Question 1

A sole proprietorship form of business has only one owner.

Accepted Answer

A) True 
 B)False

Question 2

There are many alternative titles for the statement of stockholders' equity.The most frequently used alternative title is the statement of shareholders' equity.

Accepted Answer

A) True 
 B)False

Question 3

The stockholders' equity section of the balance sheet includes redeemable preferred stock.

Accepted Answer

A) True 
 B)False

Question 4

The current liability section of the balance sheet should include:

Accepted Answer

A) buildings. 
B) goodwill. 
C) land held for speculation purposes. 
D) accounts payable. 
E) None of the answers are correct. 
A) buildings. 
B) goodwill. 
C) land held for speculation purposes. 
D) accounts payable. 
E) None of the answers are correct.

Question 5

Which of the following accounts would not be classified as an intangible?

Accepted Answer

A) Franchises 
B) Research and development 
C) Patent 
D) Trademarks 
E) Goodwill 
A) Franchises 
B) Research and development 
C) Patent 
D) Trademarks 
E) Goodwill

Question 6

Noncontrolling interest should be presented at the bottom of stockholders equity.

Accepted Answer

A) True 
 B)False

Question 7

The following is a partial listing of accounts for Euisara,Inc. ,for the year ended December 31,2012.Required:
Prepare a balance sheet in good format for December 31,2012.

Accepted Answer

The answer of The following is a partial listing of...

Question 8

Using IFRS,usually noncurrent assets are presented first,followed by current assets.

Accepted Answer

A) True 
 B)False

Question 9

Match
-Investment in another Company Bonds (long-term investment)

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 10

All intangibles are amortized over their useful lives or their legal lives,whichever is shorter.

Accepted Answer

A) True 
 B)False

Question 11

Generally accepted accounting principles and the Internal Revenue Code of tax law require that the same depreciation method be used for both the financial statements and the federal tax return.

Accepted Answer

A) True 
 B)False

Question 12

The principal financial statements are the balance sheet,income statement,and statement of cash flows.

Accepted Answer

A) True 
 B)False

Question 13

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

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 14

Noncontrolling interest reflects the ownership of noncontrolling stockholders in the equity of consolidated subsidiaries less than wholly occurred.

Accepted Answer

A) True 
 B)False

Question 15

Match
-Inventories

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

The following balance sheet,prepared by a careless bookkeeper,has been given to you to review.Required:
List any corrections that need to be made.Errors can be in classification,lack of disclosure,format,or terminology.

Accepted Answer

The answer of The following balance sheet,prepared by a careless...

Question 17

Match
-Premium on Preferred Stock

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 18

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

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

IFRS require a standard format for the balance sheet.

Accepted Answer

A) True 
 B)False

Question 20

Preferred stock usually has voting rights.

Accepted Answer

A) True 
 B)False

A sole proprietorship form of business has only one owner.

There are many alternative titles for the statement of stockholders' equity.The most frequently used alternative title is the statement of shareholders' equity.

The stockholders' equity section of the balance sheet includes redeemable preferred stock.

The current liability section of the balance sheet should include:

Which of the following accounts would not be classified as an intangible?

Noncontrolling interest should be presented at the bottom of stockholders equity.

The following is a partial listing of accounts for Euisara,Inc. ,for the year ended December 31,2012.Required: Prepare a balance sheet in good format for December 31,2012.

Using IFRS,usually noncurrent assets are presented first,followed by current assets.

Match -Investment in another Company Bonds (long-term investment)

All intangibles are amortized over their useful lives or their legal lives,whichever is shorter.

Generally accepted accounting principles and the Internal Revenue Code of tax law require that the same depreciation method be used for both the financial statements and the federal tax return.

The principal financial statements are the balance sheet,income statement,and statement of cash flows.

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

Noncontrolling interest reflects the ownership of noncontrolling stockholders in the equity of consolidated subsidiaries less than wholly occurred.

Match -Inventories

The following balance sheet,prepared by a careless bookkeeper,has been given to you to review.Required: List any corrections that need to be made.Errors can be in classification,lack of disclosure,format,or terminology.

Match -Premium on Preferred Stock

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

IFRS require a standard format for the balance sheet.

Preferred stock usually has voting rights.

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

A sole proprietorship form of business has only one owner.

There are many alternative titles for the statement of stockholders' equity.The most frequently used alternative title is the statement of shareholders' equity.

The stockholders' equity section of the balance sheet includes redeemable preferred stock.

The current liability section of the balance sheet should include:

Which of the following accounts would not be classified as an intangible?

Noncontrolling interest should be presented at the bottom of stockholders equity.

The following is a partial listing of accounts for Euisara,Inc. ,for the year ended December 31,2012.Required: Prepare a balance sheet in good format for December 31,2012.

Using IFRS,usually noncurrent assets are presented first,followed by current assets.

Match -Investment in another Company Bonds (long-term investment)

All intangibles are amortized over their useful lives or their legal lives,whichever is shorter.

Generally accepted accounting principles and the Internal Revenue Code of tax law require that the same depreciation method be used for both the financial statements and the federal tax return.

The principal financial statements are the balance sheet,income statement,and statement of cash flows.

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

Noncontrolling interest reflects the ownership of noncontrolling stockholders in the equity of consolidated subsidiaries less than wholly occurred.

Match -Inventories

The following balance sheet,prepared by a careless bookkeeper,has been given to you to review.Required: List any corrections that need to be made.Errors can be in classification,lack of disclosure,format,or terminology.

Match -Premium on Preferred Stock

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

IFRS require a standard format for the balance sheet.

Preferred stock usually has voting rights.

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