Archives: Quiz
Chapter 6 The cost of the merchandise returned was $1,325
Chapter 6: Accounting for Merchandising Businesses ANSWER: Date Description Debit Credit May 5 Merchandise Inventory 5,980 Accounts Payable 5,980 12 Accounts Payable 2,450 Merchandise Inventory 2,450 14 Accounts Payable 3,530 Cash 3,530 DIFFICULTY: Moderate Bloom’s: Applying LEARNING OBJECTIVES: ACCT.WARD.16.06-02 – […]
Chapter 6 Delivery Expense For The Freight costs Prior Payment
Chapter 6: Accounting for Merchandising Businesses 169. Complete the following data taken from the condensed income statements for merchandising Companies A, B, and C. Company A Company B Company C Net income $315 $ ? $215 Sales ? 865 560 […]
Chapter 6 To encourage a buyer to pay before the end of the credit period
Chapter 6: Accounting for Merchandising Businesses 119. To encourage a buyer to pay before the end of the credit period, the seller may offer a a. purchases discount b. sales discount c. trade discount d. payment discount ANSWER: a DIFFICULTY: […]
Chapter 6 Sales b Credit Sales c Debit Customer Refunds Payable d
Chapter 6: Accounting for Merchandising Businesses 62. As we compare a merchandise business to a service business, the financial statement that changes the most is the balance sheet. a. True b. False ANSWER: False DIFFICULTY: Moderate Bloom’s: Remembering LEARNING OBJECTIVES: […]
Chapter 6 The most important differences between a service business
CHAPTER 6: ACCOUNTING FOR MERCHANDISING BUSINESSES 1. The most important differences between a service business and a retail business are reflected in their operating cycles and financial statements. a. True b. False ANSWER: True DIFFICULTY: Easy Bloom’s: Remembering LEARNING OBJECTIVES: […]
Chapter 5 The Internet creates opportunities for improving the speed
Chapter 5: Accounting Systems 161. Identify the three main advantages of a computerized accounting system over a manual accounting system. ANSWER: 1. Simplification of the recording process by recording transactions electronically and posting to both the general and subsidiary ledgers […]
Chapter 5 The following are selected transactions related to purchases on account
Chapter 5: Accounting Systems 151. The following are selected transactions related to purchases on account and cash payments completed during April of the current year. April 1 Issued Check No. 60 in payment of rent for month, $2,400. 5 Purchased […]
Chapter 5 Most Commonly Companies Use Accounts Receivable And Accounts
Chapter 5: Accounting Systems 120. Which of the following is not an area where the Internet is used for business purposes? a. business cycle management b. customer relationship management c. supply chain management d. product life-cycle management ANSWER: a DIFFICULTY: […]
Chapter 5 The subsidiary ledger that includes customer account activity
Chapter 5: Accounting Systems 61. The subsidiary ledger that includes customer account activity is called the a. asset ledger b. accounts payable ledger c. expense ledger d. accounts receivable ledger ANSWER: d DIFFICULTY: Easy Bloom’s: Remembering LEARNING OBJECTIVES: ACCT.WARD.16.05-02 – […]
Chapter 5 The methods and procedures for collecting, classifying
CHAPTER 5: ACCOUNTING SYSTEMS 1. The methods and procedures for collecting, classifying, summarizing, and reporting a business’s financial and operating information are called the accounting system. a. True b. False ANSWER: True DIFFICULTY: Easy Bloom’s: Remembering LEARNING OBJECTIVES: ACCT.WARD.16.05-01 – […]
Chapter 4 Dana Bowen Company Post-Closing Trial Balance For the Year
Chapter 4: Completing the Accounting Cycle Insurance Expense Depreciation Expense Miscellaneous Expense 725 130 50 ANSWER: 1) Journal Entries: a) Cash 6,500 Dana Bowen, Capital 6,500 b) Equipment 2,500 Dana Bowen, Capital 2,500 c) Rent Expense 900 Cash 900 d) […]
Chapter 4 Completing The Accounting Cycle 185 Prepare Closing Entries
Chapter 4: Completing the Accounting Cycle 179. On the basis of the following data taken from the Adjusted Trial Balance columns of the work sheet for the year ended March 31 for Banes Domino’s Company, journalize the four closing entries. […]
Chapter 4 The Following Accounts Appear Adjusted Trial
