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Accounting quizzes

Question 1

Clemente Enterprises began the year with total assets of $450,000 and total liabilities of $230,000. If Clemente total liabilities increased by $31,000 and its owners’ equity decreased by $53,000 during the year, what was the amount of its total assets at the end of the year?

$198,000

$472,000

$428,000

$242,000

ASSETS	LIABILITIES	EQUITY
450000	230000	220000
428000	261000	167000

Question 2

The accounting equation is expressed as ________.

Assets – Noncurrent Assets = Liabilities

Assets = Liabilities + Owner’s Equity

Assets + Liabilities = Owner’s Equity

Assets = Liabilities + Investments by Owners

Question 3

Which financial statement shows the financial position of the company?

statement of cash flows

income statement

statement of owner’s equity

balance sheet

Question 4

Which of the following principles matches expenses with associated revenues in the period in which the revenues were generated?

full disclosure principle

expense recognition (matching) principle

cost principle

revenue recognition principle

Question 5

Which of these items appears on the balance sheet?

Dividends expense

Cash disbursements

Gross margin

Retained earnings

Question 6

Marcos Company reported the following items on its financial statements for the first year of operations ending December 31, 2015:

Sales $ 560,000

Salary expense 40,000

Dividends 20,000

Cost of Goods sold 400,000

Interest expense 30,000

Income tax provision 25,000

How much will be reported as retained earnings on Marcos’ balance sheet at December 31, 2015?

$ 160,000

$ 65,000

$ 45,000

$ 85,000

REVENUES	$ 560,000.00
CGS	$(400,000.00)
subtotal	$ 160,000.00
SALARY (SGA)	$ (40,000.00)
subtotal	$ 120,000.00
INTEREST EXPENSE	$ (30,000.00)
subtotal	$ 90,000.00
INCOME TAX PROVISION	$ (25,000.00)
subtotal	$ 65,000.00
DIVIDENDS	$ (20,000.00)
total	$ 45,000.00

Question 7

Which of the following does not accurately represent the accounting equation?

Assets + Liabilities = Stockholders’ Equity

Assets = Liabilities + Stockholders’ Equity

Assets – Stockholders’ Equity = Liabilities

Assets – Liabilities = Stockholders’ Equity

Question 8

Which of these accounts is a liability?

Supplies

Accounts Receivable

Accounts Payable

Salaries Expense

Question 9

Which of these are items found in the statement of stockholders’ equity?

Net income and retained earnings

Contributed capital and cash assets

Net income, cash assets, and noncash assets

Cash assets and expense

Question 10

Revenues and expenses must be recorded in the accounting period in which they were earned or incurred, no matter when cash receipts or outlays occur under which of the following accounting methods?

cash basis accounting

revenue basis accounting

accrual basis accounting

tax basis accounting

Question 11

Which of these accounts appears on the income statement?

Prepaid expense

Dividends expense

Cash receipts

Cost of goods sold

Question 12

Owners have no personal liability under which legal business structure?

There is liability in every legal business structure.

a corporation

a partnership

a sole proprietorship

Question 13

Hoya Consultants had the following balance sheet amounts at the beginning of the year:

Total assets $ 400,000

Total owner's equity 150,000

During the year, total assets increased by $100,000 and total liabilities increased by $40,000. Hoya also paid $30,000 in dividends. How much is net income for the year?

$90,000

$60,000

$70,000

$30,000

assets	liabilities	equity
400000	250000	150000
500000	290000	150000	60000
		dividends	30000
		total	90000

Question 14

Equity, as represented in the accounting equation, would increase as a result of which of the following items?

Net income from profitable operations of the business

Net loss from unprofitable operations of the business

Payments of cash to the owners

Borrowing from a commercial bank

Question 15

Identify the correct components of the income statement.

assets, liabilities, and owner’s equity

revenues, losses, expenses, and gains

assets, liabilities, and dividends

revenues, expenses, investments by owners, distributions to owners

Question 16

Which of the following statements is true?

Tangible assets will be consumed in a year or less.

Tangible assets have physical substance.

Tangible assets lack physical substance.

Tangible assets will be consumed in over a year.

