Question 1

Match
-Accounts Payable

Accepted Answer

A) Current Assets 
B) Tangible Assets 
C) Investments 
D) Intangibles 
E) Other
F)Current Liability
G)Long-Term Liability
H)Capital Stock
I)Retained Earnings
J)Item Not Included on Balance Sheet 
A) Current Assets 
B) Tangible Assets 
C) Investments 
D) Intangibles 
E) Other
F)Current Liability
G)Long-Term Liability
H)Capital Stock
I)Retained Earnings
J)Item Not Included on Balance Sheet F

Question 2

Match
-Land

Accepted Answer

A) Current Assets 
B) Tangible Assets 
C) Investments 
D) Intangibles 
E) Other
F)Current Liability
G)Long-Term Liability
H)Capital Stock
I)Retained Earnings
J)Item Not Included on Balance Sheet 
A) Current Assets 
B) Tangible Assets 
C) Investments 
D) Intangibles 
E) Other
F)Current Liability
G)Long-Term Liability
H)Capital Stock
I)Retained Earnings
J)Item Not Included on Balance Sheet B

Question 3

Match
-Cash

Accepted Answer

A) Current Assets 
B) Tangible Assets 
C) Investments 
D) Intangibles 
E) Other
F)Current Liability
G)Long-Term Liability
H)Capital Stock
I)Retained Earnings
J)Item Not Included on Balance Sheet 
A) Current Assets 
B) Tangible Assets 
C) Investments 
D) Intangibles 
E) Other
F)Current Liability
G)Long-Term Liability
H)Capital Stock
I)Retained Earnings
J)Item Not Included on Balance Sheet I

Question 4

Match each account to the proper account description;not all letters will be used.
-Treasury Stock

Accepted Answer

A) Stocks and bonds of other companies held for the purpose of exercising control. 
B) An accumulation of the sum of the expense since the beginning of the benefit period. 
C) Outside ownership in the equity of consolidated subsidiaries. 
D) Machinery and tools,valued at historical cost. 
E) Monies due because expenses,such as salaries,are incurred in a different period than when the cash outlay occurs.
F)The most liquid of assets,it may also include savings accounts.
G)Goods on hand.
H)A potential liability created by differing tax and reporting methods.
I)Ownership and debt instruments readily converted to cash.
J)An expenditure made in advance of the use of the service or good.
K)Monies due from customers arising from sale or service rendered.
L)The capital stock of residual owners.
M)Bonds that can be exchanged for stock at the option of the holder.
N)Undistributed earnings of the corporation.
O)Shares of the firm's own stock that have been repurchased.
P)Monies due for goods bought for use or resale.
Q)Excess over legal par paid at time of sale.
R)Nondepreciable real estate.
S)Collections in advance of service.
T)Securities that give the holder the right to buy additional shares of common stock at a fixed price. 
A) Stocks and bonds of other companies held for the purpose of exercising control. 
B) An accumulation of the sum of the expense since the beginning of the benefit period. 
C) Outside ownership in the equity of consolidated subsidiaries. 
D) Machinery and tools,valued at historical cost. 
E) Monies due because expenses,such as salaries,are incurred in a different period than when the cash outlay occurs.
F)The most liquid of assets,it may also include savings accounts.
G)Goods on hand.
H)A potential liability created by differing tax and reporting methods.
I)Ownership and debt instruments readily converted to cash.
J)An expenditure made in advance of the use of the service or good.
K)Monies due from customers arising from sale or service rendered.
L)The capital stock of residual owners.
M)Bonds that can be exchanged for stock at the option of the holder.
N)Undistributed earnings of the corporation.
O)Shares of the firm's own stock that have been repurchased.
P)Monies due for goods bought for use or resale.
Q)Excess over legal par paid at time of sale.
R)Nondepreciable real estate.
S)Collections in advance of service.
T)Securities that give the holder the right to buy additional shares of common stock at a fixed price.

