General Financial Accounting, Finance And Accounting

Question: Amounts owed for goods or services acquired under an informal credit agreement are called ___________________.
A
Accounts Payable

B
Notes Payable

C
Money Market Funds

D
Common Stock

Note: Not available
1. Report
Question: The process of transferring entries in the general journal to the accounts in the general ledger is called ________________.
A
posting

B
journalizing

C
financial reporting

D
taxation

Note: Not available
1. Report
Question: The balance in all asset accounts combined is $100,000 on December 1. During December, the following transactions took place: - Purchase of $10,000 of inventory for cash - Purchase of $15,000 of machinery on account - Retirement of $20,000 in bonds with cash Given this information, what is the combined balance in the asset accounts on December 31?
A
$80,000

B
$115,000

C
$105,000

D
$95,000

Note: Not available
1. Report
Question: XYZ Company completed its second year of operations in Year 2. On January 1 of Year 2, the balance in Retained Earnings was $84,000. During the year, the company declared and paid a dividend of $65,000 to shareholders. The company reported net earnings of $105,000 in its Year 2 Income Statement. What was the balance in Retained Earnings on December 31 of Year 2?
A
$189,000

B
$170,000

C
$149,000

D
$124,000

Note: Not available
1. Report
Question: Temporary revenue and expense accounts may be closed _________________.
A
individually by separate entries to Retained Earnings

B
in a single entry to Retained Earnings

C
to a temporary "Income Summary" account

D
Any of the above methods is acceptable.

Note: Not available
1. Report
Question: Amounts received for the par value of a firm's voting stock are called ___________.
A
Common Stock

B
Accounts Receivable

C
Preferred Stock

D
Retained Earnings

Note: Not available
1. Report
Question: ________________ is/are a measure of the inflow of net assets from selling goods and providing services.
A
Revenues

B
Liabilities

C
Assets

D
Equity

Note: Not available
1. Report
Question: The Accumulated Depreciation account reflects _____________________.
A
depreciation for the current accounting period only

B
cumulative depreciation on the asset since acquisition

C
the amount of depreciation that can be taken in future periods

D
None of these

Note: Not available
1. Report
Question: Which of the following accounts represents distributions of earnings to shareholders of the firm?
A
Retained Earnings

B
Rent Expense

C
Dividends

D
Payroll Expense

Note: Not available
1. Report
Question: XYZ Company reported a balance in Accounts Receivable of $40,500 on January 1 of year 2. During Year 2, the company collected $127,500 from its customers who had purchased on account. On December 31 of Year 2, the company reported a balance in Accounts Receivable of $21,250. How much were XYZ Company's credit sales for Year 2?
A
$108,250

B
$129,500

C
$146,750

D
$148,750

Note: Not available
1. Report

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Question: Amounts owed for goods or services acquired under an informal credit agreement are called ___________________.

Question: The process of transferring entries in the general journal to the accounts in the general ledger is called ________________.

Question: Temporary revenue and expense accounts may be closed _________________.

Question: Amounts received for the par value of a firm's voting stock are called ___________.

Question: ________________ is/are a measure of the inflow of net assets from selling goods and providing services.

Question: The Accumulated Depreciation account reflects _____________________.

Question: Which of the following accounts represents distributions of earnings to shareholders of the firm?