Question 2Not yet answeredMarked out of 1.00Flag questionTipsQuestion textWhich statement is also known as the book of original entry?Question 2Answera.Journalb.Trial balancec.T-accountd.Income statementClear my choiceQuestion 3Not yet answeredMarked out of 1.00Flag questionTipsQuestion text______ is a record showing increases and decreases in assets, liabilities, and equity.Question 3Answera.A transaction.b.A journalc.ledgerd.An accountClear my choiceQuestion 4Not yet answeredMarked out of 1.00Flag questionTipsQuestion text____ are prepaid expense and revenue accounts that have delayed recognition until they have been used or earned.Question 4Answera.Deferralsb.Accrualsc.Historicald.PeriodicalClear my choiceQuestion 5Not yet answeredMarked out of 1.00Flag questionTipsQuestion textA _______ is a list of all accounts in the general ledger that have nonzero balances.Question 5Answera.journalb.trial balancec.income statementd.balance shee

Question 1Not yet answeredMarked out of 1.00Flag questionTipsQuestion textWhere are long-term liabilities shown on the balance sheet?Question 1Answera.on the left side in the loan sectionb.on the right side in loan sectionc.on the right side in the liability sectiond.on the left side in the liability sectionClear my choiceQuestion 2Not yet answeredMarked out of 1.00Flag questionTipsQuestion textWhen a business records economic activity in the period it happens, this can be more readily identified as:Question 2Answera.cash basis accountingb.accrual basis accountingc.cost principled.revenue recognition principleClear my choiceQuestion 3Not yet answeredMarked out of 1.00Flag questionTipsQuestion textA parent company must own how much of the subsidiary’s common stock?Question 3Answera.0.15b.0.5c.0.25d.0.75Clear my choiceQuestion 4Not yet answeredMarked out of 1.00Flag questionTipsQuestion textWhich of the following statements about a preferred stockholder's rights to the company's income is NOT true?Question 4Answera.A preferred stock's par value represents the original investment when the shares were issued.b.The price of both common and preferred shares are subject to market determinants.c.Dividends to common and preferred shareholders are paid at the same time.d.When a business is liquidated, preferred shareholders receive funds equal to the stock's par value.Clear my choiceQuestion 5Not yet answeredMarked out of 1.00Flag questionTipsQuestion textWhat is the most common reason fair value is used to approximate the market value of an asset?Question 5Answera.because the asset's value fluctuatesb.because the asset is too old to properly valuec.because the asset is rare or unusuald.because there is no established market for the asset

Question 31Not yet answeredMarked out of 1.00Flag questionTipsQuestion textA portion of the company's profits paid out to shareholders is known as:Question 31Answera.retained earningsb.a dividendc.stockholder's equityd.shareholder's earningsClear my choiceQuestion 32Not yet answeredMarked out of 1.00Flag questionTipsQuestion textWhich of these is NOT a document associated with a voucher transaction?Question 32Answera.purchase orderb.shipping noticec.receiving slipd.invoiceClear my choiceQuestion 33Not yet answeredMarked out of 1.00Flag questionTipsQuestion textDuring which phase does the team count a specific inventory?Question 33Answera.analysisb.beginningc.planningd.executionClear my choiceQuestion 34Not yet answeredMarked out of 1.00Flag questionTipsQuestion textDiscovering an asset was not revalued using fair market value results in:Question 34Answera.an asset retirement errorb.an accounting errorc.a recording errord.an accounting change errorClear my choiceQuestion 35Not yet answeredMarked out of 1.00Flag questionTipsQuestion textOwners and employees are what type of stakeholder?Question 35Answera.businessb.externalc.corporated.internal

Question 11Not yet answeredMarked out of 1.00Flag questionTipsQuestion textWhich of the following is NOT information used to calculate an asset's book value?Question 11Answera.The costs associated with originally acquiring the asset, such as broker fees.b.The current market price of the asset.c.The total amount of depreciation, amortization, and impairment costs made against the asset.d.The price of the asset when it was acquired.Clear my choiceQuestion 12Not yet answeredMarked out of 1.00Flag questionTipsQuestion textWhich method uses the most relevant cost for the income statement?Question 12Answera.FIFOb.average costc.LIFOd.specific identificationClear my choiceQuestion 13Not yet answeredMarked out of 1.00Flag questionTipsQuestion textUsing the information listed below, what is the cost of goods sold for Com Health Care, if the company is using a periodic inventory system? Sales revenue: $1,550,000 Beginning inventory: $300,000 Ending inventory: $470,000 Purchases: $910,000Question 13Answera.640000b.740000c.940000d.2290000Clear my choiceQuestion 14Not yet answeredMarked out of 1.00Flag questionTipsQuestion textThe process of writing off the cost of an asset over its useful life is known as:Question 14Answera.costing for useful lifeb.amortizationc.accounting for the valued.booking the valueClear my choiceQuestion 15Not yet answeredMarked out of 1.00Flag questionTipsQuestion textWhat role does the Financial Accounting Standards Board play?Question 15Answera.They enforce the conceptual frameworkb.They set accounting standards for public companies in the United Statesc.They created the conceptual frameworkd.They resolve accounting disputes

Financial transactions are first recorded in the Blank______ and then transferred, or posted to the Blank______.Multiple choice question.trial balance; ledgerjournal; trial balanceledger; journaljournal; ledger

Question 26Not yet answeredMarked out of 1.00Flag questionTipsQuestion textWhich of the following is not reported on the balance sheet?Question 26Answera.equipmentb.sales revenuec.capitald.accounts receivableClear my choiceQuestion 27Not yet answeredMarked out of 1.00Flag questionTipsQuestion textWhen evaluating Goodwill, if the present value of the future revenues is less than the business segment's carrying value it is said to be:Question 27Answera.downgradedb.devaluedc.depressedd.impairedClear my choiceQuestion 28Not yet answeredMarked out of 1.00Flag questionTipsQuestion textIf a company is assumed to continue trading normally for the foreseeable future it is a:Question 28Answera.economic entityb.going concernc.viable concernd.sound investmentClear my choiceQuestion 29Not yet answeredMarked out of 1.00Flag questionTipsQuestion textTo be classified as a capital expenditure the cost must do what?Question 29Answera.improve or better an existing plant assetb.be directly related to a capital accountc.involve long term repairs to an assetd.affect only a piece of machinery or equipmentClear my choiceQuestion 30Not yet answeredMarked out of 1.00Flag questionTipsQuestion textDividing the book value of the copyright by the useful life of the copyright is known as what:Question 30Answera.double declining methodb.the single depreciation methodc.amortization methodd.straight-line method