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Obje Reviewing Test MIDTERM NO. TWO_FINANCIAL ACCOUNTING I Started: Jul 24, 2010 11:50 AM Finished: Jul 24, 2010 1:13 PM 1 of 1 MIDTERM NO. TWO_FINANCIAL ACCOUNTING I Total Grade: 75 (of possible 100 points) Chapters 4-6 Dr. Seyedin Select the one option that BEST answers each question. Then click on "Save and continue" button to see the next question. Please respond to all FORTY questions directly on the screen. You have two hours, from the time you login to the " AT&S ", to complete and submit the test . Once the test is submitted, you must see Your submission was received successfully on the screen. I strongly suggest that you keep track of your time. If you do not finish the exam within 120 minutes, there are no 'retakes'. Your submission was received successfully Question 1 of 40 Score: 2.5 (of possible 2.5 points) On which financial statement will Income Summary be shown? A.Statement of Owner's Equity B. Balance Sheet C. Income Statement D.No financial statement Answer Key: D Question 2 of 40 Score: 2.5 (of possible 2.5 points) When preparing the statement of owner's equity, the beginning capital balance can always be found A.in the Income Statement columns of the work Prev Next Return sheet B. in the statement of cash flows C. in the general ledger D.in the Balance Sheet columns of the work sheet Answer Key: C Question 3 of 40 Score: 2.5 (of possible 2.5 points) After all of the account balances have been extended to the Income Statement columns of the work sheet, the totals of the debit and credit columns are $77,500 and $85,300, respectively. What is the amount of the net income or net loss for the period? A.$7,800 net income B. $7,800 net loss C. $85,300 net income D.$77,500 net loss Answer Key: A Question 4 of 40 Score: 2.5 (of possible 2.5 points) A withdrawal of cash made by the owner will be found on the A.cash receipts journal B. cash payments journal C. general journal D.purchases journal Answer Key: B Question 5 of 40 Score: 2.5 (of possible 2.5 points) If the buyer is to pay the transportation costs of delivering merchandise, delivery terms are stated as A.FOB shipping point B. FOB destination C. FOB n/30 D.FOB buyer Answer Key: A Question 6 of 40 Score: 2.5 (of possible 2.5 points) The controlling account in the general ledger that summarizes the debits and credits to the individual customers accounts in the subsidiary ledger is entitled A.Purchases B. Accounts Payable C. Fees Earned D.Accounts Receivable Answer Key: D Question 7 of 40 Score: 2.5 (of possible 2.5 points) A Cash Payments journal would not include a A.Cash credit column B. Sales Discounts credit column C. Accounts Payable debit column D.Other Accounts debit column Answer Key: B Question 8 of 40 Score: 0 (of possible 2.5 points) After all of the account balances have been extended to the Balance Sheet columns of the work sheet, the totals of the debit and credit columns show debits of $36,678 and the credits of $41,101. This indicates thatdebit and credit columns show debits of $36,678 and the credits of $41,101.... View Full Document

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