General Financial Accounting, Finance And Accounting

Question: XYZ Company publishes a monthly sports magazine. The company has fiscal year of Jan-Dec. On July 1 of Year 1, the company sold 1000 two-year subscriptions for $200 each. On December 31 of Year 1, the amount reported as a liability on the Balance Sheet and the amount reported as revenue on the Income Statement are, respectively:
A
$0 and $200,000

B
$50,000 and $150,000

C
$100,000 and $100,000

D
$150,000 and $50,000

Note: Not available
1. Report
Question: Which of the following accounts accumulate amounts for only a single accounting period?
A
Permanent Accounts

B
Temporary Accounts

C
Assets

D
Liabilities

Note: Not available
1. Report
Question: Which of the following would cause the accounting equation to be out of balance?
A
Recording a purchase on account at the wrong amount

B
Recording a 2007 purchase in 2008

C
Posting the credit for a cash purchase at the wrong amount

D
All of these

Note: Not available
1. Report
Question: From the following list of accounts and account balances, determine the amount that would be properly classified as Property, Plant, & Equipment. $100,000 - Land Used in Business $60,000 - Machinery Leased from Others ($80,000) - Accumulated Depreciation $140,000 - Inventories $40,000 - Land Held for Future Plant Site $200,000 - Building $50,000 - Investment in Stock of Construction Company
A
$220,000

B
$360,000

C
$260,000

D
$280,000

Note: Not available
1. Report
Question: At the beginning of the year, XYZ Company reported Accounts Receivable of $39,000. During the year, the company had credit sales totaling $288,000. At year end, the Accounts Receivable balance was $8,000 higher than the beginning balance. How much cash was collected on the accounts during the year?
A
$296,000

B
$288,000

C
$280,000

D
$272,000

Note: Not available
1. Report
Question: XYZ Company has just completed its first year of operations in Year 1. The company distributed dividends of $50,000. If the ending balance of Retained Earnings on December 31 of Year 1 is $70,000, and the company had revenues of $400,000 from Year 1 sales, then what is the total of the company's Year 1 expenses?
A
$350,000

B
$330,000

C
$280,000

D
None of these

Note: Not available
1. Report
Question: A ____________ is the right to use property owned by someone else.
A
purchase

B
lease

C
prepaid asset

D
deferred revenue

Note: Not available
1. Report
Question: A trial balance prepared at the end of the accounting period after adjusting entries are made is called a/an _________________.
A
Pre-Adjustment Trial Balance

B
Prior Year Trial Balance

C
Adjusted Trial Balance

D
Balance Sheet

Note: Not available
1. Report
Question: XYZ Company has assets and liabilities of $15,000 and $12,000, respectively. If the company issues an additional $1,500 of stock for cash, what will be the balance in shareholders' equity following the transaction?
A
$15,000

B
$25,500

C
$4,500

D
$16,500

Note: Not available
1. Report
Question: XYZ Company purchased a 1-year insurance policy for $3,000 on April 1 of Year 1. The amount of prepaid insurance reported on the Balance Sheet and the amount of insurance expense reported on the Income Statement on December 31 of Year 1 are, respectively:
A
$750 and $2,250

B
$2,250 and $750

C
$1,000 and $2,000

D
$2,000 and $1,000

Note: Not available
1. Report

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Question: Which of the following accounts accumulate amounts for only a single accounting period?

Question: Which of the following would cause the accounting equation to be out of balance?

Question: A ____________ is the right to use property owned by someone else.

Question: A trial balance prepared at the end of the accounting period after adjusting entries are made is called a/an _________________.

Question: XYZ Company has assets and liabilities of $15,000 and $12,000, respectively. If the company issues an additional $1,500 of stock for cash, what will be the balance in shareholders' equity following the transaction?

Question: XYZ Company purchased a 1-year insurance policy for $3,000 on April 1 of Year 1. The amount of prepaid insurance reported on the Balance Sheet and the amount of insurance expense reported on the Income Statement on December 31 of Year 1 are, respectively: