Finance And Accounting

Question: Deduction or valuation accounts that accumulate amounts subtracted from other accounts are called _____________________.
A
contra accounts

B
depreciation accounts

C
asset accounts

D
Owners Equity

Note: Answer not sure
1. Report
Question: From the following list of selected account balances, determine the total for the shareholders' equity section of the Balance Sheet for XYZ Company. $2,500 - Investment in Stock of ABC Company $5,000 - Retained Earnings $3,000 - Cash $2,000 - Note Payable to Suppliers $10,000 - Common Stock $7,500 - 8% Preferred Stock
A
$20,500

B
$22,500

C
$24,500

D
$25,500

Note: Answer not sure
1. Report
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

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Question: Deduction or valuation accounts that accumulate amounts subtracted from other accounts are called _____________________.

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 ______________.