Chapter 4: Completing the Accounting Cycle 158. The end-of-period spreadsheet (work sheet) for the current year for Jamal Company shows Balance Sheet columns with a debit total of $614,210 and a credit total of $630,430. This is before the amount […]
Chapter 4 The balances for the accounts listed below appear
Chapter 4: Completing the Accounting Cycle 116. Evan Roberts owns a business, Shores Sports that rents canoes and kayaks. Below is the adjusted trial balance at December 31. Debit Credit Cash 1,500 Accounts Receivable 2,000 Interest Receivable 100 Prepaid Insurance […]
Chapter 4 After Net Income or Loss is entered on the work sheet
Chapter 4: Completing the Accounting Cycle 64. After Net Income or Loss is entered on the work sheet, the debit column total must equal the credit column total for the Balance Sheet pair of columns. a. True b. False ANSWER: […]
Chapter 4 Cycle 32 Journalizing And Posting Closing Entries Must
CHAPTER 4: COMPLETING THE ACCOUNTING CYCLE 1. Cross-referencing is useful in assuring that the debits and credits are in balance. a. True b. False ANSWER: False DIFFICULTY: Moderate Bloom’s: Remembering LEARNING OBJECTIVES: ACCT.WARD.16.04-01 – 04–01 ACCREDITING STANDARDS: ACCT.ACBSP.APC.05 – Accounting […]
Chapter 3 Prepare adjusting entries for the following transactions
Chapter 3: The Adjusting Process 182. Prepare adjusting entries for the following transactions: (a) The beginning balance of the Supplies account was $245. During the month the company bought additional supplies in the amount of $735. At the end of […]
Chapter 3 Prepaid Expenses Are Expenses For which Payment Has
Chapter 3: The Adjusting Process Transactions Account(s) Debited Account(s) Credited a. Utility bill is received; payment will be made in 10 days. b. Paid the utility bill previously recorded in transaction (a). c. Bought a three-year insurance policy and paid […]
Chapter 3 Accrued salaries of $600 owed to employees for December
Chapter 3: The Adjusting Process 118. Which of the following is an example of an accrued expense? a. Salary owed but not yet paid b. Fees received but not yet earned c. Supplies on hand d. A two-year premium paid […]
Chapter 3 Needed to bring accounts up to date and match revenue
Chapter 3: The Adjusting Process 62. Adjusting entries are a. the same as correcting entries b. needed to bring accounts up to date and match revenue and expense c. optional under generally accepted accounting principles d. rarely needed in large […]
Chapter 3 The system of accounting where revenues are recorded when
CHAPTER 3: THE ADJUSTING PROCESS 1. The system of accounting where revenues are recorded when they are earned and expenses are recorded when they are incurred is called the cash basis of accounting. a. True b. False ANSWER: False DIFFICULTY: […]
Chapter 2 For each of the following errors, considered individually
Chapter 2: Analyzing Transactions 219. For each of the following errors, considered individually, indicate whether the error would cause the trial balance tot to be unequal. If the error would cause the trial balance totals to be unequal, indicate whether […]
Chapter 2 State For Each Account Whether Likely
Chapter 2: Analyzing Transactions 200. Record the following selected transactions for April in a two-column journal, identifying each entry by letter: (a) Received $18,000 from Katie Long, owner. (b) Purchased equipment for $27,000, paying $10,000 in cash and giving a […]
Chapter 2 The accounts in the ledger of Monroe Entertainment Co. are listed below
Chapter 2: Analyzing Transactions 167. The accounts in the ledger of Monroe Entertainment Co. are listed below. All accounts have normal balances. Accounts Payable $1,500 Fees Earned $3,600 Accounts Receivable 1,800 Insurance Expense 1,300 Prepaid Insurance 2,000 Land 3,000 Cash […]
Chapter 2 Revenues Expenses Cash Received From Customers
Chapter 2: Analyzing Transactions 122. Office supplies purchased by Janer’s Cleaning Service on account were returned. Which of the following entries for Janer’s Cleaning Service records this transaction? a. Cash, debit; Office Supplies, credit b. Office Supplies, debit; Accounts Receivable, […]
