by you, but not yet passed through the banking system, is:
A
an outstanding check

B
a credit transfer

C
a dishonored check

D
a standing order

Note: Not available
1. Report
Question: Documents used to control a bank account include the following except
A
a bank statement

B
electronic funds transfer (EFT)

C
prenumbered checks

D
a signature card

Note: Not available
1. Report
Question: Account books are typically closed on a _________ basis.
A
Weekly

B
Monthly

C
Quarterly

D
Yearly

Note: Not available
1. Report
Question: Retained earnings will change over time because of several factors. Which of the following factors would explain an increase in them (Retained Earnings)?
A
Net loss.

B
Net income.

C
Dividends.

D
Investments by stockholders.

Note: Not available
1. Report
Question: A multiple-step income statement is thought to be more beneficial to financial users because of the revelation of important relationships. Which of the following is not separately identified in a multiple-step income statement?
A
Gross profit

B
Net income

C
Income taxes

D
Total costs and expenses

Note: Not available
1. Report
Question: Accounts payable refer to the current
A
Liability of a business or an organization

B
Asset of a business or an organization

C
Expense of a business or organization

D
Income of a business or organization

Note: Not available
1. Report
Question: The correct journal entry to reconcile an NSF check returned by the bank is:
A
Debit Accounts Receivable, Credit NSF

B
Debit Cash, Credit Accounts Receivable

C
Debit NSF Expense, Credit Cash

D
Debit Accounts Receivable, Credit Cash

Note: answer not sure
1. Report
Question: Trade accounts receivable:
A
arise from the sale of a company's products or services.

B
are reported in the non-current asset section of the balance sheet.

C
include deposits with utilities

D
generally comprise the minority of the total receivables balance.

Note: answer not sure
1. Report

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Question: '2/10, net 30' is an example of:

Question: A check issued by you, but not yet passed through the banking system, is:

Question: Documents used to control a bank account include the following except

Question: Account books are typically closed on a _________ basis.

Question: Retained earnings will change over time because of several factors. Which of the following factors would explain an increase in them (Retained Earnings)?

Question: A multiple-step income statement is thought to be more beneficial to financial users because of the revelation of important relationships. Which of the following is not separately identified in a multiple-step income statement?

Question: Accounts payable refer to the current

Question: The correct journal entry to reconcile an NSF check returned by the bank is:

Question: Trade accounts receivable: