Question 1

For which of the following assets would a wholesale company use depreciation?

Accepted Answer

A)  its patented computer tracking equipment 
B)  inventory of unsold merchandise 
C)  gasoline used to power its delivery trucks 
D)  its warehouses 
A)  its patented computer tracking equipment 
B)  inventory of unsold merchandise 
C)  gasoline used to power its delivery trucks 
D)  its warehouses

Question 2

Which of the following is a yearly document that describes a company's financial status and usually discusses a company's financial activities during the past year and its prospects for the future?

Accepted Answer

A)  an earnings report 
B)  a trial balance 
C)  an annual report 
D)  a company summary 
A)  an earnings report 
B)  a trial balance 
C)  an annual report 
D)  a company summary

Question 3

Net sales is best described by which of the following?

Accepted Answer

A)  total sales for the accounting period 
B)  profit after cost of goods sold is deducted 
C)  amount after deducting sales discount and returns and allowances from gross sales 
D)  profit after all expenses are paid 
A)  total sales for the accounting period 
B)  profit after cost of goods sold is deducted 
C)  amount after deducting sales discount and returns and allowances from gross sales 
D)  profit after all expenses are paid

Question 4

Which of the following is an example of a fixed asset for a manufacturer of road building equipment?

Accepted Answer

A)  patents held on a new type of asphalt 
B)  shipping area for finished goods and receiving area for component parts 
C)  computer cartridges 
D)  cans of yellow paint for painting equipment 
A)  patents held on a new type of asphalt 
B)  shipping area for finished goods and receiving area for component parts 
C)  computer cartridges 
D)  cans of yellow paint for painting equipment

Question 5

To ensure accuracy and consistency in the way financial information is reported,accountants have historically followed which of the following rules?

Accepted Answer

A)  generally accepted accounting principles 
B)  comparable accounting standards 
C)  accounting rules and principles 
D)  principled accounting procedures 
A)  generally accepted accounting principles 
B)  comparable accounting standards 
C)  accounting rules and principles 
D)  principled accounting procedures

Question 6

In a statement of cash flow,the cash flow from investment activities includes special promotions used to sell extra inventory.

Accepted Answer

A) True 
 B)False

Question 7

Revenues are the dollar amount of sales plus any other income received from sources such as interest,dividends,and rent.

Accepted Answer

A) True 
 B)False

Question 8

Earnings per share is the dollar amount earned by each share,not the actual amount given to shareholders in the form of dividends.

Accepted Answer

A) True 
 B)False

Question 9

Which of the following is a summary of the money flowing into and out of a company?

Accepted Answer

A)  the short-term budget 
B)  the statement of cash flows 
C)  the balance sheet 
D)  the income statement 
A)  the short-term budget 
B)  the statement of cash flows 
C)  the balance sheet 
D)  the income statement

Question 10

What is the accountant's term used to describe the $15,000 Petra Jabon borrowed to turn her carport into a closed garage?

Accepted Answer

The answer of What is the accountant's term used to...

Question 11

How soon are current assets,such as marketable securities and inventory,usually expected to be turned into cash?

Accepted Answer

A)  within 1 month 
B)  within 1 year 
C)  within 18 months 
D)  within 5 years 
A)  within 1 month 
B)  within 1 year 
C)  within 18 months 
D)  within 5 years

Question 12

What is the acceptable inventory turnover ratio?

Accepted Answer

A)  once every sixty days 
B)  once per year 
C)  once every ninety days 
D)  differs for each industry 
A)  once every sixty days 
B)  once per year 
C)  once every ninety days 
D)  differs for each industry

Question 13

What is the ratio of net profit to the number of shares of common share outstanding?

Accepted Answer

A)  equity earnings 
B)  share-to-earnings ratio 
C)  earnings for profit 
D)  earnings per share (EPS) 
A)  equity earnings 
B)  share-to-earnings ratio 
C)  earnings for profit 
D)  earnings per share (EPS)

Question 14

How would the monthly charges that customers make at a hardware store be classified on the store's balance statement?

Accepted Answer

The answer of How would the monthly charges that customers...

Question 15

Gross sales for Alfredo Milling Company was $100,000 for the month of May.Sales discounts amounted to $3,000.There were no returns.The difference,$97,000,represents which of the following for Alfredo Milling Company?

Accepted Answer

A)  cost of goods sold 
B)  gross revenues 
C)  gross profit 
D)  net sales 
A)  cost of goods sold 
B)  gross revenues 
C)  gross profit 
D)  net sales

Question 16

What is the difference between net sales and cost of goods sold?

Accepted Answer

A)  net income 
B)  general income 
C)  net revenues 
D)  gross profit 
A)  net income 
B)  general income 
C)  net revenues 
D)  gross profit

Question 17

What is a short-term loan from a bank,supplier,or others that must be repaid within a year?

Accepted Answer

A)  an account payable 
B)  a note receivable 
C)  a note payable 
D)  an account receivable 
A)  an account payable 
B)  a note receivable 
C)  a note payable 
D)  an account receivable

Question 18

An accounting journal is a chronological list of transactions,each assigned to a particular account.