Question 17

Which of the following is not an element of the financial statements?

future potential sales price of inventory

assets

equity

liabilities

Question 18

Which of these statements is not one of the financial statements?

statement of owner investments

balance sheet

statement of cash flows

income statement

Question 19

An alternative name for the statement of financial position is

the balance sheet.

the statement of retained earnings.

the statement of income.

the statement of cash flows.

Question 20

Which of the following decreases owner’s equity?

gains

short-term loans

investments by owners

losses

Question 20

Exchanges of assets for assets have what effect on equity?

may have no impact on equity

increase equity

There is no relationship between assets and equity.

decrease equity

Question 21

The three heading lines of financial statements typically include which of the following?

name of auditor, statement title, fiscal year end

statement title, time period of report, name of preparer

company, statement title, time period of report

company headquarters, statement title, name of preparer

Question 22

Which balance sheet accounts are most affected by financing activities?

Current assets

Long-term assets

Current liabilities

Longterm liabilities and stockholders’ equity

Question 23

That a business may only report activities on financial statements that are specifically related to company operations, not those activities that affect the owner personally, is known as which of the following?

separate entity concept

monetary measurement concept

going concern assumption

time period assumption

Question 24

Which of the following would be reported on a statement of stockholders’ equity?

Total expenses

Cash

Financing cash flows

Dividends

Question 25

If equity equals $100,000, which of the following is true?

None of the above is true.

Assets + liabilities equal $100,000.

Assets exceed liabilities by $100,000.

Liabilities exceed equity by $100,000.

Question 26

Which of the following terms is used when assuming a business will continue to operate in the foreseeable future?

separate entity concept

monetary measurement concept

time period assumption

going concern assumption

Question 27

Clemente Enterprises began the year with total assets of $450,000 and total liabilities of $230,000. If Clemente’s total assets increased by $80,000 and its total liabilities increased by $57,000 during the year, what is the amount of Clemente’s owners’ equity at the end of the year?

$543,000

$220,000

$243,000

$197,000

Question 28

All of the following increase owner’s equity except for which one?

acquisitions of assets by incurring liabilities

gains

investments by owners

revenues

Question 29

Assume a company has a $350 credit (not cash) sale. How would the transaction appear if the business uses accrual accounting?

$350 would show up on the statement of cash flows as a cash outflow.

$350 would show up on the balance sheet as a sale.

$350 would show up on the income statement as a sale.

The transaction would not be reported because the cash was not exchanged.

Question 30

Also known as the historical cost principle, ________ states that everything the company owns or controls (assets) must be recorded at their value at the date of acquisition.

cost principle

revenue recognition principle

expense recognition (matching) principle

full disclosure principle

Question 31

Which financial statement shows the financial performance of the company on a cash basis?

statement of cash flows

balance sheet

income statement

statement of owner’s equity

Question 32

The following information is provided by the Franco Harris Corporation:

Beginning retained earnings	$50,000
Ending retained earnings	70,000
Dividends declared and paid	10,000
Revenue	50,000

What is the net income for Harris Corp.?

$10,000

$20,000

$40,000

$30,000

Question 33

Which of these accounts is an asset?

Common Stock

Supplies

Accounts Payable

Fees Earned

Question 34

Which balance sheet accounts are most affected by investing activities?

Stockholders’ equity

Long-term liabilities

Long-term assets

Current assets and current liabilities

Question 35

Which of these statements is false?

Group of answer choices

Assets = Liabilities + Equity

Liabilities – Equity = Assets

Liabilities = Assets – Equity

Assets – Liabilities = Equity

Question 36

Stakeholders are less likely to include which of the following gro?

community leaders

competitors

owners

employees

Quiz 2

Question 37

Which type of adjustment occurs when cash is not collected or paid, but the related income or expense is reportable in the current period?

estimate

accrual

deferral

cull

Question 38

Rent collected in advance is an example of which of the following?

accrued expense

deferred revenue (unearned revenue)

deferred expense (prepaid expense)

accrued revenue

Question 39

What is the impact on the accounting equation when a current month’s utility expense is paid?

both sides decrease

only the Asset side changes

neither side changes

both sides increase

Question 40

If a journal entry includes a debit or credit to the Cash account, it is most likely which of the following?

an adjusting entry

a closing entry

outside of the accounting cycle

an ordinary transaction entry

Question 41

What is the impact on the accounting equation when stock is issued, in exchange for assets?

only the Asset side changes

both sides decrease

both sides increase

neither side changes

Question 42

Online Inc. purchased a machine at a price of $90,000 on January 1, 2028. Online also paid $5,000 for installation and startup costs. Online also incurred some maintenance costs of $10,000 during 2028. Online expects to be able to sell the machine for scrap parts for $15,000 at the end of the useful life. Assume straight-line depreciation for 2028 is $5,000.

What is the useful life of the asset (round to the nearest whole year)?

Depreciation basis = 90,000 + 5,000 - 15,000 = 80,000 (NB: routine maintenance costs must be expensed).

Useful life: 80,000 /5,000 = 16 years

Question 43

Which of the following is the correct order of preparing the financial statements?

income statement, statement of cash flows, balance sheet, statement of owner’s equity

income statement, statement of owner’s equity, balance sheet, statement of cash flows

income statement, balance sheet, statement of owner’s equity, statement of cash flows

income statement, balance sheet, statement of cash flows, statement of owner’s equity

Question 44

Unearned service revenue occurs when which of the following occurs?

company pays cash before receiving a service from a supplier

company pays cash after receiving a service from a supplier

company receives cash from a customer after performing a service

company receives cash from a customer before performing the service

Question 45

For each of the following transaction(s) that KLA engaged in during 2015, state the effect on KLA’s assets, liabilities and stockholders’ equity.

KLA purchased a piece of manufacturing equipment with a cost of $100,000 by paying $25,000 in cash and signing a note for the remainder.

Increase in Equipment $100,000 & decrease in cash $25,000 & increase in Notes Payable $100,000

Increase in Equipment $100,000 & increase in Notes Payable $100,000

Increase in Equipment $100,000 & decrease in cash $25,000 & increase in Contributed Capital $75,000

Increase in Equipment $100,000 & decrease in cash $25,000 & increase in Notes Payable $75,000

Question 46

Assume that Sears Company has a 12/31 fiscal year end. On 12/29/2016, Sears paid Wayne Gretzky $250,000 (in cash) to appear in TV commercials during the two years encompassing 1/1/2017 to 12/31/2018. Half of the advertisements will be shown during fiscal 2017 and half will be shown during fiscal 2018. What is the effect of the 12/29/2016 payment on Sears’ 12/31/2016 working capital? Working capital is defined as current assets minus current liabilities.

Sears’ 12/31/2016 working capital is $125,000 greater than if the 12/29/2016 transaction had not been made.

Sears’ 12/31/2016 working capital is unchanged by the 12/29/2016 transaction.

Sears’ 12/31/2016 working capital is $250,000 greater than if the 12/29/2016 transaction had not been made.

Sears’ 12/31/2016 working capital is $125,000 lower than if the 12/29/2016 transaction had not been made.

The entry in 2016 was:

Dr Pre Paid Expense (Asset) - short term 125

Dr Pre Paid Expense (Asset) - long term 125

Cr Cash 250

The effect on the working capital is cash (-250) plus a short-term asset (+125).

Question 47

Which of these transactions requires a credit entry to Revenue?

received cash from services performed this month

received cash from bank loan

refunded a customer for a defective product

collected balance due from customers

Question 48

Salaries owed but not yet paid is an example of which of the following?

deferred revenue (unearned revenue)

deferred expense (prepaid expense)

accrued revenue

accrued expense

Question 49

For each of the following transaction(s) that KLA engaged in during 2015, state the effect on KLA’s assets, liabilities and stockholders’ equity.

KLA paid $12,000 for a one-year insurance policy. Insurance coverage begins on January 1, 2016.

Increase in Prepaid Insurance Expense & decrease in Cash $12,000

No effect

Decrease in Cash $12,000 & decrease in Insurance Payable $12,000

Increase in Prepaid Insurance $12,000 & Increase in Insurance Payable $12,000

Question 50

On 7/1/19, the Hines Ward Company, who operates in a tax-free world, purchased a three month casualty insurance policy from State Farm for $750. What is the account and amount on the 8/31/19 balance sheet related to this policy?

Insurance expense = $250