# post university acc 111 all chapter quizess

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## Description

Â·Chapter 1
quiz

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Question 1

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Which
of the following is not one of the four financial statements?

 Response Feedback: The four financial statements are the Balance Sheet, Income Statement, Statement of Retained Earnings, Statement of Cash Flow.

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Question 2

2 out of 2 points

 The accounting formula is Assets =

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Question 3

2 out of 2 points

Net Income is equal to:

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Question 4

0 out of 2 points

 If total liabilities decreased by \$5,000 and stockholders’ equity increased by \$15,000 during a period of time, then total assets must change by what amount and direction during that same time period?

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Question 5

2 out of 2 points

 Retained Earnings represents:

Chapter 2 quiz

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Question 1

0 out of 2 points

 Post Company uses \$10,000 in cash to pay \$10,000 on accounts payable.This would result in:

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Question 2

2 out of 2 points

 A company was recently formed with \$ 100,000 cash contributed to the company by stock-holders. The company then borrowed \$ 50,000 from a bank and bought a \$ 20,000 vehicle for cash.They also purchased \$10,000 of equipment by paying \$ 2,000 in cash and issuing a note for the remainder. What is the amount of total assets to be reported on the balance sheet?

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Question 3

0 out of 2 points

 In regard to the balance sheet, which of the following statements is true?

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Question 4

2 out of 2 points

 Which of the following are current assets?

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Question 5

2 out of 2 points

Which
of the following true In regard to current liabilities?

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Question 6

2 out of 2 points

 A company purchases \$23,000 of supplies in the current month and promises to pay for them next month.How would the company record a liability for the supplies?

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Question 7

2 out of 2 points

 Alpha Company borrows \$200,000 from its bank and buys equipment.How does this transaction affect the accounting equation?

2 out of 2 points

 Bravo Company purchases Land for \$200,000 paying cash of \$\$80,000 and signing a note for the balance.The accounting entry would be:

Chapter 3 quiz

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Question 1

2 out of 2 points

 The New York Yankees baseball team has an account titled â€œUnearned Ticket Revenueâ€.What type of account is this and on what financial statement is it reported?

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Question 2

0 out of 2 points

 During November 200X John painted a barn.The customer does not pay John until January this next year.Which of the following statements is correct?

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Question 3

0 out of 2 points

 During June 200X Mary Jones incurs \$8,000 of legal expense. She will pay the expense in July.She uses the accrual basis of accounting.How will these transactions affect her financial statements?

Week 4 quiz

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Question 1

2 out of 2 points

Retained
earnings for the ABC Company as of January 1, 200X was \$800. During the year the company earned
revenue of \$5,000, had expenses of \$3,200 and paid a cash dividend of
\$500.The income statement for the year ending December 31, 200X would show
net income of:

 Response Feedback: .

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Question 2

2 out of 2 points

 The balance in Prepaid insurance is \$ 2,500 before any adjustment.\$1,000 worth of the insurance has expired.The adjusting journal entry should include which of the following?

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Question 3

2 out of 2 points

 On January 1, 200X the Post Company started the year with a balance of \$1,000 in the supplies account.During the year the company purchased supplies for \$2,000.On December 31, 200X there was \$1,200 of supplies on hand.What adjusting entry would be made on December 31, 200X?

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Question 4

2 out of 2 points

 Payment of a dividend will:

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Question 5

0 out of 2 points

 Central Company purchased equipment on January 1, 200X for \$12,000.The equipment has a useful life of six years.What adjusting entry would be made for 200X to record depreciation expense?

Unit 5 quiz

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Question 1

2 out of 2 points

Based on the following income statement what is
the Net Profit Margin Ratio?

 Cinnamon and Spice., Inc. Income Statement As of Dec. 31, 200X Revenue: Sales \$180,000 Expenses: Selling expense 84,000 Operating expense 18,000 Interest expense 11,000 Other expense 7,000 Total expense 120,000 Net Income \$60,000

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Question 2

2 out of 2 points

Company
A has assets of \$2,000,000, liabilities = 400,000 and equity = \$1,600,000.

What
is the debt to asset ratio for Company A?

Response Feedback:

%

Unit 5 chapter 6 quiz

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Question 1

2 out of 2 points

 Sales with terms 2/ 10, n/ 30 means:

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Question 2

2 out of 2 points

 A \$ 1,000 sale is made on May 1 with terms 2/ 10, n/ 30. What amount, if received on May 9, will the customerâ€™s check be?

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Question 3

2 out of 2 points

 A company has net sales of \$500,000 and cost of goods sold of \$400,000. The companyâ€™s gross profit percentage is:

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Question 4

2 out of 2 points

 Company Alpha has Sales of \$800,000, Sales Discounts of \$40,000 and Sales Returns of \$50,000. How will this be shown on the Income Statement?