Question 5

The balance sheet reports:

Accepted Answer

A) the assets,liabilities,gains,and losses for a period of time. 
B) the changes in assets,liabilities,and equity for a period of time. 
C) the assets,expenses,and liabilities as of a certain date. 
D) the probable future benefits,probable future sacrifices,and residual interest for a period of time. 
E) the financial condition of an accounting entity as of a particular date. 
A) the assets,liabilities,gains,and losses for a period of time. 
B) the changes in assets,liabilities,and equity for a period of time. 
C) the assets,expenses,and liabilities as of a certain date. 
D) the probable future benefits,probable future sacrifices,and residual interest for a period of time. 
E) the financial condition of an accounting entity as of a particular date.

Question 6

Long-term investments,usually stocks and bonds of other companies,are often held to maintain a business relationship or exercise control.

Accepted Answer

A) True 
 B)False

Question 7

The deferred compensation element of an equity-based deferred compensation arrangement is the amount of compensation cost deferred and amortized (expensed)to future periods as the services are provided.

Accepted Answer

A) True 
 B)False

Question 8

Match
-Depreciation Expense

Accepted Answer

A) Current Assets 
B) Tangible Assets 
C) Investments 
D) Intangibles 
E) Other
F)Current Liability
G)Long-Term Liability
H)Capital Stock
I)Retained Earnings
J)Item Not Included on Balance Sheet 
A) Current Assets 
B) Tangible Assets 
C) Investments 
D) Intangibles 
E) Other
F)Current Liability
G)Long-Term Liability
H)Capital Stock
I)Retained Earnings
J)Item Not Included on Balance Sheet

Question 9

A partial list of accounts for Johnson and Clark,in alphabetical order,is presented below:
 $\begin{array}{ll}
\text { Accounts Payable } & \text { Interest Recervable } \
\text { Accounts Receivable } & \text { Inventory-Ending Balance } \
\text { Accrued Salaries Payable } & \text { Land } \
 \text { Accumulated Depreciation -Buildings } & \text { Land Held for Future Plant Site } \
\text { Accumulated Depreciation -Equipment } & \text { Loss on Sale of Equipment } \
\text { Additional Paid-In Capital-Common Stock } & \text { Marketable Securities } \
\text { Allowance for Doubtful Accounts } & \text { Noncontrolling Interest } \
\text { Bank Loan (long-term) } & \text { Notes Payable (long-term) } \
\text { Bonds Pavable } & \text { Obligations on Long-Term Loans } 
\end{array}$
$\begin{array}{ll}
\text { Buiddings } &\quad\quad\quad \text { Patent } \
\text { Cash in Bank } &\quad\quad\quad \text { Preferred Stock } \
\text { Commission Expense } &\quad\quad\quad \text { Premium on Bonds Payable } \
\text { Common Stock } & \quad\quad\quad\text { Prepaid Expenses } \
\text { Current Portion of Long-Term Debt } & \quad\quad\quad\text { Purchases } \
\text { Equipment } & \quad\quad\quad\text { Retained Earnings } \
\text { FICA Taxes Payable } & \quad\quad\quad\text { Sales } \
\text { Franchise } & \quad\quad\quad\text { Sales Salaries Expense } \
\text { Goodwill } &\quad\quad\quad \text { Treasury Stock } \
\text { Interest Income } &\quad\quad\quad \text { Unearned Rent Revenue }
\end{array}$ 
Required:
Prepare a consolidated balance sheet in good format,without monetary amounts,for December 31,2012.Use the format Current Assets;Property,Plant,and Equipment;Investments;Intangibles;Current Liabilities;Long-Term Liabilities;and Stockholders' Equity.Do not use the accounts not found on the balance sheet.

Accepted Answer

The answer of A partial list of accounts for Johnson...

Question 10

Deferred taxes are caused by using different accounting methods for tax and financial reporting purposes.

