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Accounting Questions - All Grades

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The Accounting questions below are in the following grade levels:
Grades: 7 8 9 10 11 12 College Graduate Continuing Education
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College :: Accounting by candij00
If beginning capital was $25,000, ending capital is $37,000, and the owner?s withdrawals were $23,000, the amount of net income or net loss for the period was:
  1. Net loss of $35,000
  2. Net income of $35,000
  3. Net income of $14,000
  4. Net loss of $14,000
  5. None of the options listed
College :: Accounting by candij00
Working capital is a measure of:
  1. Consistency
  2. Liquidity
  3. Profitability
  4. Solvency
  5. None of the options listed
College :: Accounting by candij00
Net present value is negative when:
  1. The present value of cash inflows is greater than the present value of cash outflows.
  2. The present value of cash outflows is greater than the present value of cash inflows.
  3. The future value of cash inflows is greater than the present value of cash outflows.
  4. The present value of cash outflows is greater than the future value of cash outflows.
  5. None of the options listed
Grade 7 :: Accounting by Tamelasr
A Balance Sheet consists of the following:
  1. Assets, expenses and owner's equity
  2. Assets, revenuse and net loss
  3. Assets, liabilities and owner's equity
  4. Assets, liabilities and net income
  5. none of the above
College :: Accounting by candij00
The deferred income tax liability:
  1. Represents income tax payments that are deferred until future years because of temporary differences between GAAP rules and accounting rules
  2. Is a contingent liability
  3. Can result in a deferred income tax asset
  4. Is never recorded
  5. Is recorded whether or not the difference between taxable income and financial accounting income is permanent or temporary
Grade 12 :: Accounting by Geo2127
What are expenses?
  1. Cost of selling products or services
  2. Amounts owed
  3. Distributions to stockholders
  4. Owners' claims to resources
Grade 12 :: Accounting by Geo2127
What's revenue?
  1. costs of selling products or services
  2. expense to run business
  3. sales of products or services
  4. distributions to stockholders
  5. Assets purchased to run business
Graduate :: Accounting by val3017
Which of the following statements is true?
  1. to decrease a receivable, debit the account
  2. to decrease revenue, debit the account
  3. to increase owner's equity, debit the account
  4. to increase an expense account, credit the account
Grade 12 :: Accounting by Geo2127
What are liabilities?
  1. costs of selling products or services
  2. distributions to stockholders
  3. owners' claims to resources
  4. expense to run business
  5. amounts owed
College :: Accounting by Ike19
The accrual basic of accounting recognizes revenues and expenses when:
  1. Revenues are earned and expenses are paid
  2. Revenues are received and expenses are incurred
  3. Revenues are received and expenses are paid
  4. Revenues are earned and expenses are incurred
College :: Accounting by Ike19
Incurring an expense before cash is paid is an example of what kind of adjustment?
  1. Accrued Liability
  2. Deferred Expense
  3. Accrued Asset
  4. Deferred Revenue
Grade 12 :: Accounting by Geo2127
What is owners' equity?
  1. sales of products or services
  2. owners' claims to resources
  3. resources owned
  4. costs of selling products or services
  5. amounts owed
Grade 12 :: Accounting by Geo2127
XYZ, Inc. paid its supplier $1,000 to satisfy an accounts payable balance. How should XYZ record this transaction?
  1. Debit accounts payable and credit cash for $1,000.
  2. Debit supplies expense and credit cash for $1,000.
  3. Credit accounts payable and debit cash for $1,000.
  4. Only credit a cash for $1,000.
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