Lizzie's Ice Cream Corp. purchased supplies at a cost of $26,000 during 2006. At January 1, 2006, supplies on hand were $2,000. At December 31, 2006, supplies on hand are $2,300. Supplies expense for 2006 will be

Subscriptions Received in Advance, $1,200; Magazine Revenue, $3,800.

Closing entries result in net income being transferred to the

The customer can take a $20 discount if the invoice is paid by August 20.

All of the following are forms of business entities except

assets received from selling products or services.

Monumental Toys sold merchandise to a customer on credit. The invoice amount was $2,000; the invoice date was August 10; credit terms were 1/10, n/30. Which one of the following statements is true?

The customer can take a $20 discount if the invoice is paid by August 20.

assets received from selling products or services.

The recognition of cost of goods sold expense in the same period that sales revenue is recognized from the sale of merchandise is a good example of the

The customer can take a $20 discount if the invoice is paid by August 20.

assets received from selling products or services.

Revenues can be defined as

assets received from selling products or services.

The costs of doing business resulting from the sale of goods and services are called

assets received from selling products or services.

Merchandise Inventory held by a business is a(n) __________ and when sold becomes a(n) __________.

assets received from selling products or services.

At the year end inventory count, if goods in transit are shipped FOB shipping point, they should be included in the inventory count of

Auditing to render an opinion on the fairness of financial statements

Inventory turnover indicates how

Auditing to render an opinion on the fairness of financial statements

Which of the following activities can be performed by certified public accountants (CPAs)?

Auditing to render an opinion on the fairness of financial statements

there is no count of cash after the clerks shift is over.

Which of the following source documents would serve as evidence that supplies had been purchased on credit?

Auditing to render an opinion on the fairness of financial statements

there is no count of cash after the clerks shift is over.

Large companies are able to devote a substantial amount of resources to internal control systems because these companies have the assets to justify the cost.

All of the following are controls over cash received in a cash sale, except

there is no count of cash after the clerks shift is over.

Large companies are able to devote a substantial amount of resources to internal control systems because these companies have the assets to justify the cost.

Auditing to render an opinion on the fairness of financial statements

Which one of the following statements regarding internal control is true?

Large companies are able to devote a substantial amount of resources to internal control systems because these companies have the assets to justify the cost.

there is no count of cash after the clerks shift is over.

A Certificate of Deposit (CD) for 2 months

Which of the following items would be considered to be a cash equivalent?

A Certificate of Deposit (CD) for 2 months

On a common-size income statement, all items are expressed as a percentage of

A Certificate of Deposit (CD) for 2 months

Which ratio is used to assess the capital structure and risk level of a company?

A Certificate of Deposit (CD) for 2 months

Primary Arithmetic Quiz

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Questions and Answers

1.

Lizzie's Ice Cream Corp. purchased supplies at a cost of $26,000 during 2006. At January 1, 2006, supplies on hand were $2,000. At December 31, 2006, supplies on hand are $2,300. Supplies expense for 2006 will be
- A.
  
  Subscriptions Received in Advance, $1,200; Magazine Revenue, $3,800.
- B.
  
  $25,700.
- C.
  
  Agencies
- D.
  
  Retained Earnings account.
Correct Answer
B. $25,700.
2.

Bonzo Associates, Inc. recorded salaries expense of $130,000 in 2006. However, additional salaries of $5,000 had been earned, but not paid or recorded at December 31, 2006. After the adjustments are recorded and posted at December 31, 2006, the balances in the Salaries Expense and Salaries Payable accounts will be
- A.
  
  $135,000 $5,000
- B.
  
  $2,100
- C.
  
  Retained Earnings account.
- D.
  
  Agencies
Correct Answer
A. $135,000 $5,000
3.

Given below are several accounts from Cunningham, Inc.'s trial balance at December 31, 2006. Sales Revenue $24,000 Accounts Receivable $4,850 Accounts Payable 600 Rent Expense 4,000 Dividends 750 Interest Revenue 950 Fees Collected in Advance 400 Depreciation Expense 1,550 Supplies 500 Supplies Expense 2,000 Cash 4,500 Prepaid Rent 1,150 Wages Expense 2,800 Wages Payable 1,600 Cost of Goods Sold 12,500 Retained Earnings, Jan 1, 2006 6,000 What is the net income for the year ended December 31, 2006?
- A.
  
  $135,000 $5,000
- B.
  
  $271,000.
- C.
  
  $2,100
- D.
  
  750
Correct Answer
C. $2,100
4.

Closing entries result in net income being transferred to the
- A.
  
  The customer can take a $20 discount if the invoice is paid by August 20.
- B.
  
  Agencies
- C.
  
  Retained Earnings account.
- D.
  
  matching principle.
Correct Answer
C. Retained Earnings account.
5.

All of the following are forms of business entities except
- A.
  
  Agencies
- B.
  
  matching principle.
- C.
  
  Retained Earnings account.
- D.
  
  assets received from selling products or services.
Correct Answer
A. Agencies
6.

Monumental Toys sold merchandise to a customer on credit. The invoice amount was $2,000; the invoice date was August 10; credit terms were 1/10, n/30. Which one of the following statements is true?
- A.
  
  Agencies
- B.
  
  The customer can take a $20 discount if the invoice is paid by August 20.
- C.
  
  matching principle.
- D.
  
  assets received from selling products or services.
Correct Answer
B. The customer can take a $20 discount if the invoice is paid by August 20.
7.

The recognition of cost of goods sold expense in the same period that sales revenue is recognized from the sale of merchandise is a good example of the
- A.
  
  Expenses
- B.
  
  The customer can take a $20 discount if the invoice is paid by August 20.
- C.
  
  assets received from selling products or services.
- D.
  
  matching principle.
Correct Answer
D. matching principle.
8.