Accepted Answer

A) True 
 B)False

Question 11

Match
-Goodwill

Accepted Answer

A) Current Assets 
B) Tangible Assets 
C) Investments 
D) Intangibles 
E) Other
F)Current Liability
G)Long-Term Liability
H)Capital Stock
I)Retained Earnings
J)Item Not Included on Balance Sheet 
A) Current Assets 
B) Tangible Assets 
C) Investments 
D) Intangibles 
E) Other
F)Current Liability
G)Long-Term Liability
H)Capital Stock
I)Retained Earnings
J)Item Not Included on Balance Sheet

Question 12

The following balance sheet,prepared by Whoops Bookkeeping Service,has been given to you to review.Required:
Prepare a corrected,properly classified balance sheet in report form.

Accepted Answer

The answer of The following balance sheet,prepared by Whoops Bookkeeping...

Question 13

Under IFRS,reserves may result from upward revaluations of properties and investments.

Accepted Answer

A) True 
 B)False

Question 14

Match
-Unamortized Premium on Bonds Payable

Accepted Answer

A) Current Assets 
B) Tangible Assets 
C) Investments 
D) Intangibles 
E) Other
F)Current Liability
G)Long-Term Liability
H)Capital Stock
I)Retained Earnings
J)Item Not Included on Balance Sheet 
A) Current Assets 
B) Tangible Assets 
C) Investments 
D) Intangibles 
E) Other
F)Current Liability
G)Long-Term Liability
H)Capital Stock
I)Retained Earnings
J)Item Not Included on Balance Sheet

Question 15

Match
-Bonds Payable

Accepted Answer

A) Current Assets 
B) Tangible Assets 
C) Investments 
D) Intangibles 
E) Other
F)Current Liability
G)Long-Term Liability
H)Capital Stock
I)Retained Earnings
J)Item Not Included on Balance Sheet 
A) Current Assets 
B) Tangible Assets 
C) Investments 
D) Intangibles 
E) Other
F)Current Liability
G)Long-Term Liability
H)Capital Stock
I)Retained Earnings
J)Item Not Included on Balance Sheet

Question 16

Match each account to the proper account description;not all letters will be used.
-Cash

Accepted Answer

A) Stocks and bonds of other companies held for the purpose of exercising control. 
B) An accumulation of the sum of the expense since the beginning of the benefit period. 
C) Outside ownership in the equity of consolidated subsidiaries. 
D) Machinery and tools,valued at historical cost. 
E) Monies due because expenses,such as salaries,are incurred in a different period than when the cash outlay occurs.
F)The most liquid of assets,it may also include savings accounts.
G)Goods on hand.
H)A potential liability created by differing tax and reporting methods.
I)Ownership and debt instruments readily converted to cash.
J)An expenditure made in advance of the use of the service or good.
K)Monies due from customers arising from sale or service rendered.
L)The capital stock of residual owners.
M)Bonds that can be exchanged for stock at the option of the holder.
N)Undistributed earnings of the corporation.
O)Shares of the firm's own stock that have been repurchased.
P)Monies due for goods bought for use or resale.
Q)Excess over legal par paid at time of sale.
R)Nondepreciable real estate.
S)Collections in advance of service.
T)Securities that give the holder the right to buy additional shares of common stock at a fixed price. 
A) Stocks and bonds of other companies held for the purpose of exercising control. 
B) An accumulation of the sum of the expense since the beginning of the benefit period. 
C) Outside ownership in the equity of consolidated subsidiaries. 
D) Machinery and tools,valued at historical cost. 
E) Monies due because expenses,such as salaries,are incurred in a different period than when the cash outlay occurs.
F)The most liquid of assets,it may also include savings accounts.
G)Goods on hand.
H)A potential liability created by differing tax and reporting methods.
I)Ownership and debt instruments readily converted to cash.
J)An expenditure made in advance of the use of the service or good.
K)Monies due from customers arising from sale or service rendered.
L)The capital stock of residual owners.
M)Bonds that can be exchanged for stock at the option of the holder.
N)Undistributed earnings of the corporation.
O)Shares of the firm's own stock that have been repurchased.
P)Monies due for goods bought for use or resale.
Q)Excess over legal par paid at time of sale.
R)Nondepreciable real estate.
S)Collections in advance of service.
T)Securities that give the holder the right to buy additional shares of common stock at a fixed price.

