General Financial Accounting, Finance And Accounting

Question: Which of the following is NOT an example of a period expense?
A
Administrative costs

B
Inventory costs

C
Accounting costs

D
Selling costs

Note: Not available
1. Report
Question: Which of the journal entries below is incorrectly recorded?
A
Dr: Cash, Cr: Investment in ABC Co. - Sale of an investment for cash

B
Dr: Prepaid Insurance, Dr: Cash - Paid in advance for a 1-year insurance policy

C
Dr: Accounts Receivable, Cr: Merchandise Inventory - Returned defective merchandise for credit

D
Dr: Machinery, Cr: Notes Payable - Gave a 1-year note to acquire machinery

Note: Not available
1. Report
Question: Which of the following accounts would NOT appear on a corporation's Balance Sheet?
A
Owner Investment

B
Retained Earnings

C
Investment in ABC Stock

D
Premium on Common Stock

Note: Not available
1. Report
Question: Which of the following transactions would NOT result in revenue being reported?
A
Sale of merchandise for cash

B
Sale of merchandise on account

C
Collection of an account receivable

D
All of these

Note: Not available
1. Report
Question: ________________ is the financial obligation of a company in regards to a loan that accrues with the passage of time.
A
Interest Payable

B
Income Tax Payable

C
Income Tax Expense

D
Accounts Payable

Note: Not available
1. Report
Question: XYZ Company failed to record the purchase of inventory on account at the end of 2008. In which of the following ways is the Balance Sheet misstated?
A
Assets and liabilities are both understated.

B
Assets are understated and liabilities are overstated.

C
Assets and shareholders' equity are both understated.

D
Assets, liabilities, and shareholders' equity are all correctly stated.

Note: Not available
1. Report
Question: Which of the following is recorded only when another business enterprise is acquired?
A
Cash

B
Equity

C
Accounts Payable

D
Goodwill

Note: Not available
1. Report
Question: ______________ refers to shares originally issued and outstanding that have been reacquired from the owners
A
Treasury Stock

B
Common Stock

C
Preferred Stock

D
Retained Earnings

Note: Not available
1. Report
Question: Amounts paid for various fees incurred in organizing a corporation are called ____________.
A
Organization Costs

B
Current Assets

C
Deferred Taxes

D
Current Liabilities

Note: Not available
1. Report
Question: A manufacturing firm's cost of producing its product is called ______________.
A
direct labor

B
product costs

C
indirect labor

D
overhead

Note: Not available
1. Report

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Question: Which of the following is NOT an example of a period expense?

Question: Which of the journal entries below is incorrectly recorded?

Question: Which of the following accounts would NOT appear on a corporation's Balance Sheet?

Question: Which of the following transactions would NOT result in revenue being reported?

Question: ________________ is the financial obligation of a company in regards to a loan that accrues with the passage of time.

Question: XYZ Company failed to record the purchase of inventory on account at the end of 2008. In which of the following ways is the Balance Sheet misstated?

Question: Which of the following is recorded only when another business enterprise is acquired?

Question: ______________ refers to shares originally issued and outstanding that have been reacquired from the owners

Question: Amounts paid for various fees incurred in organizing a corporation are called ____________.

Question: A manufacturing firm's cost of producing its product is called ______________.