Finance And Accounting

Question: XYZ Company has assets and liabilities of $15,000 and $12,000, respectively. If the company issues an additional $1,500 of stock for cash, what will be the balance in shareholders' equity following the transaction?
A
$15,000

B
$25,500

C
$4,500

D
$16,500

Note: Not available
1. Report
Question: XYZ Company purchased a 1-year insurance policy for $3,000 on April 1 of Year 1. The amount of prepaid insurance reported on the Balance Sheet and the amount of insurance expense reported on the Income Statement on December 31 of Year 1 are, respectively:
A
$750 and $2,250

B
$2,250 and $750

C
$1,000 and $2,000

D
$2,000 and $1,000

Note: Not available
1. Report
Question: Unused materials for manufacturing products are called ______________.
A
COGS

B
Accounts Receivable

C
depreciation

D
inventory

Note: Not available
1. Report
Question: XYZ Company is interested in disposing of one of its subsidiaries and is trying to decide on the maximum price it might be able to charge. Which valuation method below would the company be most likely to use?
A
Acquisition Cost

B
Net Realizable Value

C
Present Value

D
Replacement Cost

Note: Not available
1. Report
Question: Which of the following assets is a monetary asset?
A
Patent

B
Land

C
Inventory

D
Accounts Receivable

Note: Not available
1. Report
Question: A debit balance is normal for all of the following accounts except _______________.
A
Preferred Stock

B
Treasury Shares

C
Investment in Stock

D
All of these

Note: Not available
1. Report
Question: At the beginning of the year, XYZ Company owed $14,500 to its creditors for inventory purchases. At year end, the company owed $9,150. During the year, the company made payments totaling $48,500 to its creditors for inventory purchases. What was the cost of the additional inventory that was purchased during the year?
A
$7,650

B
$43,150

C
$53,650

D
$39,350

Note: Not available
1. Report
Question: Payments made in advance for goods or services a firm will receive at a later date are called ______________.
A
Deferred Income

B
Deferred Tax liability

C
Advances to Suppliers

D
Unearned Revenue

Note: Not available
1. Report
Question: Amounts due from customers, for which the claim is in the form of a written promise to pay, are called ________________.
A
Trade Payables

B
Accounts Receivable

C
Equity

D
Notes Receivable

Note: Not available
1. Report
Question: A residual claim of owners having certain preferences relative to other owners' claims is called __________________.
A
Treasury Stock

B
Retained Earnings

C
Preferred Stock

D
Common Stock

Note: Not available
1. Report

First Prev 72 73 74 75 76 Next Last

Question: XYZ Company has assets and liabilities of $15,000 and $12,000, respectively. If the company issues an additional $1,500 of stock for cash, what will be the balance in shareholders' equity following the transaction?

Question: XYZ Company purchased a 1-year insurance policy for $3,000 on April 1 of Year 1. The amount of prepaid insurance reported on the Balance Sheet and the amount of insurance expense reported on the Income Statement on December 31 of Year 1 are, respectively:

Question: Unused materials for manufacturing products are called ______________.

Question: XYZ Company is interested in disposing of one of its subsidiaries and is trying to decide on the maximum price it might be able to charge. Which valuation method below would the company be most likely to use?

Question: Which of the following assets is a monetary asset?

Question: A debit balance is normal for all of the following accounts except _______________.

Question: Payments made in advance for goods or services a firm will receive at a later date are called ______________.

Question: Amounts due from customers, for which the claim is in the form of a written promise to pay, are called ________________.

Question: A residual claim of owners having certain preferences relative to other owners' claims is called __________________.