1. Which of the following is
not
a transaction to be recorded in the accounting records of an
entity?
2. The balance sheet might also be called:
3. Transactions are summarized in:
4. A fiscal year:
5. Which of the following is not a principal form of business organization?
6. The time frame associated with a balance sheet is:
7. Current U.S. Generally Accepted Accounting Principles and auditing standards require the
financial statements of an entity for the reporting period to include:
8. The balance sheet equation can be represented by:
9. Stockholders’ equity refers to which to the following?
10. Accumulated depreciation on a balance sheet:
11. The distinction between a current asset and other assets:
12. The income statement shows amounts for:
13. The time frame associated with an income statement is:
14. Revenues are:
15. Expenses are:
16. The purpose of the income statement is to show the:
17. The Statement of Changes in Stockholders’ Equity shows:
18. Paid-in Capital represents:
19. Retained Earnings represents:
20. Additional paid-in-capital represents:
21. The Statement of Cash Flows:
22. On January 31, an entity’s balance sheet showed total assets of $750 and liabilities of
$250. Stockholders’ equity at January 31 was:
23. On January 31, an entity’s balance sheet showed
net assets
of $1,025 and liabilities of
$225. Stockholders’ equity on January 31 was:
24. At the end of the year, retained earnings totaled $1,700. During the year, net income was
$250, and dividends of $120 were declared and paid. Retained earnings at the beginning of the
year totaled:
25. At the beginning of the fiscal year, the balance sheet showed assets of $1,364 and
stockholders’ equity of $836. During the year, assets increased $74 and liabilities decreased $38.
Stockholders’ equity at the end of the year totaled:
26. At the beginning of the fiscal year, the balance sheet showed assets of $1,364 and
stockholders’ equity of $836. During the year, assets increased $74 and liabilities decreased $38.
Liabilities at the end of the year totaled:
27. At the beginning of the year, paid-in capital was $82 and retained earnings was $47.
During the year, the stockholders invested $24 and dividends of $6 were declared and paid.
Retained earnings at the end of the year were $52.
Total stockholders’ equity at the end of the year was:
28. At the beginning of the year, paid-in capital was $82 and retained earnings was $47.
During the year, the stockholders invested $24 and dividends of $6 were declared and paid.
Retained earnings at the end of the year were $52.
Net income for the year was: