ACC 200 - 1. Theretainedearningsstatementdoesnotshow: Answer

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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 0 $9,500 $9,000 $7,500 2 points   
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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? Answer 
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ACC 200 - 1. Theretainedearningsstatementdoesnotshow: Answer

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