KIC000089 - Accounting 284 Chapters 5&6 Spring 2009 15 points Dr Clem Quiz 3 Jr-6n\o\1'f Name Class Time(circ1e 11 am Multiple Choice

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Unformatted text preview: Accounting 284 - Chapters 5&6 Spring 2009 - 15 points Dr. Clem Quiz 3 Jr-6n \-\o\1'f\ Name: Class Time(circ1e): 11 am Multiple Choice Questions. (3 pts each) -1.-1. ~ Row -->,(£>Y----- Write correct answer in space provided using capital letters. I Jones Tools, Inc. has net sales during 2009 of $75,000, cost of goods sold during 2009 of $45,000, and total operating expenses during 2009 of $15,000. There were no other revenues and expenses. Assuming Jones' tax rate is 30%, what is the net income reported on Jones' 2009 income statement? A. $ 4,500 @$10,500 C. $15,000 D. $30,000 lS - L.\S . :'0 -IS - 's LjsrP ' 0, sec 1'"'-.. -1-2... )' Which of the following is NOT an effective internal control procedure? A. Separation of the physical handling and recording of cash receipts. B. Monthly reconciliation of the bank accounts. C. Separate signatures required for all payments. Payment of outstanding accounts with cash rather than checks. ® ,fl.... ~3. A company's bank statement showed an ending balance for the.period of $5,000. In reconciling the bank statement, the following items were found: 1) Outstanding checks Deposits in transit Bank service charges NSF Check $ 500 1,000 10 110 The correct cash balance at the end of the month (i .e., after reconciling) should be reported as: $4,610 $5,500 . $5,620 ~ . $6,610 + ,uoc> A. YJ·I \ ...
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This note was uploaded on 09/01/2011 for the course ACCT 284 taught by Professor Clem during the Fall '08 term at Iowa State.

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