Accepted Answer

A) True 
 B)False

Question 19

Which of the following are temporary investments of excess cash in bonds and shares that can readily be converted into cash?

Accepted Answer

A)  marketable securities 
B)  accounts receivable 
C)  owners' net contribution margins 
D)  notes payable 
A)  marketable securities 
B)  accounts receivable 
C)  owners' net contribution margins 
D)  notes payable

Question 20

Which of the following expenses are related to marketing and distributing of a company's products?

Accepted Answer

A)  administrative expenses 
B)  selling expenses 
C)  distribution costs 
D)  functional costs 
A)  administrative expenses 
B)  selling expenses 
C)  distribution costs 
D)  functional costs

For which of the following assets would a wholesale company use depreciation?

Which of the following is a yearly document that describes a company's financial status and usually discusses a company's financial activities during the past year and its prospects for the future?

Net sales is best described by which of the following?

Which of the following is an example of a fixed asset for a manufacturer of road building equipment?

To ensure accuracy and consistency in the way financial information is reported,accountants have historically followed which of the following rules?

In a statement of cash flow,the cash flow from investment activities includes special promotions used to sell extra inventory.

Revenues are the dollar amount of sales plus any other income received from sources such as interest,dividends,and rent.

Earnings per share is the dollar amount earned by each share,not the actual amount given to shareholders in the form of dividends.

Which of the following is a summary of the money flowing into and out of a company?

What is the accountant's term used to describe the $15,000 Petra Jabon borrowed to turn her carport into a closed garage?

How soon are current assets,such as marketable securities and inventory,usually expected to be turned into cash?

What is the acceptable inventory turnover ratio?

What is the ratio of net profit to the number of shares of common share outstanding?

How would the monthly charges that customers make at a hardware store be classified on the store's balance statement?

Gross sales for Alfredo Milling Company was $100,000 for the month of May.Sales discounts amounted to $3,000.There were no returns.The difference,$97,000,represents which of the following for Alfredo Milling Company?

What is the difference between net sales and cost of goods sold?

What is a short-term loan from a bank,supplier,or others that must be repaid within a year?

An accounting journal is a chronological list of transactions,each assigned to a particular account.

Which of the following are temporary investments of excess cash in bonds and shares that can readily be converted into cash?

Which of the following expenses are related to marketing and distributing of a company's products?

Politics Governments’ Roles

Economics Evolving Systems

Social Society, Corporate Responsibility, and Making Ethical Decisions

Technology Managing Information for Business Success

International The Global Marketplace

Entrepreneurship and Small Business

Analyzing the Business

Forms of Business Ownership

Management and Leadership in Today’s Organizations

Designing Organizational Structures

Motivating Employees

Managing Human Resources and Labour Relations

Marketing The Customer Focus

Creating Marketing Strategies

Achieving World-Class Operations Management

Understanding Money and the Canadian Financial System

Finance Maximizing the Value

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Exam 16: Accounting for Financial Success

For which of the following assets would a wholesale company use depreciation?

Which of the following is a yearly document that describes a company's financial status and usually discusses a company's financial activities during the past year and its prospects for the future?

Net sales is best described by which of the following?

Which of the following is an example of a fixed asset for a manufacturer of road building equipment?

To ensure accuracy and consistency in the way financial information is reported,accountants have historically followed which of the following rules?

In a statement of cash flow,the cash flow from investment activities includes special promotions used to sell extra inventory.

Revenues are the dollar amount of sales plus any other income received from sources such as interest,dividends,and rent.

Earnings per share is the dollar amount earned by each share,not the actual amount given to shareholders in the form of dividends.

Which of the following is a summary of the money flowing into and out of a company?

What is the accountant's term used to describe the $15,000 Petra Jabon borrowed to turn her carport into a closed garage?

How soon are current assets,such as marketable securities and inventory,usually expected to be turned into cash?

What is the acceptable inventory turnover ratio?

What is the ratio of net profit to the number of shares of common share outstanding?

How would the monthly charges that customers make at a hardware store be classified on the store's balance statement?

Gross sales for Alfredo Milling Company was $100,000 for the month of May.Sales discounts amounted to $3,000.There were no returns.The difference,$97,000,represents which of the following for Alfredo Milling Company?

What is the difference between net sales and cost of goods sold?

What is a short-term loan from a bank,supplier,or others that must be repaid within a year?

An accounting journal is a chronological list of transactions,each assigned to a particular account.

Which of the following are temporary investments of excess cash in bonds and shares that can readily be converted into cash?

Which of the following expenses are related to marketing and distributing of a company's products?

Politics Governments’ Roles

Economics Evolving Systems

Social Society, Corporate Responsibility, and Making Ethical Decisions

Technology Managing Information for Business Success

International The Global Marketplace

Entrepreneurship and Small Business

Analyzing the Business

Forms of Business Ownership

Management and Leadership in Today’s Organizations

Designing Organizational Structures

Motivating Employees

Managing Human Resources and Labour Relations

Marketing The Customer Focus

Creating Marketing Strategies

Achieving World-Class Operations Management

Understanding Money and the Canadian Financial System

Finance Maximizing the Value

Filters