Finance And Accounting

Question: Office Mart's financial statements revealed an uncollectible accounts expense of $8,000, accounts receivable of $140,000, and allowance for uncollectible accounts of $12,000. The net realizable value of Office Mart's accounts receivable is:
A
$128,000

B
$132,000

C
$136,000

D
$152,000

Note: answer not sure
1. Report
Question: Which of the following equations properly represents a derivation of the fundamental accounting equation?
A
Assets + liabilities = owner's equity.

B
Assets = owner's equity.

C
Cash = assets.

D
Assets - liabilities = owner's equity.

Note: answer not sure
1. Report
Question: Refer to the given image: The proper journal entry to record $1,000 of Dividend paid by Myer's Corporation Ltd. is:Refer to the given image: The proper journal entry to record $1,000 of Dividend paid by Myer's Corporation Ltd. is:
A
1

B
2

C
3

D
4

Note: answer not sure
1. Report
Question: Which of the following would not be included in a balance sheet?
A
Accounts receivable.

B
Accounts payable.

C
Sales.

D
Cash.

Note: answer not sure
1. Report
Question: Which of the following is a typical prepaid expense?
A
Rent

B
Insurance

C
Wages

D
Office Supplies

Note: answer not sure
1. Report
Question: Refer to the given image: Hefty & Co. wants to know the effect of different inventory methods on financial statements. Given below is the information about the opening inventory and purchases for the current year. Sales during the year were 2,700 units at $5.00. If they used the first-in, first-out method, the closing inventory would be:
A
$2,780

B
$3,960

C
$9,700

D
$10,880

Note: answer not sure
1. Report
Question: Wonder Corporation Ltd. failed to record the purchase of merchandise in their account books. The merchandise and related accounts payable should have been recorded but were not. What would be the effect of these errors on assets, liabilities, retained earnings, and net income respectively?
A
Understated, understated, no effect, no effect

B
Understated, understated, understated, understated

C
Understated, overstated, overstated, understated

D
Overstated, overstated, understated, overstated

Note: answer not sure
1. Report
Question: What are the adjustments most common to bank reconciliation?
A
Interest earned and bank fees

B
Bank errors

C
Unidentified transactions

D
Checks cleared but not in the accounting system

Note: answer not sure
1. Report
Question: Purchasers of merchandise may be dissatisfied with the quality of goods purchased on account, and return the goods to the seller with an indication that payment will not be forthcoming. In such a case, the document prepared by the purchaser is called:
A
a debit memorandum.

B
a credit memorandum.

C
a receiving report.

D
an invoice.

Note: answer not sure
1. Report
Question: Why is cyclical counting a better method of inventory taking than the annual count?
A
It results in accurate ongoing inventory

B
It lets the company incur adjustment costs on a monthly rather than annual basis

C
It allows the company to look for and correct ongoing discrepancies

D
All of these

Note: answer not sure
1. Report

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Question: Office Mart's financial statements revealed an uncollectible accounts expense of $8,000, accounts receivable of $140,000, and allowance for uncollectible accounts of $12,000. The net realizable value of Office Mart's accounts receivable is:

Question: Which of the following equations properly represents a derivation of the fundamental accounting equation?

Question: Refer to the given image: The proper journal entry to record $1,000 of Dividend paid by Myer's Corporation Ltd. is:Refer to the given image: The proper journal entry to record $1,000 of Dividend paid by Myer's Corporation Ltd. is:

Question: Which of the following would not be included in a balance sheet?

Question: Which of the following is a typical prepaid expense?

Question: Wonder Corporation Ltd. failed to record the purchase of merchandise in their account books. The merchandise and related accounts payable should have been recorded but were not. What would be the effect of these errors on assets, liabilities, retained earnings, and net income respectively?

Question: What are the adjustments most common to bank reconciliation?

Question: Purchasers of merchandise may be dissatisfied with the quality of goods purchased on account, and return the goods to the seller with an indication that payment will not be forthcoming. In such a case, the document prepared by the purchaser is called:

Question: Why is cyclical counting a better method of inventory taking than the annual count?