ACCT 212 Week 1 Quiz (100% Correct Solutions)v1 | Download To Score An A

ACCT 212 Week 1 Quiz (Summer 2021)v1 1. Question: The term GAAP stands for: 2. Question: Financial accounting serves which primary function(s)? a. Measures business activities. b. Communicates business activities to interested parties. c. Makes business decisions on behalf of interested parties. 3. Question: Which of the following represents an obligation of the company? 4. Question: Which body has the primary responsibility for the establishment of Generally Accepted Accounting Principles? 5. Question: At the end of the current period, Maltese, Inc. reports the following amounts: Assets = $58,500; Liabilities = $26,400; Dividends = $2,550; Revenues = $20,100; Expenses = $14,600. Calculate net income and stockholders’ equity at the end of the period. 6. Question: During its first five years of operations, Della Manufacturing reports net income and pays dividends as follows. Year Net Income Dividends 1 $2,600 $1,700 2 2,,600 1,600 4 4,800 2,200 5 7,700 2,700 Calculate the balance of retained earnings at the end of each year. Note that retained earnings will always equal $0 at the beginning of year 1. 7. Question: Consider the following account balances of the Shattuck Law Firm at the end of the year: Accounts Payable $ 4,400 Salaries Expense 12,800 Cash 1,700 Common Stock 2,400 Service Revenue 8,300 Supplies 4,300 Retained Earnings 1,100 Utilities Expense 5,000 How many of these accounts would appear in Shattuck’s year-end balance sheet? 8. Question: Which of the following statements is NOT correct about the financial statements? 9. Question: Which of the following is not a major section in the statement of cash flows? 10. Question: Which of the following best describes the primary role of auditors in financial reporting? ACCT 212 Week 1 Quiz (Summer 2021)v2 1. Question: The term GAAP stands for: 2. Question: Financial accounting serves which primary function(s)? – Measures business – Communicates business activities to interested – Makes business decisions on behalf of interested 3. Question: Which of the following represents an obligation of the company? 4. Question: Which body has the primary responsibility for the establishment of Generally Accepted Accounting Principles? 5. Question: At the end of the current period, Maltese, Inc. reports the following amounts: Assets = $50,300; Liabilities = $32,100; Dividends = $4,100; Revenues = $21,600; Expenses = $15,900. Calculate net income and stockholders’ equity at the end of the period. 6. Question: During its first five years of operations, Della Manufacturing reports net income and pays dividends as follows. Year Net Income Dividends 1 $2,200 $1,500 2 2,,500 2,100 4 5,000 1,800 5 8,300 3,100 Calculate the balance of retained earnings at the end of each year. Note that retained earnings will always equal $0 at the beginning of year 1. 7. Question: Consider the following account balances of the Shattuck Law Firm at the end of the year: Accounts Payable $ 4,400 Salaries Expense 12,800 Cash 1,700 Common Stock 2,400 Service Revenue 8,300 Supplies 4,300 Retained Earnings 1,100 Utilities Expense 5,000 How many of these accounts would appear in Shattuck’s year-end balance sheet? 8. Question: Which of the following statements is NOT correct about the financial statements? 9. Question: Which of the following is not a major section in the statement of cash flows? 10. Question: Which of the following best describes the primary role of auditors in financial reporting? ACCT 212 Week 1 Quiz (Summer 2020) Question: At the end current accounting period, account balances were as follows. Cash $28,000, Account Receivable, $44,000, Common Stock, $19,000, Retained Earnings $12 000. Liabilities for the period were: Question: Revenues were $147,000, expenses were $142,000, and cash dividends … and paid were $3,000. What were the next income and the change in the … earnings for the period? Question: Golden Company had the following accounts and balances at the end of the year. What are total assets at the end of the year? Question: Watzel Company has the … accounts and balances at the end of the fiscal year: Question: The accounting equation can … expressed as: Question: During the year, EcoWash Corporation has $270,000 in revenues, $145,000 in expenses, and dividend declarations and payments. Net income for the year was: Question: What item flows from the statement of retained earnings to the balance sheet? Question: Kolander Company has the following accounts and balances at the end of the year: Question: Beck Company had the following accounts and balances at the end of the year. What is net income or net loss for the year? Question: Geraid Company has the following account balances at the end of the first year of operations: What are the total assets at the end of the first year? Show Less