Accounting Study Guide
Master Your Accounting Knowledge
Test your understanding of accounting concepts with this engaging quiz designed for learners at all levels. Whether you're studying for an exam, refreshing your skills, or just curious, this quiz covers key topics in accounting.
Key features:
- 10 multiple choice questions
- Immediate feedback on your answers
- Designed for students and professionals alike
If $807,000 of 11% bonds are issued at 102 3/4, the amount of cash received from the sale is
$605,250
$895,770
$807,000
$829,193
If $434,000 of 8% bonds are issued at 96, the amount of cash received from the sale is
$468,720
$399,280
$416,640
$434,000
A $285,000 bond was redeemed at 98 when the carrying value of the bond was $277,875. The journal entry for the redemption would include a
Gain on bond redemption of $5,700.
Loss on bond redemption of $1,425.
Gain on bond redemption of $1,425
Loss on bond redemption of $7,125.
Use this information for Pierce Company to answer the question that follow. On May 1, Pierce Company purchased $60,000 of Stanton Company’s 12% bonds at 100 plus accrued interest of $2,400. On June 30, Pierce received its first semiannual interest. On February 1, Pierce sold $50,000 of the bonds at 103 plus accrued interest. What are the total proceeds from the February 1 sale?
$51,500
$50,000
$52,000
$52,400
Question Content Area Jarvis Corporation makes an investment in 100 shares of Saxton Company's common stock. The stock is purchased for $45 a share plus brokerage fees of $280. The journal entry for the purchase is
Cash 4,500 Investments—Saxton Company Stock 4,500
Investments—Saxton Company Stock 4,500 Brokerage Fee Expense 280 Cash 4,780
Investments—Saxton Company Stock 4,500 Cash 4,500
Investments—Saxton Company Stock 4,780 Cash 4,780
Under the equity method, the receipt of cash dividends on an investment in common stock of Vallerio Corporation is accounted for as a debit to Cash and a credit to
Retained Earnings
Dividend Revenue
Dividends Receivable
Investment in Vallerio Corporation Stock
Gale Company owns 87% of the outstanding stock of Leonardo Company. Leonardo Company is referred to as the
Minority interest
Subsidiary company
Affiliate company
Parent company
For accounting purposes, the method used to account for investments in common stock is determined by
Whether the acquisition of the stock by the investor was "friendly" or "hostile"
Whether the stock has paid dividends in past years
The amount paid for the stock by the investor
The extent of an investor's influence over the operating and financial affairs of the investee
The net income reported on the income statement for the current year was $311,923. Depreciation recorded on fixed assets and amortization of patents for the year were $37,850 and $10,841, respectively. Balances of current asset and current liability accounts at the end and at the beginning of the year are as follows:
End Beginning
Cash $48,897 $54,492
Accounts Receivable 121,047 108,386
Inventories 107,198 90,574
Prepaid Expenses 2,607 6,006
Accounts Payable(merchandise creditors) 51,387 73,889
What is the amount of the net cash flows from operating activities reported on the statement of cash flows prepared by the indirect method?
$382,552
$331,329
$312,226
$288,857
Use the information provided for Harding Company to answer the question that follow.
Harding Company
Accounts payable $27,446
Accounts receivable 72,583
Accrued liabilities 6,676
Cash 21,749
Intangible assets 42,307
Inventory 88,475
Long-term investments 99,679
Long-term liabilities 72,298
Notes payable (short-term) 25,737
Property, plant, and equipment 660,058
Prepaid expenses 2,509
Temporary investments 38,533
Based on the data for Harding Company, what is the amount of quick assets?
$1,610,859
$808,815
$132,865
$60,282
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