Chapter 2 Payable Buildings Accounts Receivable Revenue Cash Prepaid
Chapter 2: Analyzing Transactions 63. The process of transferring the debits and credits from the journal entries to the accounts is known as posting. a. True b. False ANSWER: True DIFFICULTY: Moderate Bloom’s: Remembering LEARNING OBJECTIVES: ACCT.WARD.16.02-03 – 02–03 ACCREDITING […]
Chapter 2 Analyzing Transactions 31 Debit Abbreviated And Credit Abbreviated
CHAPTER 2: ANALYZING TRANSACTIONS 1. Accounts are records of increases and decreases in individual financial statement items. a. True b. False ANSWER: True DIFFICULTY: Easy Bloom’s: Remembering LEARNING OBJECTIVES: ACCT.WARD.16.02-01 – 02–01 ACCREDITING STANDARDS: ACCT.ACBSP.APC.01 – Purpose ACCT.ACBSP.APC.02 – GAAP […]
Chapter 1 Prepare in good format an income statement for Heavenly
Chapter 1: Introduction to Accounting and Business Harris Designers Balance Sheet April 30 Assets Liabilities Cash $ (g) Accounts payable $(i) Supplies 8,100 Owner’s Equity Land (h) Lori Harris, capital (j) Total liabilities and Total assets $55,900 owner’s equity $(k) […]
Chapter 1 A financial statement user would determine if a company
Chapter 1: Introduction to Accounting and Business 119. Liabilities are reported on the a. income statement b. statement of owner’s equity c. statement of cash flows d. balance sheet ANSWER: d DIFFICULTY: Easy Bloom’s: Remembering LEARNING OBJECTIVES: ACCT.WARD.16.01-05 – 01–05 […]
Chapter 1 Equipment With Estimated Market Value 30000
Chapter 1: Introduction to Accounting and Business 62. Which of the following is not a certification for accountants? a. CIA b. CMA c. CISA d. IRS ANSWER: d DIFFICULTY: Moderate Bloom’s: Remembering LEARNING OBJECTIVES: ACCT.WARD.16.01-01 – 01–01 ACCREDITING STANDARDS: ACCT.ACBSP.APC.01 […]
Chapter 1 A corporation is a business that is legally separate and distinct
CHAPTER 1: INTRODUCTION TO ACCOUNTING AND BUSINESS 1. A corporation is a business that is legally separate and distinct from its owners. a. True b. False ANSWER: True DIFFICULTY: Easy Bloom’s: Remembering LEARNING OBJECTIVES: ACCT.WARD.16.01-01 – 01–01 ACCREDITING STANDARDS: ACCT.ACBSP.APC.03 […]
Chapter 3 The mass of the part of a metal rod that lies between its
Stewart – Calculus 8e ET Chapter 3 Form D ____ 5. Find a. d. b. e. c. ____ 6. Find in terms of . a. b. c. d. e. ____ 7. If , find a. b. c. d. e. f. […]
Management Chapter 15 At a stereo making factory, the employees stationed
77. _____ requires that firms document how they are using raw materials more efficiently, managing pollution, and reducing their impact on the environment. a. ISO 14000 b. ISO 9000:2000 c. Six Sigma d. Value-added analysis e. Statistical quality control 78. […]
Management Chapter 15 United States Bus prog Analytic Business Knowledge And
49. The purpose of an in-transit inventory is to: a. provide the materials needed to make the product. b. enable overall production to be divided into stages of manageable size. c. reduce the organization’s investment on storage space. d. provide […]
Management Chapter 15 A company buys electronic components, assembles them into
1. A company buys electronic components, assembles them into PCs, and then ships them to customers. In this case the electronic components are _____ for the company. a. outputs b. products c. processes d. inputs e. services 2. The total […]
Management Chapter 14 Alexander, a professor at a state university, polls his students
d. formalized e. inflexible 78. International firms which use ____ strategic control require each organization unit around the world to frequently report the results of its performance to headquarters. a. decentralized b. organic c. screening d. centralized e. postaction ANSWER: […]
Management Chapter 14 Multinational Construction Firm Does Not Require
49. A(n) _____ compares different elements of a balance sheet or an income statement to one another. a. expense budget b. profit budget c. internal audit d. operations budget e. financial ratio ANSWER: e RATIONALE: Financial ratios compare different elements […]
Management Chapter 14 The report issued about a major packaging defect showed