Question 17

Match each account to the proper account description;not all letters will be used.
-Accounts Payable

Accepted Answer

A) Stocks and bonds of other companies held for the purpose of exercising control. 
B) An accumulation of the sum of the expense since the beginning of the benefit period. 
C) Outside ownership in the equity of consolidated subsidiaries. 
D) Machinery and tools,valued at historical cost. 
E) Monies due because expenses,such as salaries,are incurred in a different period than when the cash outlay occurs.
F)The most liquid of assets,it may also include savings accounts.
G)Goods on hand.
H)A potential liability created by differing tax and reporting methods.
I)Ownership and debt instruments readily converted to cash.
J)An expenditure made in advance of the use of the service or good.
K)Monies due from customers arising from sale or service rendered.
L)The capital stock of residual owners.
M)Bonds that can be exchanged for stock at the option of the holder.
N)Undistributed earnings of the corporation.
O)Shares of the firm's own stock that have been repurchased.
P)Monies due for goods bought for use or resale.
Q)Excess over legal par paid at time of sale.
R)Nondepreciable real estate.
S)Collections in advance of service.
T)Securities that give the holder the right to buy additional shares of common stock at a fixed price. 
A) Stocks and bonds of other companies held for the purpose of exercising control. 
B) An accumulation of the sum of the expense since the beginning of the benefit period. 
C) Outside ownership in the equity of consolidated subsidiaries. 
D) Machinery and tools,valued at historical cost. 
E) Monies due because expenses,such as salaries,are incurred in a different period than when the cash outlay occurs.
F)The most liquid of assets,it may also include savings accounts.
G)Goods on hand.
H)A potential liability created by differing tax and reporting methods.
I)Ownership and debt instruments readily converted to cash.
J)An expenditure made in advance of the use of the service or good.
K)Monies due from customers arising from sale or service rendered.
L)The capital stock of residual owners.
M)Bonds that can be exchanged for stock at the option of the holder.
N)Undistributed earnings of the corporation.
O)Shares of the firm's own stock that have been repurchased.
P)Monies due for goods bought for use or resale.
Q)Excess over legal par paid at time of sale.
R)Nondepreciable real estate.
S)Collections in advance of service.
T)Securities that give the holder the right to buy additional shares of common stock at a fixed price.

Question 18

Match each account to the proper account description;not all letters will be used.
-Accrued Liabilities

Accepted Answer

A) Stocks and bonds of other companies held for the purpose of exercising control. 
B) An accumulation of the sum of the expense since the beginning of the benefit period. 
C) Outside ownership in the equity of consolidated subsidiaries. 
D) Machinery and tools,valued at historical cost. 
E) Monies due because expenses,such as salaries,are incurred in a different period than when the cash outlay occurs.
F)The most liquid of assets,it may also include savings accounts.
G)Goods on hand.
H)A potential liability created by differing tax and reporting methods.
I)Ownership and debt instruments readily converted to cash.
J)An expenditure made in advance of the use of the service or good.
K)Monies due from customers arising from sale or service rendered.
L)The capital stock of residual owners.
M)Bonds that can be exchanged for stock at the option of the holder.
N)Undistributed earnings of the corporation.
O)Shares of the firm's own stock that have been repurchased.
P)Monies due for goods bought for use or resale.
Q)Excess over legal par paid at time of sale.
R)Nondepreciable real estate.
S)Collections in advance of service.
T)Securities that give the holder the right to buy additional shares of common stock at a fixed price. 
A) Stocks and bonds of other companies held for the purpose of exercising control. 
B) An accumulation of the sum of the expense since the beginning of the benefit period. 
C) Outside ownership in the equity of consolidated subsidiaries. 
D) Machinery and tools,valued at historical cost. 
E) Monies due because expenses,such as salaries,are incurred in a different period than when the cash outlay occurs.
F)The most liquid of assets,it may also include savings accounts.
G)Goods on hand.
H)A potential liability created by differing tax and reporting methods.
I)Ownership and debt instruments readily converted to cash.
J)An expenditure made in advance of the use of the service or good.
K)Monies due from customers arising from sale or service rendered.
L)The capital stock of residual owners.
M)Bonds that can be exchanged for stock at the option of the holder.
N)Undistributed earnings of the corporation.
O)Shares of the firm's own stock that have been repurchased.
P)Monies due for goods bought for use or resale.
Q)Excess over legal par paid at time of sale.
R)Nondepreciable real estate.
S)Collections in advance of service.
T)Securities that give the holder the right to buy additional shares of common stock at a fixed price.

