Question 4 (2 points)Determine the net income of a company for which the following information is available for the month of May.

Employee salaries expense......$180,000

Interest expense....................$10,000

Rent expense.........................$20,000

Consulting revenue................$400,000

a

$190,000

b

$230,000

c

$210,000

d

$400,000

e

$610,000

 

Question 5 (2 points)Which public company executive(s) is (are) required to certify the fair presentation of financial statements?

a

Chief executive officer and chief financial officer.

b

Chief financial officer.

c

Chief auditor.

d

Chief executive officer.

e

Chief information officer.

 

 

Question 6 (2 points)When closing entries are made:

a

All ledger accounts are closed to start the new accounting period.

b

All temporary accounts are closed but not the permanent accounts.

c

All permanent accounts are closed but not the nominal accounts.

d

All balance sheet accounts are closed.

e

All real accounts are closed but not the nominal accounts.

 

 

Question 7 (2 points)The Unadjusted Trial Balance columns of a company's work sheet show the balance in the Office Supplies account as $750. The Adjustments columns show that $425 of these supplies were used during the period. The amount shown as Office Supplies in the Adjusted Trial Balance columns of the work sheet is:

a

$750 credit.

b

$325 debit.

c

$750 debit.

d

$325 credit.

e

$425 debit.

 

 

Question 8 (2 points)A Certified Public Accountant.

a

Must pass an examination.

b

All of these.

c

Must meet education and experience requirements.

d

Must exhibit ethical character.

e

May also be a Certified Management Accountant.

 

 

Question 9 (2 points)The private board that currently has the authority to establish generally accepted accounting principles is the:

a

AICPA.

b

AAA.

c

APB.

d

SEC.

e

FASB.

 

 

Question 10 (2 points)Of the following accounts, the one that normally has a credit balance is:

a

Sales Salaries Payable.

b

Sales Salaries Expense.

c

Owner, Withdrawals.

d

Cash.

e

Office Equipment.

 

 

Question 11 (2 points)Genra Company received its quarterly insurance bill of $600 for the upcoming period and immediately paid for it. Its journal entry to record this transaction includes a

a

debit to Cash and a credit to Prepaid Insurance.

b

debit to Cash and a credit to Insurance Expense.

c

debit to Insurance Expense and a credit to Cash.

d

debit to Prepaid Insurance and a credit to Cash.

 

 

Question 12 (2 points)Closing the temporary accounts at the end of each accounting period:

a

All of these.

b

Prepares the withdrawals account for use in the next period.

c

Causes owner's capital to reflect increases from revenues and decreases from expenses and withdrawals.

d

Gives the revenue and expense accounts zero balances.

e

Serves to transfer the effects of these accounts to the owner's capital account on the balance sheet.

 

 

Question 13 (2 points)Generally accepted accounting principles:

a

Are only necessary when convenient.

b

Strive to make information relevant, reliable and comparable.

c

None of these.

d

Are practices adopted by accountants to make accounting easier.

e

Can be overruled if approved by the SEC.

 

 

Question 14 (2 points)The internal document that is prepared to notify the appropriate persons that ordered goods have been received and describes the quantities and condition of the goods is the

a

Invoice approval.

b

Purchase order.

c

Invoice.

d

Receiving report.

e

Purchase requisition.

 

 

Question 15 (2 points)A general journal is

a

Not required if T-accounts are used.

b

A book of final entry because financial statements are prepared from it.

c

A ledger in which amounts are posted from a balance column account.

d

A complete record of each transaction in the place from which transaction amounts are posted to the ledger accounts.

e

Not necessary in electronic accounting systems.

 

 

Question 16 (2 points)Ethical behavior:

a

Does not affect external users.

b

Encourages auditors to invest in businesses they audit.

c

All of these.

d

Requires that auditors' pay not depend on the figures in the client's reports.

e

Is rarely an issue in business.

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