Acc 200

Download Document
Showing pages : 1 - 3 of 7
This preview has blurred sections. Sign up to view the full version! View Full Document
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: 1. The retained earnings statement does not show: Answer the retained earnings beginning balance. revenues and expenses. dividends. the ending retained earning balance. 2 points Question 2 1. The correct adjusting entry for recording the depreciation of office equipment would be: Answer debit Depreciation Expense and credit Office Equipment debit Office Equipment and credit Accumulated Depreciation debit Depreciation Expense and credit Accumulated Depreciation debit Office Equipment and credit Depreciation Expense 2 points Question 3 1. Liabilities of a company represent money owed to: Answer customers. owners. creditors. stockholder s 2 points Question 4 1. If the book value of an asset is $12,500 and the accumulated depreciation is $3,500, the original cost of the asset is: Answer $16,00 $9,500 $9,000 $7,500 2 points Question 5 1. Net income will result during a time period when: Answer assets exceed liabilities. assets exceed revenues. expenses exceed revenues. revenues exceed expenses. 2 points Question 6 1. Which of the following accounts is not closed out (i.e., reduced to zero) at year end? Answer Sales Revenue Depreciation Expense Accumulated Depreciation Rent Expense 2 points Question 7 1. Trademarks would appear in which balance sheet section? ...
View Full Document