Question 19

When a firm repurchases its own stock and retires it,the stock is called treasury stock.

Accepted Answer

A) True 
 B)False

Question 20

Corporations do not use a standard title for owners' equity.

Accepted Answer

A) True 
 B)False

Match -Accounts Payable

Match -Land

Match -Cash

Match each account to the proper account description;not all letters will be used. -Treasury Stock

The balance sheet reports:

Long-term investments,usually stocks and bonds of other companies,are often held to maintain a business relationship or exercise control.

The deferred compensation element of an equity-based deferred compensation arrangement is the amount of compensation cost deferred and amortized (expensed)to future periods as the services are provided.

Match -Depreciation Expense

Deferred taxes are caused by using different accounting methods for tax and financial reporting purposes.

Match -Goodwill

The following balance sheet,prepared by Whoops Bookkeeping Service,has been given to you to review.Required: Prepare a corrected,properly classified balance sheet in report form.

Under IFRS,reserves may result from upward revaluations of properties and investments.

Match -Unamortized Premium on Bonds Payable

Match -Bonds Payable

Match each account to the proper account description;not all letters will be used. -Cash

Match each account to the proper account description;not all letters will be used. -Accounts Payable

Match each account to the proper account description;not all letters will be used. -Accrued Liabilities

When a firm repurchases its own stock and retires it,the stock is called treasury stock.

Corporations do not use a standard title for owners' equity.

Introduction to Financial Reporting

Introduction to Financial Statements and Other Financial Reporting Topics

Income Statement

Basics of Analysis

Liquidity of Short-Term Assets;related Debt-Paying Ability

Long-Term Debt-Paying Ability

Profitability

For the Investor

Statement of Cash Flows

Expanded Analysis

Special Industries: Banks, utilities, oil and Gas, transportation, insurance, real Estate Companies

Personal Financial Statements and Accounting for Governments and Not-For-Profit Organizations

Filters

Exam 3: Balance Sheet

Match -Accounts Payable

Match -Land

Match -Cash

Match each account to the proper account description;not all letters will be used. -Treasury Stock

The balance sheet reports:

Long-term investments,usually stocks and bonds of other companies,are often held to maintain a business relationship or exercise control.

The deferred compensation element of an equity-based deferred compensation arrangement is the amount of compensation cost deferred and amortized (expensed)to future periods as the services are provided.

Match -Depreciation Expense

Deferred taxes are caused by using different accounting methods for tax and financial reporting purposes.

Match -Goodwill

The following balance sheet,prepared by Whoops Bookkeeping Service,has been given to you to review.Required: Prepare a corrected,properly classified balance sheet in report form.

Under IFRS,reserves may result from upward revaluations of properties and investments.

Match -Unamortized Premium on Bonds Payable

Match -Bonds Payable

Match each account to the proper account description;not all letters will be used. -Cash

Match each account to the proper account description;not all letters will be used. -Accounts Payable

Match each account to the proper account description;not all letters will be used. -Accrued Liabilities

When a firm repurchases its own stock and retires it,the stock is called treasury stock.

Corporations do not use a standard title for owners' equity.

Introduction to Financial Reporting

Introduction to Financial Statements and Other Financial Reporting Topics

Income Statement

Basics of Analysis

Liquidity of Short-Term Assets;related Debt-Paying Ability

Long-Term Debt-Paying Ability

Profitability

For the Investor

Statement of Cash Flows

Expanded Analysis

Special Industries: Banks, utilities, oil and Gas, transportation, insurance, real Estate Companies

Personal Financial Statements and Accounting for Governments and Not-For-Profit Organizations

Filters