Question 1

Cash inflows and outflows to and from investors and creditors are categorized as cash flows from:

Accepted Answer

A) Investing activities 
B) Financing activities 
C) Sales activities 
D) Operating activities 
A) Investing activities 
B) Financing activities 
C) Sales activities 
D) Operating activities

Question 2

The Profit & Loss Statement lists:

Accepted Answer

A) Assets and Expenses 
B) Assets and Liabilities 
C) Net Income and Owner's Equity 
D) Income and Expenses 
A) Assets and Expenses 
B) Assets and Liabilities 
C) Net Income and Owner's Equity 
D) Income and Expenses

Question 3

The Trial Balance:

Accepted Answer

A) Lists all the company's accounts and ending balances 
B) Is printed before and after making adjustments 
C) Verifies the accounting system balances 
D) All of these 
A) Lists all the company's accounts and ending balances 
B) Is printed before and after making adjustments 
C) Verifies the accounting system balances 
D) All of these

Question 4

Which one of the following classifications is found on the Statement of Cash Flows?

Accepted Answer

A) Cash Flows from Financing Activities 
B) Cash Flows from Purchasing Activities 
C) Cash Flows from Owner's Activities 
D) Cash Flows from Selling Activities 
A) Cash Flows from Financing Activities 
B) Cash Flows from Purchasing Activities 
C) Cash Flows from Owner's Activities 
D) Cash Flows from Selling Activities

Question 5

What is owner's equity?

Accepted Answer

A) What a company owes 
B) What remains after the liabilities are satisfied 
C) What a company owns 
D) None of these 
A) What a company owes 
B) What remains after the liabilities are satisfied 
C) What a company owns 
D) None of these

Question 6

The Statement of Cash Flows lists:

Accepted Answer

A) Operating, Investing, and Financing Activity 
B) Assets, Liabilities, and Owner's Equity 
C) Income, Expenses, Liabilities 
D) Gains, Losses, and Net Income 
A) Operating, Investing, and Financing Activity 
B) Assets, Liabilities, and Owner's Equity 
C) Income, Expenses, Liabilities 
D) Gains, Losses, and Net Income

Question 7

To print the General Ledger:

Accepted Answer

A) Select Chart of Accounts icon > Print Report 
B) From the Company section of the Home page > select Trial Balance icon 
C) Select Report Center > Accountant & Taxes, General Ledger 
D) Select Company Center > Print General Ledger 
A) Select Chart of Accounts icon > Print Report 
B) From the Company section of the Home page > select Trial Balance icon 
C) Select Report Center > Accountant & Taxes, General Ledger 
D) Select Company Center > Print General Ledger

Question 8

Briefly explain 2 (two) differences between depreciation on a tax return and on a financial statement.

Accepted Answer

On a tax return, depreciation is calcula

Question 9

The order of the steps in the accounting cycle includes:

Accepted Answer

A) Adjusted trial balance, financial reports, adjusting entries, trial balance 
B) Adjusted trial balance, adjusting entries, financial reports, trial balance 
C) Trial balance, adjusting entries, adjusted trial balance, financial reports 
D) Trial balance, financial reports, adjusting entries, adjusted trial balance 
A) Adjusted trial balance, financial reports, adjusting entries, trial balance 
B) Adjusted trial balance, adjusting entries, financial reports, trial balance 
C) Trial balance, adjusting entries, adjusted trial balance, financial reports 
D) Trial balance, financial reports, adjusting entries, adjusted trial balance

Cash inflows and outflows to and from investors and creditors are categorized as cash flows from:

The Profit & Loss Statement lists:

The Trial Balance:

Which one of the following classifications is found on the Statement of Cash Flows?

What is owner's equity?

The Statement of Cash Flows lists:

To print the General Ledger:

Briefly explain 2 (two) differences between depreciation on a tax return and on a financial statement.

The order of the steps in the accounting cycle includes:

Quick Tour of Quickbooks 2011

Customizing Quickbooks and the Chart of Accounts

Banking

Customers and Sales

Vendors, Purchases, and Inventory

Employees and Payroll

New Company Setup

Accounting for a Service Company

Merchandising Corporation: Sales, Purchases and Inventory

Merchandising Corporation: Payroll

Advanced Quickbooks Features for Accountants

Filters

Exam 7: Reports and Graphs

Cash inflows and outflows to and from investors and creditors are categorized as cash flows from:

The Profit & Loss Statement lists:

The Trial Balance:

Which one of the following classifications is found on the Statement of Cash Flows?

What is owner's equity?

The Statement of Cash Flows lists:

To print the General Ledger:

Briefly explain 2 (two) differences between depreciation on a tax return and on a financial statement.

The order of the steps in the accounting cycle includes:

Quick Tour of Quickbooks 2011

Customizing Quickbooks and the Chart of Accounts

Banking

Customers and Sales

Vendors, Purchases, and Inventory

Employees and Payroll

New Company Setup

Accounting for a Service Company

Merchandising Corporation: Sales, Purchases and Inventory

Merchandising Corporation: Payroll

Advanced Quickbooks Features for Accountants

Filters