89.
Which of the following accounts normally have a debit balance?
90.
Which of the following statements is false?
91.
Which of the following statements is correct?
92.
Which of the following journal entries correctly records a transaction where services were
provided to a customer on account?
93.
Which of the following is correct when land costing $20,000 is sold for $29,000? The land was
a component of property and equipment on the balance sheet.
94.
Boone’s Cleaning Service performed cleaning services during December 2016, but had not
collected any cash from its customers as of December 31, 2016. What impact did performing
these services have on the accounting equation?
95.
On December 31, 2016, Avery Corporation paid $10,000 for next year’s insurance policy. This
transaction should be recorded as follows by Avery:
96.
Mama June Pizza Company sold land costing $39,000 for $51,000 cash. Which of the following
statements concerning the land sale is correct?
97.
Which of the following statements is false when Mama June Pizza Company paid $47,000
cash on accounts owed to suppliers?
98.
Which of the following journal entries is correct assuming that Mama June Pizza Company
received cash for interest earned on investments?
99.
Mama June Pizza Company determined that dough, sauce, cheese and other ingredients
costing $8,700 were used to make pizzas during July. Which of the following statements is
false with respect to the use of the ingredients?
100.
Zeppelin Company received cash during January for services to be provided in February.
Which of the following statements does not accurately describe the impact on the financial
statements when Zeppelin provides the services during February?
101.
Which of the following describes the transaction resulting in a journal entry with a debit to
Wages Payable and a credit to Cash?
102.
Which of the following statements is correct?
103.
Which of the following statements is false?
104.
Which of the following accounts does not have a debit balance?
105.
Which of the following accounts does not have a credit balance?
106.
Which of the following transactions would not be reported as cash flow from operating
activities on a cash flow statement?
107.
Which of the following transactions would be reported as cash flow from operating activities
on a cash flow statement?
108.
Garret Company has provided the following selected information for the year ended December
31, 2016:
Cash collected from customers was $783,000.
Cash received from stockholders in exchange for common stock totaled $91,000.
Cash paid to suppliers was $361,000.
Cash paid to employees was $204,000.
Cash to stockholders for dividends was $33,000.
Cash received from sale of a building was $250,000.
Cash paid for store rent was $39,000.
Cash received for interest and dividends was $7,000.
Cash paid for income taxes was $55,000.
Based on the selected information provided, how much was Garret’s cash flow from operating
activities?
109.
Which of the following transactions will not decrease the net profit margin ratio?
110.
Which of the following statements regarding the net profit margin ratio is false?
111.
What is the operating cycle? Describe a business entity with an operating cycle of less than
six months and a business with an operating cycle of more than one year.
112.
Describe the difference between operating revenues and gains from the sale of plant and
equipment while providing examples of each.
113.
Describe the difference between operating expenses and losses from the sale of plant and
equipment while providing examples of each.
114.
Describe the difference(s) with respect to the cash basis of accounting and the accrual basis
of accounting.
115.
Why might managers be tempted to violate the revenue recognition principle and the expense
recognition principle when preparing an income statement?
116.
Describe the debit and credit logic pertaining to items reported on the income statement.