1

What is the total of Tim’s assets if he has recorded $9,000 in liabilities and $3,000 as equity on a balance sheet?

•  

$3,000

•  

$6,000

•  

$15,000

•  

$12,000

CONCEPT

Preparing Balance Sheets

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2

 

Based on the information above, which of the following is the straight line depreciation of the equipment?

•  

$7,500

 

•  

$7,000

•  

$7,700

 

•  

$7,300

 

CONCEPT

Straight Line Depreciation

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3

If Tonya purchased 200 decorative pillows at $12 each and sold 75 of the pillows for $20 each, what is the cost of goods sold?

•  

$1,100

•  

$2,400

 

•  

$900

 

•  

$1,500

 

CONCEPT

Merchandising

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4

Which of the following is NOT a good use of a T-account?

•  

Analyzing a complicated transaction, prior to recording the event in the general journal

•  

Prior to recording an entry, to see the effect of the debits and credits on each account

•  

To make sure the debits and credits in each transaction are equal

•  

Transferring final balances of accounts to the company's financial records

CONCEPT

T-Accounts, Cash Entries

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5

 

 

Based on the information below, calculate the Cost of Goods Purchased.

•  

$38,000

•  

$34,000

•  

$25,000

•  

$29,000

CONCEPT

Expanded Income Statement

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6

Consider the following information:

 

Cash = $6,000

Beginning Balance = $200,000

Capital added = $15,000

Revenues = $10,000

Expenses = $5,000

Net Income = $56,000

Owner’s Withdrawals  = $60,000

What is the ending balance on the Statement of Changes in Owner's Equity for this data?

•  

$224,000

•  

$211,000

•  

$221,000

•  

$216,000

CONCEPT

Preparing Statements of Changes in Owner's Equity

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7

Japeth's statement of changes in owner's equity shows net income of $25,000, owner's drawings of $5,000 and an ending balance of $65,000.

 

What was Japeth's beginning balance?

•  

$70,000

•  

$65,000

•  

$95,000

•  

$45,000

CONCEPT

Statement of Changes in Owner's Equity

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8

Which of the following concerning unearned revenues is NOT true?

•  

Adjusting entries are made at the end of a period to report unearned revenues.

•  

They are found on a balance sheet.

•  

They are recorded as a revenue account entry.

•  

They are receipts for services or products that will be performed or delivered at a future date.

CONCEPT

Current Liabilities

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9

Which illustration below correctly shows Jen opening her frozen yogurt store with a monetary investment of $5,000?

•   

•   

•   

•   

CONCEPT

Journal Entries

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10

What is the formula for the rate of return on sales?

•  

Gross Income / Net Sales

•  

Gross Income / Gross Sales

•  

Net Income / Gross Sales

•  

Net Income / Net Sales

CONCEPT

Ratio Analysis

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11

Roberta sold goods costing $35,500, her expenses totaled $2,500 and her freight in totaled $750. Her company's average stock of goods during the same period was $9,500.

 

The inventory turnover ratio for Roberta's company is __________.

•  

3.74

•  

3.47

•  

3.39

•  

3.55

CONCEPT

Merchandising Financial Statement Analysis

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12

Which of the following is a violation of the Sarbanes-Oxley Act?

•  

Merging with a competitor

•  

Declaring bankruptcy

•  

Giving shares of stock to employees

•  

Not reporting financial information about a business

CONCEPT

Origins and Ethics

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13

 

 

Using these end of period figures, which of the following is the rate of return on sales?

•  

1.70

•  

2.59

 

•  

1.42

 

•  

1.20

 

CONCEPT

Ratio Analysis

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14

Which of the following is NOT depreciated because it does not get used up?

•  

Automobiles

•  

Land

•  

Buildings

•  

Land fixtures

CONCEPT

Depreciation

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15

Which image below shows the correct general ledger account for Accounts Receivable?

 

•   

•   

•   

•   

CONCEPT

Posting to the General Ledger

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16

What is the total of Tim’s liabilities if he has recorded $50,000 in assets and $40,000 equity on a balance sheet?

•  

$10,000

•  

$90,000

•  

$100,000

•  

$20,000

CONCEPT

Preparing Balance Sheets

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17

The bookkeeper for Dr. Mark Scholz, DVM, informed the veterinarian that the business' revenue for the day was $18,920.

 

Which statement below best describes how the bookkeeper would record this? 

•  

$18,920 would be recorded on the debit side of the owner's equity account.

•  

$18,920 would be recorded on the credit side of the revenue account.

•  

$18,920 would be recorded on the debit side of the purchases account.

•  

$18,920 would be recorded on the credit side of the cash account.

CONCEPT

Debit and Credit

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18

The statues and garden decorations in the warehouse belonging to Woodman’s Flowers and Gifts are considered which of the following?

•  

Equity

•  

Assets

•  

Profits

•  

Expenses

CONCEPT

Account Groups

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19

 

 

Based on the information in this portion of an expanded income statement, what is the total of the Goods Available for Sale?

•  

$92,000

•  

$167,000

•  

$138,000

•  

$104,000

CONCEPT

Expanded Income Statement

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20

 

 

Using the FIFO method and the information in this image, what is the Cost of Goods Sold during December?

•  

$60,000

•  

$80,000

•  

$65,000

•  

$95,000

CONCEPT

FIFO

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21

What type of adjustment will Kyle make to his trial balance worksheet for $2,500 he was paid on October 12, for work that he will start on December 1?

•  

Depreciation

•  

Supplies

 

•  

Accrued revenues

 

•  

Unearned revenue

 

CONCEPT

Adjusting Entries

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22

Which of the following is NOT a requirement of the General Accepted Accounting Principles (GAAP) for financial statements?

•  

They must be relevant. 

•  

They must be comparable. 

•  

They must be principled.

•  

They must be reliable. 

CONCEPT

Governance

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23

What is the total of the owner's equity if the balance sheet shows liabilities of $38,000 and assets of $74,000?

•  

$36,000

•  

$38,000

•  

$112,000

•  

$2,000

CONCEPT

Preparing Balance Sheets

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24

 

 

Using the LIFO method and the information in this image, what is the Cost of Goods Sold during December?

•  

$105,000

•  

$95,000

 

•  

$80,000

 

•  

$60,000

 

CONCEPT

LIFO

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25

A company's year-end data shows the following amounts. 

Current assets $65,000

Current liabilities $25,000

Net income $7,500

Net sales $125,000

Total assets $150,000

 

Based on this information, what is the company's current ratio? 

•  

1.9

•  

2.3

•  

6.0

•  

2.6

 

SmartExpert

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Status NEW Posted 06 Jan 2020 04:01 PM My Price 15.00

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file 1578342028-ACC 100 Final Exam Sophia.org.docx preview (813 words )

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