General Financial Accounting, Finance And Accounting

Question: The balance in the _________________ account reflects the cumulative depreciation of an asset since its acquisition.
A
Depreciation Expense

B
Income Tax Liability

C
Rent Expense

D
Accumulated Depreciation

Note: Answer not sure
1. Report
Question: The amount subtracted from the cost of a fixed asset to get the Net Book Value is called the ___________________.
A
Asset Base

B
Tax Liability

C
Accumulated Depreciation

D
Cash

Note: Answer not sure
1. Report
Question: The Balance Sheet reflects the application of various valuation methods. Which of the following methods may be used on a Balance Sheet that follows generally accepted accounting principles?
A
Acquisition cost

B
Current cash equivalent value

C
Present value of future cash flows

D
All of these

Note: Answer not sure
1. Report
Question: The charge made to the current operations for the portion of cost of long-lived assets consumed during the current period is called _________________.
A
accumulated depreciation

B
rent expense

C
indirect labor

D
depreciation

Note: Answer not sure
1. Report
Question: Stocks and bonds that can be readily converted into cash are called _____________.
A
Current Assets

B
Current Liabilities

C
Marketable Securities

D
Treasury Stock

Note: Answer not sure
1. Report
Question: Which of the following is a permanent account?
A
Accumulated Depreciation

B
Advances from Customers

C
Both a and b

D
Neither a nor b

Note: Answer not sure
1. Report
Question: In preparing its year-end adjusting entries, XYZ Company neglected to adjust prepaid insurance for the amount of insurance expired during Year 1. Which of the following reflects the result of this error?
A
Year 1 net income is understated, the balance in retained earnings is understated, and assets are understated.

B
Year 1 net income is overstated, the balance in retained earnings is overstated, and assets are correctly stated.

C
Year 1 net income is overstated, the balance in retained earnings is overstated, and assets are overstated.

D
None of these

Note: Answer not sure
1. Report
Question: Goods on hand that have been purchased for resale are called ______________.
A
cash

B
COGS

C
assets

D
inventory

Note: Answer not sure
1. Report
Question: The following entry was made on March 12 for XYZ Company: Dr: Machinery Cr: ACCounts Payable For which of the following transactions was this entry made?
A
Payment for purchase of machinery

B
Sale of machinery

C
Depreciation of machinery

D
Purchase of machinery

Note: Answer not sure
1. Report
Question: The concept of present value ____________________.
A
can be simply defined as today's value of a stream of future cash flows

B
implies that the value of receiving cash today will be less than the value of receiving it in the future

C
is employed extensively in the valuation of assets under current generally accepted accounting practices

D
determines the minimum amount that a buyer would be willing to pay for an asset

Note: Answer not sure
1. Report

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Question: The balance in the _________________ account reflects the cumulative depreciation of an asset since its acquisition.

Question: The amount subtracted from the cost of a fixed asset to get the Net Book Value is called the ___________________.

Question: The Balance Sheet reflects the application of various valuation methods. Which of the following methods may be used on a Balance Sheet that follows generally accepted accounting principles?

Question: The charge made to the current operations for the portion of cost of long-lived assets consumed during the current period is called _________________.

Question: Stocks and bonds that can be readily converted into cash are called _____________.

Question: Which of the following is a permanent account?

Question: In preparing its year-end adjusting entries, XYZ Company neglected to adjust prepaid insurance for the amount of insurance expired during Year 1. Which of the following reflects the result of this error?

Question: Goods on hand that have been purchased for resale are called ______________.

Question: The following entry was made on March 12 for XYZ Company: Dr: Machinery Cr: ACCounts Payable For which of the following transactions was this entry made?

Question: The concept of present value ____________________.