General Financial Accounting, Finance And Accounting

Question: The estimated and unpaid liability for current income taxes is called ______________.
A
Tax Expense

B
Accounts Payable

C
Income Taxes Payable

D
Cash

Note: Answer not sure
1. Report
Question: Different balance sheet items employ different valuation methods. Which of the following valuation applications is NOT generally accepted?
A
A major line of inventory has increased in value substantially above its cost and has been restated to its current replacement cost

B
Machinery is stated at its historical cost less the estimated amount of benefits consumed to date

C
Cash is received for goods to be delivered next month; the cost of goods to be delivered

D
Common stock is stated at the amount at which it was originally sold

Note: Answer not sure
1. Report
Question: In preparing its Year 1 adjusting entries, the XYZ Company neglected to adjust rental fees received in advance from the amount of rental fees earned 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 liabilities are overstated.

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

C
Year 1 net income is understated, the balance in retained earnings is understated, and liabilities are understated.

D
None of these

Note: Answer not sure
1. Report
Question: The cumulative amount of net income in excess of dividends declared that has been earned by a business since its inception is called ___________________.
A
Premium on Preferred Stock

B
Common Stock

C
Retained Earnings

D
Cash

Note: Answer not sure
1. Report
Question: The balance in the ________________ account is the amount owed to the company by its customers.
A
Equity

B
Accounts Receivable

C
Cash

D
Accounts Payable

Note: Answer not sure
1. Report
Question: Ms. Brown is an attorney who collects a retainer fee from all of her new clients. At the beginning of the year, the Unearned Retainer Fee account had a balance of $24,000. Ms. Brown collected additional retainer fees totaling $94,000 from her clients during the year. Her year-end Balance Sheet reports a $16,000 balance in the Unearned Retainer Fee account. How much of the retainer fees were earned by Ms. Brown during the year?
A
$108,000

B
$110,000

C
$86,000

D
$102,000

Note: Answer not sure
1. Report
Question: On December 26 of Year 1, XYZ Company hired three sales associates to begin work immediately on an after-Christmas sale. The associates were paid on January 9 of Year 2. Disregarding amounts, what entry should have been made on December 31 of Year 1?
A
Dr: Salary Expense, Cr: Salary Payable

B
Dr: Salary Expense, Cr: Cash

C
Dr: Salary Payable, Cr: Cash

D
Dr: Salary Payable, Cr: Salary Expense

Note: Answer not sure
1. Report
Question: The amount of proceeds from the sales of Preferred Stock in excess of par value is called _______________.
A
Common Stock

B
Retained Earnings

C
Premium on Preferred Stock

D
Current Assets

Note: Answer not sure
1. Report
Question: The normal balances in Depreciation Expense and its related Accumulated Depreciation accounts are ______________________.
A
debit and credit respectively

B
credit and debit respectively

C
Both are debit

D
Both are credit

Note: Answer not sure
1. Report

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Question: The estimated and unpaid liability for current income taxes is called ______________.

Question: Different balance sheet items employ different valuation methods. Which of the following valuation applications is NOT generally accepted?

Question: In preparing its Year 1 adjusting entries, the XYZ Company neglected to adjust rental fees received in advance from the amount of rental fees earned during Year 1. Which of the following reflects the result of this error?

Question: The cumulative amount of net income in excess of dividends declared that has been earned by a business since its inception is called ___________________.

Question: The balance in the ________________ account is the amount owed to the company by its customers.

Question: On December 26 of Year 1, XYZ Company hired three sales associates to begin work immediately on an after-Christmas sale. The associates were paid on January 9 of Year 2. Disregarding amounts, what entry should have been made on December 31 of Year 1?

Question: The amount of proceeds from the sales of Preferred Stock in excess of par value is called _______________.

Question: The normal balances in Depreciation Expense and its related Accumulated Depreciation accounts are ______________________.