| Course | Financial Accounting |
| Test | Midterm Exam Part 1 (75 points) |
| Started | 5/2/16 8:35 PM |
| Submitted | 5/2/16 10:26 PM |
| Due Date | 5/12/16 6:00 PM |
| Status | Completed |
| Attempt Score | 75 out of 75 points |
| Time Elapsed | 1 hour, 51 minutes out of 3 hours |
| Results Displayed | Submitted Answers, Correct Answers |
Question 1
3 out of 3 points
| What is the order in which assets are generally listed on a classified balance sheet? | ||||
| Selected Answer: Current; long-term investments; property, plant, and equipment; intangible assetsCorrect Answer: Current; long-term investments; property, plant, and equipment; intangible assets |
Question 2
3 out of 3 points
| The information for preparing a trial balance on a worksheet is obtained from | ||||
| Selected Answer: general ledger accounts.Correct Answer: general ledger accounts. |
Question 3
3 out of 3 points
| The most efficient way to accomplish closing entries is to | ||||
| Selected Answer: credit the income summary account for total revenues and debit the income summary account for total expenses.Correct Answer: credit the income summary account for total revenues and debit the income summary account for total expenses. |
Question 4
3 out of 3 points
| All of the following are property, plant, and equipment except | ||||
| Selected Answer: supplies.Correct Answer: supplies. |
Question 5
3 out of 3 points
| On March 8, Black Candy Company bought supplies on account from the Arcade Fire Company for $550. Black Candy Company incorrectly debited Equipment for $500 and credited Accounts Payable for $500. The entries have been posted to the ledger. the correcting entry should be: | ||||
| Selected Answer: Supplies……………………………………………………………………….. 550 Equipment……………………………………………………………….. 500 Accounts Payable………………………………………………………. 50Correct Answer: Supplies……………………………………………………………………….. 550 Equipment……………………………………………………………….. 500 Accounts Payable………………………………………………………. 50 |
Question 6
3 out of 3 points
| The operating cycle of a company is the average time that is required to go from cash to | ||||
| Selected Answer: cash in producing revenues.Correct Answer: cash in producing revenues. |
Question 7
3 out of 3 points
| The purpose of the post-closing trial balance is to | ||||
| Selected Answer: prove the equality of the balance sheet account balances that are carried forward into the next accounting period.Correct Answer: prove the equality of the balance sheet account balances that are carried forward into the next accounting period. |
Question 8
3 out of 3 points
| The first step in posting involves | ||||
| Selected Answer: entering in the appropriate ledger account the date, journal page, and debit amount shown in the journal.Correct Answer: entering in the appropriate ledger account the date, journal page, and debit amount shown in the journal. |
Question 9
3 out of 3 points
| On June 1, 2015 Ted Leo buys a copier machine for his business and finances this purchase with cash and a note. When journalizing this transaction, he will | ||||
| Selected Answer: make a compound entry.Correct Answer: make a compound entry. |
Question 10
3 out of 3 points
| Which of the following are the same under both GAAP and IFRS? | ||||
| Selected Answer: All of these answers are correct.Correct Answer: All of these answers are correct. |
Question 11
3 out of 3 points
| The final step in the recording process is to transfer the journal information to the | ||||
| Selected Answer: ledger.Correct Answer: ledger. |
Question 12
3 out of 3 points
| At January 31, 2015, the balance in Aislers Inc.’s supplies account was $750. During February, Aislers purchased supplies of $900 and used supplies of $1,125. At the end of February, the balance in the supplies account should be | ||||
| Selected Answer: $525 debit.Correct Answer: $525 debit. |
Question 13
3 out of 3 points
| Transactions in a journal are recorded in | ||||
| Selected Answer: chronological order. 17 . On June 1, 2015 Ted Leo buys a copier machine for his business and finances this purchase with cash and a note. When journalizing this transaction, he willa. use two journal entries.*b. make a compound entry.c. make a simple entry.d. list the credit entries first, which is proper form for this type of transaction.Correct Answer: chronological order. 17 . On June 1, 2015 Ted Leo buys a copier machine for his business and finances this purchase with cash and a note. When journalizing this transaction, he willa. use two journal entries.*b. make a compound entry.c. make a simple entry.d. list the credit entries first, which is proper form for this type of transaction. |
Question 14
3 out of 3 points
| The final step in solving an ethical dilemma is to | ||||
| Selected Answer: identify the alternatives and weigh the impact of each alternative on stakeholders.Correct Answer: identify the alternatives and weigh the impact of each alternative on stakeholders. |
Question 15
3 out of 3 points
| Accounting consists of three basic activities which are related to economic events of an organization. These include | ||||
| Selected Answer: identifying, recording, and communicatingCorrect Answer: identifying, recording, and communicating |
Question 16
3 out of 3 points
| The primary purpose of the statement of cash flows is to report | ||||
| Selected Answer: information about cash receipts and cash payments of a company.Correct Answer: information about cash receipts and cash payments of a company. |
Question 17
3 out of 3 points
| Retained earnings at the end of the period is equal to | ||||
| Selected Answer: retained earnings at the beginning of the period plus net income minus dividends.Correct Answer: retained earnings at the beginning of the period plus net income minus dividends. |
Question 18
3 out of 3 points
| A basic assumption of accounting assumes that the dollar is | ||||
| Selected Answer: the common unit of measure for all business transactions.Correct Answer: the common unit of measure for all business transactions. |
Question 19
3 out of 3 points
| All of the following are steps in analyzing ethics cases in financial reporting except | ||||
| Selected Answer: contact law enforcement regarding any violations of corporate ethics codesCorrect Answer: contact law enforcement regarding any violations of corporate ethics codes |
Question 20
3 out of 3 points
| An accounting time period that is one year in length, but does not begin on January 1, is referred to as | ||||
| Selected Answer: a fiscal year.Correct Answer: a fiscal year. |
Question 21
3 out of 3 points
| Which of the statements below is not true? | ||||
| Selected Answer: An adjusted trial balance is prepared before all transactions have been journalized.Correct Answer: An adjusted trial balance is prepared before all transactions have been journalized. |
Question 22
3 out of 3 points
| Which of the following statements is nottrue? | ||||
| Selected Answer: Comparability means using the same accounting principles from year to year within a company.Correct Answer: Comparability means using the same accounting principles from year to year within a company. |
Question 23
3 out of 3 points
| A company spends $15 million dollars for an office building. Over what period should the cost be written off? | ||||
| Selected Answer: Over the useful life of the building.Correct Answer: Over the useful life of the building. |
Question 24
3 out of 3 points
| Accounts often need to be adjusted because | ||||
| Selected Answer: many transactions affect more than one time period.Correct Answer: many transactions affect more than one time period. |
Question 25
3 out of 3 points
| Which of the following is in accordance with generally accepted accounting principles? | ||||
| Selected Answer: Accrual-basis accountingCorrect Answer: Accrual-basis accounting |
Monday, May 2, 2016 10:26:54 PM EDT
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ACC 557 Midterm part 1.docx
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