ACCT – 1004S WEEK 6 EXAM
QUESTION 1
1. Which information might be specifically included in the notes to the financial
statements portion of the annual report?
net income
accounting
methos
reporting
period
balance sheet
QUESTION 2
1. Consider the following scenario:
1. During the fourth quarter of the year, Carl's Carpet Cleaning received $4,000
from customers in exchange for providing carpet cleaning services.
2. During the same time, carpet cleaning supplies were $1,000, and wages were
$2,000.
3. The business has $5,000 in total assets.
Which of the following would the company delcar on an income statement?
$9,000 net
income
$4,000
revenue
$1,000 net loss
$2,000
expenses
QUESTION 3
1. You are the accountant for Pacific Paper and preparing the firm’s statement of cash
flows. Which of the following would you categorize as cash flows from investing
activities?
$10,000 paid in dividends to shareholders
$55,000 paid for monthly employee
wages $25,000 received from a bank loan
$98,000 received for selling processing
equipment
QUESTION 4
1. Which number is transferred from the income statement to the statement of retained
earnings?
gross profit
cost of goods
, ACCT – 1004S WEEK 6 EXAM
sold
total expenses
net income
QUESTION 5
1. You have completed the statement of retained earnings. Which number is transferred
to the balance sheet?
beginning
balance
dividends
net income
ending balance
QUESTION 6
1. On an income statement, which section indicates the money a firm receives over a
period of time for selling its products?
net
income
revenues
assets
expenses
QUESTION 7
1. A group of investors are considering investing in ATX Enterprises. The investors can
learn more about ATX's revenues and expenses over a specific period by reviewing
the firm's .
balance sheet
income
statement
QUESTION 8
1. Which opinion from an independent auditor’s report indicates that no opinion is made
due to missing information?
unqualifi
ed
disclaime
r
qualified
adverse
QUESTION 9
QUESTION 1
1. Which information might be specifically included in the notes to the financial
statements portion of the annual report?
net income
accounting
methos
reporting
period
balance sheet
QUESTION 2
1. Consider the following scenario:
1. During the fourth quarter of the year, Carl's Carpet Cleaning received $4,000
from customers in exchange for providing carpet cleaning services.
2. During the same time, carpet cleaning supplies were $1,000, and wages were
$2,000.
3. The business has $5,000 in total assets.
Which of the following would the company delcar on an income statement?
$9,000 net
income
$4,000
revenue
$1,000 net loss
$2,000
expenses
QUESTION 3
1. You are the accountant for Pacific Paper and preparing the firm’s statement of cash
flows. Which of the following would you categorize as cash flows from investing
activities?
$10,000 paid in dividends to shareholders
$55,000 paid for monthly employee
wages $25,000 received from a bank loan
$98,000 received for selling processing
equipment
QUESTION 4
1. Which number is transferred from the income statement to the statement of retained
earnings?
gross profit
cost of goods
, ACCT – 1004S WEEK 6 EXAM
sold
total expenses
net income
QUESTION 5
1. You have completed the statement of retained earnings. Which number is transferred
to the balance sheet?
beginning
balance
dividends
net income
ending balance
QUESTION 6
1. On an income statement, which section indicates the money a firm receives over a
period of time for selling its products?
net
income
revenues
assets
expenses
QUESTION 7
1. A group of investors are considering investing in ATX Enterprises. The investors can
learn more about ATX's revenues and expenses over a specific period by reviewing
the firm's .
balance sheet
income
statement
QUESTION 8
1. Which opinion from an independent auditor’s report indicates that no opinion is made
due to missing information?
unqualifi
ed
disclaime
r
qualified
adverse
QUESTION 9
