Accounting chap 1,2,3 and final review quiz

Which is an advantage of corporations relative to partnerships and sole proprietorships?

Which of the following is an example of a financing activity?

Stockholder equity represents

Which statement presents information as of a specific point in time?

Which of the following is not considered a current asset on a classifies balance sheet?

Which of the following is considered property, plant and equipment on a classified balance sheet?

Current liabilities are $10,000, long-term liabilities are $20,000, common stock is $50,000, and retained earnings totals $70,000. Total stockholders’ equity is

Which of the following is considered a current liability on a classified balance sheet?

If a company performs services for a customer and receives cash for the services, then:

Which of the following is the correct sequence of events?

If a company pays its employees their weekly salaries, then the journal entry requires a:

The entire group of accounts maintained by a company is referred to collectively as the

The primary purpose of a trail balance is to

Which one of these statements about the accrual basis of accounting is false?

Each of the following is a major type (or category) of adjusting entry except

Colleen Mooney earned a salary of $600 for the last week of September. She will be paid on October 1. The adjusting entry for Colleen’s employer at September 30 is

Which account will have a zero balance after a company has journalized and poster closing entries?

Adjustments for unearned revenues

All of the following are required steps in the accounting cycle except

Which of the following items does not result in an adjustment in the inventory account under a perpetual system?

A company makes a credit sale of $750 on June 13, terms 2/10, n/30, on which it grants a return of $50 on June 16. What amount is received as payment in full on June 23?

If beginning inventory is $60,000, cost of goods purchased is $380,000, and ending inventory is $50,000, what is cost of goods sold under a periodic system?

The multiple-step income statement for a merchandising company shows each of these features except

If goods are shipped FOB destination, then which of the following parties includes in its inventory of goods while they are in transit?

What is the value of ending inventory using first-in, first-out (FIFO)?

What is the value of ending inventory using last-in, first-out (LIFO)?

What is cost of goods sold using average cost?

In a bank reconciliation, deposits in transit are

In a bank reconciliation, outstanding checks are:

To record the adjusting entry for an NSF check received back by the bank, a company would

The function that pertains to keeping the activities of the enterprise on track is

For a manufacturing company, which of the following is an example of a period cost rather than a product cost?

For the year, Mahatma Company has cost of goods manufactured $325,000, beginning finished goods inventory $150,000, and ending finished goods inventory $175,000. The cost of goods sold is

The salary of a plant manager would be considered a... Product cost.........period cost

Cost that vary in total directly and proportionately with changes in the activity level are

The contribution margin ratio increases when

Dolce Company is planning to sell 400,000 hammers for $1.50 per unit. The contribution margin ratio is 20%. If Dolce will break even at this level of sales, what are the fixed costs?

At the break-even point, fixed costs are

1) Livingston Co. Has fixed costs of $60,000 and a contribution margin ration of 30%. How much in dollar sales does Livingston Co. Need to have to break-even?

The Turlington Company has 12,000 units in beginning finished goods. If sales are expected to be 60,000 units for the year and Turlington desires ending finished goods of 15,000 units, how many units must Turlington produce?

In the Campbell Company required production for June is 44,000 units. To make one unit of finished product, three pounds of direct material Z are required. Actual beginning and desired ending inventories of direct material Z are 100,000 and 110,000 pounds, respectively. How many pounds of direct material Z must be purchased?

For better management acceptance, the flow of input date for budgeting should begin with the

The starting point in preparing the master budget is the

Katie, age 29, is single. Katie is a teacher at a local elementary school and earned a salary of $42,000 in 2015. Her other income consisted of $78 in interest on her savings account and a $100 capital gain on the sale of one of her investments. Her itemized deductions are $7,000. Compute Katie’s taxable income for the year?

Katie, age 29, is single. Katie is a teacher at a local elementary school and earned a salary of $42,000 in 2015. Her other income consisted of $78 in interest on her savings account and a $100 capital gain on the sale of one of her investments. Her itemized deductions are $6,000. Compute Katie’s taxable income for the year?

Kim’s husband died in 2014, assuming she has dependent children, what is the most advantageous filing status that she is eligible for in 2015?

Which of the following items is taxable?

Which items is not a deduction in computing adjusted gross income?

What amount would a single individual over 65 uses as their standard deduction?

What is the start deduction amount for a taxpayer filing as head of household?