Intro To Accounting

21 Questions  I  By Rchin5831
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1.  Many current liabilities are affected by accrual accounting entries. This happens because:
A.
B.
C.
D.
2.  An Accounts Payable could result from which of the following transactions?
A.
B.
C.
D.
3.  Retained earnings represents:
A.
B.
C.
D.
4.  Depreciation expense for the year on a given piece of equipment is $100,000. The journal entry to record this would be: Depreciation Expense.........$100,000 Accumulated Depreciation.............$100,000
A.
B.
5.  A contra-asset will increase with a debit.
A.
B.
6.  Sales for the year were $750,000. Half was paid to you on account, half in cash. These sales cost you $250,000. The journal entry would be: Cash................$350,000 AR...................$350,000 Sales......................$750,000 COGS...............$250,000 Inventory.................$250,000
A.
B.
7.  The journal entry to record employee wage expenses, which you will not pay yet, would be: Wage Expense.........$xx,xxx Wages Payable.............$xx,xxx
A.
B.
8.  The entry to record depreciation expense:
A.
B.
C.
D.
9.  An accounts receivable results from the sale of:
A.
B.
C.
D.
10.  Beg. Retained Earnings = 175,000 Ending Retained Earnings = 125,000 Assume that there were no dividends declared. What is Net Income/Loss for the year?
A.
B.
C.
D.
E.
11.  Which of the following is an Asset?
A.
B.
C.
D.
E.
12.  Beg. Retained Earnings = 110,000 Ending Retained Earnings = 225,000 Assume that there were 50,000 in dividends declared. What is Net Income for the year?
A.
B.
C.
D.
E.
13.  Total Assets = 350,000 Total Liabilities = 200,000 Contributed Capital = 50,000 Retained Earnings = ?
A.
B.
C.
D.
E.
14.  The Statement of Cash Flows:
A.
B.
C.
D.
15.  The accounting equation is: Assets = Liabilities + Retained Earnings
A.
B.
16.  The time frame associated with an income statement is:
A.
B.
C.
D.
17.  The time frame associated with a balance sheet is:
A.
B.
C.
D.
18.  The accounting equation is Assets = Liabilities - Owners Equity.
A.
B.
19.  A debit
A.
B.
C.
D.
20.  Under most circumstances, in order to recognize revenue:
A.
B.
C.
D.
21.  In order for me to pass this class
A.
B.
C.
D.
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