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Acc 201 Sample Test 1form 1 page 3

Acc 201 Sample Test 1form 1 page 3 - b Objectivity c Going...

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8. Below are several accounts from Winnie Export Company’s accounting records: Total assets, end of year $119,000 Total liabilities, end of year 30,000 Capital stock, end of year 22,000 Net income for year 60,000 Dividends for the period 11,000 Retained earnings, beginning of year 18,000 The amount of retained earnings at the end of the year is: RE beganing – Dividence + NI= RE ending a. $ 78,000 b. $205,000 c. $107,000 d. $ 67,000 e. some other number 9. Which one of the following principles is violated when Annie’s Fighting Irish retail store records revenue for gift certificates sold to customers which are not expected to be redeemed until next year (and maybe never given recent record against MSU)?
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Unformatted text preview: b. Objectivity c. Going Concern: Indefinetly in business d. Revenue Recognition: it has to be earn, measurable and realizable. 10. On May 31, Matt’s Frisbee Shop took a physical count of office supplies and the total was $1,200. During June, supplies were acquired at a cost of $2,600 and the company debited the Office Supplies Expense account. At June 30, actual supplies on hand totaled $700. The credit part of the adjusting entry required at the end of June is: a. Office Supplies Inventory of $500 b. Office Supplies Inventory of $1,200. c. Office Supplies Expense of $3,100 d. Office Supplies Expense of $700 11. Which account would not be found on Steve O’s post closing trial balance? a. Accounts payable b. Land c. Sales...
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