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Accounting Questions - All Grades

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College Accounting
An accounting period of 12 months.              Fiscal year              
Grade 12 Accounting
If total liabilities decreased by $15,000 and stockholders' equity increased by $5,000 during a period of time, then total assets must change by what amount and direction during that same period?
  1. $20,000 increase
  2. $10,000 decrease
  3. $10,000 increase
  4. $15,000 decrease
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
Grade 10 Accounting
In Sole Proprietorship that is owned and run by one individual and in which there is no legal distinction between the owner and the business.
  1. True
  2. False
Continuing Education Accounting
Name the three categories involved in manufacturing costs, and give an example of each.
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
Grade 9 Accounting
An accountant for a retail business has to enter A/R (Accounts Recievable), but not A/P (Accounts Payable).
  1. True
  2. False
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
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
Grade 9 Accounting
There are 10 total steps in the Accounting Cycle
  1. True
  2. False
Grade 11 Accounting
The idea that a company will continue to operate indefinitely, and will not go out of business and liquidate its assets. For this to happen, the company must be able to generate and/or raise enough resources to stay operational.
  1. Sole Proprietorship
  2. Capital Gain
  3. Going Concern
  4. Accrued Liability
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
Grade 9 Accounting
Repairs of damage to a building your company owns that occurred during a heavy storm is classified as a            incurred            expense.
Grade 9 Accounting
        Taxes        taken in from revenues are the biggest difference between the accounting practices of a retail versus that of a service business.
Grade 9 Accounting
It is acceptable to claim expenses related to a home office if you use it less than 50% of the time that you conduct business activities as a service business.
  1. True
  2. False
College Accounting
Yenn Company developed the following reconciling information in preparing its September bank reconciliation:
Cash balance per bank, 9/30..........$11,000
Note receivable collected by bank....$ 4,000
Outstanding checks...................$ 6,000
Deposits-in-transit..................$ 3,000
Bank service charge..................$ 50
NSF check............................$ 800
Determine the cash balance per books (before adjustments) for Yenn Company.
  1. $8,850
  2. $14,000
  3. $4,850
  4. $11,000
College Accounting
The financial statement that reports the revenues and expenses for a period of time such as a year or a month is the
  1. balance sheet
  2. income statement
  3. statement of cash flows
Continuing Education Accounting
The statement of cash flows reports on three main activities:
            Financing                        Investing                        Operating            
College Accounting
The financial statement that reports the assets, liabilities, and stockholders' (owner's) equity at specific date is the
  1. balance sheet
  2. income statement
  3. statement of cash flows
Grade 9 Accounting
Briefly explain the difference between the Adjusted Trail Balance and the Post-closing Trial Balance steps of the Accounting Cycle
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