1. The report issued about a major packaging defect showed a culture at an organization that did not listen when small safety issues were raised. Each issue by itself might not have caused the flaw. This example illustrates: a. the […]
Management Chapter 13 Managers can draw on several different techniques to control
76. Acknowledging the existence of conflict but downplaying its importance is known as _____. a. confrontation b. compromise c. stimulation d. soldiering e. smoothing ANSWER: e RATIONALE: Smoothing is an inadvisable conflict-management technique where the manager minimizes conflict and tells […]
Management Chapter 13 Informal Leaders Are Quite Powerful Because They
NOTES: Digital Story: Perform 46. _____ conflict results from a discrepancy between the role requirements and the individual’s personal values, attitudes, and needs. a. Interrole b. Intrarole c. Group–role d. Intrasender e. Person–role 47. When one gets conflicting information about […]
Management Chapter 13 A shift supervisor in a department store is a member
1. A shift supervisor in a department store is a member of a(n): a. interest group. b. problem-solving team c. virtual team. d. task group. e. functional group. 2. Which of the following is a characteristic of a functional group […]
Management Chapter 12 When Many People Tell Few Peopled When
83. Which of the following is an example of Artificial intelligence? a. Executive support system b. Expert system c. Decision support system d. Management information system e. Transaction-processing system ANSWER: b RATIONALE: Expert system is an example of Artificial intelligence […]
Management Chapter 12 Data turns into information when it is organized
48. Data turns into information when it is organized and presented in a way that has _____. ANSWER: meaning RATIONALE: Information is data presented in a way or form that has meaning. POINTS: 1 DIFFICULTY: Easy REFERENCES: p. 364 LEARNING […]
Management Chapter 12 Raw figures and facts reflecting a single aspect
1. Raw figures and facts reflecting a single aspect of reality are referred to as: a. data. b. information. c. opinion. d. meaning. e. knowledge. 2. Which of the following is an integral characteristic of effective communication? a. The oral […]
Management Chapter 11 Martin Evans And Robert house is Direct Extension The
75. _____ behavior, identified by the path-goal theory, primarily involves being friendly and approachable, showing concern for subordinate welfare, and treating members as equals. a. Directive leader b. Task-oriented leader c. Achievement-oriented leader d. Participative leader e. Supportive leader ANSWER: […]
Management Chapter 11 What is best exemplified by Valencia’s behavior
c. Initiating structure d. Persuasion e. Assault 48. Carolyn, a manager, discusses and reasons with the Board of Directors of her company until they agree to let her try her new strategic plan for a trial period. Carolyn is using […]
Management Chapter 11 Manager Tells Subordinate That Will Not
Multiple Choice 1. As a process, leadership can be defined as: a. the practice of empowering employees to participate in organizational decision making. b. the set of characteristics attributed to individuals who are perceived to be leaders. c. the use […]
Management Chapter 10 A major advantage of incentives relative to merit systems is that
b. They are used to provide individual performances with non monetary rewards. c. They are most likely to be used when performance can be subjectively assessed. d. They are focused at increasing a person’s base salary at the end of […]
Management Chapter 10 Aside from motivational strategies such as the content perspective
48. Jessica is required to follow a forty-hour work schedule from 9:00 in the morning and ends at 5:00 each day, every week. However, she has the freedom to take a day off by working two extra hours each day. […]
Management Chapter 10 When she receives recognition for a job well done
Multiple Choice 1. _____ is defined as the set of forces that cause people to behave in certain ways. a. Motivation b. Management c. Attribution d. Personality e. Contribution 2. _____, used to determine individual performance, can be challenging for […]