post university acc 111 all chapter quizess

Which of the following is not one of the four financial statements?

The accounting formula is Assets =

Net Income is equal to:

If total liabilities decreased by $5,000 and stockholders' equity increased by $15,000 during a period of time, then total assets must change by what amount and direction during that same time period?

Retained Earnings represents:

Post Company uses $10,000 in cash to pay $10,000 on accounts payable.This would result in:

A company was recently formed with $ 100,000 cash contributed to the company by stock-holders. The company then borrowed $ 50,000 from a bank and bought a $ 20,000 vehicle for cash.They also purchased $10,000 of equipment by paying $ 2,000 in cash and issuing a note for the remainder. What is the amount of total assets to be reported on the balance sheet?

In regard to the balance sheet, which of the following statements is true?

Which of the following are current assets?

Which of the following true In regard to current liabilities?

A company purchases $23,000 of supplies in the current month and promises to pay for them next month.How would the company record a liability for the supplies?

Alpha Company borrows $200,000 from its bank and buys equipment.How does this transaction affect the accounting equation?

Bravo Company purchases Land for $200,000 paying cash of $$80,000 and signing a note for the balance.The accounting entry would be:

The New York Yankees baseball team has an account titled “Unearned Ticket Revenue”.What type of account is this and on what financial statement is it reported?

During November 200X John painted a barn.The customer does not pay John until January this next year.Which of the following statements is correct?

During June 200X Mary Jones incurs $8,000 of legal expense. She will pay the expense in July.She uses the accrual basis of accounting.How will these transactions affect her financial statements?

Retained earnings for the ABC Company as of January 1, 200X was $800. During the year the company earned revenue of $5,000, had expenses of $3,200 and paid a cash dividend of $500.The income statement for the year ending December 31, 200X would show net income of:

The balance in Prepaid insurance is $ 2,500 before any adjustment.$1,000 worth of the insurance has expired.The adjusting journal entry should include which of the following?

On January 1, 200X the Post Company started the year with a balance of $1,000 in the supplies account.During the year the company purchased supplies for $2,000.On December 31, 200X there was $1,200 of supplies on hand.What adjusting entry would be made on December 31, 200X?

Payment of a dividend will:

Central Company purchased equipment on January 1, 200X for $12,000.The equipment has a useful life of six years.What adjusting entry would be made for 200X to record depreciation expense?

Based on the following income statement what is the Net Profit Margin Ratio?

Company A has assets of $2,000,000, liabilities = 400,000 and equity = $1,600,000.

What is the debt to asset ratio for Company A?

Unit 6 chapter 7 quiz

· Question 1

2 out of 2 points

· Question 2

2 out of 2 points

· Question 3

2 out of 2 points

· Question 4

2 out of 2 points

Unit 6 chapter 8 quiz

· Question 1

2 out of 2 points

· Question 2

2 out of 2 points

· Question 3

2 out of 2 points

Thursday, Novembe

Which of the following is not capitalized when a piece of production equipment is acquired for a factory?

On January 1, 200X Post Company purchased a machine for $80,000. The machine had a salvage value of $8,000 and a useful life of 10 years. Using straight line depreciation, the accounting entry for recording depreciation expense for the second year of operation would be:

Post Company uses straight- line depreciation for all of its depreciable assets.Post sold a piece of machinery on December 31, 2009, that it purchased on January 1, 2009 for $ 2,000. The asset had a five- year life and zero residual value. Accumulated depreciation was $400.If the sales price of the used machine was $ 1,200, the resulting gain or loss on disposal was which of the following amounts?

Post Company purchased a patent on January 1, 200X for $50,000.The patent has a useful life of 10 years.The accounting entry to record the patent amortization expense for the first year would be:

Post Company issues 10,000 shares of $5 par value common stock for $20 a share. The accounting entry for this transaction would be:

Dividends become a liability of the corporation:

XYZ Company has 100,000 shares of stock outstanding.On January 1, 200X XYZ Company declared a cash dividend of .50 per share to be paid on January 31.On January 1 XYZ Company will make the following journal entry:

Which of the following will result when a dividend is paid?

In its most basic form, the Earnings per Share (EPS) ratio is calculated as:

Which of the following is not one of the activities shown on the Statement of Cash Flows?

Which of the following is not an operating activity shown on the Statement of Cash Flows?

Which of the following is not an investing activity shown on the Statement of Cash Flows?

Which of the following is not a financing activity shown on the Statement of Cash Flows?