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College Accounting Questions

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College Accounting
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
In the accounting equation: A=L+E, what does E stand for?
  1. Event
  2. Equal
  3. Everything
  4. Equilibrum
  5. Equity
College Accounting
During the month of May, Marty's Mini-Mart purchased supplies totaling $3,400. A count in the storeroom on May 31 indicates that that supplies on hand amount to $750. The supplies on hand at the beginning of the month total $825. What amount will be recorded as an expense on May 31 in Marty's income statement?
  1. $ 75
  2. $ 3,475
  3. $ 4,150
  4. $ 4,225
College Accounting
Working capital is a measure of:
  1. Consistency
  2. Liquidity
  3. Profitability
  4. Solvency
  5. None of the options listed
College Accounting
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
If you sell an item on credit, what four accounts are affected?
  1. accounts payable,cash, inventory, and cost of sales
  2. accounts payable, sales, inventory, and cost of sales
  3. accounts receivable, sales, inventory, and cost of sales
  4. accounts receivable, cash, inventory, and cost of sales
College Accounting
Debts incurred and not yet paid.                   Accounts Payable                   
College Accounting
Prepaid expenses to be expired within twelve months are shown in which part of the Financial Statement.
  1. Income Statement
  2. Current liabilities
  3. Fixed assets
  4. inventory
  5. Current assets
College Accounting
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
College Accounting
Which of the following is an example of a deferral?
  1. Accruing year-end wages
  2. Recognizing revenues earned but not yet recorded
  3. Recording prepaid rent
  4. Recognizing expenses incurred but not yet recorded
  5. None of the options listed
College Accounting
Ike's Lawn Service billed a client on May 1 for a service totaling $ 250. When the client pays said costs, what is the effect on the accounting equation?
  1. Liabilities decrease and owners' equity increases
  2. Assets increase and assets decrease
  3. Assets increase and owners' equity increases
  4. Assets decrease and liabilities decrease
College Accounting
Something that is owed; a debt.              Liabilities              
College Accounting
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
College Accounting
The expense associated with manufacturing items for resale is generally kown as?
  1. Administrative Overhead
  2. Gross Profit
  3. Cost of Sales
  4. Inventory
College Accounting
An accounting period of 12 months.              Fiscal year              
College Accounting
Ritz Company agreed to purchase certain inventory items from Hostess Corporation. Hostess shipped the goods F.O.B. destination. On December 31, Ritz's accounting year-end, Ritz was aware that the goods had been shipped and would be received any day.
  1. Ritz should include the goods in its inventory calculated on December 31
  2. Ritz should not include the goods in its inventory calculated on December 31, but should include the related payable on its balance sheet at December 31
  3. Ritz should not include the goods in its inventory calculated on December 31, and should not include the related payable on its balance sheet at December 31
College Accounting
Dooley's Dining Services operates seven days a week with a daily payroll of $ 1,100. Workers are paid weekly on Sundays. The end of the month, July 31, falls on a Saturday. What expense should be recorded in the income statement for the month ended July 31?
  1. $ 7,700
  2. $ 6,600
  3. $ 1,100
  4. $ 5,500
College Accounting
Under the accrual basis of accounting, revenues are reported in the accounting period when the
  1. cash is received
  2. service or goods have been delivered
College Accounting
Trade accounts receivable:
  1. arise from the sale of a company's products or services
  2. are reported in the non current asset section of the balance sheet.
  3. include deposits with utilities
  4. generally comprise the minority of the total receivables balance.
College Accounting
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
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