Revenues can be defined as
- A.
  
  matching principle.
- B.
  
  Expenses
- C.
  
  assets received from selling products or services.
- D.
  
  asset; expense.
Correct Answer
C. assets received from selling products or services.
9.

The costs of doing business resulting from the sale of goods and services are called
- A.
  
  matching principle.
- B.
  
  assets received from selling products or services.
- C.
  
  Expenses
- D.
  
  asset; expense.
Correct Answer
C. Expenses
10.

Merchandise Inventory held by a business is a(n) __________ and when sold becomes a(n) __________.
- A.
  
  asset; expense.
- B.
  
  assets received from selling products or services.
- C.
  
  Expenses
- D.
  
  Cost of goods sold
Correct Answer
A. asset; expense.
11.

Which one of the following accounts most likely would appear on the income statement of a merchandise company, but not on the income statement of a service company?
- A.
  
  Expenses
- B.
  
  asset; expense.
- C.
  
  Cost of goods sold
- D.
  
  the buyer.
Correct Answer
C. Cost of goods sold
12.

At the year end inventory count, if goods in transit are shipped FOB shipping point, they should be included in the inventory count of
- A.
  
  rapidly inventory is sold.
- B.
  
  the buyer.
- C.
  
  Auditing to render an opinion on the fairness of financial statements
- D.
  
  Cost of goods sold
Correct Answer
B. the buyer.
13.

Inventory turnover indicates how
- A.
  
  the buyer.
- B.
  
  rapidly inventory is sold.
- C.
  
  Auditing to render an opinion on the fairness of financial statements
- D.
  
  Cost of goods sold
Correct Answer
B. rapidly inventory is sold.
14.

Which of the following activities can be performed by certified public accountants (CPAs)?
- A.
  
  Auditing to render an opinion on the fairness of financial statements
- B.
  
  rapidly inventory is sold.
- C.
  
  Purchase invoice.
- D.
  
  there is no count of cash after the clerks shift is over.
Correct Answer
A. Auditing to render an opinion on the fairness of financial statements
15.

Which of the following source documents would serve as evidence that supplies had been purchased on credit?
- A.
  
  Auditing to render an opinion on the fairness of financial statements
- B.
  
  Purchase invoice.
- C.
  
  there is no count of cash after the clerks shift is over.
- D.
  
  Large companies are able to devote a substantial amount of resources to internal control systems because these companies have the assets to justify the cost.
Correct Answer
B. Purchase invoice.
16.

All of the following are controls over cash received in a cash sale, except
- A.
  
  Large companies are able to devote a substantial amount of resources to internal control systems because these companies have the assets to justify the cost.
- B.
  
  Purchase invoice.
- C.
  
  there is no count of cash after the clerks shift is over.
- D.
  
  Auditing to render an opinion on the fairness of financial statements
Correct Answer
C. there is no count of cash after the clerks shift is over.
17.

Which one of the following statements regarding internal control is true?
- A.
  
  there is no count of cash after the clerks shift is over.
- B.
  
  Large companies are able to devote a substantial amount of resources to internal control systems because these companies have the assets to justify the cost.
- C.
  
  A Certificate of Deposit (CD) for 2 months
Correct Answer
B. Large companies are able to devote a substantial amount of resources to internal control systems because these companies have the assets to justify the cost.
18.

Which of the following items would be considered to be a cash equivalent?
- A.
  
  A Certificate of Deposit (CD) for 2 months
- B.
  
  net sales.
- C.
  
  Debt to Equity.
- D.
  
  the oldest units.
Correct Answer
A. A Certificate of Deposit (CD) for 2 months
19.

On a common-size income statement, all items are expressed as a percentage of
- A.
  
  Debt to Equity.
- B.
  
  net sales.
- C.
  
  A Certificate of Deposit (CD) for 2 months
- D.
  
  the oldest units.
Correct Answer
B. net sales.
20.

Which ratio is used to assess the capital structure and risk level of a company?
- A.
  
  Debt to Equity.
- B.
  
  A Certificate of Deposit (CD) for 2 months
- C.
  
  net sales.
- D.
  
  the oldest units.
Correct Answer
A. Debt to Equity.

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Dec 15, 2011

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Primary Arithmetic Quiz

Lizzie's Ice Cream Corp. purchased supplies at a cost of $26,000 during 2006. At January 1, 2006, supplies on hand were $2,000. At December 31, 2006, supplies on hand are $2,300. Supplies expense for 2006 will be

Closing entries result in net income being transferred to the

All of the following are forms of business entities except

Monumental Toys sold merchandise to a customer on credit. The invoice amount was $2,000; the invoice date was August 10; credit terms were 1/10, n/30. Which one of the following statements is true?

The recognition of cost of goods sold expense in the same period that sales revenue is recognized from the sale of merchandise is a good example of the

Revenues can be defined as

The costs of doing business resulting from the sale of goods and services are called

Merchandise Inventory held by a business is a(n) __________ and when sold becomes a(n) __________.

Which one of the following accounts most likely would appear on the income statement of a merchandise company, but not on the income statement of a service company?

At the year end inventory count, if goods in transit are shipped FOB shipping point, they should be included in the inventory count of

Inventory turnover indicates how

Which of the following activities can be performed by certified public accountants (CPAs)?

Which of the following source documents would serve as evidence that supplies had been purchased on credit?

All of the following are controls over cash received in a cash sale, except

Which one of the following statements regarding internal control is true?

Which of the following items would be considered to be a cash equivalent?

On a common-size income statement, all items are expressed as a percentage of

Which ratio is used to assess the capital structure and risk level of a company?

Merchandise Inventory held by a business is a(n) and when sold becomes a(n) .