General Financial Accounting, Finance And Accounting

Question: Which of the following accounts is NOT an expense?
A
Depreciation

B
Sales Salaries

C
Dividends Declared

D
Delivery Expense

Note: Not available
1. Report
Question: At the beginning of the year, XYZ Company reported a $7,200 balance in its Prepaid Insurance account. At year end, the company reported Insurance Expense of $9,000 in its Income Statement and a balance of $3,800 in the Prepaid Insurance account. What was the cost of the additional insurance that was purchased during the year?
A
$9,000

B
$12,400

C
$5,600

D
$12,800

Note: Not available
1. Report
Question: During the year, XYZ Company's inventory account balance increased from $26,000 to $31,500. During the year, the company made payments totaling $152,500 to creditors for inventory purchases and reported Cost of Goods Sold of $159,500 on its Income Statement. How much inventory was purchased during the year?
A
$165,000

B
$158,000

C
$152,500

D
$159,500

Note: Not available
1. Report
Question: Which of the following accounts is not closed during the closing process?
A
Wage Expense

B
Interest Expense

C
Utility Expense

D
Accumulated Depreciation

Note: Not available
1. Report
Question: XYZ Company purchased some equipment for $120,000 on July 1 of Year 1. The equipment has an estimated useful life of 10 years and an estimated salvage value of $7,500. XYZ Company computes depreciation on a straight-line basis. How much depreciation should be recorded for Year 1?
A
$12,000

B
$11,250

C
$6,000

D
$5,625

Note: Not available
1. Report
Question: A right granted to an individual or company that excludes others from manufacturing, using, or selling a certain process or device is called a _____________.
A
liability

B
trademark

C
tax liability

D
patent

Note: Not available
1. Report
Question: Which of the following accounts is NOT a temporary account that should be closed during the closing process?
A
Prepaid Insurance

B
Cost of Goods Sold

C
Sales Revenue

D
Depreciation

Note: Not available
1. Report
Question: A trial balance that shows revenue and expense accounts with zero balances and balance sheet accounts at the end of the period is called a __________________.
A
Balance Sheet

B
Pre-Closing Trial Balance

C
Post-Closing Trial Balance

D
Income Statement

Note: Not available
1. Report
Question: Which of the following is NOT an account title for liabilities?
A
Advances to suppliers

B
Advances from tenants

C
Rent received in advance

D
Advances from customers

Note: Answer not sure
1. Report
Question: On December 31 of Year 1, XYZ Company reported total shareholders' equity of $225,000, of which $180,000 represented contributed capital. If revenues, expenses, and dividends during Year 2 were $500,000, $420,000, and $30,000 respectively - and the total shareholders' equity is $290,000 on December 31 of Year 2 - how much additional capital was contributed by shareholders?
A
$15,000

B
$40,000

C
$65,000

D
$205,000

Note: Answer not sure
1. Report

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Question: Which of the following accounts is NOT an expense?

Question: Which of the following accounts is not closed during the closing process?

Question: XYZ Company purchased some equipment for $120,000 on July 1 of Year 1. The equipment has an estimated useful life of 10 years and an estimated salvage value of $7,500. XYZ Company computes depreciation on a straight-line basis. How much depreciation should be recorded for Year 1?

Question: A right granted to an individual or company that excludes others from manufacturing, using, or selling a certain process or device is called a _____________.

Question: Which of the following accounts is NOT a temporary account that should be closed during the closing process?

Question: A trial balance that shows revenue and expense accounts with zero balances and balance sheet accounts at the end of the period is called a __________________.

Question: Which of the following is NOT an account title for liabilities?