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Question 5

2 out of 2 points

On
March 1, 200X Bravo Company sells \$6,000 of services on credit terms offering
a 2% discount if paid within ten days.They are paid on March 3.The customer takes the discount,
what is Bravo Companyâ€™s accounting entry on March 3, 200X?

Response Feedback:

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Question 6

2 out of 2 points

The
accounting entry for a sales return includes:

Response Feedback:

 Sales returns is a contra sales account.

Thursday, November 2

Unit 6 chapter 7 quiz

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Question 1

2 out of 2 points

 The 200X records of Thompson Company showed beginning inventory of \$6,000, cost of goods sold of \$14,000 and ending inventory of \$8,000. The cost of purchases for 200X was:

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Question 2

2 out of 2 points

 Post Company began the current month with \$10,000 in inventory, then purchased inventory at a cost of \$35,000. The inventory at the end of the month was \$20,000.The cost of goods sold would be:

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Question 3

2 out of 2 points

Following is the inventory activity for July:

 Beginning Balance 10 sweaters @ \$12 each 1-Jul Purchased 5 sweaters at \$14 each 8-Jul Purchased 8 sweaters at \$17 each 17-Jul Purchased 6 sweaters at \$20 each 24-Jul Sold 12 sweaters for \$30 each

What is the ending inventory \$ amount using the
FIFO method?

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Question 4

2 out of 2 points

Following is the inventory activity for July:

 Beginning Balance 10 sweaters @ \$12 each 1-Jul Purchased 5 sweaters at \$14 each 8-Jul Purchased 8 sweaters at \$17 each 17-Jul Purchased 6 sweaters at \$20 each 24-Jul Sold 12 sweaters for \$30 each

What is the ending inventory \$ amount using the LIFO method?

Response Feedback:

 LIFO Ending Inventory consists of: 10 sweaters @ \$12 each 10 \$120 5 sweaters @ \$14 each 5 \$70 2 sweaters @ \$17 each 2 \$34 LIFO Ending Inventory consists of: 17 \$224

Unit 6 chapter 8 quiz

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Question 1

2 out of 2 points

 A company lends its CEO \$150,000 for 3 years at a 6% annual interest rate. Interest payments are to be made twice a year. Each interest payment will be for:

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Question 2

2 out of 2 points

Which
of the following is true?

 Response Feedback: .

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Question 3

2 out of 2 points

 Post Company lends Blue Company \$40,000 on April 1, accepting a 4 month, 4.5% interest note. Post Company prepares financial statements on April 30. What adjusting entry should they make?

Thursday, Novembe

Unit 7 chapter 9 quiz

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Question 1

0 out of 2 points

Which
of the following is not capitalized when a piece of production equipment is
acquired for a factory?

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Question 2

2 out of 2 points

 On January 1, 200X Post Company purchased a machine for \$80,000. The machine had a salvage value of \$8,000 and a useful life of 10 years. Using straight line depreciation, the accounting entry for recording depreciation expense for the second year of operation would be:

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Question 3

2 out of 2 points

 Post Company uses straight- line depreciation for all of its depreciable assets.Post sold a piece of machinery on December 31, 2009, that it purchased on January 1, 2009 for \$ 2,000. The asset had a five- year life and zero residual value. Accumulated depreciation was \$400.If the sales price of the used machine was \$ 1,200, the resulting gain or loss on disposal was which of the following amounts?

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Question 4

2 out of 2 points

 Post Company purchased a patent on January 1, 200X for \$50,000.The patent has a useful life of 10 years.The accounting entry to record the patent amortization expense for the first year would be:

Chapter 11 quiz

Â·
Question 1

2 out of 2 points

Post Company issues 10,000 shares of \$5 par value
common stock for \$20 a share. The accounting entry for this transaction
would be:

Response Feedback:

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Question 2

2 out of 2 points

Dividends
become a liability of the corporation:

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Question 3

2 out of 2 points

 XYZ Company has 100,000 shares of stock outstanding.On January 1, 200X XYZ Company declared a cash dividend of .50 per share to be paid on January 31.On January 1 XYZ Company will make the following journal entry:

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Question 4

2 out of 2 points

 Which of the following will result when a dividend is paid?

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Question 5

2 out of 2 points

In
its most basic form, the Earnings per Share (EPS) ratio is calculated as:

Thursday,
November 28, 2013 4:26:27 AM EST

Er 12 quiz

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Question 1

2 out of 2 points

 Which of the following is not one of the activities shown on the Statement of Cash Flows?

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Question 2

2 out of 2 points

 Which of the following is not an operating activity shown on the Statement of Cash Flows?

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Question 3

2 out of 2 points

 Which of the following is not an investing activity shown on the Statement of Cash Flows?

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Question 4

2 out of 2 points

 Which of the following is not a financing activity shown on the Statement of Cash Flows?

c

Thursday,
Novem

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