Download New ACCT 212 Week 1 Quiz (Collection)

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Download New ACCT 212 Week 1 Quiz Collection

 

ACCT 212 Week 1 Quiz (Summer 2021)v1

1. Question: The term GAAP stands for:

2. Question: Financial accounting serves which primary function(s)?
a. Measures business activities.
b. Communicates business activities to interested parties.
c. Makes business decisions on behalf of interested parties.

3. Question: Which of the following represents an obligation of the company?

4. Question: Which body has the primary responsibility for the establishment of Generally Accepted Accounting Principles?

5. Question: At the end of the current period, Maltese, Inc. reports the following amounts: Assets = $58,500; Liabilities = $26,400; Dividends = $2,550; Revenues = $20,100; Expenses = $14,600.
Calculate net income and stockholders’ equity at the end of the period.

6. Question: During its first five years of operations, Della Manufacturing reports net income and pays dividends as follows.
Year Net Income Dividends
1 $2,600                 $1,700
2 2,200                        500
3 2,600                     1,600
4 4,800                    2,200
5 7,700                     2,700
Calculate the balance of retained earnings at the end of each year. Note that retained earnings will always equal $0 at the beginning of year 1.

7. Question: Consider the following account balances of the Shattuck Law Firm at the end of the year:
Accounts Payable         $ 4,400
Salaries Expense            12,800
Cash                                     1,700
Common Stock                2,400
Service Revenue              8,300
Supplies                             4,300
Retained Earnings            1,100
Utilities Expense              5,000
How many of these accounts would appear in Shattuck’s year-end balance sheet?

8. Question: Which of the following statements is NOT correct about the financial statements?

9. Question: Which of the following is not a major section in the statement of cash flows?

10. Question: Which of the following best describes the primary role of auditors in financial reporting?


ACCT 212 Week 1 Quiz (Summer 2021)v2

1. Question: The term GAAP stands for:

2. Question: Financial accounting serves which primary function(s)?

– Measures business
– Communicates business activities to interested
– Makes business decisions on behalf of interested

3. Question: Which of the following represents an obligation of the company?

4. Question: Which body has the primary responsibility for the establishment of Generally Accepted Accounting Principles?

5. Question: At the end of the current period, Maltese, Inc. reports the following amounts: Assets = $50,300; Liabilities = $32,100; Dividends = $4,100; Revenues = $21,600; Expenses = $15,900.

Calculate net income and stockholders’ equity at the end of the period.

6. Question: During its first five years of operations, Della Manufacturing reports net income and pays dividends as follows.

Year                     Net Income                 Dividends

1                             $2,200                         $1,500
2                              2,600                             800
3                              3,500                             2,100
4                              5,000                             1,800
5                              8,300                             3,100

Calculate the balance of retained earnings at the end of each year. Note that retained earnings will always equal $0 at the beginning of year 1.

7. Question: Consider the following account balances of the Shattuck Law Firm at the end of the year:

Accounts Payable             $ 4,400
Salaries Expense                 12,800
Cash                                       1,700
Common Stock                    2,400
Service Revenue                  8,300
Supplies                                4,300
Retained Earnings              1,100
Utilities Expense                 5,000

How many of these accounts would appear in Shattuck’s year-end balance sheet?

8. Question: Which of the following statements is NOT correct about the financial statements?

9. Question: Which of the following is not a major section in the statement of cash flows?

10. Question: Which of the following best describes the primary role of auditors in financial reporting?


ACCT 212 Week 1 Quiz (Summer 2020)
  1. Question: At the end current accounting period, account balances were as follows. Cash $28,000, Account Receivable, $44,000, Common Stock, $19,000, Retained Earnings $12 000. Liabilities for the period were:
  2. Question: Revenues were $147,000, expenses were $142,000, and cash dividends … and paid were $3,000. What were the next income and the change in the … earnings for the period?
  3. Question: Golden Company had the following accounts and balances at the end of the year. What are the total assets at the end of the year?
  4. Question: Wetzel Company has the … accounts and balances at the end of the fiscal year:
  5. Question: The accounting equation can … expressed as:
  6. Question: During the year, EcoWash Corporation has $270,000 in revenues, $145,000 in expenses, and dividend declarations and payments. Net income for the year was:
  7. Question: What item flows from the statement of retained earnings to the balance sheet?
  8. Question: Kolander Company has the following accounts and balances at the end of the year:
  9. Question: Beck Company had the following accounts and balances at the end of the year. What is net income or net loss for the year?
  10. Question: Gerard Company has the following account balances at the end of the first year of operations: What are the total assets at the end of the first year?

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